374Water (US:SCWO)2023-05-08 20:46Revenue Growth - Revenue for the three months ended March 31, 2023, was $801,458, a 193% increase from $273,231 in the same period of 2022[92] - Net revenue for the same period was $81,312, representing a 222% increase from $25,245 in the prior year[92] Operating Expenses - Total operating expenses increased to $1,759,896 for the three months ended March 31, 2023, up 96% from $898,950 in 2022[93] - Research and development expenses rose to $355,905, a 92% increase compared to $185,653 in the same period of 2022[96] - Compensation and related expenses increased to $718,760, a 139% rise from $301,235 in the prior year[95] Capital and Financing - The company raised approximately $717,835 in net proceeds through an at-the-market equity offering of 152,285 shares of common stock[79] - Working capital increased to $13,966,018 as of March 31, 2023, compared to $7,060,511 at December 31, 2022, primarily due to the equity offering[98] - The company has an effective at-the-market equity offering under which it may issue up to $100 million of common stock[97] Technology and Manufacturing - The AirSCWO technology is positioned to address environmental challenges, including the global PFAS crisis[89] - The company outsources manufacturing of AirSCWO systems to Merrell Bros., Inc., with plans to potentially establish its own manufacturing capabilities in key geographies[90]