ACCESSWIRE
17 Mar 2023, 23:05 GMT+10
DURHAM, NC / ACCESSWIRE / March 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:
'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™ 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™ 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™ or about our team, visit 374Water.com or follow us on LinkedIn and Twitter.
Cautionary Language
This 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.
About 374Water
374Water 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 and Twitter.
Investor Contact:
Heather Crowell
ir@374water.com
Media Contact:
Christian Rizzo
media@374water.com
374 Water Inc. and Subsidiaries
Consolidated Balance Sheet
As of December 31, 2022 and December 31, 2021
374 Water Inc. and Subsidiaries
Consolidated Statement of Operations
For the years ended December 31, 2022 and December 31, 2021
374 Water Inc. and Subsidiaries
Consolidated Statements of Cash Flows
For the years ended December 31, 2022 and 2021
FORWARD-LOOKING STATEMENTS
Prospective investors are cautioned that the statements in this Report that are not descriptions of historical facts may be forward-looking statements that are subject to risks and uncertainties. This Report contains certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Such forward-looking statements are based on the beliefs of our management as well as on assumptions made by and information currently available to us as of the date of this Report. When used in this Report, the words 'plan,' 'will,' 'may,' 'anticipate,' 'believe,' 'estimate,' 'expect,' 'intend,' 'project' and similar expressions, as they relate to 374Water, are intended to identify such forward-looking statements. Although 374Water believes these statements are reasonable, actual actions, operations and results could differ materially from those indicated by such forward-looking statements as a result of the risk factors included in this Report or other factors. We must caution, however, that this list of factors may not be exhaustive and that these or other factors, many of which are outside of our control, could have a material adverse effect on 374Water and our ability to achieve our objectives. All forward-looking statements attributable to 374Water or persons acting on our behalf are expressly qualified in their entirety by the cautionary statements set forth above.
SOURCE: 374Water Inc.
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