$SCWO

POWERVERDE, INC.

CIK:0000933972|SEC Filings

Condensed Consolidated Statements of Operations (Unaudited) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Condensed Consolidated Statements of Operations (Unaudited)
Revenues	$ 2,262,040	$ 594,967	$ 2,813,195	$ 1,138,067
Cost of revenues	279,067	871,333	481,810	1,276,150
Gross margin	1,982,973	(276,366)	2,331,385	(138,083)
Operating Expenses
Research and development	284,589	531,170	734,423	1,064,757
Compensation and related expenses	1,831,323	1,996,387	4,370,773	3,672,252
Professional fees	151,453	649,338	666,972	1,421,239
General and administrative	1,337,470	1,184,689	2,779,369	2,127,129
Total Operating Expenses	3,604,835	4,361,584	8,551,537	8,285,377
Loss from Operations	(1,621,862)	(4,637,950)	(6,220,152)	(8,423,460)
Other Income (Expense)
Interest expense	(89,923)	0	(102,982)	0
Interest income	18,295	46,355	29,889	136,065
Loss on debt extinguishment	(1,021,787)	0	(1,021,787)	0
Other income (expense)	19,042	11,147	47,174	8,533
Total Other Income (Expense), net	(1,074,373)	57,502	(1,047,706)	144,598
Net Loss before Income Taxes	(2,696,235)	(4,580,448)	(7,267,858)	(8,278,862)
Provision for Income Taxes	0	0	0	0
Net Loss	$ (2,696,235)	$ (4,580,448)	$ (7,267,858)	$ (8,278,862)
Net Loss per Share - Basic and Diluted	$ 0.15	$ 0.32	$ 0.41	$ 0.57
Weighted Average Common Shares Outstanding - Basic and Diluted	17,607,768	14,506,743	17,513,700	14,479,020

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash Flows from Operating Activities
Net loss	$ (7,267,858)	$ (8,278,862)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization expense	439,063	349,374
Amortization of debt discount	35,633	0
Non-cash lease expense	87,447	58,129
Issuance of common stock for services	311,831	105,900
Stock-based compensation	1,937,347	1,258,542
Loss on debt extinguishment	1,021,787	0
Changes in operating assets and liabilities:
Accounts receivable	45,240	(594,086)
Unbilled accounts receivable	(1,585,202)	(226,724)
Other receivable	(158,815)	13,692
Inventory	(164,049)	(120,338)
Contract assets	91,100	(14,842)
Prepaid expenses	190,195	136,342
Other assets	174,253	5,000
Accounts payable and accrued expenses	330,895	146,135
Accured bonuses	25,000	(300,000)
Accrued contract loss provision	0	230,000
Accured legal settlement	0	(335,000)
Unearned revenue	2,205,583	(3,510)
Other liabilities	40,028	(2,524)
Operating lease liabilities	(56,854)	(48,298)
Net Cash Used In Operating Activities	(2,297,376)	(7,621,070)
Cash Flows from Investing Activities
Purchases of property and equipment	(1,253,440)	(312,830)
Purchases of equipment-in-process	0	(588,993)
Net Cash Used In Investing Activities	(1,253,440)	(901,823)
Cash Flows from Financing Activities
Repayments on note payable	(59,024)	(1,955)
Repayments on financing liability	(149,183)	0
Net issuance costs from the sale of common stock	0	(1,781)
Repayment on secured promissory note	(630,000)	0
Proceeds from the issuance of convertible notes	2,960,000	0
Proceeds from the exercise of stock options	6,600	24,000
Net Cash Provided by Financing Activities	2,128,393	20,264
Net Decrease in Cash and Cash Equivalents	(1,422,423)	(8,502,629)
Cash and cash equivalents, beginning of the period	3,198,682	10,651,644
Cash and cash equivalents, end of the period	1,776,259	2,149,015
SUPPLEMENTAL CASHFLOW DISCLOSURES:
Cash paid for interest	0	0
Cash paid for taxes	0	0
Supplemental cash flow of investing and financing activities
Recognition of ROU asset and operating lease liabilities	824,566	0
Warrants issued with convertible notes	750,282	0
Equipment financed with note payable	55,000	48,191
Issuance of restricted common stock to executives and employees	25	42
Shares issued for stock subscription receivable	0	334,133
Shares issued for cashless stock option exercise	$ 18	$ 0

Condensed Consolidated Balance Sheets - USD ($)	Jun. 30, 2026	Dec. 31, 2025
Current Assets:
Cash and cash equivalents	$ 1,776,259	$ 3,198,682
Accounts receivable, net of credit allowance	623,663	668,903
Unbilled accounts receivable	1,585,202	0
Other accounts receivable	185,392	26,577
Inventory, net	1,635,942	1,471,893
Contract assets	0	91,100
Prepaid expenses	205,612	395,807
Total Current Assets	6,012,070	5,852,962
Long-Term Assets:
Property and equipment, net	4,741,379	3,835,318
Intangible assets, net	906,540	943,224
Right-of-use assets, net	1,308,860	571,741
Other assets	27,850	202,103
Total Long-Term Assets	6,984,629	5,552,386
Total Assets	12,996,699	11,405,348
Current Liabilities:
Accounts payable and accrued expenses	1,581,180	1,250,285
Accrued bonuses	105,000	80,000
Accrued contract loss provision	1,600,000	1,600,000
Unearned revenue	0	312,905
Note payable	8,725	8,270
Secured promissory note	0	630,000
Financing liability	10,159	159,342
Operating lease liabilities	224,051	119,693
Other liabilities	63,412	23,384
Total Current Liabilities	3,592,527	4,183,879
Long-Term Liabilities:
Unearned revenue, less current portion	2,548,488	30,000
Convertible notes, net of discount	2,744,046	0
Note payable, less current portion	30,400	34,879
Operating lease liabilities, less current portion	1,095,037	431,683
Total Long-Term Liabilities	6,417,971	496,562
Total Liabilities	10,010,498	4,680,441
Stockholders' Equity
Preferred Stock: 50,000,000; 1,000,000 Designated as Convertible Series D preferred shares authorized; par value $0.0001 per share, nil issued and outstanding at June 30, 2026 and December 31, 2025, respectively	0	0
Common stock: 1,000,000,000 common shares authorized, par value $0.0001 per share, 17,718,161 and 17,143,771 shares outstanding at June 30, 2026 and December 31, 2025, respectively	1,772	1,715
Additional paid-in capital	60,186,414	56,657,319
Accumulated deficit	(57,204,456)	(49,936,598)
Accumulated other comprehensive income	2,471	2,471
Total Stockholders' Equity	2,986,201	6,724,907
Total Liabilities and Stockholders' Equity	$ 12,996,699	$ 11,405,348