A specialized Tesla for industrial waste treatment, using innovative technology to efficiently eliminate pollutants.

Like a specialized Veolia or Suez, providing advanced systems for challenging waste destruction.

Imagine an Ecolab focused solely on completely destroying hazardous and difficult industrial waste streams.

• AirSCWO Systems: These systems are waste stream treatment systems based on supercritical water oxidation technology used to treat various hazardous and non-hazardous waste streams.

Daniel Bogar, President & CEO
Daniel Bogar was appointed President and CEO of 374Water in February 2026. He brings over 20 years of executive leadership experience spanning finance, strategic business development, and international operations. Mr. Bogar joined 374Water through its April 2021 merger with PowerVerde Inc., where he previously served as President and Chief Operating Officer. He was instrumental in developing the merger thesis, raising capital, and negotiating the transaction for PowerVerde. Prior to PowerVerde, he served as President and CEO of American Green Technology, President and CEO of Stanford Group Company's broker-dealer, and President of the Americas at CellStar Corporation.

Adrienne Anderson, Interim Chief Financial Officer
Adrienne Anderson was appointed Interim Chief Financial Officer, effective March 2, 2026. She previously served as the Company's Chief Financial Officer from January 2024 to December 2024 and continued as a financial reporting consultant until her current appointment. Ms. Anderson is a Certified Public Accountant with extensive experience in financial statement audits under Public Company Accounting Oversight Board (PCAOB) standards for SEC reporting companies. In June 2023, she launched Anderson Accounting and Consulting, LLC, which focuses on public-company financial reporting and complex transactions. She was also a partner at WithumSmith + Brown from 2017 to 2018 and served on the board of directors and as Audit Committee Chair for SharpLink Gaming Ltd.

Brad Meyers, COO
Brad Meyers is the Chief Operations Officer at 374Water, leading the company's Operations and Engineering efforts with over 25 years of global leadership experience across wastewater, waste management, automotive, and industrial sectors. Previously, he served as COO of New Rubber Technologies Holding Inc., where he was pivotal in constructing and operating North America's first large-scale commercial rubber devulcanization plant. His experience also includes managing U.S. operations for NRTC Equipment Sales' industrial automation division and serving as General Manager for Omni Recycling of Babylon, Inc., which processed over 1,300 tons of material daily.

Deborah Cooper, Chief Commercial Officer
Deborah Cooper brings over 25 years of experience in developing business strategy, organizational excellence, and executing commercial strategies, including C-level positions. She has led large teams at companies such as National Fire and Safety, Unison Risk Advisors, and Dish Network. Ms. Cooper also previously served as Chief Administrative Officer and Chief of Staff for 374Water, where she led customer-facing and people operations teams through significant organic and acquisitive expansion at FRONTSTEPS.

Sudhakar Viswanathan, Vice President, Municipal
Sudhakar Viswanathan is Vice President, Municipal markets, at 374Water, leading business development and implementation for the company's Air Supercritical Water Oxidation (AirSCWO) technology. He is an environmental engineer with over 25 years of experience in the water and wastewater treatment industry. Prior to 374Water, he was National Sales Manager at Veolia, focusing on expanding the biosolids and bioenergy market, and spent over 16 years with Suez in various engineering, product management, and technical sales roles. Mr. Viswanathan has authored or co-authored more than 30 technical publications and patents related to PFAS destruction, organic diversion, and resource recovery.

The key risks to 374Water (symbol: SCWO) are primarily centered around its financial viability, the commercialization and adoption challenges of its supercritical water oxidation (SCWO) technology, and market acceptance amidst competition.

1. Financial Health and Profitability: 374Water faces significant financial challenges, demonstrating persistent unprofitability with deeply negative operating margins (-922.83%) and net margins (-911.15%). The company's Altman Z-Score of -4.31 indicates financial distress and suggests a potential risk of bankruptcy within two years. Despite robust revenue growth in the past, operating expenses, including R&D and overhead, remain disproportionately high compared to current revenue levels, leading to substantial recurring net losses. The company has a short cash runway and depends on new stock and debt to sustain operations.
2. Commercialization, Adoption, and Technical Challenges of SCWO Technology: The supercritical water oxidation (SCWO) technology, while innovative, presents high initial investment costs and substantial operating expenses due to the need for specialized high-pressure equipment, advanced materials, and significant energy consumption to maintain supercritical conditions. These economic factors, along with inherent technical complexities such as corrosion of reactor materials and the potential for mineral deposits leading to plugging, can hinder widespread adoption. The company also faces technology scale-up risks and long, uncertain sales cycles with institutional customers, further complicated by delays in key project deployments caused by factors like supply chain issues and permitting.
3. Market Acceptance and Competition: 374Water operates in a competitive waste treatment market, facing pressure from alternative methods. While regulatory tailwinds exist for addressing contaminants like PFAS, the high costs and technical challenges associated with SCWO technology can limit its broad market acceptance. There is also a risk that regulatory transitions could negatively impact demand for specific services. Potential customers may also delay commitments until the successful operation of pilot projects is fully demonstrated, indicating a need for greater market validation.

The addressable markets for 374Water's main products and services, which are based on its supercritical water oxidation (SCWO) technology for treating hazardous and non-hazardous waste streams, are substantial.

• The company itself states that its AirSCWO technology addresses a **$450 billion global market for waste destruction**, particularly targeting PFAS contamination.
• More specifically for supercritical water oxidation (SCWO) technology, the global market for Supercritical Water Oxidation Devices was valued at approximately **$412 million in 2025** and is projected to reach **$863 million by 2032**, growing at a Compound Annual Growth Rate (CAGR) of 11.3% during the forecast period of 2026-2032. Similarly, the global supercritical water oxidation technology market is projected to reach **$410-460 million by 2025**, with an estimated CAGR of 10.5%-11.5% through 2030.
• In the broader hazardous waste management sector, the global market was valued at approximately **$53.02 billion in 2025** and is estimated to grow to **$77.42 billion by 2031**, at a CAGR of 6.54%. Another report valued the global hazardous waste management market at **$18.94 billion in 2025**, with a projection to reach **$31.68 billion by 2034** at a CAGR of 5.88%. In North America, the hazardous waste management market held a 34% share of the global market.
• For industrial wastewater treatment, a key application area, the global market was valued at **$20.01 billion in 2025** and is projected to grow to **$32.22 billion by 2034** with a CAGR of 5.50%. Another estimate places the global industrial wastewater treatment market at **$27.7 billion in 2025**, projected to reach **$53.5 billion by 2035** at a CAGR of 6.8%.

374Water (NASDAQ: SCWO) is poised for significant revenue growth over the next 2-3 years, driven by several strategic initiatives and increasing market demand for its supercritical water oxidation (SCWO) technology. Key drivers include the expansion of its waste destruction services, increased adoption of its AirSCWO units through capital sales, and heightened demand for PFAS destruction, coupled with a focus on penetrating municipal, federal, and industrial markets.

Here are 3-5 expected drivers of future revenue growth for 374Water:

1. Expansion of Waste Destruction Services (WDS) and Recurring Revenue Streams: 374Water is actively launching and expanding its "Destruction-as-a-Service (DaaS)" or "Waste Destruction Service (WDS)" business model. This involves establishing facilities and mobile fleets to offer ongoing waste destruction services to clients, generating recurring revenue. The company has already secured an award for Aqueous Film-Forming Foam (AFFF) destruction in North Carolina and is actively pursuing partnerships with treatment, storage, and disposal facility (TSDF) operators to scale these services. Projections indicate that an initial AirSCWO 6 (AS6) DaaS installation could generate $3.0 million to $5.0 million annually, with larger AirSCWO 30 (AS30) units potentially yielding $15.0 million to $25.0 million per year.

2. Increased Adoption and Capital Sales of AirSCWO Units: In addition to providing services, 374Water expects revenue growth from the outright sale of its AirSCWO systems. The company has secured an order for an AirSCWO 6 system from Olathe, Kansas, and is engaged in late-stage negotiations for both AS6 and AS30 capital sales with multiple parties. Expected 2026 revenue is projected to be a combination of waste destruction services and capital sales of equipment.

3. Growing Demand for PFAS Destruction Due to Regulatory Pressure: A significant driver for 374Water is the escalating global challenge of PFAS ("forever chemicals") contamination and the increasing regulatory scrutiny surrounding it. The U.S. Environmental Protection Agency (EPA) has designated SCWO as an "emerging PFAS destruction technology," and the CERCLA (Superfund) designation for PFAS, effective November 2024, is anticipated to create substantial market opportunities. 374Water's technology is specifically designed for PFAS destruction, positioning the company to capitalize on this critical environmental need, including projects with the Department of Defense.

4. Expansion into New Market Verticals: 374Water is strategically targeting large, underserved markets, including municipal, federal, and industrial sectors. The company is involved in projects such as the Orlando biosolids destruction initiative and work with the Orange County Sanitation District. Within the federal sector, they are engaged in Department of Defense projects and participate in the Defense Innovation Unit's advanced PFAS destruction demonstration. Success in these demonstration contracts is expected to drive further demand and market penetration across these diverse verticals.

5. Scaling and Optimization of AirSCWO Technology: Continuous improvement and scaling of its AirSCWO technology are crucial for future revenue growth. 374Water is focused on ruggedizing, optimizing, and enhancing the reliability, precision, and efficiency of its AS1, AS6, and AS30 systems for large-scale deployment. The development and deployment of larger AS30 units are expected to significantly increase waste destruction capacity, thereby increasing revenue potential.

Share Issuance

• 374Water completed a 1-for-10 reverse stock split that became effective on December 26, 2025.
• In November 2024, the company raised approximately $11.4 million through a registered direct offering of common stock and warrants.

Inbound Investments

• In November 2024, the company raised approximately $11.4 million through a registered direct offering of common stock and warrants.
• The company reported $7 million in gross proceeds from an At-The-Market (ATM) facility and a $600,000 short-term promissory note in the third quarter of 2025. [cite: 17 in previous turn]

Capital Expenditures

• Capital expenditures in the last 12 months amounted to -$1.00 million.
• In 2024, 374Water deployed its first commercial-scale AirSCWO system to the City of Orlando's Iron Bridge Water Reclamation Facility.
• The company plans to deploy an AirSCWO system to the Orange County Sanitation District in California and another to Detroit, MI, in partnership with the Defense Innovation Unit for Department of Defense applications in 2025.