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374Water (SCWO) earnings and revenue breakdown
Latest: Q2 2026 · 10-Q filed Aug 14, 2026 · 374Water (SCWO) Q2 2026 earnings results →
Q2 2026 Revenue up 280% year over year to $2.3M · 119¢ of every $1 of revenue lost · operating margin -71.7%
374Water made $2.3M in Q2 2026 (+280% Y/Y). Operating margin -71.7%, net loss $2.7M. See where every dollar goes — costs, profit and cash — as a Sankey from the 10-Q filed Aug 14, 2026.
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What changed this quarter
Revenue was $2.3M in Q2 2026, up 280% year over year and up 310% from the previous quarter.
Gross margin was 87.7%. Operating costs exceeded revenue by $1.6M, an operating margin of -71.7%. The fastest-growing cost line was General & admin (+13%). The quarter ended with a net loss of $2.7M, narrower than the previous quarter's $4.6M loss.
Operating cash flow was $211K. Non-cash charges added back $230K of depreciation and amortization and $610K of share-based compensation. Working capital and other items added $2.1M. Capital expenditures of $907K exceeded it, leaving free cash flow of −$697K.
Quarterly history
| Quarter | Form | Filed | Revenue | Y/Y | Op. margin | Net earnings | Op. cash flow |
|---|---|---|---|---|---|---|---|
| Q2 2026 | 10-Q | Aug 14, 2026 | $2.3M | +280% | -71.7% | −$2.7M | $211K |
| Q1 2026 | 10-Q | May 14, 2026 | $551K | +2% | -834.3% | −$4.6M | −$2.5M |
| Q3 2025 | 10-Q | Nov 12, 2025 | $760K | +833% | -573.5% | −$4.3M | −$2.6M |
| Q2 2025 | 10-Q | Aug 12, 2025 | $595K | 16× | -779.5% | −$4.6M | −$4.1M |
| Q1 2025 | 10-Q | May 15, 2025 | $543K | +72% | -697.0% | −$3.7M | −$3.5M |
| Q4 2024 | 10-K | Mar 28, 2025 | $12K | — | n/m | −$4.8M | −$3.1M |
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💵Where each $1 goesinteractive
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🌏Named in Asian annual reportsinteractive
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🔄Rotation against the market and its industry (RRG)interactive
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⚖️Fair value by methodinteractive
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📈Investments: gains and what it boughtinteractive
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🏭Its industry’s money flow (input-output)interactive
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About 374Water
374Water Inc. (the “Company”, “374Water”, “We”, or “Our”) is a cleantech and environmental services company developing supercritical water oxidation technology (“SCWO”) for the destruction of organic waste streams within the municipal, federal, and industrial markets. 374Water offers our proprietary AirSCWO technology, which is designed to destroy and mineralize a broad spectrum of non-hazardous and hazardous organic wastes producing safe dischargeable water streams, safe mineral effluent, safe vent gas, and recoverable heat energy. Importantly, our AirSCWO system is designed to eliminate recalcitrant organic wastes without creating waste byproducts, as well as to simplify existing, complex waste processing and disposal practices.
In its own words, from its 10-K, filed Mar 31, 2026.
374Water against its Motors & Generators peers
The largest companies of the same SEC industry, each at its latest quarter. Revenue growth: +280% against the peers' median +43%. Operating margin: -71.7% against the peers' median 12.4%.
| Company | Quarter | Revenue | Y/Y | Op. margin |
|---|---|---|---|---|
| SCWO 374Water | Q2 2026 | $2.3M | +280% | -71.7% |
| GNRC Generac Holdings | Q3 2026 | $1.3B | +16% | 12.4% |
| INIO Innio N.V. | Q3 2026 | $1.2B | +57% | 16.6% |
| FELE Franklin Electric | Q3 2026 | $634M | +9% | 13.7% |
| AMSC American Superconductor | Q2 FY27 | $94.0M | +43% | 5.7% |
Source: 374Water 10-Q on SEC EDGAR · CIK 933972 · Motors & Generators
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History
Every quarter: Q2 2026 results · Q1 2026 results · Q3 2025 results · Q2 2025 results · Q1 2025 results · Q4 2024 results