SCWO

• Steven Jones introduced as interim president and CEO, with background in waste and environmental services. - Key operational highlights: Signed a waste destruction services collaboration agreement with Crystal Clean; deployed AIRSPRO technology at Colorado School of Mines and DoD project; completed commercial scale field demo at Clean Harbors; secured order from Olathe, Kansas for Airscope six unit; began processing North Carolina AFFF waste destruction; preparing for AirSquope six system deployment to OCSAN. - Strengthened balance sheet via ATM facility, with gross proceeds of ~$7 million, and officer/director share purchases.

• 2025 revenue target is approximately $4 million. - 2026 revenue guidance is in the range of $6 to $8 million, a 50% to 100% increase over 2025 revenues. - Plans to expand mobile fleet, utilize AirSCO six units at TSDFs for waste destruction services, and use modular solutions for AirSCO units to lower capital cost and speed up delivery.

In 2025, revenue increased to $760,000 compared to $81,000 in the prior year. The mobile AIR Squad one unit has the potential to generate more than $2 million in annual revenue. The air SCO six unit has the potential to generate $3 to $5 million in recurring annual revenues. Revenue generated in 2025 was primarily from waste destruction services, with approximately a $679,000 increase due to an increase in service revenues of ~$643,000 from waste destruction service projects and $36,000 in equipment capital revenue.

• Nasdaq listing compliance issue as stock was trading below $1 per share for over 30 consecutive days. Need to regain compliance by 01/12/2026. The board may request shareholder approval for a reverse stock split to maintain Nasdaq listing if normal operations don't restore compliance.

Q: Please provide color on the third quarter performance by 374Water?

A: Sales are accelerating nicely. Year over year, revenues were up significantly off a low base, and confident in meeting 2025 revenue target of ~$4 million.

Q: As interim CEO for over a month, any additional observations?

A: Have a first-class team; focused on market-facing employees; working on continuous improvement like Lean Six Sigma for throughput; starting pricing study to develop economic model for highest returns.

Q: View of the PFAS destruction market?

A: It's a massive market (~$450 billion waste destruction market). Has verticals like industrial wastewater players, municipal market, and federal/state/local governments with AFFF stockpiles. Need to address different verticals with varying pricing and competitive landscapes.

Q: On the TSDF facilities pipeline?

A: In discussions with a number of TSDF operators in the US about putting airflow units on their sites, with Crystal Clean being the first deal.

Q: Phasing of North Carolina contract?

A: First phase is processing 1,000 gallons of AFFF, with potential second phase to treat up to 28,000 gallons once first phase is completed.

Q: 2026 business mix between Waste Services and Capital sale?

A: 2026 mix includes waste destruction services launch/expansion, capital sale of equipment like the one to Olathe, and other actively pursued opportunities. Waste destruction services provide higher EBITDA margins, while capital sale brings in cash more quickly but has lower margins.

Q: Detail on Crystal Clean deal?

A: Reluctant to provide commercial terms, but it's a waste destruction services project with host customer Crystal Clean, where host customer can benefit via lease payment, revenue share, or lower cost to utilize the unit.

Q: Employee count and salespeople?

A: ~80% of employees are market-facing, including ~7 business developers, with plans to add more to penetrate the market faster.

Q: Feasibility of 2026 guidance for operating income breakeven?

A: Depends on pace of technology rollout and contractual arrangements. Hopes to be cash flow positive in 2027, focusing on deals with highest return on capital for shareholders.