OriginClear, Inc.

What they do

OriginClear operates through Water On Demand, Inc. (WODI), which has two units: Progressive Water Treatment (PWT), an active designer and manufacturer of custom-engineered water treatment systems for commercial and industrial customers, and Water on Demand (WOD), a development-stage business aiming to provide outsourced wastewater treatment on a per-gallon or flat-fee basis under a Design-Build-Own-Operate model. A third unit, Modular Water Systems, was wound down in 2025. The company also announced joint ventures in Bitcoin mining and digital infrastructure through Block40X and Bitmern, though those had no material operations as of March 31, 2026.

Revenue drivers

• Progressive Water Treatment (PWT) — PWT generates the largest portion of the Company's revenue by providing engineered water treatment solutions and custom treatment systems, and is described as WODI's sole active revenue-producing business.
• Water on Demand (WOD) — A development-stage business that aims to offer water treatment as a service on a per-gallon or flat-fee basis under a Design-Build-Own-Operate model, currently preparing for a showcase pilot.
• Construction contracts — Revenue from construction contracts is recognized over time under ASC 606 as performance obligations are satisfied.

Recent performance

For the year ended December 31, 2025, revenue was $6,816,843 with cost of goods sold of $5,195,767, compared with revenue of $4,407,781 and cost of goods sold of $2,903,053 in 2024. The net loss for 2025 was $(13,558,351), an improvement from a net loss of $(18,970,789) in 2024, while loss from operations was $(3,323,046). Operating cash flow was negative $3.6 million in 2025. For the first quarter of 2026, revenue was $2.0 million. As of March 31, 2026, the company had total assets of $5.1 million, total liabilities of $27.5 million, and a shareholders' deficit of $(29.6) million.

Strategy

OriginClear operates as a Clean Water Innovation Hub, intending to develop and incubate businesses and potentially spin them off. WODI has shifted its strategic focus from manufacturing toward developing a water infrastructure financing platform, including an Opportunity Zone Fund that was formed but had not raised external capital as of March 31, 2026. The company announced a joint venture with Enviromaintenance to deploy mobile wastewater treatment plants in Texas and entered joint ventures with Block40X and Bitmern for Bitcoin mining and digital infrastructure, while forming OriginSpark Holdings LLC for data center investments. It also intends to delegate building and operation of Water on Demand systems to regional water companies under performance contracts.

Risks

• Going concern uncertainty — The independent registered public accountants' opinion on the December 31, 2025 audited financial statements includes an explanatory paragraph regarding substantial doubt about the Company's ability to continue as a going concern.
• History of losses and negative cash flow — The Company reported a net loss of $(13,558,351) for 2025 and has experienced net losses and negative operating cash flows since inception, with an accumulated deficit of $(155,711,198) as of December 31, 2025.
• Working capital deficit — As of December 31, 2025, the Company had a working capital deficit of $(19,036,232) and a shareholders' deficit of $(28,382,938).
• Need for additional capital — The Company states it will need significant additional capital and that its continued operations depend on raising capital through financing transactions and generating sufficient future sales.

Outlook

Management states that the Company continues to focus on its core objectives of identifying, developing, and potentially launching new ventures, and may pursue strategic acquisitions. WODI is preparing for a showcase of the Water on Demand model and intends to build a partner network of regional water service providers. The Opportunity Zone Fund had not raised external capital as of March 31, 2026, and the digital infrastructure joint ventures had not commenced material operations. The Company expects losses and negative cash flows to continue in the foreseeable future.