374Water Releases First Quarter 2024 Results and Provides Business Update

ACCESSWIRE05-16

New CEO Chris Gannon unveils Product Development, Commercialization and Go-to-Market Objectives DURHAM, NC / ACCESSWIRE / May 15, 2024 / 374Water Inc. (NASDAQ:SCWO), a global leader in cutting-edge, ...

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(NASDAQ:SCWO), a global leader in cutting-edge, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/374water-releases-first-quarter-2024-020000677.html\">Source Link</a>\n\n</div>\n","source":"yahoofinance","html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>374Water Releases First Quarter 2024 Results and Provides Business Update</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 11px; color: #7E829C; margin: 0;line-height: 11px;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\n374Water Releases First Quarter 2024 Results and Provides Business Update\n</h2>\n\n<h4 class=\"meta\">\n\n\n2024-05-16 10:00 GMT+8&nbsp;&nbsp;&nbsp;<a href=https://finance.yahoo.com/news/374water-releases-first-quarter-2024-020000677.html><strong>ACCESSWIRE</strong></a>\n\n\n</h4>\n\n</header>\n<article>\n<div>\n<p>New CEO Chris Gannon unveils Product Development, Commercialization and Go-to-Market Objectives\nDURHAM, NC / ACCESSWIRE / May 15, 2024 / 374Water Inc. (NASDAQ:SCWO), a global leader in cutting-edge, ...</p>\n\n<a href=\"https://finance.yahoo.com/news/374water-releases-first-quarter-2024-020000677.html\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"SCWO","symbol_name":"374Water Inc.","start_time":0,"source_url":"https://finance.yahoo.com/news/374water-releases-first-quarter-2024-020000677.html","article_id":"2435619268","we_media_id":null,"thumbnails":["https://s.yimg.com/uu/api/res/1.2/XjLjvhBP5mww5ZutrWj5vg--~B/aD00MDA7dz00MDA7YXBwaWQ9eXRhY2h5b24-/https://media.zenfs.com/en/accesswire.ca/95d1951b704379e429f56166c51ffc60"],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2435619268","pubTimestamp":1715824800,"sourceInfo":{"source_id":"yahoofinance","name":"雅虎金融"},"weMediaInfo":null,"summary":"New CEO Chris Gannon unveils Product Development, Commercialization and Go-to-Market Objectives. DURHAM, NC / ACCESSWIRE / May 15, 2024 / 374Water Inc. , a global leader in cutting-edge, sustainable waste management technologies, today provides a business update and reports its financial results for the first quarter ended March 31, 2024.On April 23, 2024 the Company announced the appointment of Chris Gannon as its new President and Chief Executive Officer. Mr. Gannon brings deep executive leadership experience in multiple disciplines and industries, including environmental technology development, highly engineered product, advanced manufacturing, and global customer support and service with customers in the municipal, industrial, commercial, defense, and medical space","collect":0,"end_time":0,"defaultTopTitle":"yahoo.com","property":[],"viewcount":null,"language":"en","relate_stocks":{"SCWO":"374Water Inc.","BK4161":"工业机械","BK4182":"重型电气设备"},"translate_title":"374Water发布2024年第一季度业绩并提供最新业务信息","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"SCWO":0.9},"content_text":"New CEO Chris Gannon unveils Product Development, Commercialization and Go-to-Market Objectives\nDURHAM, NC / ACCESSWIRE / May 15, 2024 / 374Water Inc. (NASDAQ:SCWO), a global leader in cutting-edge, sustainable waste management technologies, today provides a business update and reports its financial results for the first quarter ended March 31, 2024.\n\"In just under a month, we have hit the ground running developing a strategic plan to unlock the value inherent in this enterprise. I have immersed myself in our technology and our market opportunities to chart the best path forward in our product development, commercialization, and go-to-market approach,\" said Chris Gannon, CEO of 374Water. \"We have a massive opportunity in front of us to take advantage of regulatory tailwinds driving demand for technologies like our AirSCWO system. Over the ensuing months, we will provide more detail and clarity on our go forward strategy, with a focus on four key areas: (1) executing on our municipal biosolid/sludge and federal/DOD contractual obligations which is an important proof point; (2) expanding the application of our AirSCWO systems to industrial and other waste streams; (3) securing new manufacturing and engineering facilities; and (4) expanding our compliment of talented engineers and field personnel, as well as our leadership team.\"\nFinancial Highlights\n\nFor the three-month period ended March 31, 2024, the Company generated revenue of $315,000 which compares to $801,000 for the three months ending March 31, 2023, a 61% decrease. Our revenue is primarily based on progress toward completion of our sold unit and also includes the sale of treatability services. Costs associated with our sold unit have started to decline as we reach the end of our fabrication and testing, which have had a direct correlation to the reduced revenue recognized this year. This has had a direct impact on our change in revenue year-over-year.\nTotal Operating Expenses for the quarter ended March 31, 2024, increased marginally to $1.9 million from $1.8 million in the prior year quarter driven primarily by an increase in R&D expense.\n\nCapital Structure\n\nAs of March 31, 2024, the Company had working capital of $11.7 million. We are actively working on optimizing our operational efficiencies and exploring new market opportunities, all aimed at long-term value creation while remaining steadfast in our commitment to innovation and excellence. A primary financial goal for the Company is to extend its runway while scaling the business.\n\nBusiness Highlights\n\nOn April 23, 2024 the Company announced the appointment of Chris Gannon as its new President and Chief Executive Officer. Mr. Gannon brings deep executive leadership experience in multiple disciplines and industries, including environmental technology development, highly engineered product, advanced manufacturing, and global customer support and service with customers in the municipal, industrial, commercial, defense, and medical spaces.\nIn March 2024, the Company announced a new contract with the City of Orlando, highlighted by the deployment of an AirSCWO 6 service unit, which will be integrated into Orlando's Iron Bridge Water Pollution Control Facility. This AirSCWO 6 unit is expected to deploy in 2024.\n374Water continued its progress on an expected 2024 deployment to Orange County Sanitation District. The Company is underway with factory acceptance testing and once achieved, will begin mobilizing the unit to Orange County.\nThe Company continues to focus on executing demonstrations and securing demonstration partners within the municipal biosolids, federal and military PFAS, and industrial markets.\nThe Company is in active discussions with major TSDF operators to not only serve as technology development and commercialization partners, focused initially on PFAS intensive waste streams, but also serve as long-term waste destruction partners. The Company places a priority these partnerships as we continue to scale our commercial grade technology to meet growing demand for AirSCWO technology.\n\nEarnings Conference Call\nManagement will hold a conference call at 10:00 am Pacific Time (1:00 pm Eastern Time) on Friday, May 17, 2024, to provide a more detailed business update and discussion of quarterly results. Participants who wish to join the conference by telephone can access the call by dialing (Toll Free) 888-506-0062 or (International) 973-528-0011. Participants may join the live webcast by accessing it at the webcast registration link here: https://www.webcaster4.com/Webcast/Page/3040/50613.\nA webcast replay will be available through May 31, 2024 on the Investors Section of the Company's website at https://374water.com/investor-relations/.\nFor more on AirSCWO or about our team, visit 374Water.com or follow us on LinkedIn.\nAbout 374Water\n374Water Inc. (NASDAQ:SCWO) is a global cleantech company with innovative solutions to wastewater treatment and waste management issues. 374Water's AirSCWO technology transforms organic \"wastes\" into minimal impact, value-added products, effectively shifting the waste management paradigm from disposal to resource recovery. 374Water is leading a new era of creating value in sustainability, eliminating PFAS and protecting our communities. Follow us on LinkedIn.\nCautionary Language\nThis press release contains \"forward-looking statements,\" as that term is defined under the Private Securities Litigation Reform Act of 1995 (PSLRA), which statements may be identified by words such as \"expects,\" \"plans,\" \"projects,\" \"will,\" \"may,\" \"anticipates,\" \"believes,\" \"should,\" \"intends,\" \"estimates,\" and other words of similar meaning.\nInvestor Contact:Heather Crowellir@374water.com\nMedia Contact:Christian Rizzomedia@374water.com\n374Water Inc. and SubsidiariesCondensed Consolidated Balance SheetsMarch 31, 2024 (Unaudited) and December 31, 2023\n\n\n\n\n\n\n\n\n\n \n\n\nMarch 31,\n\n\n2024\n\n \n \n\n\nDecember 31,\n\n\n2023\n\n \n\n\n\n\nAssets\n\n \n \n \n \n \n \n\n\n\n\n      Current Assets:\n     \n \n \n \n \n \n \n\n\n\n\n      Cash\n     \n \n$\n7,936,161\n \n \n$\n10,445,404\n \n\n\n\n\n      Accounts receivable, net of allowance\n     \n \n \n84,324\n \n \n \n64,792\n \n\n\n\n\n      Unbilled accounts receivable\n     \n \n \n1,771,609\n \n \n \n1,494,553\n \n\n\n\n\n      Other accounts receivable\n     \n \n \n34,161\n \n \n \n39,749\n \n\n\n\n\n      Inventory, net\n     \n \n \n2,601,658\n \n \n \n2,276,677\n \n\n\n\n\n      Prepaid expenses\n     \n \n \n921,365\n \n \n \n581,085\n \n\n\n\n\n      Total Current Assets\n     \n \n \n13,349,278\n \n \n \n14,902,260\n \n\n\n\n\n      Long-Term Assets:\n     \n \n \n \n \n \n \n \n \n\n\n\n\n      Property, and Equipment, net\n     \n \n \n223,339\n \n \n \n230,971\n \n\n\n\n\n      Intangible asset, net\n     \n \n \n971,691\n \n \n \n988,029\n \n\n\n\n\n      Total Long-Term Assets\n     \n \n \n1,195,030\n \n \n \n1,219,000\n \n\n\n\n\nTotal Assets\n\n \n$\n14,544,308\n \n \n$\n16,121,260\n \n\n\n\n\nLiabilities and Stockholders' Equity\n\n \n \n \n \n \n \n \n \n\n\n\n\n      Current Liabilities:\n     \n \n \n \n \n \n \n \n \n\n\n\n\n      Accounts payable and accrued expenses\n     \n \n$\n755,721\n \n \n$\n572,297\n \n\n\n\n\n      Accrued contract loss provision\n     \n \n \n600,000\n \n \n \n500,000\n \n\n\n\n\n      Accrued legal settlement\n     \n \n \n135,000\n \n \n \n135,000\n \n\n\n\n\n      Unearned revenue\n     \n \n \n132,768\n \n \n \n130,000\n \n\n\n\n\n      Other liabilities\n     \n \n \n10,408\n \n \n \n36,787\n \n\n\n\n\n      Total Current Liabilities\n     \n \n \n1,633,897\n \n \n \n1,374,084\n \n\n\n\n\nTotal Liabilities\n\n \n \n1,633,897\n \n \n \n1,374,084\n \n\n\n\n\n      Commitments and contingencies (Note 9)\n     \n \n \n \n \n \n \n \n \n\n\n\n\nStockholders' Equity\n\n \n \n \n \n \n \n \n \n\n\n\n\n      Preferred stock: 50,000,000 convertible Series D preferred shares authorized; par value $0.0001 per share, nil issued and\n     \n \n \n \n \n \n \n \n \n\n\n\n\n      outstanding at March 31, 2024 and December 31, 2023\n     \n \n \n-\n \n \n \n-\n \n\n\n\n\n      Common stock: 200,000,000 common shares authorized, par value $0.0001 per share, 132,670,446 and 132,667,107 shares\n     \n \n \n \n \n \n \n \n \n\n\n\n\n      outstanding at March 31, 2024 and December 31, 2023, respectively\n     \n \n \n13,266\n \n \n \n13,266\n \n\n\n\n\n      Additional paid-in capital\n     \n \n \n30,872,643\n \n \n \n30,684,943\n \n\n\n\n\n      Accumulated deficit\n     \n \n \n(17,977,969\n)\n \n \n(15,953,504\n)\n\n\n\n\n      Accumulated other comprehensive loss\n     \n \n \n2,471\n \n \n \n2,471\n \n\n\n\n\nTotal Stockholders' Equity\n\n \n \n12,910,411\n \n \n \n14,747,176\n \n\n\n\n\nTotal Liabilities and Stockholders' Equity\n\n \n$\n14,544,308\n \n \n$\n16,121,260\n \n\n\n\n\n374Water, Inc. and SubsidiariesCondensed Consolidated Statements of OperationsFor the three months ended March 31, 2024 and 2023 (Unaudited)\n\n\n\n\n\n\n\n\n\n \n2024\n \n \n2023\n \n\n\n\n\n      Revenue\n     \n \n$\n315,278\n \n \n$\n801,458\n \n\n\n\n\n      Cost of goods sold\n     \n \n \n617,298\n \n \n \n720,146\n \n\n\n\n\n      Gross margin\n     \n \n \n(302,020\n)\n \n \n81,312\n \n\n\n\n\nOperating Expenses\n\n \n \n \n \n \n \n \n \n\n\n\n\n      Research and development\n     \n \n \n535,147\n \n \n \n355,905\n \n\n\n\n\n      Compensation and related expenses\n     \n \n \n651,604\n \n \n \n718,760\n \n\n\n\n\n      Professional fees\n     \n \n \n252,705\n \n \n \n99,572\n \n\n\n\n\n      General and administrative\n     \n \n \n459,727\n \n \n \n585,659\n \n\n\n\n\n      Total Operating Expenses\n     \n \n \n1,899,183\n \n \n \n1,759,896\n \n\n\n\n\n\n\n\n \n \n \n \n \n \n \n \n\n\n\n\nLoss from Operations\n\n \n \n(2,201,203\n)\n \n \n(1,678,584\n)\n\n\n\n\n\n\n\n \n \n \n \n \n \n \n \n\n\n\n\nOther Income\n\n \n \n \n \n \n \n \n \n\n\n\n\n      Interest income\n     \n \n \n104,620\n \n \n \n37,859\n \n\n\n\n\n      Other income\n     \n \n \n72,118\n \n \n \n382\n \n\n\n\n\n      Total Other Income\n     \n \n \n176,738\n \n \n \n38,241\n \n\n\n\n\nNet Loss before Income Taxes\n\n \n \n(2,024,465\n)\n \n \n(1,640,343\n)\n\n\n\n\nProvision for Income Taxes\n\n \n \n-\n \n \n \n-\n \n\n\n\n\n\n\n\n \n \n \n \n \n \n \n \n\n\n\n\nNet Loss\n\n \n$\n(2,024,465\n)\n \n$\n(1,640,343\n)\n\n\n\n\n\n\n\n \n \n \n \n \n \n \n \n\n\n\n\nOther comprehensive income\n\n \n \n \n \n \n \n \n \n\n\n\n\n      Foreign currency translation gain\n     \n \n \n-\n \n \n \n824\n \n\n\n\n\n      Unrealized gain on marketable securities\n     \n \n \n-\n \n \n \n18,967\n \n\n\n\n\nTotal other comprehensive loss\n\n \n \n-\n \n \n \n19,791\n \n\n\n\n\nTotal comprehensive loss\n\n \n \n(2,024,465\n)\n \n \n(1,620,552\n)\n\n\n\n\nNet Loss per Share - Basic and Diluted\n\n \n$\n(0.02\n)\n \n$\n(0.01\n)\n\n\n\n\n\n\n\n \n \n \n \n \n \n \n \n\n\n\n\nWeighted Average Common Shares Outstanding - Basic and Diluted\n\n \n \n132,668,777\n \n \n \n127,146,695\n \n\n\n\n\n374Water Inc. and SubsidiariesCondensed Consolidated Statements of Cash FlowsFor the three months ended March 31, 2024 and 2023 (Unaudited)\n\n\n\n\n\n\nCash Flows from Operating Activities\n\n \n2024\n \n \n2023\n \n\n\n\n\n      Net loss\n     \n \n$\n(2,024,465\n)\n \n$\n(1,640,343\n)\n\n\n\n\n      Adjustments to reconcile net loss to net cash used in operating activities:\n     \n \n \n \n \n \n \n \n \n\n\n\n\n      Depreciation and amortization expense\n     \n \n \n24,560\n \n \n \n29,105\n \n\n\n\n\n      Issuance of common stock for services\n     \n \n \n4,500\n \n \n \n-\n \n\n\n\n\n      Stock-based compensation\n     \n \n \n183,200\n \n \n \n214,924\n \n\n\n\n\n      Gain on foreign currency translation\n     \n \n \n-\n \n \n \n824\n \n\n\n\n\n      Increase in inventory reserve\n     \n \n \n50,000\n \n \n \n-\n \n\n\n\n\n      Changes in operating assets and liabilities:\n     \n \n \n \n \n \n \n \n \n\n\n\n\n      Accounts receivable\n     \n \n \n(19,532\n)\n \n \n(26,188\n)\n\n\n\n\n      Unbilled accounts receivable\n     \n \n \n(277,056\n)\n \n \n(754,290\n)\n\n\n\n\n      Other receivables\n     \n \n \n5,588\n \n \n \n(308,374\n)\n\n\n\n\n      Inventory\n     \n \n \n(374,981\n)\n \n \n(127,309\n)\n\n\n\n\n      Prepaid expenses\n     \n \n \n(340,280\n)\n \n \n23,285\n \n\n\n\n\n      Accounts payable and accrued expenses\n     \n \n \n183,424\n \n \n \n(581,582\n)\n\n\n\n\n      Accrued contract loss provision\n     \n \n \n100,000\n \n \n \n-\n \n\n\n\n\n      Unearned revenue\n     \n \n \n2,768\n \n \n \n5,000\n \n\n\n\n\n      Other liabilities\n     \n \n \n(26,379\n)\n \n \n(13,528\n)\n\n\n\n\nNet Cash Used In Operating Activities\n\n \n \n(2,508,653\n)\n \n \n(3,178,176\n)\n\n\n\n\n\n\n\n \n \n \n \n \n \n \n \n\n\n\n\nCash Flows from Investing Activities\n\n \n \n \n \n \n \n \n \n\n\n\n\n      Purchase of equipment\n     \n \n \n-\n \n \n \n(7,303\n)\n\n\n\n\n      Increase in intangible assets\n     \n \n \n(590\n)\n \n \n(2,705\n)\n\n\n\n\n\n\n\n \n \n \n \n \n \n \n \n\n\n\n\nCash Used In Investing Activities\n\n \n \n(590\n)\n \n \n(10,008\n)\n\n\n\n\n\n\n\n \n \n \n \n \n \n \n \n\n\n\n\nCash Flowfrom Financing Activities\n\n \n \n \n \n \n \n \n \n\n\n\n\n      Proceeds from the sale of common stock\n     \n \n \n-\n \n \n \n8,294,708\n \n\n\n\n\nCash Provided by Financing Activities\n\n \n \n-\n \n \n \n8,294,708\n \n\n\n\n\n\n\n\n \n \n \n \n \n \n \n \n\n\n\n\nNet (Decrease) Increase in Cash\n\n \n \n(2,509,243\n)\n \n \n5,106,224\n \n\n\n\n\n      Cash, Beginning of the Period\n     \n \n \n10,445,404\n \n \n \n4,046,937\n \n\n\n\n\n      Cash, End of the Period\n     \n \n$\n7,936,161\n \n \n$\n9,153,161\n \n\n\n\n\n\n\n\n \n \n \n \n \n \n \n \n\n\n\n\nSUPPLEMENTAL CASH FLOW DISCLOSURES:\n\n \n \n \n \n \n \n \n \n\n\n\n\n      Cash paid for interest\n     \n \n$\n-\n \n \n$\n-\n \n\n\n\n\n      Cash paid for taxes\n     \n \n$\n-\n \n \n$\n-\n \n\n\n\n\nSOURCE: 374Water Inc.\n\n\nView the original \npress release on accesswire.com","kind":null,"is_publish_news":true,"is_publish_highlight":false,"is_publish_live":null,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"","news_tag":"","news_rank":0,"symbols":[],"gpt_button":1},"commentList":[],"isCommentEnd":true,"newsSizeData":{"likeSize":0,"commentSize":0,"repostSize":0,"favoriteSize":0,"likeStatus":false,"favoriteStatus":false},"APP":{"userAgent":"Mozilla/5.0 AppleWebKit/537.36 (KHTML, like Gecko; compatible; ClaudeBot/1.0; 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