Revenue Performance - In 2024, the Company experienced revenue growth in the FUEL CHEM segment, driven by the return of previously dormant customers and a new commercial program, although specific revenue figures were not disclosed[102]. - Revenues for the year ended December 31, 2024, were $25,133 million, a decrease of $1,948 million or 7% compared to 2023[132]. - U.S. revenues decreased by $3,595 million or 17%, from $21,397 million in 2023 to $17,802 million in 2024, while international revenues increased by $1,647 million or 29%[132]. - The APC technology segment revenues were $11,242 million, a decrease of $2,241 million or 17% compared to 2023, primarily due to project execution timing and customer delays[133]. - The FUEL CHEM technology segment revenues increased to $13,891 million, an increase of $293 million or 2% compared to 2023, driven by renewed orders and new customer acquisition[134]. - Total revenues for the year ended December 31, 2024, were $25,133 million, a decrease of 7.2% from $27,081 million in 2023[248]. - Air Pollution Control technology segment revenues decreased from $13,483 million in 2023 to $11,242 million in 2024, a decline of 16.6%[248]. - FUEL CHEM technology solutions revenues increased slightly from $13,598 million in 2023 to $13,891 million in 2024, a growth of 2.1%[248]. Financial Position - The Company maintains a valuation allowance on deferred tax assets of $13,697,000 and $15,699,000 at December 31, 2024 and 2023, respectively[125]. - Cash and cash equivalents at December 31, 2024, were $8,510 million, down from $17,578 million at the end of 2023[141]. - Total current assets decreased from $38,321,000 in 2023 to $29,619,000 in 2024, a decline of approximately 22.8%[166]. - Total liabilities rose from $6,674,000 in 2023 to $6,842,000 in 2024, an increase of about 2.5%[166]. - Stockholders' equity decreased from $43,714,000 in 2023 to $41,955,000 in 2024, a decline of approximately 4.0%[166]. - The Company’s total assets decreased from $50,388,000 in 2023 to $48,797,000 in 2024, a decline of about 3.2%[166]. - The accumulated deficit increased from $117,529,000 in 2023 to $119,472,000 in 2024, reflecting a worsening financial position[166]. Expenses and Losses - Selling, general and administrative expenses increased by $958 million or 7% to $13,761 million in 2024, attributed to higher employee-related costs and professional services[136]. - Research and development expenses were $1,564 million in 2024, focusing on new product development and innovative technologies like DGI® Dissolved Gas Infusion Systems[137]. - The net loss for the year ended December 31, 2024, was $1,943 million, compared to a net loss of $1,538 million in 2023[131]. - The net loss for the year ended December 31, 2024, was $1.94 million, compared to a net loss of $1.54 million in 2023, reflecting an increase in losses of approximately 25.8%[170]. - The company reported a total comprehensive loss of $2.11 million for 2024, compared to a total comprehensive loss of $1.56 million in 2023, marking an increase of approximately 35.3%[170]. Cash Flow and Investments - The company experienced a net cash used in operating activities of $3,433,000 in 2024, a significant decline from net cash provided of $696,000 in 2023[174]. - The company reported a net cash used in investing activities of $5,443,000 in 2024, a decrease from $6,444,000 in 2023, indicating improved cash management in investment[174]. - The company invested $18,060,000 in debt securities in 2024, compared to $14,026,000 in 2023, reflecting a 28.8% increase in investment activities[174]. - Fuel Tech's held-to-maturity debt securities increased in amortized cost from $15,800,000 in 2023 to $21,059,000 in 2024, representing a 33.3% increase[192]. Tax and Deferred Assets - The Company recorded a deferred tax asset of $2,233 related to research and experimental expenditures for the year ending December 31, 2024[260]. - The net operating loss carryforwards available to offset future U.S. taxable income amounted to approximately $27,054 as of December 31, 2024[272]. - The income tax expense for 2024 was $77, compared to $69 in 2023, reflecting a slight increase in tax obligations[263]. - Unrecognized tax benefits increased to $470 as of December 31, 2024, from $326 in 2023, which may impact future effective tax rates if recognized[268]. Stock and Compensation - Common stock issued increased to 31,767,329 shares as of December 31, 2024, from 31,361,303 shares in 2023[275]. - Stock-based compensation for the year ended December 31, 2024 was $446 million, an increase from $389 million in 2023[285]. - The company granted 1,040,200 restricted stock units in 2024, with a weighted average grant date fair value of $1.26[296]. - As of December 31, 2024, there was $1,024 million of total unrecognized compensation cost related to all non-vested share-based compensation arrangements, expected to be recognized over 1.2 years[295].

Financial Performance - Consolidated revenues for full year 2024 were $25.1 million, down from $27.1 million in 2023, primarily due to lower APC revenues[11] - Q4 2024 consolidated revenues declined to $5.3 million from $6.3 million in Q4 2023, reflecting lower APC segment revenues[6] - Net loss for 2024 was $(1.9) million, or $(0.06) per share, compared to a net loss of $(1.5) million, or $(0.05) per share, in 2023[13] - Total revenues for the year ended December 31, 2024, were $25,133,000, a decrease of 7.1% from $27,081,000 in 2023[30] - Revenues from external customers in the United States for 2024 were $17,802,000, down from $21,397,000 in 2023, a decrease of 16.5%[33] - The company reported a comprehensive loss of $2,110,000 for the year ended December 31, 2024, compared to a comprehensive loss of $1,558,000 in 2023, an increase of 35.4%[26] - Operating income (loss) from continuing operations for the year ended December 31, 2024, was $(4,702,000), compared to $(2,658,000) in 2023, indicating a worsening of 76.7%[30] Margins and Expenses - Consolidated gross margin for 2024 was 42.3%, slightly down from 43.0% in 2023[11] - SG&A expenses for 2024 increased to $13.8 million, or 54.8% of revenues, from $12.8 million, or 47.3% of revenues, in 2023[12] - Gross margin for the year ended December 31, 2024, was $10,623,000, down from $11,656,000 in 2023, indicating a decline of 8.9%[30] - FUEL CHEM segment revenue remained steady at $3.5 million in Q4 2024, with a gross margin decline to 45.5% from 48.0% in Q4 2023[9] - APC segment revenue decreased to $1.8 million in Q4 2024 from $2.8 million in Q4 2023, with gross margin declining to 35.9% from 55.0%[8] Cash and Investments - The company has approximately $30 million in cash and investments and no long-term debt as of year-end 2024[3] - Cash and cash equivalents at the end of the period decreased to $8,510,000 in 2024 from $17,578,000 in 2023, a decline of 51.6%[28] - The company incurred $18,060,000 in purchases of debt securities in 2024, compared to $14,026,000 in 2023, an increase of 28.8%[28] Future Outlook - The company expects to sign new contracts valued between $4 million and $5 million in early Q2 2025[4] - The company is pursuing growth in its DGI technology, with hopes to generate first commercial revenues in 2025[5] - Adjusted EBITDA for the year ended December 31, 2024, was $(2,211,000), compared to $(2,017,000) in 2023, reflecting a deterioration of 9.6%[34] Assets - Total assets as of December 31, 2024, were $48,797,000, a decrease from $50,388,000 in 2023, reflecting a decline of 3.2%[33]

Core Viewpoint - Fuel Tech, Inc. reported financial results for Q4 and full year 2024, indicating challenges in revenue generation primarily due to delayed project execution and lower performance in the Air Pollution Control (APC) segment, while the FUEL CHEM segment showed resilience and potential for growth in 2025 [2][3][9]. Financial Performance - Consolidated revenues for Q4 2024 were $5.3 million, down from $6.3 million in Q4 2023, mainly due to lower APC segment revenues [5]. - For the full year 2024, consolidated revenues decreased to $25.1 million from $27.1 million in 2023, driven by lower APC revenues but partially offset by an increase in FUEL CHEM revenues [9][10]. - The net loss for Q4 2024 was $(1.9) million, or $(0.06) per share, compared to a net loss of $(539,000), or $(0.02) per share, in Q4 2023 [6][10]. - The company ended 2024 with approximately $30 million in cash and investments and no long-term debt [2][11]. Segment Performance - The APC segment revenue for Q4 2024 was $1.8 million, down from $2.8 million in Q4 2023, with a gross margin decline to 35.9% from 55.0% [7]. - The FUEL CHEM segment revenue remained steady at $3.5 million, with a gross margin decline to 45.5% from 48.0% in Q4 2023 [8]. - The consolidated gross margin for Q4 2024 was 42.3%, down from 51.1% in Q4 2023, reflecting decreases in both APC and FUEL CHEM gross margins [5]. Future Outlook - The company anticipates improved performance in the FUEL CHEM segment in 2025, driven by normalized chemical program utilization and new commercial programs [3]. - Fuel Tech is pursuing new opportunities in emissions control solutions for data centers and municipal waste combustion units, driven by regulatory requirements [4][3]. - The company plans to showcase its Dissolved Gas Infusion (DGI) technology at Aquaculture 2025, with hopes of generating commercial revenues in 2025 [4]. Geographic Performance - For the year ended December 31, 2024, revenues from the United States were $17.8 million, down from $21.4 million in 2023, while foreign revenues increased to $7.3 million from $5.7 million [33].

Company Overview - Fuel Tech, Inc. is a technology company specializing in emissions control systems and water treatment technologies for utility and industrial applications [3] - The company is recognized for its advanced engineering processes and has installed solutions on over 1,300 utility, industrial, and municipal units globally [3] - Fuel Tech's proprietary technologies include nitrogen oxide (NOx) reduction and particulate control, as well as water treatment solutions like Dissolved Gas Infusion Systems [3] Financial Results Announcement - Fuel Tech will release its financial results for the fourth quarter and full year ended December 31, 2024, on March 4, 2025, after the stock market closes [1] - A conference call to discuss these results and business activities is scheduled for March 5, 2025, at 10:00 am ET [2] Technology and Services - The company's FUEL CHEM technology enhances the efficiency and environmental performance of combustion units by addressing issues like slagging, fouling, corrosion, and opacity [3] - Fuel Tech's water treatment technologies are designed for various applications, including remediation, aeration, biological treatment, and wastewater odor management [3] - The company leverages exceptional Computational Fluid Dynamics modeling capabilities, supported by high-end visualization software, to develop its products and services [3]

Core Viewpoint - Fuel Tech, Inc. has announced new air pollution control (APC) orders valued at approximately $1.6 million and expects to secure additional contracts worth between $4 million and $5 million in the near future [1][4]. Group 1: Recent Orders and Contracts - The company received a contract for an ULTRA system to be installed on a natural gas turbine at a university in the Midwest, with delivery expected in the second quarter of 2026 [2]. - An order was placed for advanced engineering services from a municipal waste unit customer as a preliminary step towards an Advanced Selective Non-Catalytic Reduction (ASNCR) system [3]. - Additional orders were received for site services from a medical facility in the Northeast and for parts related to recent SCR and ULTRA projects, with completion scheduled for the first quarter of 2025 [3]. Group 2: Company Growth and Market Position - The President and CEO of Fuel Tech expressed satisfaction with the recent contract awards, indicating continued growth to meet the needs of various industrial customers [4]. - The company is actively pursuing multiple APC contracts that are expected to be awarded soon, reflecting a strong sales pipeline [4]. - Fuel Tech is positioned as a leader in nitrogen oxide (NOx) reduction and particulate control technologies, with over 1,300 installations worldwide [5]. Group 3: Technology and Services - Fuel Tech develops proprietary technologies for air pollution control, process optimization, and water treatment, enabling cost-effective and environmentally sustainable operations [5]. - The company's FUEL CHEM technology enhances the efficiency and environmental status of combustion units by managing slagging, fouling, corrosion, and opacity [5]. - Water treatment technologies include Dissolved Gas Infusion Systems, which address various applications in the water and wastewater industries [5].

Core Insights - Fuel Tech, Inc. will showcase its DGI® Dissolved Gas Infusion technology at Aquaculture 2025 in New Orleans from March 6-10, 2025, highlighting its commitment to the aquaculture industry [1][3] - The Triennial event is the largest aquaculture conference globally, attracting nearly 4,000 attendees from over 90 countries, indicating significant industry interest and participation [2] - DGI technology is designed to enhance dissolved oxygen or carbon dioxide transfer efficiency, providing a cost-effective solution for water and wastewater treatment across various sectors, including aquaculture [3][4] Company Overview - Fuel Tech specializes in advanced engineering processes for emissions control systems and water treatment technologies, aiming for cost-effective and environmentally sustainable operations [5] - The company has installed its solutions in over 1,300 utility, industrial, and municipal units worldwide, establishing itself as a leader in nitrogen oxide (NOx) reduction and particulate control technologies [5] - DGI technology utilizes a patented saturator and a patent-pending channel injector to deliver supersaturated oxygen solutions, applicable in multiple industries, including aquaculture, municipal and industrial wastewater, and food and beverage [5][4] Industry Context - The Triennial event combines annual meetings of major aquaculture organizations, showcasing the importance of collaboration and knowledge sharing within the industry [2] - DGI technology has been successfully utilized in aquaculture settings, demonstrating its potential to significantly increase total production compared to traditional aeration methods [8] - A state government agency has selected DGI for an extended demonstration at a fish hatchery in the Western U.S., expected to commence in late Q1 2025, indicating growing interest and validation of the technology [8]

Financial Performance - Revenues for Q3 2024 were $7,851 million, a decrease of $137 million or 2% compared to Q3 2023[87] - The FUEL CHEM segment generated revenues of $4,627 million for Q3 2024, an increase of $350 million or 8% from Q3 2023[89] - The APC segment revenues decreased to $3,224 million for Q3 2024, down $487 million or 13% from the prior year[88] - Consolidated gross margin for Q3 2024 was 43%, a decrease from 45% in Q3 2023[90] Backlog and Capital Expenditures - Consolidated APC backlog as of September 30, 2024, was $6,444 million, down from $7,458 million at the end of 2023[88] - The company anticipates additional capital expenditures in 2024 for the DGI business and maintenance of equipment[106] Expenses - Selling, general and administrative expenses (SG&A) for Q3 2024 were $3,225 million, an increase of $259 million or 9% compared to Q3 2023[92] - Research and development expenses for Q3 2024 were $361 million, down from $513 million in Q3 2023[95] Cash Position - Cash and cash equivalents as of September 30, 2024, totaled $12,274 million, with working capital of $25,602 million[99] Litigation and Risk Factors - The company is not currently involved in any litigation that would materially affect its business or financial conditions[114] - Risk factors outlined in the Annual Report on Form 10-K for the fiscal year ended December 31, 2023, have not materially changed[114] Future Investments - The company expects to continue investing in new technologies for water and wastewater treatment markets[84]

Revenue Performance - Consolidated revenues for Q3 2024 declined to $7.9 million from $8.0 million in Q3 2023, reflecting higher FUEL CHEM revenue offset by a decrease in APC revenue[4] - FUEL CHEM segment revenue rose to $4.6 million from $4.3 million in Q3 2023, with a steady gross margin of 49%[7] - APC segment revenue declined to $3.2 million from $3.7 million in Q3 2023, with gross margin decreasing to 35.0% from 40.3%[7] - Revenues for the three months ended September 30, 2024, were $7,851,000, a decrease of 1.7% from $7,988,000 for the same period in 2023[14] - Revenues from external customers for the nine months ended September 30, 2024, were $19,850,000, a decrease of 4.3% from $20,736,000 for the same period in 2023[14] Net Income and Loss - Net income in Q3 2024 was $80,000, or $0.00 per share, compared to net income of $459,000, or $0.01 per share, in Q3 2023[6] - Net income for the three months ended September 30, 2024, was $80,000, compared to a net income of $459,000 for the same period in 2023[15] - Operating loss for the nine months ended September 30, 2024, was $(2,586,000), compared to an operating loss of $(1,857,000) for the same period in 2023[14] Expenses - SG&A expenses increased to $3.2 million from $3.0 million in Q3 2023, rising as a percentage of revenues to 41.1% from 37.1%[5] - The company incurred research and development expenses of $361,000 for the three months ended September 30, 2024, compared to $513,000 for the same period in 2023[14] Cash and Investments - Cash and investments totaled $31.3 million at September 30, 2024, with no debt reported[2] - Cash and cash equivalents at the end of the period were $12,274,000, down from $13,483,000 at the end of the previous year[16] - The company reported a net cash used in operating activities of $(1,785,000) for the nine months ended September 30, 2024, compared to $391,000 for the same period in 2023[16] Gross Margin - Consolidated gross margin for Q3 2024 declined to 43.4% from 45.2% in Q3 2023, primarily due to lower APC gross margin[4] - Gross margin for the nine months ended September 30, 2024, was $8,388,000, down from $8,413,000 for the same period in 2023[19] Backlog and Future Potential - Consolidated APC segment backlog at September 30, 2024 was $6.4 million, down from $7.5 million at December 31, 2023[6] - The annual revenue potential from a new commercial contract for TIFI® technology is projected to be approximately $1.5 to $2.0 million[2] Adjusted EBITDA - Adjusted EBITDA loss was $(35,000) compared to Adjusted EBITDA of $352,000 in Q3 2023[8] - The Company provided Adjusted EBITDA as a measure of financial performance, defined as net income before interest, taxes, depreciation, amortization, stock compensation, and employee retention credit gains[24] - Adjusted EBITDA is intended to enhance investors' understanding of the Company's financial performance and cash flow generation capabilities[25] - Non-GAAP financial measures like Adjusted EBITDA are commonly used by investors and analysts to evaluate Company performance and determine stock valuation[25] Comprehensive Income - The company reported a comprehensive income of $186,000 for the three months ended September 30, 2024, compared to $337,000 for the same period in 2023[15] Total Assets - Total assets as of September 30, 2024, were $50,117,000, slightly down from $50,388,000 as of December 31, 2023[22]

Core Insights - Fuel Tech, Inc. reported a return to profitable operations in Q3 2024, with a focus on new customer relationships and balancing expense discipline with targeted investments in new technologies [2][4] - The company had a strong financial position with $31.3 million in cash and investments and no debt as of September 30, 2024 [2][9] - The FUEL CHEM® business segment showed improved performance, while the Air Pollution Control (APC) segment experienced a decline in revenue due to customer-driven delays [3][7] Financial Performance - Consolidated revenues for Q3 2024 decreased to $7.9 million from $8.0 million in Q3 2023, with FUEL CHEM revenue increasing and APC revenue declining [4][7] - Consolidated gross margin for Q3 2024 was 43.4%, down from 45.2% in Q3 2023, primarily due to lower APC gross margin [4] - Net income for Q3 2024 was $80,000, or $0.00 per share, compared to net income of $459,000, or $0.01 per share, in Q3 2023 [6][15] Segment Performance - APC segment revenue fell to $3.2 million from $3.7 million in Q3 2023, with gross margin decreasing to 35.0% from 40.3% [6][7] - FUEL CHEM segment revenue rose to $4.6 million from $4.3 million in Q3 2023, maintaining a gross margin of 49% [7][19] - The company announced approximately $2 million in new APC orders and is pursuing additional opportunities for its technologies [3][6] Cash Flow and Investments - Cash and cash equivalents at the end of Q3 2024 were $12.3 million, with short-term investments of $8.2 million and long-term investments totaling $10.9 million [9][18] - The company reported an Adjusted EBITDA loss of $(35,000) compared to an Adjusted EBITDA of $352,000 in Q3 2023 [8][24] Future Outlook - Fuel Tech is set to commence a new commercial program for its TIFI® technology, with projected annual revenue potential of approximately $1.5 to $2.0 million [2][3] - The company plans to demonstrate its DGITM technology at various sites, including a food processing plant and a municipal wastewater treatment facility [3][6]

WARRENVILLE, Ill., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Fuel Tech, Inc. (NASDAQ: FTEK), a technology company using advanced engineering processes to provide emissions control systems and water treatment technologies in utility and industrial applications, today announced the receipt of air pollution control (APC) orders from new and existing customers in the US, Europe and Southeast Asia. These orders have an aggregate value of approximately $2.0 million. An order was received from a repeat domestic customer t ...