374Water (SCWO) 11th Annual Waste and Environmental Symposium summary

Business overview and technology

• Focuses on organic waste destruction using proprietary AirSCWO technology, which processes solids, liquids, or slurries and outputs clean water, mineral effluent, vent gas, and recyclable energy.

• AirSCWO is modular, scalable, and can be sold, leased, or offered as a service, targeting the $450 billion global waste management market, with initial focus on North America.

• Technology is highly effective at destroying emerging contaminants, including both long- and short-chain PFAS, plastics, and other hazardous materials.

• System is tunable for varying levels of waste destruction and produces benign byproducts.

• Demonstrated success in treating biosolids, landfill leachate, granular activated carbon, ion-exchange resin, and contaminated soils.

Market strategy and deployment

• Targets municipal, federal (especially military), and industrial markets, addressing their unique waste challenges.

• Engaged in discussions with treatment, storage, and disposal facilities to deploy technology at scale.

• Four main AirSCWO system sizes, from mobile one-ton units to bespoke 100-ton-plus installations, with the AS30 system set for manufacturing this year.

• Current deployments include Orlando, upcoming projects in California, Colorado, and Detroit, with a focus on demonstration and treatability studies leading to commercial deployment.

• Business model includes capital sales, leases, and ramping up waste destruction services, with material revenue expected to begin this year.

Financial outlook and growth plans

• Large backlog and pipeline, aiming for $250–$500 million in near-term revenue, with a five-year target of $500 million.

• Backlog and pipeline currently stand at $1.8 billion, not including the industrial segment.

• $10–11 million in cash on hand; expects to be funded through 2025, with additional capital needs to be met via strategic partnerships and debt or project financing.

• Expects to achieve free cash flow in a couple of years, depending on partnership and rollout pace.

• AirSCWO 30 service model projects $4–6 million in quarterly revenue per system once operational.