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374Water cash flow, quarter by quarter

Latest: Q2 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$697K in Q2 2026 · −$11.8M over twelve months

Operating cash flow$211K
Capital spending−$907K
Free cash flow−$697K
Cash conversion cycle133 days

Analysis

In Q2 2026, 374Water generated $211K of operating cash flow and spent $907K on capital projects, leaving free cash flow of −$697K. That is $3.4M more than in Q2 2025 (−$4.1M).

Over the twelve months to Jun 30, 2026, operating cash flow was −$9.0M; the largest uses were operating cash flow ($9.0M), capital spending ($2.8M), other financing ($984K); besides operations, cash came from shares issued ($8.9M), net borrowing (+) / repaid (−) ($2.9M); the cash balance fell by $373K.

Operating cash flow was $211K against net income of −$2.7M. The largest differences: receivables +$1.8M, stock-based pay +$610K, depreciation & amortization +$230K.

Its cash conversion cycle was 133 days (receivables 61 + inventory 556 − payables 484).

Free cash flow

374Water: free cash flow by quarter374Water: free cash flow by quarter−$2.6MQ3 2024−$3.6MQ4 2024−$3.8MQ1 2025−$4.1MQ2 2025−$3.0MQ3 2025−$4.1MQ4 2025−$2.9MQ1 2026−$697KQ2 2026
Operating cash flow less capital spending.
374Water: operating cash flow against capital spending374Water: operating cash flow against capital spendingOperating cash flowCapital spending−$2.6M$29KQ3 2024−$3.1M$480KQ4 2024−$3.5M$297KQ1 2025−$4.1M$16KQ2 2025−$2.6M$457KQ3 2025−$4.1M$0Q4 2025−$2.5M$346KQ1 2026$211K$907KQ2 2026
Latest (Q2 2026): Operating cash flow $211K, Capital spending $907K.

Capital allocation, year by year

374Water: where the cash came from (up) and went (down), by fiscal year374Water: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedCapital spendingFY2021: Operating cash flow −$1.8MFY2021: Net borrowing −$15KFY2021: Shares issued $11.6MFY2021: Capital spending −$1K$11.6MFY2021FY2022: Operating cash flow −$4.9MFY2022: Capital spending −$145KFY2022FY2023: Operating cash flow −$9.0MFY2023: Shares issued $138KFY2023: Capital spending −$106K$138KFY2023FY2024: Operating cash flow −$10.6MFY2024: Shares issued $12.4MFY2024: Capital spending −$555K$12.4MFY2024FY2025: Operating cash flow −$14.3MFY2025: Net borrowing $595KFY2025: Shares issued $8.9MFY2025: Capital spending −$1.9M$9.5MFY2025
Over these 5 years operating cash flow totalled −$40.7M; the largest uses were operating cash flow ($40.7M) and capital spending ($2.7M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$1.8M
Debtnone
Net cash$1.8M
Due within a year$8K
Cash runway2 months

374Water is burning cash: its operations consume cash, a free cash flow of −$11.8M a year at the current rate against $1.8M of cash and investments: a runway of about 2 months; $8K of debt also comes due within a year, which would need refinancing or new money before any new financing.

374Water: debt maturities by year (FY2025)374Water: debt maturities by year (FY2025)$8KYear 1$9KYear 2$10KYear 3$11KYear 4$4KAfter year 5
Principal due in each year as disclosed in the annual report, against $1.8M of cash and investments now.

Where the cash came from and went

374Water: sources (+) and uses (−) of cash, Q2 2026374Water: sources (+) and uses (−) of cash, Q2 2026Net borrowing (+) / repaid (−)$2.2MCash drawn (+) / kept (−)−$1.3MCapital spending−$907KOperating cash flow$211KOther financing−$141KShares issued$7K
374Water: sources (+) and uses (−) of cash, TTM to Q2 2026374Water: sources (+) and uses (−) of cash, TTM to Q2 2026Operating cash flow−$9.0MShares issued$8.9MNet borrowing (+) / repaid (−)$2.9MCapital spending−$2.8MOther financing−$984KOther investing$589KCash drawn (+) / kept (−)$373K

From profit to cash

374Water: net income to operating cash flow, Q2 2026374Water: net income to operating cash flow, Q2 2026Net income−$2.7MDepreciation & amortization$230KStock-based pay$610KReceivables$1.8MInventory$137KPayables$196KPrepaid and other assets−$10KOther liabilities$15KOperating cash flow$211K
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q2 202661556484133
Q1 2026251720585386
Q3 202591312193211
Q2 20257319398169
Q1 202530398192236
Q4 202421672141182263
Q3 202419525611803954

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Shares issuedCash drawn (+) / kept (−)Free cash flow
Q2 2026$211K−$907K$2.2M$7K−$1.3M−$697K
Q1 2026−$2.5M−$346K−$805K—$2.8M−$2.9M
Q4 2025−$4.1M—−$2K$8.9M−$2.3M−$4.1M
Q3 2025−$2.6M−$457K−$1K$26K$1.2M−$3.0M
Q2 2025−$4.1M−$16K−$2K—$4.7M−$4.1M
Q1 2025−$3.5M−$297K—$24K$3.8M−$3.8M
Q4 2024−$3.1M−$480K—$12.3M−$8.7M−$3.6M
Q3 2024−$2.6M−$29K——$3.1M−$2.6M

374Water: income statement and cash flow

374Water, Q2 2026: revenue $2.3M (+280% year over year), operating margin -71.7%. The chart follows the revenue to costs, profit and cash.

374Water: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.