374Water Reports Strong Q2 Revenue Growth Amid Expansion of PFAS Destruction Technology
374Water Inc (NASDAQ:SCWO) reported second-quarter revenue of $2.26 million, a significant increase from the previous year driven by project milestones such as completing the Factory Acceptance Test for its system at Orange County Sanitation District in California. The company achieved an impressive gross margin of 87%, and while it still posted a net loss of $2.7 million, this marked a reduction compared to last year's $4.6 million loss. The CEO highlighted the importance of these milestones as they enable invoicing for additional contract value from Orange County Sanitation District and demonstrate readiness to address biosolids challenges nationwide. Looking ahead, 374Water plans system delivery in October that could unlock an additional $2.6 million in revenue.
