374Water (SCWO)


Market Price (10/3/2026): $3.07 | Market Cap: $54.1 MilSector: Industrials | Industry: Environmental & Facilities Services

374Water (SCWO)


Market Price (10/3/2026): $3.07
Market Cap: $54.1 Mil
Sector: Industrials
Industry: Environmental & Facilities Services

Investment Highlights Why It Matters Detailed financial logic regarding cash flow yields vs trend-riding momentum.

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Megatrend and thematic drivers
Megatrends include Water Infrastructure, and Circular Economy & Recycling. Themes include Wastewater Management, Water Treatment & Delivery, Show more.

Key risks
SCWO key risks include [1] significant financial instability and the need for potentially dilutive capital, Show more.

0 Megatrend and thematic drivers
Megatrends include Water Infrastructure, and Circular Economy & Recycling. Themes include Wastewater Management, Water Treatment & Delivery, Show more.
1 Key risks
SCWO key risks include [1] significant financial instability and the need for potentially dilutive capital, Show more.

SCWO in ETFs

Weight = SCWO's share of each fund

VTI0.00%

Valuation & Metrics

Price Chart

Why The Stock Moved

Qualitative Assessment

AI Analysis | Feedback

Updated on 10/2/2026

374Water (SCWO) stock has gained about 60% since 6/30/2026 because of the following key factors:

1. Significant Revenue Growth and Improved Financial Performance in Fiscal Q2 2026.

374Water reported robust financial results for its second fiscal quarter ended June 30, 2026, which were announced on August 18, 2026. The company's revenue increased by approximately 280% year-over-year to $2.26 million, compared to approximately $0.6 million in fiscal Q2 2025. This growth was largely attributed to the successful completion of key project milestones. Furthermore, the company achieved an 87% gross margin, a substantial improvement from a negative gross margin in the prior year, and reduced its net loss to $2.7 million, or $0.15 per share, from $4.6 million, or $0.32 per share, in fiscal Q2 2025. Cash used in operations for the first half of 2026 also improved significantly, decreasing to $(2.3) million from $(7.6) million in the comparable 2025 period.

2. Achievement of Major Contractual Milestones and Project Deployments.

A core driver for the stock's positive trend was the successful completion of the Factory Acceptance Test (FAT) for the AirSCWO system destined for the Orange County Sanitation District (OC San) in California. This milestone allowed 374Water to recognize approximately $2.0 million in revenue during fiscal Q2 2026 and unlocked an additional $2.6 million in contract value. The system's delivery to OC San is slated for October 2026. Additionally, in September 2026, the company completed a $600,000 Waste Destruction Services contract for the City of St. Cloud, Minnesota, demonstrating continued commercial progress and execution on existing commitments.

Show more
Updated on 10/2/2026

374Water (SCWO) stock has gained about 60% since 6/30/2026 because of the following key factors:

1. Significant Revenue Growth and Improved Financial Performance in Fiscal Q2 2026.

374Water reported robust financial results for its second fiscal quarter ended June 30, 2026, which were announced on August 18, 2026. The company's revenue increased by approximately 280% year-over-year to $2.26 million, compared to approximately $0.6 million in fiscal Q2 2025. This growth was largely attributed to the successful completion of key project milestones. Furthermore, the company achieved an 87% gross margin, a substantial improvement from a negative gross margin in the prior year, and reduced its net loss to $2.7 million, or $0.15 per share, from $4.6 million, or $0.32 per share, in fiscal Q2 2025. Cash used in operations for the first half of 2026 also improved significantly, decreasing to $(2.3) million from $(7.6) million in the comparable 2025 period.

2. Achievement of Major Contractual Milestones and Project Deployments.

A core driver for the stock's positive trend was the successful completion of the Factory Acceptance Test (FAT) for the AirSCWO system destined for the Orange County Sanitation District (OC San) in California. This milestone allowed 374Water to recognize approximately $2.0 million in revenue during fiscal Q2 2026 and unlocked an additional $2.6 million in contract value. The system's delivery to OC San is slated for October 2026. Additionally, in September 2026, the company completed a $600,000 Waste Destruction Services contract for the City of St. Cloud, Minnesota, demonstrating continued commercial progress and execution on existing commitments.

3. Third-Party Validation and Pathway for Federal Adoption of AirSCWO Technology.

In August 2026, 374Water received crucial third-party validation for its AirSCWO technology when the U.S. Department of Defense's Defense Innovation Unit (DIU) issued a "Success Memo" to its partner, Arcadis, validating the technology's performance for PFAS destruction. The company reported achieving greater than 99.9% destruction of PFAS in these Department of Defense tests. This "Success Memo" is significant as it establishes a pathway for rapid procurement of 374Water's technology across all federal agencies, opening up substantial government market opportunities.

4. Strategic Expansion of Waste Destruction Services and Market Presence.

374Water continued to advance its Waste Destruction Services (WDS) strategy by expanding its operational hub in Orlando, which now includes 88,000 gallons of onsite tank storage and plans for upgraded systems to increase throughput. This Orlando facility is projected to generate between $3 million and $5 million in annual revenue at its initial scale. The company also unveiled a strategy in September 2026 aimed at scaling its AirSCWO technology into a global waste destruction platform, further highlighting its growth ambitions.

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Stock Movement Drivers

Fundamental Drivers

The 55.8% change in SCWO stock from 6/30/2026 to 10/1/2026 was primarily driven by a 747.3% change in the company's Total Revenues ($ Mil).
(LTM values as of)630202610012026Change
Stock Price ($)1.902.9655.8%
Change Contribution By: 
Total Revenues ($ Mil)02747.3%
P/S Multiple148.627.6-81.4%
Shares Outstanding (Mil)1718-0.9%
Cumulative Contribution55.8%

LTM = Last Twelve Months as of date shown

Market Drivers

6/30/2026 to 10/1/2026
ReturnCorrelation
SCWO55.8% 
Market (SPY)2.3%15.5%
Sector (XLI)-9.0%20.9%

Fundamental Drivers

The 4.2% change in SCWO stock from 3/31/2026 to 10/1/2026 was primarily driven by a 779.0% change in the company's Total Revenues ($ Mil).
(LTM values as of)331202610012026Change
Stock Price ($)2.842.964.2%
Change Contribution By: 
Total Revenues ($ Mil)02779.0%
P/S Multiple222.027.6-87.6%
Shares Outstanding (Mil)1718-4.5%
Cumulative Contribution4.2%

LTM = Last Twelve Months as of date shown

Market Drivers

3/31/2026 to 10/1/2026
ReturnCorrelation
SCWO4.2% 
Market (SPY)17.8%22.6%
Sector (XLI)4.5%18.3%

Fundamental Drivers

The 3.2% change in SCWO stock from 9/30/2025 to 10/1/2026 was primarily driven by a 53.5% change in the company's Total Revenues ($ Mil).
(LTM values as of)930202510012026Change
Stock Price ($)2.872.963.2%
Change Contribution By: 
Total Revenues ($ Mil)1253.5%
P/S Multiple33.827.6-18.4%
Shares Outstanding (Mil)1518-17.6%
Cumulative Contribution3.2%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2025 to 10/1/2026
ReturnCorrelation
SCWO3.2% 
Market (SPY)15.6%17.9%
Sector (XLI)10.3%19.2%

Fundamental Drivers

The -76.1% change in SCWO stock from 9/30/2023 to 10/1/2026 was primarily driven by a -56.0% change in the company's P/S Multiple.
(LTM values as of)930202310012026Change
Stock Price ($)12.402.96-76.1%
Change Contribution By: 
Total Revenues ($ Mil)32-26.3%
P/S Multiple62.627.6-56.0%
Shares Outstanding (Mil)1318-26.5%
Cumulative Contribution-76.1%

LTM = Last Twelve Months as of date shown

Market Drivers

9/30/2023 to 10/1/2026
ReturnCorrelation
SCWO-76.1% 
Market (SPY)84.9%23.7%
Sector (XLI)73.0%24.1%

Return vs. Risk

Price Returns Compared

 202120222023202420252026Total [1]
Returns
SCWO Return--11%-50%-52%-70%42%-91%
Peers Return30%6%10%49%-7%12%134%
S&P 500 Return27%-19%24%23%16%12%104%

Monthly Win Rates [3]
SCWO Win Rate-29%42%42%25%56% 
Peers Win Rate67%44%57%60%52%49% 
S&P 500 Win Rate75%42%67%75%67%44% 

Max Drawdowns [4]
SCWO Max Drawdown---80%-65%-75%-46% 
Peers Max Drawdown-18%-24%-22%-15%-29%-22% 
S&P 500 Max Drawdown-5%-25%-10%-8%-19%-9% 


[1] Cumulative total returns since the beginning of 2021
[2] Peers: CWST, GEO, WM, RSG, VLTO.
[3] Win Rate = % of calendar months in which monthly returns were positive
[4] Max drawdown represents maximum peak-to-trough decline within a year
[5] 2026 data is for the year up to 10/2/2026 (YTD)

How Low Can It Go

EventSCWOS&P 500
2025 US Tariff Shock
  % Loss-34.7%-18.8%
  % Gain to Breakeven53.1%23.1%
  Time to Breakeven42 days79 days
2024 Yen Carry Trade Unwind
  % Loss-18.6%-7.8%
  % Gain to Breakeven22.9%8.5%
  Time to Breakeven17 days18 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-41.1%-9.5%
  % Gain to Breakeven69.8%10.5%
  Time to Breakeven315 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-43.8%-24.5%
  % Gain to Breakeven77.8%32.4%
  Time to Breakeven23 days427 days

Compare to CWST, GEO, CECO, FTEK, WM

In The Past

374Water's stock fell -34.7% during the 2025 US Tariff Shock. Such a loss loss requires a 53.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

EventSCWOS&P 500
2025 US Tariff Shock
  % Loss-34.7%-18.8%
  % Gain to Breakeven53.1%23.1%
  Time to Breakeven42 days79 days
Summer-Fall 2023 Five Percent Yield Shock
  % Loss-41.1%-9.5%
  % Gain to Breakeven69.8%10.5%
  Time to Breakeven315 days24 days
2022 Inflation Shock & Fed Tightening
  % Loss-43.8%-24.5%
  % Gain to Breakeven77.8%32.4%
  Time to Breakeven23 days427 days

Compare to CWST, GEO, CECO, FTEK, WM

In The Past

374Water's stock fell -34.7% during the 2025 US Tariff Shock. Such a loss loss requires a 53.1% gain to breakeven.

Preserve Wealth

Limiting losses and compounding gains is essential to preserving wealth.

Asset Allocation

Actively managed asset allocation strategies protect wealth. Learn more.

About 374Water (SCWO)

374Water (SCWO) is an environmental technology company dedicated to addressing global pollution challenges. The company specializes in developing advanced waste stream treatment systems, positioning itself at the forefront of sustainable waste management solutions.

The core of 374Water's offering is its proprietary AirSCWO system, which leverages innovative Supercritical Water Oxidation (SCWO) technology. This cutting-edge system is engineered to effectively treat a broad spectrum of waste streams, encompassing both hazardous and non-hazardous materials from various industrial and municipal sources.

The company targets a wide array of clients, including channel partners such as engineering-procurement and construction companies, technology integrators, and waste service providers. Its end-users span utilities, industrial manufacturing facilities, waste management and environmental remediation companies, agricultural businesses, and governmental entities, all seeking efficient and environmentally responsible waste treatment solutions.

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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.

AI Analysis | Feedback

  • 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.

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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.

AI Analysis | Feedback

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.

AI Analysis | Feedback

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AI Analysis | Feedback

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%.

AI Analysis | Feedback

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.

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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.

Peer Outperformance in Environmental & Facilities Services

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Share of Environmental & Facilities Services constituents that SCWO has outperformed, by holding period. Peers without a full price history over a given window are excluded from that window.
1Y
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insufficient peer history
3Y
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insufficient peer history
5Y
—
insufficient peer history
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Recent Active Movers

Peer Comparisons

Peers to compare with:

Financials

SCWOCWSTGEOWMRSGVLTOMedian
Name374Water Casella .GEO Waste Ma.Republic.Veralto  
Mkt Price-82.6431.34204.72209.5894.7094.70
Mkt Cap-5.34.1657.664.423.223.2
Rev LTM-1,9552,82725,66716,8905,6965,696
Op Inc LTM-943534,7523,3821,2951,295
FCF LTM-105263,5732,6531,0471,047
FCF 3Y Avg-821202,6172,312935935
CFO LTM-3511996,5174,5421,1031,103
CFO 3Y Avg-3072405,7684,155993993

Growth & Margins

SCWOCWSTGEOWMRSGVLTOMedian
Name374Water Casella .GEO Waste Ma.Republic.Veralto  
Rev Chg LTM-13.6%15.3%7.2%3.2%6.2%7.2%
Rev Chg 3Y Avg-20.6%5.3%8.7%5.4%4.8%5.4%
Rev Chg Q-16.9%15.1%4.0%4.6%7.5%7.5%
QoQ Delta Rev Chg LTM-4.2%3.5%1.0%1.2%1.8%1.8%
Op Inc Chg LTM--3.5%24.7%11.0%1.2%3.5%3.5%
Op Inc Chg 3Y Avg--2.6%-1.8%10.6%9.6%3.8%3.8%
Op Mgn LTM-4.8%12.5%18.5%20.0%22.7%18.5%
Op Mgn 3Y Avg-5.8%12.5%18.7%19.9%22.9%18.7%
QoQ Delta Op Mgn LTM--0.1%0.6%0.1%-0.0%-0.4%-0.0%
CFO/Rev LTM-18.0%7.0%25.4%26.9%19.4%19.4%
CFO/Rev 3Y Avg-17.9%9.5%24.5%25.5%18.4%18.4%
FCF/Rev LTM-5.4%0.9%13.9%15.7%18.4%13.9%
FCF/Rev 3Y Avg-4.7%4.9%11.0%14.2%17.3%11.0%

Valuation

SCWOCWSTGEOWMRSGVLTOMedian
Name374Water Casella .GEO Waste Ma.Republic.Veralto  
Mkt Cap-5.34.1657.664.423.223.2
P/S-2.71.425.63.84.13.8
P/Op Inc-55.811.6138.419.117.919.1
P/EBIT-74.17.5145.120.417.820.4
P/E-921.614.0230.529.523.529.5
P/CFO-15.020.6100.914.221.120.6
Total Yield-0.1%7.3%0.7%4.6%4.8%4.6%
Dividend Yield-0.0%0.0%0.2%1.2%0.5%0.2%
FCF Yield 3Y Avg-1.3%5.1%1.8%3.4%4.0%3.4%
D/E-0.30.40.00.20.10.2
Net D/E-0.30.40.00.20.10.2

Returns

SCWOCWSTGEOWMRSGVLTOMedian
Name374Water Casella .GEO Waste Ma.Republic.Veralto  
1M Rtn--10.8%2.7%-6.4%-6.1%-2.3%-6.1%
3M Rtn--15.2%3.6%-10.8%-3.6%2.5%-3.6%
6M Rtn--5.2%70.1%-12.3%-5.8%7.9%-5.2%
12M Rtn--9.1%45.0%-5.3%-6.7%-10.2%-6.7%
3Y Rtn-9.7%264.4%41.7%53.1%12.8%41.7%
1M Excs Rtn--11.3%2.2%-6.9%-6.6%-2.7%-6.6%
3M Excs Rtn--17.8%1.1%-13.2%-6.0%0.0%-6.0%
6M Excs Rtn--16.2%64.0%-27.4%-21.3%-8.8%-16.2%
12M Excs Rtn--28.4%38.1%-20.6%-22.4%-25.3%-22.4%
3Y Excs Rtn--76.5%233.7%-42.8%-31.5%-66.7%-42.8%

Comparison Analyses

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Financials

Segment Financials

Revenue by Segment
$ Mil20252024202320222021
Single Segment001  
Equipment revenue   3 
Service revenue   00
Total00130


Price Behavior

Price Behavior
Market Price$2.96 
Market Cap ($ Bil)0.1 
First Trading Date06/14/2022 
Distance from 52W High-57.7% 
   50 Days200 Days
DMA Price$2.69$2.59
DMA Trendindeterminateup
Distance from DMA10.1%14.3%
 3M1YR
Volatility59.8%145.5%
Downside Capture48.41343.62
Upside Capture257.05290.55
Correlation (SPY)18.2%17.9%
SCWO Betas & Captures as of 9/30/2026

 1M2M3M6M1Y3Y
Beta-0.410.070.941.381.991.85
Up Beta-10.16-3.74-2.210.50-0.711.27
Down Beta0.721.692.662.231.271.90
Up Capture63%197%285%134%752%602%
Bmk +ve Days6162766132424
Stock +ve Days14233562119341
Down Capture-5%-69%20%164%180%113%
Bmk -ve Days16263760120328
Stock -ve Days8162456124376

[1] Upside and downside betas calculated using positive and negative benchmark daily returns respectively
Based On 1-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SCWO
SCWO3.2%145.2%0.61-
Sector ETF (XLI)10.3%17.3%0.4019.2%
Equity (SPY)15.7%13.0%0.8517.9%
Gold (GLD)7.7%29.6%0.2514.5%
Commodities (DBC)45.6%20.8%1.69-0.2%
Real Estate (VNQ)1.2%13.6%-0.16-0.2%
Bitcoin (BTCUSD)-25.7%44.5%-0.5415.4%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 5-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SCWO
SCWO-37.9%109.5%-0.03-
Sector ETF (XLI)12.5%17.6%0.5422.7%
Equity (SPY)13.0%17.2%0.5722.2%
Gold (GLD)18.6%18.9%0.808.9%
Commodities (DBC)10.6%19.6%0.421.0%
Real Estate (VNQ)0.4%18.9%-0.0814.6%
Bitcoin (BTCUSD)13.6%52.3%0.4314.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How
Based On 10-Year Data
Annualized
Return
Annualized
Volatility
Sharpe
Ratio
Correlation
with SCWO
SCWO-21.2%109.5%-0.03-
Sector ETF (XLI)13.2%20.0%0.5822.7%
Equity (SPY)15.3%17.9%0.7222.2%
Gold (GLD)11.6%16.4%0.588.9%
Commodities (DBC)8.4%18.1%0.381.0%
Real Estate (VNQ)4.4%20.7%0.1714.6%
Bitcoin (BTCUSD)64.2%66.2%1.0414.3%

Smart multi-asset allocation framework can stack odds in your favor. Learn How

Short Interest

Short Interest: As Of Date9152026
Short Interest: Shares Quantity0.2 Mil
Short Interest: % Change Since 831202636.4%
Average Daily Volume0.1 Mil
Days-to-Cover Short Interest2.8 days
Basic Shares Quantity17.6 Mil
Short % of Basic Shares1.3%

Earnings Returns History

Updated 9/30/2026
Expand for More
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/18/2026-0.4%-5.2%30.0%
5/14/2026-1.1%3.3%1.1%
3/11/20268.3%18.8%25.0%
11/12/2025-21.6%-31.9%-44.3%
8/12/2025-2.7%-5.5%51.7%
5/15/202511.3%9.5%41.2%
3/27/2025-6.3%-16.3%-24.5%
11/14/2024-1.8%-27.6%-38.6%
...
SUMMARY STATS   
# Positive679
# Negative11108
Median Positive7.0%8.9%30.0%
Median Negative-2.7%-9.3%-22.2%
Max Positive12.5%18.8%55.0%
Max Negative-21.6%-31.9%-44.3%
Collapse to Preview
 Forward Returns
Earnings Date1D Returns5D Returns21D Returns
8/18/2026-0.4%-5.2%30.0%
5/14/2026-1.1%3.3%1.1%
3/11/20268.3%18.8%25.0%
11/12/2025-21.6%-31.9%-44.3%
8/12/2025-2.7%-5.5%51.7%
5/15/202511.3%9.5%41.2%
3/27/2025-6.3%-16.3%-24.5%
11/14/2024-1.8%-27.6%-38.6%
8/16/2024-0.9%0.9%55.0%
5/16/20243.8%-2.3%-10.0%
3/29/2024-3.6%-4.8%19.0%
11/13/202312.5%-11.0%-19.9%
8/9/2023-4.0%-12.4%-30.6%
5/9/2023-2.1%1.1%13.3%
3/17/20231.8%8.9%-3.7%
11/1/2022-5.4%-7.6%-12.7%
8/4/20225.7%18.3%41.2%
SUMMARY STATS   
# Positive679
# Negative11108
Median Positive7.0%8.9%30.0%
Median Negative-2.7%-9.3%-22.2%
Max Positive12.5%18.8%55.0%
Max Negative-21.6%-31.9%-44.3%

SEC Filings

Expand for More
Report DateFiling DateFiling
06/30/202608/14/202610-Q
03/31/202605/14/202610-Q
12/31/202503/31/202610-K
09/30/202511/12/202510-Q
06/30/202508/12/202510-Q
03/31/202505/15/202510-Q
12/31/202403/28/202510-K
09/30/202411/14/202410-Q
06/30/202408/14/202410-Q
03/31/202405/15/202410-Q
12/31/202303/29/202410-K
09/30/202311/09/202310-Q
06/30/202308/08/202310-Q
03/31/202305/08/202310-Q
12/31/202203/16/202310-K
09/30/202211/01/202210-Q
Collapse to Preview
Report DateFiling DateFiling
06/30/202608/14/202610-Q
03/31/202605/14/202610-Q
12/31/202503/31/202610-K
09/30/202511/12/202510-Q
06/30/202508/12/202510-Q
03/31/202505/15/202510-Q
12/31/202403/28/202510-K
09/30/202411/14/202410-Q
06/30/202408/14/202410-Q
03/31/202405/15/202410-Q
12/31/202303/29/202410-K
09/30/202311/09/202310-Q
06/30/202308/08/202310-Q
03/31/202305/08/202310-Q
12/31/202203/16/202310-K
09/30/202211/01/202210-Q
06/30/202208/04/202210-Q
03/31/202205/06/202210-Q
12/31/202103/01/202210-K
09/30/202111/02/202110-Q
06/30/202108/16/202110-Q
03/31/202105/14/202110-Q
12/31/202003/09/202110-K
09/30/202011/16/202010-Q
06/30/202008/10/202010-Q
03/31/202005/12/202010-Q
12/31/201904/14/202010-K
09/30/201911/14/201910-Q

Recent Forward Guidance

Updated 9/28/2026

Latest: Q2 2026 Earnings Reported 8/18/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Operating Cost ReductionReported 3.20 Mil    
2026 OC San Contract ValueReported 2.60 Mil    


Prior: Q1 2026 Earnings Reported 5/14/2026

Forward GuidanceGuidance Change
MetricSourceLowMidHigh% Chg% DeltaChangePrior
2026 Monthly RevenueReported0.10 Mil0.15 Mil0.20 Mil   
2026 Annual Recurring RevenueReported 15.00 Mil    
2027 Monthly RevenueReported 0.40 Mil    

Insider Activity

Updated 7/8/2026
Expand for More
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Meyers, Brad IanChief Operating OfficerDirectSell61520262.339,83122,90670,294Form
2Meyers, Brad IanChief Operating OfficerDirectSell61520262.469,00022,14098,400Form
3Russell, KlineChief Financial OfficerDirectBuy121820250.2220,0004,400147,101Form
4Jones, Stephen JInterim CEODirectBuy121620250.23450,000103,995243,978Form
5Nagar, Yaacov DirectSell102420250.43473,211205,37413,936,882Form
Collapse to Preview
#OwnerTitleHoldingActionFiling DatePriceSharesTransacted
Value
Value of
Held Shares
Form
1Meyers, Brad IanChief Operating OfficerDirectSell61520262.339,83122,90670,294Form
2Meyers, Brad IanChief Operating OfficerDirectSell61520262.469,00022,14098,400Form
3Russell, KlineChief Financial OfficerDirectBuy121820250.2220,0004,400147,101Form
4Jones, Stephen JInterim CEODirectBuy121620250.23450,000103,995243,978Form
5Nagar, Yaacov DirectSell102420250.43473,211205,37413,936,882Form
6Nagar, Yaacov DirectSell102420250.4261,00025,68113,718,640Form
7Nagar, Yaacov DirectSell102220250.4232,79113,80213,741,056Form
8Nagar, Yaacov DirectSell102220250.42284,394119,55913,738,518Form
9Nagar, Yaacov DirectSell102220250.4213,3305,60913,871,263Form
10Nagar, Yaacov DirectSell102020250.42131,68055,70113,949,422Form
11Nagar, Yaacov DirectSell102020250.5185,41943,78616,971,693Form
12Nagar, Yaacov DirectSell101620250.52363,868188,44717,191,409Form
13Nagar, Yaacov DirectSell101620250.52700,000361,41017,326,163Form
14Nagar, Yaacov DirectSell101020250.461,499,000695,68615,899,289Form
15Nagar, Yaacov DirectSell100920250.391,00039013,945,357Form
16Nagar, Yaacov DirectSell90820250.4054,85021,90214,278,299Form
17Nagar, Yaacov DirectSell90820250.39122,43948,09414,067,415Form
18Nagar, Yaacov DirectSell90320250.3922,7118,85714,014,889Form
19Estes, Deanna Rene DirectBuy82720250.2930,0008,70630,906Form
20Pawloski, James DirectBuy82620250.26193,30050,81950,819Form
21Russell, KlineChief Financial OfficerDirectBuy82520250.2515,0003,74499,501Form
22Russell, KlineChief Financial OfficerDirectBuy82520250.2515,0003,69394,453Form
23Russell, KlineChief Financial OfficerDirectBuy82120250.2420,0004,78088,105Form
24Mandel, PeterGeneral CounselDirectBuy82020250.254,9801,24465,841Form
25Mandel, PeterGeneral CounselDirectBuy82020250.2520564,132Form
26Nagar, Yaacov DirectSell63020250.4223,3969,82915,106,092Form
27Nagar, Yaacov DirectSell63020250.42103,37943,49215,137,510Form
Core Cache Last Updated: 10/1/2026