Supercritical water oxidation (“SCWO”) is an oxidation reaction powered by water heated above 374 degrees Celsius and held above 221 bar of pressure, mixed with air. Water in that state dissolves organic material including oils and chemicals. The reaction that follows is rapid and thorough, resulting in complete breakdown of the chemical bonds that form organic toxins.

AirSCWO harnesses that reaction to destroy organic hazardous and non-hazardous wastes. The continuous flow system takes in traditional waste streams such as sewage sludge and biosolids, the liquid that drains out of landfills, oily sludges, military wastes and organic industrial wastes, along with the emerging contaminants including PFAS, 6PPD-Q, pesticides, pharmaceuticals and microplastics. What comes out is safe dischargeable water, mineral solids, safe vent gas and recoverable heat energy. Waste that would otherwise last forever and threaten human and environmental health leaves the system as usable water and recoverable minerals.

The materials AirSCWO has already destroyed span all three of the markets 374Water serves, and in each case the results reached non detect or fell below US Environmental Protection Agency limits. Streams include sewage sludge and biosolids, landfill liquids, fire fighting foam (“AFFF”) and PFAS-saturated granulated carbon and ion exchange resin used by drinking water utilities.

The demand for 374Water’s technology and services comes from a gap in the way organic and PFAS wastes are handled today. Since current technologies transform, transport or concentrate those wastes, the material itself is left intact and causes downstream contamination. An installation that separates PFAS from a water stream still holds the PFAS, now concentrated into a smaller volume, and the liability attached to it travels forward until someone destroys it. Each market and application 374Water serves arrives at that same point from a different direction, and each is large enough on its own to support the deployment plans the company has laid out.

The municipal market is sized at $347 billion in 2025 and $536 billion by 2030, covering biosolids that carry PFAS, landfill liquids, drinking water treatment where filter media captures PFAS, and firefighting foam. The federal market is put at more than $15 billion annually, covering PFAS concentrates, biosolids, petroleum, oil and lubricants, and special projects that include radiological organics and special operations work. The industrial market is sized at $128 billion in 2025 and $182 billion by 2030. These figures draw on the US Environmental Protection Agency, the American Water Works Association, Statista, Fortune Business Insights, Transparency Market Research and Mordor Intelligence, and they exclude government markets outside the United States, including the United Kingdom, the European Union and Japan.

374Water's federal strategy involves strategic partners with strong contracting relationships, and technology validation that puts AirSCWO performance in front of federal contractors. The US Army Corps of Engineers has identified 564 sites requiring PFAS remediation, and Congress appropriated $400 million for cleanup at one of them, Pease Air National Guard Base. Demand across the rest of the federal landscape reaches far past the Corps, since forward operating bases across the Indo-Pacific require thousands of tons of destruction capacity for biosolids, new Department of Defense construction requires PFAS remediation, and the Federal Aviation Administration, the Department of Transportation and the Department of Energy each present follow-on opportunities as the company scales.

Two developments in 2026 gave that federal case independent support, the first of them a technical report published by the US Army Engineer Research and Development Center (“ERDC”). The center evaluated AirSCWO at the Orlando facility and documented total PFAS destruction and removal efficiency of 99.9993% across 42 PFAS compounds, with individual destruction rates ranging from 99.994% to 100%. Treated water met federal maximum contaminant levels for all regulated PFAS compounds, and Arcadis, the global environmental consultancy, co-authored the report and independently validated the results.

The second development carried the Arcadis relationship from technical validation into commercial pursuit, when the two companies signed a memorandum of understanding in July 2026 to jointly pursue federal and commercial contracts for destroying PFAS contaminated waste streams including firefighting foam. Arcadis is expected to lead client engagement, market development and regulatory support and to serve as prime contractor where appropriate, and 374Water provides its AirSCWO technology, waste destruction services, and the deployment and operation of treatment systems. The Department of Defense demonstration the team completed opens a contracting pathway that lets defense agencies work with 374Water and Arcadis outside standard federal acquisition rules, with Orlando serving as the commercial reference site for the regional treatment hub model.

Municipal utilities come to AirSCWO with rising operational complexity and a mandate to protect human and environmental health. 374Water has partnered with three pioneering municipal wastewater districts to prove and scale the technology. The solution has been proven, and the scale is enormous. The City of Orlando treats 40 million gallons per day and produces 267 tons of sludge daily, a volume that would require more than thirty times the AirSCWO capacity now installed at Iron Bridge. Orange County Sanitation District processes 124 million gallons per day and creates 827 tons of biosolids, trucking more than 150 loads of sludge offsite each week, and its first system will treat less than one percent of that volume. Olathe, Kansas will receive a system to treat PFAS-laden biosolids at a plant that processes 11 million gallons per day and would require ten additional systems to handle its whole stream.

Demand from other materials across the United States tells the same story from the supply side. Over a ten-year outlook, 374Water puts spent ion exchange resin at 25,000 cubic meters, firefighting foam at 45,000, granular activated carbon at 320,000, the concentrated liquid left behind by membrane treatment at 800,000 and sludge at 400,000,000, and every one of those streams other than firefighting foam represents on-going and recurring supply. Drinking water providers generate PFAS-laden filter media that requires destruction, so those volumes replenish for as long as utilities keep filtering.

Industrial customers face the same mounting liabilities, and 374Water treats this vertical as the largest future growth sector for the technology. Oil and gas producers, pharmaceutical manufacturers and chemical companies hold eligible waste streams in volume and are already seeking destruction technologies, and 374Water has treated challenging streams from each of those sectors with impressive technical results. As the company's ability to treat larger volumes grows and marginal costs come down, it expects those sectors to absorb substantial capacity.

The AirSCWO platform is designed to address a wide range of applications in both technical ability and commercial scale, with each system’s gallon-per-hour rating describing the concentrated waste it destroys and the daily figure describing the plant that generates it. The mobile system is built for rapid deployment and on-site destruction, handling roughly 10 gallons per hour and matched to a wastewater facility treating a quarter to half a million gallons per day, which suits site cleanups and emergency response. The modular system can be permanent or mobile, and scales from roughly 100 gallons per hour to 500, and adds capacity in increments matched to each additional million gallons per day of plant flow. The largest class is a permanent installation at regional facilities running above 2,000 gallons per hour, sized for plants treating 20 to 40 million gallons per day and beyond, where centralized operations allow for economies of scale.

374Water deploys and operates systems sized to the demand and works with the site to integrate them into existing operations. Where volumes are smaller, more sensitive or spread across many generators, customers send waste to a 374Water hub, and the company receives, stores and destroys it under a waste destruction services agreement that returns certificates of destruction with full analysis.

Orlando is the Waste Destruction Services hub for 374Water. The site began with a March 2024 contract for a full-scale demonstration at the Iron Bridge Regional Water Reclamation Facility, where a 90-day biosolids destruction campaign achieved greater than 99.95 % PFAS destruction. 374Water licensed space at the facility in January 2026, added 21,639 square feet by amendment in April, and set out a full commercial-scale buildout spanning more than 35,000 square feet across five buildings, with 88,000 gallons of onsite tank storage and an upgraded system for higher throughput.

Manufacturing and assembly operations are established on site to support deployment and servicing. At initial scale the WDS facility is expected to generate between $3 million and $5 million in annual revenue, and 374Water is negotiating with strategic partners to more than double installed destruction capacity, which the company believes would position the site as a major regional hub for permanent organic waste destruction.

The mobile configuration is under its most demanding public test in Minnesota, where a $600,000 waste destruction contract with the City of St. Cloud, in partnership with Barr Engineering Co., forms part of the State's evaluation of AirSCWO for destroying PFAS-laden wastes. The campaign works through progressively more demanding waste streams in a series of phases, and multiple types of biosolids have been processed to date, including treated biosolids at solids concentrations of up to 12 %. The field team has since moved to untreated sludge similar to the material processed at Orlando, included to showcase the 97 % solids reduction and PFAS reduction of up to 99.99 % seen in earlier campaigns. A successful pilot could generate multiple millions of dollars in revenue including recurring annual revenue from ongoing operations, and each mobile unit has the potential to generate between $500,000 and $1.5 million in annual revenue depending on deployment cadence, waste stream composition and contract structure.

The two contracted municipal systems advanced on separate tracks through the first half of 2026. The Orange County Sanitation District system passed its factory acceptance test at the end of the second quarter, and delivery, commissioning and system operations are anticipated to begin in the last quarter of 2026 and continue through the first half of 2027. In Olathe, Kansas the company holds a $4,880,000 firm fixed price purchase order from Garney Companies for the Cedar Creek Wastewater Treatment Plant Expansion Phase II project, covering design, fabrication, delivery, installation and commissioning of an AirSCWO 6 unit along with pretreatment, dewatering and water treatment equipment, and carrying startup, training and warranty coverage that runs 24 months from acceptance.

Daniel “Danny” Bogar serves as President and Chief Executive Officer, a role he took up in February 2026, and he brings more than 20 years of executive leadership experience spanning finance, strategic business development and international operations. He served as President and Chief Operating Officer of PowerVerde and was a part of its merger with 374Water, after which he led corporate development, and earlier in his career he served as President and Chief Executive Officer at both American Green Technology and Stanford Group Company's broker-dealer.

Brad Meyers, Chief Operations Officer, brings more than 25 years of experience in recycling and manufacturing, including as General Manager for Omni Recycling, Chief Operations Officer for RMD Americas USA and President and Chief Operating Officer of New Rubber Technologies. He was also Director of Engineering Services at NRTC Automation, where he served as Vice President and was a co-founder.

Raj Melkote, Chief Technology Officer, brings more than 30 years of experience in technology commercialization, including as Chief Technology Officer at BayoTech Hydrogen and Vice President of Engineering at Edwards Vacuum, along with senior leadership roles at Brooks Automation, Honeywell Safety Products, United Technologies and General Electric. He earned his PhD in Chemical Engineering at the University of Minnesota and his undergraduate degree with honors from Purdue University.

Charles “Chuck” Weiser was appointed Chief Financial Officer effective July 1, 2026, having joined the Company's board of directors in January 2026. He brings experience with public and private companies across finance and accounting, strategic planning, business development, turnaround work and private equity, and he served most recently as Chief Financial Officer of Alonti Catering Kitchens, having previously been Managing Director at Imperial-Texas.

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