{ "ok": true, "cik": "933972", "ticker": "SCWO", "name": "374WATER INC.", "filings": [ { "form": "8-K", "filed": "2026-09-30", "items": [ "5.03 Amendments to Articles or Bylaws; Change in Fiscal Year", "5.07 Submission of Matters to a Vote of Security Holders", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/933972/000165495426008681/0001654954-26-008681-index.htm" }, { "form": "DEF 14A", "filed": "2026-08-25", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/933972/000165495426007870/0001654954-26-007870-index.htm" }, { "form": "8-K", "filed": "2026-08-18", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/933972/000165495426007728/0001654954-26-007728-index.htm" }, { "form": "10-Q", "filed": "2026-08-14", "items": [], "url": "https://www.sec.gov/Archives/edgar/data/933972/000165495426007650/0001654954-26-007650-index.htm" }, { "form": "8-K", "filed": "2026-08-11", "items": [ "2.02 Results of Operations and Financial Condition", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/933972/000165495426007472/0001654954-26-007472-index.htm" }, { "form": "8-K", "filed": "2026-07-08", "items": [ "5.02 Departure or Election of Directors; Appointment of Officers", "9.01 Financial Statements and Exhibits" ], "url": "https://www.sec.gov/Archives/edgar/data/933972/000165495426006548/0001654954-26-006548-index.htm" } ], "events12m": 21, "healthWatch": { "window": "last 12 months", "since": "2025-10-01", "signals": [ { "code": "3.01", "label": "Exchange listing notice or transfer", "count": 1, "latest": { "filed": "2026-02-09", "url": "https://www.sec.gov/Archives/edgar/data/933972/000165495426001047/0001654954-26-001047-index.htm" } }, { "code": "5.02", "label": "Director or officer change", "count": 11, "latest": { "filed": "2026-07-08", "url": "https://www.sec.gov/Archives/edgar/data/933972/000165495426006548/0001654954-26-006548-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000933972.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=933972" }, "license": "Figures as filed with the SEC. Card text CC BY 4.0, POPS4.", "notAdvice": "Reporting, not investment advice. No price targets and no trading recommendations.", "edgar": "🫧 Edgar looked up 374WATER INC. ($SCWO). Last filing: 8-K (5.03 Amendments to Articles or Bylaws; Change in Fiscal Year), 2026-09-30. 21 event filings (8-K) in the past twelve months.", "auditor": { "changes": [], "nonReliance": [], "restatedSince": null }, "metrics": { "fiscalYearEnd": "2025-12-31", "revenue": 215037, "revenueGrowth1y": -0.5172535329838701, "revenueGrowthPerYear": 0.4540924819893317, "yearsOfData": 5, "operatingMargin": -98.34151332096337, "operatingMarginPrior": -28.742623668466365, "netMargin": -97.54159516734329, "operatingCashFlow": -14326205, "capitalSpending": 1898212, "freeCashFlow": -16224417, "researchAndDevelopment": 2524519, "researchShareOfRevenue": 11.739928477424815, "cash": 3198682, "longTermDebt": null, "longTermDebtChange": null, "revenueHistory": [ { "fiscalYearEnd": "2021-12-31", "revenue": 48100 }, { "fiscalYearEnd": "2022-12-31", "revenue": 3015521 }, { "fiscalYearEnd": "2023-12-31", "revenue": 743952 }, { "fiscalYearEnd": "2024-12-31", "revenue": 445445 }, { "fiscalYearEnd": "2025-12-31", "revenue": 215037 } ], "totalEquity": 6724907, "totalAssets": 11405348, "equityRatio": 0.5896275150920428, "returnOnEquity": -3.1190099729260194, "dividendsPaid": null, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "priceBased": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown.", "earningsPerShare": -1.38, "sharesOutstanding": 15231134, "bookValuePerShare": 0.4415237237096069, "revenuePerShare": 0.014118252784067161, "range80": { "low": 20991.64652009001, "high": 441183.6072060644, "baseline": 96490.34338412319, "n": 2483, "band": "b000", "bandLabel": "under $50M", "method": "v4.1", "credibility": 0.5714285714285714, "growthYears": 5, "ownVolatility": 0.9982965437692338, "classVolatility": 0.3000583276631395, "volatility": 0.7797883373258955 }, "ifPaceHeld": { "low": 20991.64652009001, "high": 441183.6072060644 } }, "edgarette": "🔖 Exposure: revenue $215K (FY2025). Experience: revenue down 51.7% on the year, up 45.4% a year over 4 years; operating margin -9834.2%, down from -2874.3%. Soundness: equity 59.0% of assets, return on equity -311.9%. Credibility: four or more audited years, reasonable weight. Range: 80% of past cases like this landed between $21K and $441K next year (method v4.1: its own 5-year record of growth weighed at 57% against under $50M filers; across 2019–2025, 69.0% landed inside, 83.4% on the one year the method never saw). In a shock year the stress range is $17K to $548K. A statistical range, not company guidance. Against peers (8 filers, $50M+ revenue, its industry group): operating margin -9834.2% against a 5.2% median; growth -51.7% against 7.5%.", "peers": { "sic": 3621, "sicDescription": "Motors & Generators", "calendarYear": 2025, "minRevenue": 50000000, "depth": 3, "group": "362", "growth": [ 0.0747, 8 ], "opMargin": [ 0.0523, 8 ], "equityRatio": [ 0.5094, 8 ] }, "summary": "374WATER (SCWO) saw revenue fall 51.7% in FY2025 to $0 million, operating margin -9834% against a 5.2% median for motors & generators, equity 59.0% of assets. Every figure is from the company’s own annual report filed with the SEC.", "chart": "
374WATER INC. against its own record and its peers
Operating marginPeer median 5.2%-9834.2%Revenue, on the yearPeer median 7.5%-51.7%Equity of assetsPeer median 50.9%59.0%Return on equity-311.9%Gold tick: the median of 8–8 peers with $50M+ revenue in motors & generators
", "chartHorizon": null, "backtest": { "tests": 12, "hits": 6, "rate": 0.5, "method": "v4", "byYear": { "2014": [ 1, 1 ], "2015": [ 1, 1 ], "2016": [ 1, 1 ], "2017": [ 1, 1 ], "2018": [ 0, 1 ], "2019": [ 0, 1 ], "2020": [ 0, 1 ], "2021": [ 0, 1 ], "2022": [ 0, 1 ], "2023": [ 0, 1 ], "2024": [ 1, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-10-01T14:00:02.370Z", "hash": "15c24c67069f997b", "status": "open" }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "schema": "pops4.edgarette.card/1", "card": { "summary": "374WATER (SCWO) saw revenue fall 51.7% in FY2025 to $0 million, operating margin -9834% against a 5.2% median for motors & generators, equity 59.0% of assets. Every figure is from the company’s own annual report filed with the SEC.", "exposure": { "fiscalYearEnd": "2025-12-31", "revenue": 215037, "totalDebt": null, "cash": 3198682 }, "experience": { "revenueGrowth1y": -0.5172535329838701, "revenueGrowthPerYear": 0.4540924819893317, "operatingMargin": -98.34151332096337, "operatingMarginPrior": -28.742623668466365, "netMargin": -97.54159516734329, "freeCashFlow": -16224417 }, "soundness": { "equityRatio": 0.5896275150920428, "returnOnEquity": -3.1190099729260194, "payoutRatio": null, "dividendPerShare": null, "dividendYearsRising": null, "dividendCut": null, "note": "Dividend yield, price/earnings and price/book need a share price. The boards carry filings only, so they are not shown." }, "peers": { "sic": 3621, "sicDescription": "Motors & Generators", "calendarYear": 2025, "minRevenue": 50000000, "depth": 3, "group": "362", "growth": [ 0.0747, 8 ], "opMargin": [ 0.0523, 8 ], "equityRatio": [ 0.5094, 8 ] }, "credibility": { "auditedYears": 5, "weight": "reasonable", "standard": "ASOP No. 25", "nonReliance": null, "auditorChange": null }, "healthWatch": { "window": "last 12 months", "since": "2025-10-01", "signals": [ { "code": "3.01", "label": "Exchange listing notice or transfer", "count": 1, "latest": { "filed": "2026-02-09", "url": "https://www.sec.gov/Archives/edgar/data/933972/000165495426001047/0001654954-26-001047-index.htm" } }, { "code": "5.02", "label": "Director or officer change", "count": 11, "latest": { "filed": "2026-07-08", "url": "https://www.sec.gov/Archives/edgar/data/933972/000165495426006548/0001654954-26-006548-index.htm" } } ], "note": "Events the company itself filed with the SEC, most serious first. Shown beside the figures; they do not change the range or its receipt." }, "range": { "low": 20991.64652009001, "high": 441183.6072060644, "baseline": 96490.34338412319, "coverage": 0.8, "method": "v4.1", "basis": "next fiscal year revenue: baseline = revenue x (1 + mean of one-year and three-year pace); width = the company's own volatility of yearly growth, credibility-weighted against its size class (Buhlmann), scaled to the 80% target on 2023 and tested on 2024", "calibratedOn": { "companyYears": 2483, "sizeBand": "under $50M", "fitYears": [ 2018, 2022 ], "tuneYear": 2023, "testYear": 2024, "coverageOnTestYear": 0.8341, "coverageAllYears": 0.6904374799277399, "stressCoverageAllYears": 0.819004992974709, "outcomeYears": [ 2019, 2025 ] }, "credibility": { "weightOnOwnRecord": 0.571, "growthYears": 5, "ownVolatility": 0.9982965437692338, "classVolatility": 0.3000583276631395, "pricedVolatility": 0.7797883373258955, "k": 3 }, "stress": { "low": 17035.314679393407, "high": 547605.84313193, "basis": "the same range with widths set to hold 80% across 2018-2023, pandemic years included" }, "kind": "a statistical range, not company guidance; no view on the share price", "track": { "backtest": { "tests": 12, "hits": 6, "rate": 0.5, "method": "v4", "byYear": { "2014": [ 1, 1 ], "2015": [ 1, 1 ], "2016": [ 1, 1 ], "2017": [ 1, 1 ], "2018": [ 0, 1 ], "2019": [ 0, 1 ], "2020": [ 0, 1 ], "2021": [ 0, 1 ], "2022": [ 0, 1 ], "2023": [ 0, 1 ], "2024": [ 1, 1 ], "2025": [ 1, 1 ] }, "note": "hindsight: the same credibility-weighted range on the company's own past years. Years 2018-2023 were used to fit or tune the method, so only 2025 outcomes are fully out of sample." }, "registry": { "logged": "2026-10-01T14:00:02.370Z", "hash": "15c24c67069f997b", "status": "open" }, "scorecard": "https://www.pops4.com/boards/scorecard" } }, "caution": "Figures are as filed in audited 10-K reports and can move with restatements, acquisitions, disposals or a change in fiscal year. A range set from how past company-years turned out is not a promise about the next one, and says nothing about the share price.", "sources": { "facts": "https://data.sec.gov/api/xbrl/companyfacts/CIK0000933972.json", "filings": "https://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=933972" }, "speedCash": null, "harbor": { "signs": [ { "key": "cash", "text": "operating cash flow was negative (-$14.3M in FY2025)" }, { "key": "range", "text": "revenue is hard to predict: its 80% range is ±91%" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 2, "name": "Weathered boat", "plain": "two warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": -14326205, "investing": -1898212, "financing": 8771455, "capitalSpending": 1898212, "free": -16224417, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": -1840950, "free": -1842140 }, { "fiscalYearEnd": "2022-12-31", "operating": -4948668, "free": -5093235 }, { "fiscalYearEnd": "2023-12-31", "operating": -9034987, "free": -9140977 }, { "fiscalYearEnd": "2024-12-31", "operating": -10589735, "free": -11144677 }, { "fiscalYearEnd": "2025-12-31", "operating": -14326205, "free": -16224417 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 3198682, "shortTerm": null, "longTerm": null, "equityHoldings": null, "totalAssets": 11405348, "ladder": null, "currentRatio": 1.4, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }, "definitions": { "operatingMargin": "Operating income divided by revenue.", "netMargin": "Net income divided by revenue.", "freeCashFlow": "Cash from operations minus spending on property and equipment.", "researchShareOfRevenue": "Research and development expense for the year as a share of revenue, both as filed.", "equityRatio": "Shareholders equity as a share of total assets, both as filed. Higher means less of the company is owed to someone else.", "returnOnEquity": "Net income for the year against shareholders equity at year end.", "payoutRatio": "Dividends paid as a share of net income, in the year the cash went out.", "dividendYearsRising": "Consecutive years, counted back from the last on record, in which dividend per share rose. A fall ends the run and is reported as dividendCut.", "revenueGrowthPerYear": "Compound annual growth between the first and latest fiscal years shown.", "credibility": "How much weight a record deserves, in the actuarial sense (ASOP No. 25): more audited years, more weight.", "peers": "Medians of SEC filers with $50M+ revenue in the same industry code (SIC), narrowest group with at least 8 filers, calendar-year figures from SEC XBRL frames.", "backtest": "The same range method applied to the company's own past years, scored against what it actually reported next. Hindsight, and labelled so.", "healthWatch": "Distress-type events the company filed in the last 12 months (late-filing notices; 8-K items 1.03, 3.01, 2.04, 4.02, 4.01, 2.05, 2.06, 1.05, 5.02), each with its count and newest filing. Display only: they do not change the range or its receipt." }, "speedCash": null, "harbor": { "signs": [ { "key": "cash", "text": "operating cash flow was negative (-$14.3M in FY2025)" }, { "key": "range", "text": "revenue is hard to predict: its 80% range is ±91%" } ], "rule": "Boat condition = number of warning signs: a serious warning filing in 12 months; liabilities over assets; slow and jumpy; negative operating cash; an 80% revenue range of ±25% or wider.", "level": 2, "name": "Weathered boat", "plain": "two warning signs" }, "cashFlow": { "fiscalYearEnd": "2025-12-31", "operating": -14326205, "investing": -1898212, "financing": 8771455, "capitalSpending": 1898212, "free": -16224417, "trend": [ { "fiscalYearEnd": "2021-12-31", "operating": -1840950, "free": -1842140 }, { "fiscalYearEnd": "2022-12-31", "operating": -4948668, "free": -5093235 }, { "fiscalYearEnd": "2023-12-31", "operating": -9034987, "free": -9140977 }, { "fiscalYearEnd": "2024-12-31", "operating": -10589735, "free": -11144677 }, { "fiscalYearEnd": "2025-12-31", "operating": -14326205, "free": -16224417 } ], "note": "Annual, as filed in 10-K cash flow statements; negative investing/financing = cash going out (capital spending, buybacks, dividends, debt repaid)." }, "investments": { "fiscalYearEnd": "2025-12-31", "cash": 3198682, "shortTerm": null, "longTerm": null, "equityHoldings": null, "totalAssets": 11405348, "ladder": null, "currentRatio": 1.4, "unrealizedGain": null, "unrealizedLoss": null, "note": "Balance-sheet cash and investment securities at fiscal year end, as filed; short-term = due or saleable within a year. Insurers and banks hold most of their book here." } }