374Water’s 2025 Revenue Drops to $0.2M, Service Revenues Climb $1.7M
374Water posted 2025 revenue of $0.2 million versus $0.4 million in 2024, as a $1.9 million equipment sales decline was offset by a $1.7 million rise in service revenues. CEO Danny Bogar drove cost cuts and advanced AirSCWO PFAS deployments, while targeting 2026 goals to scale systems, expand Orlando operations and align capital strategy.
1. Leadership and Strategy
Danny Bogar assumed the CEO role and introduced clear operating principles focused on disciplined execution, capital allocation to high-impact initiatives and cost reduction. The management team held a multi-day strategy session in Orlando to align on advancing AirSCWO throughput, durability, automation and scalability.
2. 2025 Financial Results
Full-year 2025 revenue totaled $0.2 million, down from $0.4 million in 2024. The decline stemmed from a $1.9 million drop in equipment sales, partially offset by a $1.7 million increase in service revenues driven by multiple full-scale and mobile demonstrations and wastewater processing in Orlando.
3. AirSCWO Deployments and Partnerships
Key deployments included PFAS destruction demonstrations at Clean Earth’s Detroit facility and Peterson Space Force Base, a 1,000-gallon AFFF destruction contract with UNC, and a collaboration with Crystal Clean. The company also completed a biosolids campaign in Orlando and signed a system sale and service agreement with Olathe, Kansas.
4. 2026 Priorities and Capital Alignment
For 2026, 374Water plans to deploy its advanced AirSCWO system to Orange County Sanitation and St. Cloud, Minnesota, expand the Orlando Waste Destruction Services hub, design larger-scale systems, and engage strategic industrial partners. The company also aims to align capital formation with operational milestones to support long-term value creation and minimize dilution.