374Water FY22 EPS $(0.04) Vs $(0.03) YoY; FY22 Revenue $3.02M Vs $48,100 YoY
BENZINGA
9:08 AM ET Mar-17-2023
374Water Inc. (NASDAQ:SCWO), a global cleantech and social impact company, today provides a business update and reports its financial results for the year ended December 31, 2022.
The year was marked by meaningful progress in the Company's endeavor to commercialize its pioneering technology. Highlights from the year include:
Revenue for 2022 was $3.02 million compared to $48,100 in 2021, an increase of 6,169%.
In accordance with its plan, substantially completed development of the first municipal-scale AirSCWOTM system set to be installed by the Orange County Sanitation District in summer 2023, representing the municipal opportunities for the Company as new regulations emerge.
The Company was selected by the US Navy for Joint NDCEE Project, part of a broader initiative by the DoD to identify viable PFAS destruction solutions for deployment on military bases and by the Air Force Civil Engineer Center's (AFCEC) Environmental Directorate for the first field-scale case study to use SCWO technology to destroy the PFAS-laden spent media generated from the groundwater pump and treat remediation systems.
Plans to demonstrate its technology at its manufacturing facility in Kokomo, IN from March 27-29, 2023
Expanded international recognition by entering into a Memorandum of Understanding (MOU) with Forever Water Ecuador and a Strategic Partnership Agreement with The Environmental Group of Australia to highlight and promote 374Water's innovative and sustainable AirSCWO(TM) wastewater and waste management technology.
Broadened Company leadership with the addition of Lisa Neuberger Fernandez as Global Head of Sustainability & Ecosystems and Doron Gez as Senior Vice President, Marketing.
"2022 was a great year in which the team delivered substantial revenue growth by executing contracts for our technology including progress on our OC Sanitation project and new projects with The Air Force and Navy while managing costs, proving the scalability of our technology," said Israel Abitbol, Chief Financial Officer of 374Water.
"This year marked meaningful milestones, including substantially completing the development of The AirSCWO(TM) 6 system for our municipal installation during summer 2023. As we look ahead, recent EPA guidelines provide regulatory tailwinds and pave the way toward realizing our vision of a circular economy wherein our revolutionary technology transforms hard to treat waste like PFAS into clean water, energy and minerals," said Kobe Nagar, 374Water Chairman and CEO. "The addressable market for our technology continues to grow and during 2022, we demonstrated the versatility of our platform, providing a unique value proposition to attract customers across multiple industries and market verticals over the long term."
2022 Financial Results
Revenue for the year was $3.02 million compared to $48,100 in 2021, an increase of 6,169%. The increase in revenue during 2022 was primarily a result of recognizing a portion of the revenue associated with the sale of our first AirSCWO(TM) system.
General and administrative expenses were $1.6 million in 2022, compared to $1.1 in 2021. The change is primarily associated with our status as a Nasdaq-traded public company.
Research and development expenses were $1.1 million during the year, compared to $375,032 in 2021, primarily a result of the increase in engineering costs related to commercializing our system.
Net loss was $4.7 million, or $(0.04) per basic and diluted share, compared to a net loss of $3.2 million, or $(0.03) per basic diluted share, in 2021.
Total cash and investments were $6 million as of December 31, 2022, compared to $11.1 million as of December 31, 2021. Total current assets were $8.7 million and current liabilities were $1.6 million as of the same date, compared to $ 11.3 million and $86,371 respectively, in the year-ended reporting period.
For more on AirSCWO(TM) or about our team, visit 374Water.com or follow us on LinkedIn and Twitter.
