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The Tesla of wastewater treatment.

Ecolab (ECL) for advanced destruction of 'forever chemicals' and other problematic wastewater pollutants.

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• AirSCWO™ System: A waste treatment technology that utilizes supercritical water oxidation to destroy a wide range of organic wastes, producing clean water, energy, and recoverable minerals.

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374Water (symbol: SCWO) sells primarily to other companies and governmental/municipal entities rather than directly to individuals. Their AirSCWO™ technology is a robust waste treatment solution designed for large-scale applications.

Here are its major customers and partners that have been publicly announced:

• Orange County Sanitation District (OCSD): A public agency in California responsible for wastewater collection, treatment, and recycling. 374Water has partnered with OCSD for a demonstration project to implement its AirSCWO™ system for biosolids treatment. OCSD is a government entity and does not have a public stock symbol.
• Meridian Waste: A privately-held integrated solid waste services company operating across multiple states. 374Water has announced a strategic partnership and an order for a commercial-scale AirSCWO™ system with Meridian Waste to process municipal solid waste and other waste streams. Meridian Waste is a private company and does not have a public stock symbol.

In general, 374Water targets a range of large-scale customers including:

• Municipalities and Wastewater Treatment Plants: For processing biosolids, wastewater sludge, and other municipal waste streams.
• Industrial Companies: Across various sectors such as food and beverage, chemical manufacturing, pharmaceuticals, and pulp and paper, for treating complex industrial waste.
• Government and Military Facilities: For managing specific waste streams and achieving environmental compliance.

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Stephen Jones, Interim President and CEO

Stephen Jones was appointed Interim President and CEO of 374Water in October 2025, having joined the company's board in June 2025. He brings extensive corporate leadership experience, including prior roles as President and CEO of Covanta Holding Corporation from 2015 to 2020, which was a publicly traded company that later became owned by a private equity firm and was renamed Reworld Waste. Mr. Jones also held various senior-level management positions at Air Products and Chemicals, Inc., where he was instrumental in pioneering the on-site business model, an approach similar to 374Water's Waste Destruction Services (WDS) model.

Russell Kline, Chief Financial Officer

Russell Kline was appointed Chief Financial Officer of 374Water in December 2024. He possesses over two decades of domestic and international strategic, financial, operational, and capital market experience. Most recently, Mr. Kline served as Senior Vice President of Finance at Ole Distribution, a Latin American media company that he played a pivotal role in launching in 2020 and rapidly scaling throughout the Americas. His previous experience includes senior financial and operational roles at Sony Pictures Latin America and senior financial positions at Sony Pictures Entertainment. He also has experience with joint venture partnerships and capital market operations.

Brad Meyers, Chief Operating Officer

Brad Meyers serves as the Chief Operating Officer at 374Water, where he leads the company's Operations and Engineering efforts. He has more than 25 years of global leadership experience across the wastewater, waste management, automotive, and industrial sectors. Previously, Mr. Meyers was the COO of New Rubber Technologies Holding Inc., where he significantly contributed to the construction and operation of North America's first large-scale commercial rubber devulcanization plant.

Deborah Cooper, Chief Commercial Officer

Deborah Cooper brings over 25 years of experience, including C-level positions, in developing business strategy, ensuring organizational excellence, and executing commercial initiatives.

Sudhakar Viswanathan, Vice President, Municipal

Sudhakar Viswanathan is an environmental engineer with over 25 years of experience in the water and wastewater treatment industry. He focuses on the business development and implementation of 374Water's Air Supercritical Water Oxidation (AirSCWO) technology. Mr. Viswanathan has authored or co-authored more than 30 technical publications and patents, with his research concentrating on PFAS destruction, organic diversion, resource recovery, and thermal processes.

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The key risks to 374Water's business (SCWO) include:

1. Financial Instability and Need for Additional Capital: 374Water is currently unprofitable, has limited revenue, and has experienced persistent losses with a rapidly declining cash position and a short cash runway. The company has significant capital requirements for manufacturing expansion and ongoing operations, and there is a high risk that it will require additional funding in the near future. This could lead to further dilution of shareholder value if capital is raised through equity offerings.
2. Execution and Commercialization Challenges: The company's success heavily relies on the successful deployment and commercialization of its AirSCWO technology. There have been concerns regarding management experience and delays in key projects. While 374Water has a substantial backlog and pipeline, converting these opportunities into actual revenue and scaling up manufacturing efficiently presents significant operational and execution risks. The achievement of ambitious future revenue projections is contingent on the successful deployment of a large number of systems.
3. Market Adoption, Competition, and Regulatory Dependence: Despite the growing demand for PFAS treatment and advanced waste management solutions, the high initial investment cost of implementing 374Water's SCWO systems may deter potential clients. The company operates in a competitive waste management sector with established disposal methods and other emerging technologies. While regulatory pressure on PFAS is generally a positive catalyst, any shifts in environmental regulations could impact demand or introduce new compliance requirements. Furthermore, 374Water's business is dependent on successful collaborations with federal agencies, which may be subject to budget constraints or policy changes.

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The rapid development and commercial scaling of alternative, potentially lower-cost or less energy-intensive, on-site PFAS destruction technologies represents a clear emerging threat to 374Water.

While 374Water's AirSCWO technology is a robust solution for the complete destruction of "forever chemicals" (PFAS), the field of PFAS remediation and destruction is a rapidly evolving and highly competitive market. Numerous alternative technologies are under intense development and active piloting, with some demonstrating potential for significant cost, energy, or operational advantages for specific PFAS-contaminated waste streams.

Examples of such emerging alternative technologies include:

• Advanced Electrochemical Oxidation: Several companies and research institutions are developing electrochemical systems that can break down PFAS in water and concentrated wastes, potentially offering lower energy consumption and simpler on-site deployment compared to high-temperature/high-pressure SCWO for certain applications.
• Plasma Treatment: Technologies utilizing plasma to destroy PFAS are also progressing from pilot to commercial stages, offering modular and potentially more flexible on-site destruction capabilities for various matrices.
• Novel Catalytic and Photocatalytic Processes: Ongoing research is focused on developing new catalysts and light-driven processes that could achieve PFAS destruction more efficiently at milder operating conditions.
• Supercritical CO2 Extraction coupled with Destruction: Methods that use supercritical CO2 to extract and concentrate PFAS from contaminated solids, followed by a targeted destruction step, could prove more cost-effective for large volumes of solid waste.

If any of these alternative technologies achieve widespread commercial viability and can demonstrate comparable or superior PFAS destruction efficiency at a significantly lower capital expenditure, operating cost, or with greater ease of deployment, they could directly erode 374Water's competitive advantage and market share in this crucial growth sector.

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374Water (symbol: SCWO) primarily offers its AirSCWO (Air-enhanced Supercritical Water Oxidation) system, which is designed to destroy organic contaminants, including PFAS (per- and polyfluoroalkyl substances), sewage sludge/biosolids, and other hazardous and non-hazardous waste streams.

The addressable markets for 374Water's main products and services are identified as follows:

• The global waste treatment market, which 374Water's CEO stated is estimated to be between $400 billion and $500 billion.
• A "GLOBAL ADDRESSABLE MARKET" exceeding $250 billion, as cited by 374Water.
• A $12 billion addressable market for PFAS remediation in the U.S., based on EPA estimates, which relates to the company's capability to scale AirSCWO from municipal biosolids to industrial PFAS cleanup.

In addition to these direct addressable market figures, 374Water's technology operates within broader markets:

• The global PFAS treatment market was estimated at USD 2,081.9 million in 2024 and is projected to reach USD 3,859.4 million by 2033. North America held the largest share of this market at 40.4% in 2024, with the U.S. accounting for 74.7% of the North American market.
• The global municipal and industrial sludge treatment market size is expected to reach USD 11.83 billion by 2030, growing from USD 8.03 billion in 2023.
• The global market for Supercritical Water Oxidation (SCWO) devices was estimated at US$ 368 million in 2024 and is forecast to reach US$ 783 million by 2031.

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Expected Revenue Growth Drivers for 374Water (SCWO)

Over the next 2-3 years, 374Water (NASDAQ: SCWO) is anticipated to drive revenue growth through several key initiatives, primarily centered around the commercialization and deployment of its AirSCWO technology and the expansion of its Waste Destruction Services (WDS) model. The company's substantial pipeline and backlog, coupled with increasing regulatory tailwinds, are expected to be significant contributors.

1. Commercialization and Deployment of AirSCWO Technology: 374Water's core AirSCWO (supercritical water oxidation) technology, designed to destroy organic waste and contaminants like PFAS, is a primary revenue driver. The company has already deployed an AirSCWO system at the City of Orlando and is targeting installation at the Orange County Sanitation District by late 2025 or early 2026. The successful operationalization of these units, alongside ongoing efforts to further ruggedize and optimize the AirSCWO system, is crucial for demonstrating its effectiveness and securing future contracts. 374Water is developing various AirSCWO system sizes (AS1, AS6, AS30, AS100+) to meet diverse market needs.
2. Expansion of "Destruction-as-a-Service" (DaaS) Business Model: A significant driver of future recurring revenue is the company's "Destruction-as-a-Service" (DaaS) model, which is planned for launch in 2025. This model involves 374Water operating AirSCWO systems at client sites or centralized Treatment, Storage, and Disposal Facilities (TSDFs), generating revenue by treating waste. Initial AS6 installations under the DaaS model are projected to generate $3-5 million annually, with AS30 systems having the potential to generate $15-25 million per year. The company aims to establish 8-10 Waste Destruction Services (WDS) facilities across North America within 12-18 months.
3. Securing Contracts in Municipal, Federal, and Industrial Markets, particularly for PFAS Destruction: 374Water is actively pursuing and securing contracts across municipal, federal, and industrial sectors, with a strong focus on PFAS (per- and polyfluoroalkyl substances) destruction. The company has reported a substantial pipeline and backlog of $1.8 billion across these markets. Recent contracts include an agreement with Crystal Clean to establish a waste destruction service facility and a contract with the State of North Carolina for Aqueous Film-Forming Foam (AFFF) destruction. Growing demand driven by tightening global PFAS and hazardous waste regulations provides a significant tailwind for the company.
4. Increased System Sales and Leases: Beyond the DaaS model, outright capital sales and leases of AirSCWO systems to municipal, federal, and industrial customers represent another key revenue stream. The company is pursuing near-term opportunities for AS capital sales and leases. The diverse range of AirSCWO system models (AS1, AS6, AS30, AS100+) allows 374Water to cater to various customer needs and capacities, from highly mobile units for site clean-ups to permanent installations at large facilities.
5. Strategic Partnerships and Manufacturing Expansion: To meet anticipated demand, 374Water plans to establish strategic partnerships and expand its manufacturing capabilities. Collaborations, such as the agreement with Crystal Clean, are critical for scaling operations and accessing larger contracts, including federal government work. Expansion of manufacturing capacity will enable the company to produce multiple AS systems (AS1, AS6, AS30 models) and convert its significant pipeline and backlog into realized revenue.

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Share Issuance

• In April 2021, 374Water raised approximately $6.6 million from the sale of Series D Preferred Stock and converted convertible debt notes into common stock.
• In December 2021, the company raised approximately $5 million, and exercised warrants resulted in the issuance of 3,783,333 shares of common stock for proceeds of $1,134,499.
• For the nine months ended September 30, 2024, cash provided by financing activities was $11,912, primarily from net proceeds through at-the-market offerings. Additionally, an at-the-market (ATM) facility generated approximately $7.0 million in gross proceeds, extending the cash runway into the second quarter of 2026.

Inbound Investments

• 374Water raised approximately $6.6 million from the sale of Series D Preferred Stock in April 2021.
• As of November 4, 2025, the company has 134 institutional owners and shareholders, including Vanguard Group Inc., BlackRock, Inc., and Millennium Management Llc, collectively holding 17,326,957 shares.

Capital Expenditures

• For the nine months ended September 30, 2024, cash used in investing activities was $999,207, primarily for purchases of property, equipment, and equipment-in-process.
• In October 2025, 374Water entered into an agreement with the City of Olathe, KS, for the sale and deployment of an AirSCWO 6 system and a full-scale pre-treatment and dewatering system, valued at approximately $4 million over the next two years, for sustainable wastewater and sludge management.
• The company plans to expand engineering, field, and manufacturing teams, and grow R&D&E, manufacturing, and lab facilities to accelerate AirSCWO commercialization.