374Water Inc. reported third‑quarter 2025 revenue of $760,000, a 860% increase from $81,000 in the same quarter a year earlier. Service revenue, the company’s primary growth engine, rose to $510,153, up from $271,000 in Q2 2025 and reflecting the rapid expansion of its AirSCWO waste‑destruction services portfolio. The jump in service revenue was driven by new contracts with Crystal Clean and the City of Olathe, Kansas, and by the continued deployment of AirSCWO units at multiple Department of Defense and municipal sites.
The company’s net loss widened to $4.3 million in Q3 2025, compared with a $4.6 million loss in Q2 2025, as operating expenses climbed 64% year‑over‑year. The increase in expenses was largely due to higher compensation, research and development, and general‑and‑administrative costs associated with scaling the AirSCWO technology. Despite the loss, 374Water secured an additional $7.0 million through its at‑the‑market equity facility, extending its cash runway into the second quarter of 2026 and providing a short‑term cushion for continued investment.
Management reiterated its full‑year 2025 revenue guidance of approximately $4 million and emphasized a focus on converting its $1.8 billion pipeline into revenue. The company highlighted the new $4 million order from the City of Olathe and the ongoing partnership with Crystal Clean as evidence of growing commercial traction. CEO Stephen J. Jones noted that “the quarter was underscored by ongoing service deployments and the continued commercialization of our AirSCWO technology,” and added that the company is “projecting 2026 revenue to be in the $6‑8 million range.”
Investor sentiment was muted, with market participants weighing the strong revenue growth against the widening net loss and the sharp decline in cash reserves—from $10.7 million at the end of 2024 to $0.9 million as of September 30, 2025. The market reaction was driven primarily by concerns over the company’s financial sustainability and the need for further capital raises, which could dilute existing shareholders.
Analyst consensus estimates for 2025 revenue were $26.93 million, far above the company’s guidance, indicating a significant miss relative to market expectations. The discrepancy between guidance and analyst forecasts contributed to the negative market reaction, as investors questioned whether the company’s growth trajectory could translate into profitable operations in the near term.
The content on BeyondSPX is for informational purposes only and should not be construed as financial or investment advice. We are not financial advisors. Consult with a qualified professional before making any investment decisions. Any actions you take based on information from this site are solely at your own risk.