Recent Quotes View Full List My Watchlist Create Watchlist Indicators DJI Nasdaq Composite SPX Gold Crude Oil EL&P Market Index Markets Stocks ETFs Tools Overview News Currencies International Treasuries 374Water Releases Q3 2023 Results By: ACCESSWIRE November 10, 2023 at 08:00 AM EST Updates OC Sanitation unit deployment timeline Announces Brad Meyers as become Chief Operating Officer DURHAM, NC / ACCESSWIRE / November 10, 2023 / 374Water Inc. (NASDAQ:SCWO), a global social impact and cleantech company offering a revolutionary commercial waste management solution for the environment, today provides a business update and reports its financial results for the quarter ended September 30, 2023. "We continue to make great progress in our pursuit to deliver our first commercial AirSCWO 6 system to Orange County Sanitation District and bring to life our plans to engage with additional municipalities to redefine industry standards in waste management," said Jeff Quick, Interim CEO of 374Water. "While our revolutionary technology has the ability to shape the future of the industry, our unwavering dedication to perfection and our resolve to anticipate issues have led to an anticipated delivery timeline for our debut unit in early 2024. The additional months will help ensure flawless operation to meet our customer's objectives such that we can showcase a technology that not only meets, but surpasses, expectations of our existing and prospective customers as well as our shareholders. We are confident that the presence of an operational unit will help solidify new transactions." Mr. Quick continued, "At the same time, we continue to invest in building and maturing transactions in our pipeline. We look forward to sharing news of successful deployment and new contracts in the near future that support revenue growth and profitability over the long term." Financial Highlights For the nine month period ended September 30, 2023, the Company generated revenue of $864,000 which compares to $2,226,000 for the nine months ended September 30, 2022, a 61% decrease. Revenue for the quarter decreased 99% to $12,000, compared to last year's quarter of $923,000.Our revenue streams this quarter reflect continued emphasis on cultivating long-term customer relationships. We are currently nurturing several key partnerships that are in the later stages of our sales cycle, which have the potential not only to enhance upcoming revenues but to provide a stable foundation for sustainable growth. Total Operating Expenses increased as the Company makes strides in building its pipeline while commercializing and improving its technology:For the nine month period ended September 30, 2023, Total Operating Expenses increased to $5,250,000 from $3,265,000 driven primarily by an increase in Compensation and Related expenses to $2,191,000 from $1,136,000 and an increase in General and Administrative expenses to $1,804,000 from $1,027,000.For the quarter ended September 30, 2023, Total Operating Expenses increased to $1,716,000 from $1,023,000. Compensation and Related Expenses grew to $739,000 from $435,000. General and Administrative expenses increased to $542,000 from $387,000. For the nine and three month periods, Compensation and Related expenses increased primarily due to increases in payroll and benefit expenses as a result of growing our talented and capable workforce to meet our scaling objectives, improve operations and customer service and drive innovation. For the nine and three month periods, General and Administrative expenses increased primarily as a result of increased marketing expenses thoughtfully incurred to expand our customer base and brand awareness. Capital Structure As of September 30, 2023 the Company had working capital of $16,278,000 compared to $7,061,000 at December 31, 2022. This increase in working capital provides sufficient capital to execute on the Company's goals and objectives. Operational Highlights Brad Meyers has been promoted from our Head of Manufacturing to Chief Operating Officer demonstrating 374Water's commitment to successfully scaling its business. Mr. Meyers is an experienced executive with a demonstrated history of working in automotive and industrial manufacturing. He has designed, installed, and removed systems for the automotive manufacturing, recycling, aggregate processing, rubber processing, and industrial manufacturing sectors. Mr. Meyers has also commercialized several technologies and products during his industrial career, being instrumental from the R&D phase through full scale production and sales. The Company continues to gain traction in testing in quality control as it plans to deploy ANA, the first commercial-grade AirSCWO unit to Orange County Sanitation District. Brad Meyers, 374Water's newly appointed Chief Operating Officer commented on the progress being made in preparation of deployment, "We are excited to announce the successful completion of the Factory Acceptance Test (FAT) for our dewatering skid, along with significant enhancements to the control interface that connects it with the AirSCWO 6 system. These advancements enable real-time adjustments in the solid concentrations during the biosolids processing phase. This innovation not only ensures seamless continuous operation but optimizes the concentration and throughput. Furthermore, it affords greater control over the inert mineral load, enhancing the overall efficiency of the AirSCWO's solids management system." At the same time, our second unit, Genesis, is also underway with an anticipated deployment in 2024 as our demonstration unit. The Company was pleased to win the esteemed Innovative Technology Award at this year's WEFTEC conference, reflecting its unwavering commitment to pushing the boundaries of innovation to create sustainable solutions for the water industry while pioneering a new era in sustainable waste management. The Company announced it had received approval for funding from the Legislative-Citizen Commission on Minnesota Resources (LCCMR). The team's study, "Breaking the PFAS Cycle with a Full-Scale Demonstration" was selected for inclusion in the LCCMR's annual recommendations to the Minnesota Legislature on how to allocate proceeds from the state's Environment and Natural Resources Trust Fund. For more on AirSCWO or about our team, visit 374Water.com or follow us on LinkedIn. About 374Water374Water Inc. (NASDAQ:SCWO), is a global cleantech, social impact company whose mission is to preserve a clean and healthy environment that sustains life. We are pioneering a new era of sustainable waste management that supports a circular economy and enables organizations to achieve their environmental, social, and governance (ESG) and sustainability goals. Follow us on LinkedIn. Cautionary LanguageThis 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. Investor Contact:Heather Crowellir@374water.com Media Contact:Christian Rizzomedia@374water.com 374Water Inc. and Subsidiaries Condensed Consolidated Balance Sheets September 30, 2023 (Unaudited) and December 31, 2022 2023 2022 Assets Current Assets: Cash $ 12,802,091 $ 4,046,937 Accounts receivable, net of allowance of $74 and $0 16,761 - Unbilled accounts receivable 1,697,576 918,164 Inventory 1,910,123 1,660,710 Investments - 1,944,464 Prepaid expenses 416,464 153,455 Total Current Assets 16,843,015 8,723,730 Long-Term Assets: Equipment, net 182,099 143,079 Intangible asset, net 1,004,957 1,050,022 Total Long-Term Assets 1,187,056 1,193,101 Total Assets $ 18,030,071 $ 9,916,831 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable and accrued expenses $ 382,027 $ 1,449,582 Deferred revenue 183,060 200,109 Other liabilities - 13,528 Total Current Liabilities 565,087 1,663,219 Total Liabilities 565,087 1,663,219 Stockholders' Equity Preferred stock: 50,000,000 authorized; par value $0.0001 per share, nil issued and outstanding at September 30, 2023 and December 31, 2022 - - Common stock: 200,000,000 common shares authorized, par value $0.0001 per share, 132,667,107 and 126,702,545 shares outstanding at September 30, 2023 and December 31, 2022, respectively 13,266 12,669 Additional paid-in capital 30,326,463 16,110,221 Accumulated (deficit) (12,872,333 ) (7,849,982 ) Accumulated other comprehensive loss (2,412 ) (19,296 ) Total Stockholders' Equity 17,464,984 8,253,612 Total Liabilities and Stockholders' Equity $ 18,030,071 $ 9,916,831 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 374Water Inc. and SubsidiariesCondensed Consolidated Statements of Operations For the three and nine months ended September 30, 2023 and 2022(Unaudited) Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Revenue $ 12,290 $ 922,718 $ 863,611 $ 2,226,477 Cost of Goods Sold 178,680 812,386 944,082 1,962,879 Gross Profit (Loss) (166,390 ) 110,332 (80,471 ) 263,598 Operating Expenses Research and development 317,573 118,253 945,443 726,602 Compensation and related expenses 739,181 435,297 2,191,061 1,135,979 Professional fees 117,543 82,752 309,398 375,313 General and administrative 541,697 387,018 1,803,691 1,027,287 Total Operating Expenses 1,715,994 1,023,320 5,249,593 3,265,181 Loss from Operations (1,882,384 ) (912,988 ) (5,330,064 ) (3,001,583 ) Other Income (Expense) Interest income 148,834 162 261,660 1,617 Other income 2,119 - 46,053 7 Total Other Income (Expense) 150,953 162 307,713 1,624 Net Loss before Income Taxes (1,731,431 ) (912,826 ) (5,022,351 ) (2,999,959 ) Provision for Income Taxes - - - - Net Loss $ (1,731,431 ) $ (912,826 ) $ (5,022,351 ) $ (2,999,959 ) Other Comprehensive Loss Change in foreign currency translation (7,850 ) - (2,412 ) (850 ) Change in unrealized loss on marketable securities - (3,122 ) - (3,122 ) Total other comprehensive gain (loss) (7,850 ) (3,122 ) (2,412 ) (3,972 ) Total Comprehensive Loss (1,739,281 ) (915,948 ) (5,024,763 ) (3,003,931 ) Net Loss per Share - Basic and Diluted $ (0.01 ) $ (0.01 ) $ (0.04 ) $ (0.02 ) Weighted Average Common Shares Outstanding - Basic and Diluted 132,145,497 126,680,895 129,578,743 126,621,412 374Water Inc. and SubsidiariesCondensed Consolidated Statements of Cash FlowsFor the nine months ended September 30, 2023 and 2022 (Unaudited) 2023 2022 Cash Flows from Operating Activities Net loss $ (5,022,351 ) $ (2,999,959 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization expense 63,582 50,052 Stock based compensation 667,950 419,995 Change in foreign currency translation (2,083 ) - Changes in operating assets and liabilities: Accounts receivable (16,761 ) (164,600 ) Unbilled accounts receivable (779,412 ) - Inventory (249,413 ) - Prepaid expenses (263,009 ) (1,079,467 ) Accounts payable and accrued expenses (1,067,555 ) 980,679 Deferred revenue (17,049 ) 200,109 Other liabilities (13,528 ) (5,002 ) Cash Provided by (Used In) Operating Activities (6,699,629 ) (2,598,193 ) Cash Flows from Investing Activities Purchase of marketable securities - (5,998,243 ) Purchase of equipment (51,813 ) (125,011 ) Increase in intangible assets (5,724 ) (1,745 ) Cash Provided by (Used In) Investing Activities (57,537 ) (6,123,999 ) Cash Flows from Financing Activities Proceeds from the sale of investments 1,963,431 - Proceeds from the issuance of common stock 13,548,889 - Cash Provided by Financing Activities 15,512,320 - Net Increase in Cash 8,755,154 (8,723,192 ) Cash, Beginning of the Period 4,046,937 11,131,175 Cash, End of the Period $ 12,802,091 $ 2,407,983 NON-CASH FINANCING ACTIVITIES Conversion of preferred stock to common stock $ - $ 133 SOURCE: 374Water Inc. 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374Water Releases Q3 2023 Results By: ACCESSWIRE November 10, 2023 at 08:00 AM EST Updates OC Sanitation unit deployment timeline Announces Brad Meyers as become Chief Operating Officer DURHAM, NC / ACCESSWIRE / November 10, 2023 / 374Water Inc. (NASDAQ:SCWO), a global social impact and cleantech company offering a revolutionary commercial waste management solution for the environment, today provides a business update and reports its financial results for the quarter ended September 30, 2023. "We continue to make great progress in our pursuit to deliver our first commercial AirSCWO 6 system to Orange County Sanitation District and bring to life our plans to engage with additional municipalities to redefine industry standards in waste management," said Jeff Quick, Interim CEO of 374Water. "While our revolutionary technology has the ability to shape the future of the industry, our unwavering dedication to perfection and our resolve to anticipate issues have led to an anticipated delivery timeline for our debut unit in early 2024. The additional months will help ensure flawless operation to meet our customer's objectives such that we can showcase a technology that not only meets, but surpasses, expectations of our existing and prospective customers as well as our shareholders. We are confident that the presence of an operational unit will help solidify new transactions." Mr. Quick continued, "At the same time, we continue to invest in building and maturing transactions in our pipeline. We look forward to sharing news of successful deployment and new contracts in the near future that support revenue growth and profitability over the long term." Financial Highlights For the nine month period ended September 30, 2023, the Company generated revenue of $864,000 which compares to $2,226,000 for the nine months ended September 30, 2022, a 61% decrease. Revenue for the quarter decreased 99% to $12,000, compared to last year's quarter of $923,000.Our revenue streams this quarter reflect continued emphasis on cultivating long-term customer relationships. We are currently nurturing several key partnerships that are in the later stages of our sales cycle, which have the potential not only to enhance upcoming revenues but to provide a stable foundation for sustainable growth. Total Operating Expenses increased as the Company makes strides in building its pipeline while commercializing and improving its technology:For the nine month period ended September 30, 2023, Total Operating Expenses increased to $5,250,000 from $3,265,000 driven primarily by an increase in Compensation and Related expenses to $2,191,000 from $1,136,000 and an increase in General and Administrative expenses to $1,804,000 from $1,027,000.For the quarter ended September 30, 2023, Total Operating Expenses increased to $1,716,000 from $1,023,000. Compensation and Related Expenses grew to $739,000 from $435,000. General and Administrative expenses increased to $542,000 from $387,000. For the nine and three month periods, Compensation and Related expenses increased primarily due to increases in payroll and benefit expenses as a result of growing our talented and capable workforce to meet our scaling objectives, improve operations and customer service and drive innovation. For the nine and three month periods, General and Administrative expenses increased primarily as a result of increased marketing expenses thoughtfully incurred to expand our customer base and brand awareness. Capital Structure As of September 30, 2023 the Company had working capital of $16,278,000 compared to $7,061,000 at December 31, 2022. This increase in working capital provides sufficient capital to execute on the Company's goals and objectives. Operational Highlights Brad Meyers has been promoted from our Head of Manufacturing to Chief Operating Officer demonstrating 374Water's commitment to successfully scaling its business. Mr. Meyers is an experienced executive with a demonstrated history of working in automotive and industrial manufacturing. He has designed, installed, and removed systems for the automotive manufacturing, recycling, aggregate processing, rubber processing, and industrial manufacturing sectors. Mr. Meyers has also commercialized several technologies and products during his industrial career, being instrumental from the R&D phase through full scale production and sales. The Company continues to gain traction in testing in quality control as it plans to deploy ANA, the first commercial-grade AirSCWO unit to Orange County Sanitation District. Brad Meyers, 374Water's newly appointed Chief Operating Officer commented on the progress being made in preparation of deployment, "We are excited to announce the successful completion of the Factory Acceptance Test (FAT) for our dewatering skid, along with significant enhancements to the control interface that connects it with the AirSCWO 6 system. These advancements enable real-time adjustments in the solid concentrations during the biosolids processing phase. This innovation not only ensures seamless continuous operation but optimizes the concentration and throughput. Furthermore, it affords greater control over the inert mineral load, enhancing the overall efficiency of the AirSCWO's solids management system." At the same time, our second unit, Genesis, is also underway with an anticipated deployment in 2024 as our demonstration unit. The Company was pleased to win the esteemed Innovative Technology Award at this year's WEFTEC conference, reflecting its unwavering commitment to pushing the boundaries of innovation to create sustainable solutions for the water industry while pioneering a new era in sustainable waste management. The Company announced it had received approval for funding from the Legislative-Citizen Commission on Minnesota Resources (LCCMR). The team's study, "Breaking the PFAS Cycle with a Full-Scale Demonstration" was selected for inclusion in the LCCMR's annual recommendations to the Minnesota Legislature on how to allocate proceeds from the state's Environment and Natural Resources Trust Fund. For more on AirSCWO or about our team, visit 374Water.com or follow us on LinkedIn. About 374Water374Water Inc. (NASDAQ:SCWO), is a global cleantech, social impact company whose mission is to preserve a clean and healthy environment that sustains life. We are pioneering a new era of sustainable waste management that supports a circular economy and enables organizations to achieve their environmental, social, and governance (ESG) and sustainability goals. Follow us on LinkedIn. Cautionary LanguageThis 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. Investor Contact:Heather Crowellir@374water.com Media Contact:Christian Rizzomedia@374water.com 374Water Inc. and Subsidiaries Condensed Consolidated Balance Sheets September 30, 2023 (Unaudited) and December 31, 2022 2023 2022 Assets Current Assets: Cash $ 12,802,091 $ 4,046,937 Accounts receivable, net of allowance of $74 and $0 16,761 - Unbilled accounts receivable 1,697,576 918,164 Inventory 1,910,123 1,660,710 Investments - 1,944,464 Prepaid expenses 416,464 153,455 Total Current Assets 16,843,015 8,723,730 Long-Term Assets: Equipment, net 182,099 143,079 Intangible asset, net 1,004,957 1,050,022 Total Long-Term Assets 1,187,056 1,193,101 Total Assets $ 18,030,071 $ 9,916,831 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable and accrued expenses $ 382,027 $ 1,449,582 Deferred revenue 183,060 200,109 Other liabilities - 13,528 Total Current Liabilities 565,087 1,663,219 Total Liabilities 565,087 1,663,219 Stockholders' Equity Preferred stock: 50,000,000 authorized; par value $0.0001 per share, nil issued and outstanding at September 30, 2023 and December 31, 2022 - - Common stock: 200,000,000 common shares authorized, par value $0.0001 per share, 132,667,107 and 126,702,545 shares outstanding at September 30, 2023 and December 31, 2022, respectively 13,266 12,669 Additional paid-in capital 30,326,463 16,110,221 Accumulated (deficit) (12,872,333 ) (7,849,982 ) Accumulated other comprehensive loss (2,412 ) (19,296 ) Total Stockholders' Equity 17,464,984 8,253,612 Total Liabilities and Stockholders' Equity $ 18,030,071 $ 9,916,831 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 374Water Inc. and SubsidiariesCondensed Consolidated Statements of Operations For the three and nine months ended September 30, 2023 and 2022(Unaudited) Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Revenue $ 12,290 $ 922,718 $ 863,611 $ 2,226,477 Cost of Goods Sold 178,680 812,386 944,082 1,962,879 Gross Profit (Loss) (166,390 ) 110,332 (80,471 ) 263,598 Operating Expenses Research and development 317,573 118,253 945,443 726,602 Compensation and related expenses 739,181 435,297 2,191,061 1,135,979 Professional fees 117,543 82,752 309,398 375,313 General and administrative 541,697 387,018 1,803,691 1,027,287 Total Operating Expenses 1,715,994 1,023,320 5,249,593 3,265,181 Loss from Operations (1,882,384 ) (912,988 ) (5,330,064 ) (3,001,583 ) Other Income (Expense) Interest income 148,834 162 261,660 1,617 Other income 2,119 - 46,053 7 Total Other Income (Expense) 150,953 162 307,713 1,624 Net Loss before Income Taxes (1,731,431 ) (912,826 ) (5,022,351 ) (2,999,959 ) Provision for Income Taxes - - - - Net Loss $ (1,731,431 ) $ (912,826 ) $ (5,022,351 ) $ (2,999,959 ) Other Comprehensive Loss Change in foreign currency translation (7,850 ) - (2,412 ) (850 ) Change in unrealized loss on marketable securities - (3,122 ) - (3,122 ) Total other comprehensive gain (loss) (7,850 ) (3,122 ) (2,412 ) (3,972 ) Total Comprehensive Loss (1,739,281 ) (915,948 ) (5,024,763 ) (3,003,931 ) Net Loss per Share - Basic and Diluted $ (0.01 ) $ (0.01 ) $ (0.04 ) $ (0.02 ) Weighted Average Common Shares Outstanding - Basic and Diluted 132,145,497 126,680,895 129,578,743 126,621,412 374Water Inc. and SubsidiariesCondensed Consolidated Statements of Cash FlowsFor the nine months ended September 30, 2023 and 2022 (Unaudited) 2023 2022 Cash Flows from Operating Activities Net loss $ (5,022,351 ) $ (2,999,959 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization expense 63,582 50,052 Stock based compensation 667,950 419,995 Change in foreign currency translation (2,083 ) - Changes in operating assets and liabilities: Accounts receivable (16,761 ) (164,600 ) Unbilled accounts receivable (779,412 ) - Inventory (249,413 ) - Prepaid expenses (263,009 ) (1,079,467 ) Accounts payable and accrued expenses (1,067,555 ) 980,679 Deferred revenue (17,049 ) 200,109 Other liabilities (13,528 ) (5,002 ) Cash Provided by (Used In) Operating Activities (6,699,629 ) (2,598,193 ) Cash Flows from Investing Activities Purchase of marketable securities - (5,998,243 ) Purchase of equipment (51,813 ) (125,011 ) Increase in intangible assets (5,724 ) (1,745 ) Cash Provided by (Used In) Investing Activities (57,537 ) (6,123,999 ) Cash Flows from Financing Activities Proceeds from the sale of investments 1,963,431 - Proceeds from the issuance of common stock 13,548,889 - Cash Provided by Financing Activities 15,512,320 - Net Increase in Cash 8,755,154 (8,723,192 ) Cash, Beginning of the Period 4,046,937 11,131,175 Cash, End of the Period $ 12,802,091 $ 2,407,983 NON-CASH FINANCING ACTIVITIES Conversion of preferred stock to common stock $ - $ 133 SOURCE: 374Water Inc. View source version on accesswire.com: https://www.accesswire.com/801976/374water-releases-q3-2023-results
Updates OC Sanitation unit deployment timeline Announces Brad Meyers as become Chief Operating Officer DURHAM, NC / ACCESSWIRE / November 10, 2023 / 374Water Inc. (NASDAQ:SCWO), a global social impact and cleantech company offering a revolutionary commercial waste management solution for the environment, today provides a business update and reports its financial results for the quarter ended September 30, 2023. "We continue to make great progress in our pursuit to deliver our first commercial AirSCWO 6 system to Orange County Sanitation District and bring to life our plans to engage with additional municipalities to redefine industry standards in waste management," said Jeff Quick, Interim CEO of 374Water. "While our revolutionary technology has the ability to shape the future of the industry, our unwavering dedication to perfection and our resolve to anticipate issues have led to an anticipated delivery timeline for our debut unit in early 2024. The additional months will help ensure flawless operation to meet our customer's objectives such that we can showcase a technology that not only meets, but surpasses, expectations of our existing and prospective customers as well as our shareholders. We are confident that the presence of an operational unit will help solidify new transactions." Mr. Quick continued, "At the same time, we continue to invest in building and maturing transactions in our pipeline. We look forward to sharing news of successful deployment and new contracts in the near future that support revenue growth and profitability over the long term." Financial Highlights For the nine month period ended September 30, 2023, the Company generated revenue of $864,000 which compares to $2,226,000 for the nine months ended September 30, 2022, a 61% decrease. Revenue for the quarter decreased 99% to $12,000, compared to last year's quarter of $923,000.Our revenue streams this quarter reflect continued emphasis on cultivating long-term customer relationships. We are currently nurturing several key partnerships that are in the later stages of our sales cycle, which have the potential not only to enhance upcoming revenues but to provide a stable foundation for sustainable growth. Total Operating Expenses increased as the Company makes strides in building its pipeline while commercializing and improving its technology:For the nine month period ended September 30, 2023, Total Operating Expenses increased to $5,250,000 from $3,265,000 driven primarily by an increase in Compensation and Related expenses to $2,191,000 from $1,136,000 and an increase in General and Administrative expenses to $1,804,000 from $1,027,000.For the quarter ended September 30, 2023, Total Operating Expenses increased to $1,716,000 from $1,023,000. Compensation and Related Expenses grew to $739,000 from $435,000. General and Administrative expenses increased to $542,000 from $387,000. For the nine and three month periods, Compensation and Related expenses increased primarily due to increases in payroll and benefit expenses as a result of growing our talented and capable workforce to meet our scaling objectives, improve operations and customer service and drive innovation. For the nine and three month periods, General and Administrative expenses increased primarily as a result of increased marketing expenses thoughtfully incurred to expand our customer base and brand awareness. Capital Structure As of September 30, 2023 the Company had working capital of $16,278,000 compared to $7,061,000 at December 31, 2022. This increase in working capital provides sufficient capital to execute on the Company's goals and objectives. Operational Highlights Brad Meyers has been promoted from our Head of Manufacturing to Chief Operating Officer demonstrating 374Water's commitment to successfully scaling its business. Mr. Meyers is an experienced executive with a demonstrated history of working in automotive and industrial manufacturing. He has designed, installed, and removed systems for the automotive manufacturing, recycling, aggregate processing, rubber processing, and industrial manufacturing sectors. Mr. Meyers has also commercialized several technologies and products during his industrial career, being instrumental from the R&D phase through full scale production and sales. The Company continues to gain traction in testing in quality control as it plans to deploy ANA, the first commercial-grade AirSCWO unit to Orange County Sanitation District. Brad Meyers, 374Water's newly appointed Chief Operating Officer commented on the progress being made in preparation of deployment, "We are excited to announce the successful completion of the Factory Acceptance Test (FAT) for our dewatering skid, along with significant enhancements to the control interface that connects it with the AirSCWO 6 system. These advancements enable real-time adjustments in the solid concentrations during the biosolids processing phase. This innovation not only ensures seamless continuous operation but optimizes the concentration and throughput. Furthermore, it affords greater control over the inert mineral load, enhancing the overall efficiency of the AirSCWO's solids management system." At the same time, our second unit, Genesis, is also underway with an anticipated deployment in 2024 as our demonstration unit. The Company was pleased to win the esteemed Innovative Technology Award at this year's WEFTEC conference, reflecting its unwavering commitment to pushing the boundaries of innovation to create sustainable solutions for the water industry while pioneering a new era in sustainable waste management. The Company announced it had received approval for funding from the Legislative-Citizen Commission on Minnesota Resources (LCCMR). The team's study, "Breaking the PFAS Cycle with a Full-Scale Demonstration" was selected for inclusion in the LCCMR's annual recommendations to the Minnesota Legislature on how to allocate proceeds from the state's Environment and Natural Resources Trust Fund. For more on AirSCWO or about our team, visit 374Water.com or follow us on LinkedIn. About 374Water374Water Inc. (NASDAQ:SCWO), is a global cleantech, social impact company whose mission is to preserve a clean and healthy environment that sustains life. We are pioneering a new era of sustainable waste management that supports a circular economy and enables organizations to achieve their environmental, social, and governance (ESG) and sustainability goals. Follow us on LinkedIn. Cautionary LanguageThis 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. Investor Contact:Heather Crowellir@374water.com Media Contact:Christian Rizzomedia@374water.com 374Water Inc. and Subsidiaries Condensed Consolidated Balance Sheets September 30, 2023 (Unaudited) and December 31, 2022 2023 2022 Assets Current Assets: Cash $ 12,802,091 $ 4,046,937 Accounts receivable, net of allowance of $74 and $0 16,761 - Unbilled accounts receivable 1,697,576 918,164 Inventory 1,910,123 1,660,710 Investments - 1,944,464 Prepaid expenses 416,464 153,455 Total Current Assets 16,843,015 8,723,730 Long-Term Assets: Equipment, net 182,099 143,079 Intangible asset, net 1,004,957 1,050,022 Total Long-Term Assets 1,187,056 1,193,101 Total Assets $ 18,030,071 $ 9,916,831 Liabilities and Stockholders' Equity Current Liabilities: Accounts payable and accrued expenses $ 382,027 $ 1,449,582 Deferred revenue 183,060 200,109 Other liabilities - 13,528 Total Current Liabilities 565,087 1,663,219 Total Liabilities 565,087 1,663,219 Stockholders' Equity Preferred stock: 50,000,000 authorized; par value $0.0001 per share, nil issued and outstanding at September 30, 2023 and December 31, 2022 - - Common stock: 200,000,000 common shares authorized, par value $0.0001 per share, 132,667,107 and 126,702,545 shares outstanding at September 30, 2023 and December 31, 2022, respectively 13,266 12,669 Additional paid-in capital 30,326,463 16,110,221 Accumulated (deficit) (12,872,333 ) (7,849,982 ) Accumulated other comprehensive loss (2,412 ) (19,296 ) Total Stockholders' Equity 17,464,984 8,253,612 Total Liabilities and Stockholders' Equity $ 18,030,071 $ 9,916,831 The accompanying notes are an integral part of these unaudited condensed consolidated financial statements. 374Water Inc. and SubsidiariesCondensed Consolidated Statements of Operations For the three and nine months ended September 30, 2023 and 2022(Unaudited) Three months ended September 30, Nine months ended September 30, 2023 2022 2023 2022 Revenue $ 12,290 $ 922,718 $ 863,611 $ 2,226,477 Cost of Goods Sold 178,680 812,386 944,082 1,962,879 Gross Profit (Loss) (166,390 ) 110,332 (80,471 ) 263,598 Operating Expenses Research and development 317,573 118,253 945,443 726,602 Compensation and related expenses 739,181 435,297 2,191,061 1,135,979 Professional fees 117,543 82,752 309,398 375,313 General and administrative 541,697 387,018 1,803,691 1,027,287 Total Operating Expenses 1,715,994 1,023,320 5,249,593 3,265,181 Loss from Operations (1,882,384 ) (912,988 ) (5,330,064 ) (3,001,583 ) Other Income (Expense) Interest income 148,834 162 261,660 1,617 Other income 2,119 - 46,053 7 Total Other Income (Expense) 150,953 162 307,713 1,624 Net Loss before Income Taxes (1,731,431 ) (912,826 ) (5,022,351 ) (2,999,959 ) Provision for Income Taxes - - - - Net Loss $ (1,731,431 ) $ (912,826 ) $ (5,022,351 ) $ (2,999,959 ) Other Comprehensive Loss Change in foreign currency translation (7,850 ) - (2,412 ) (850 ) Change in unrealized loss on marketable securities - (3,122 ) - (3,122 ) Total other comprehensive gain (loss) (7,850 ) (3,122 ) (2,412 ) (3,972 ) Total Comprehensive Loss (1,739,281 ) (915,948 ) (5,024,763 ) (3,003,931 ) Net Loss per Share - Basic and Diluted $ (0.01 ) $ (0.01 ) $ (0.04 ) $ (0.02 ) Weighted Average Common Shares Outstanding - Basic and Diluted 132,145,497 126,680,895 129,578,743 126,621,412 374Water Inc. and SubsidiariesCondensed Consolidated Statements of Cash FlowsFor the nine months ended September 30, 2023 and 2022 (Unaudited) 2023 2022 Cash Flows from Operating Activities Net loss $ (5,022,351 ) $ (2,999,959 ) Adjustments to reconcile net loss to net cash provided by (used in) operating activities: Depreciation and amortization expense 63,582 50,052 Stock based compensation 667,950 419,995 Change in foreign currency translation (2,083 ) - Changes in operating assets and liabilities: Accounts receivable (16,761 ) (164,600 ) Unbilled accounts receivable (779,412 ) - Inventory (249,413 ) - Prepaid expenses (263,009 ) (1,079,467 ) Accounts payable and accrued expenses (1,067,555 ) 980,679 Deferred revenue (17,049 ) 200,109 Other liabilities (13,528 ) (5,002 ) Cash Provided by (Used In) Operating Activities (6,699,629 ) (2,598,193 ) Cash Flows from Investing Activities Purchase of marketable securities - (5,998,243 ) Purchase of equipment (51,813 ) (125,011 ) Increase in intangible assets (5,724 ) (1,745 ) Cash Provided by (Used In) Investing Activities (57,537 ) (6,123,999 ) Cash Flows from Financing Activities Proceeds from the sale of investments 1,963,431 - Proceeds from the issuance of common stock 13,548,889 - Cash Provided by Financing Activities 15,512,320 - Net Increase in Cash 8,755,154 (8,723,192 ) Cash, Beginning of the Period 4,046,937 11,131,175 Cash, End of the Period $ 12,802,091 $ 2,407,983 NON-CASH FINANCING ACTIVITIES Conversion of preferred stock to common stock $ - $ 133 SOURCE: 374Water Inc. 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