Exhibit 99.1 CONTACT: Vince Arnone President and CEO (630) 845-4500 Devin Sullivan Managing Director The Equity Group Inc. dsullivan@equityny.com FOR IMMEDIATE RELEASE FUEL TECH REPORTS 2023 FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS WARRENVILLE, Ill. – March 11, 2024 - Fuel Tech, Inc. (NASDAQ: FTEK), a technology company providing advanced engineering for the optimization of combustion systems, emissions control, and water treatment in utility and industrial applications, today reported financial resul ...

WARRENVILLE, Ill.--(BUSINESS WIRE)--Fuel Tech, Inc. (NASDAQ: FTEK), a technology company providing advanced engineering for the optimization of combustion systems, emissions control, and water treatment in utility and industrial applications, today announced that it will issue its financial results for the fourth quarter and full year ended December 31, 2023 on Monday, March 11, 2024 after the close of the stock market. Management will host a conference call on Tuesday, March 12, 2024 at 10:00 am ET / 9:00 ...

FOR IMMEDIATE RELEASE FUEL TECH REPORTS 2023 THIRD QUARTER FINANCIAL RESULTS "Revenue from our Air Pollution Control (APC) business segment increased by 36% in Q3 2023, which offset lower revenue from our FUEL CHEM® business segment," said Vincent J. Arnone, President and CEO. "FUEL CHEM operations normalized during Q3 2023 as the unit downtime we experienced in the second quarter of 2023 ("Q2 2023") caused by temporary maintenance activities and unplanned outages substantially abated. In this regard, FUEL ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to______. Commission file number: 001-33059 FUEL TECH, INC. (Exact name of registrant as specified in its charter) Delaware 20-5657551 (State or ot ...

Financial Data and Key Metrics Changes - Consolidated revenues for Q2 2023 were $5.5 million, down from $6.4 million in Q2 2022, reflecting higher APC segment revenues offset by a decline in FUEL CHEM product revenue [18][19] - Adjusted EBITDA loss was $1.2 million compared to a loss of $200,000 in the prior year period [23] - Net loss for the quarter was $1 million or $0.03 per share, compared to a net loss of $356,000 or $0.01 per share in the same period last year [47] - Consolidated gross margin for Q2 was 37% of revenues, down from 42% in the prior year period [44] Business Segment Data and Key Metrics Changes - APC segment revenue increased 25% to $3.4 million from $2.7 million in the prior year period, driven by project execution timing and new orders [43][40] - FUEL CHEM product revenue was $2 million, down from $3.6 million in the prior year quarter, primarily due to unplanned client maintenance and outages [19][6] - Consolidated APC segment backlog as of June 30 was $6.6 million, down from $7.6 million at March 31, 2023 [20] Market Data and Key Metrics Changes - The company is pursuing international opportunities for the FUEL CHEM segment, particularly in Mexico, to address emissions from high sulfur fuel oil [14] - The U.S. EPA's new rule tightening NOx emission requirements is expected to drive new APC orders over the next several years [41] Company Strategy and Development Direction - The company is focused on maintaining a conservative cost profile while investing in growth, particularly in water and wastewater treatment technology [36] - The company expects total revenues for 2023 to increase modestly to between $28 million and $30 million, up from $26.9 million in 2022 [17] - The company is working on commercializing its Dissolved Gas Infusion (DGI) technology and has commenced on-site demonstrations [12][21] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about improved performance in the second half of 2023, particularly for the FUEL CHEM segment as maintenance issues have subsided [6][27] - The company anticipates that interest income for 2023 will exceed $1.2 million [47] - Management noted that while it is too early to determine the full impact of DGI technology, initial data shows promising results [37] Other Important Information - Research and development expenses for Q2 increased to $413,000 from $289,000 in the prior year, driven by new product development efforts [21] - The company ended the quarter with total cash and investments of nearly $33 million and no long-term debt [36][48] Q&A Session Summary Question: Are you getting the full benefit of the quarter with all unplanned maintenance activities at client sites complete before Q3? - Management confirmed that most outages were completed in Q2, and they expect a normalized run rate for primary accounts in Q3 [27] Question: Were there any specific actions taken to bring SG&A down? - Management indicated that there were no material changes in human resources for DGI, but they plan to invest in SG&A as they see success in DGI [28][52] Question: Should R&D expenses be expected to be in line with Q2 rather than Q1? - Management confirmed that R&D expenses would likely remain consistent with Q2 as they continue to invest in demonstrations [30][53] Question: Is there a possibility that one of the DGI demonstrations could convert into an order recognized in Q4 2023? - Management acknowledged that while it is a possibility, they do not expect it to be material [63]

PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements) The unaudited financial statements for H1 2023 reflect a slight asset decrease and net loss, primarily due to investing activities [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) The balance sheet as of June 30, 2023, shows a slight asset decrease, with reduced cash offset by increased investments Condensed Consolidated Balance Sheet Highlights (in thousands) | Account | June 30, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Assets** | | | | Cash and cash equivalents | $15,134 | $23,328 | | Short-term investments | $12,855 | $2,981 | | Total current assets | $36,585 | $35,825 | | Total assets | $49,609 | $50,124 | | **Liabilities & Equity** | | | | Total current liabilities | $5,126 | $4,766 | | Total liabilities | $5,959 | $5,283 | | Total stockholders' equity | $43,650 | $44,841 | | Total liabilities and stockholders' equity | $49,609 | $50,124 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) For H1 2023, revenues increased, but operating and net losses widened, while Q2 2023 saw a revenue decline Statement of Operations Summary (in thousands, except per-share data) | Metric | Q2 2023 | Q2 2022 | H1 2023 | H1 2022 | | :--- | :--- | :--- | :--- | :--- | | Revenues | $5,461 | $6,368 | $12,748 | $11,903 | | Operating loss | $(1,332) | $(485) | $(1,990) | $(1,469) | | Net loss | $(1,044) | $(356) | $(1,458) | $(1,354) | | Diluted net loss per share | $(0.03) | $(0.01) | $(0.05) | $(0.04) | [Condensed Consolidated Statements of Cash Flows](index=7&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Net cash from operations improved in H1 2023, but overall cash decreased due to substantial investing activities Cash Flow Summary for Six Months Ended June 30 (in thousands) | Activity | 2023 | 2022 | | :--- | :--- | :--- | | Net cash provided by (used in) operating activities | $17 | $(3,321) | | Net cash used in investing activities | $(8,288) | $(138) | | Net cash provided by (used in) financing activities | $42 | $(17) | | **Net decrease in cash** | **$(8,194)** | **$(3,756)** | [Notes to Condensed Consolidated Financial Statements](index=8&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) The notes detail accounting policies, revenue disaggregation, segment performance, and remaining performance obligations - The company's business involves developing proprietary technologies for air pollution control (NOx reduction), process optimization (FUEL CHEM®), and water treatment (DGI® Dissolved Gas Infusion Systems)[23](index=23&type=chunk)[24](index=24&type=chunk) Revenue by Product Technology (in thousands) | Product Line | H1 2023 | H1 2022 | | :--- | :--- | :--- | | Air Pollution Control technology | $6,981 | $4,942 | | FUEL CHEM technology | $5,767 | $6,961 | | **Total Revenues** | **$12,748** | **$11,903** | Revenue by Geography (in thousands) | Geography | H1 2023 | H1 2022 | | :--- | :--- | :--- | | United States | $10,297 | $7,967 | | Foreign | $2,451 | $3,936 | | **Total Revenues** | **$12,748** | **$11,903** | - The planned suspension of the APC business in China continues, with a remaining project backlog of approximately **$3 thousand** and total net assets in China of **$790 thousand** as of June 30, 2023[47](index=47&type=chunk)[49](index=49&type=chunk) - As of June 30, 2023, the company had **$6.61 million** in remaining performance obligations, with approximately **$6.31 million** expected to be recognized as revenue over the next 12 months[45](index=45&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=18&type=section&id=Item%202.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management attributes Q2 2023 challenges to customer delays and outages, with H1 2023 revenue up and strong liquidity maintained - APC segment revenue increased **41%** to **$7.0 million** in H1 2023 due to the timing of project execution, with a consolidated APC backlog of **$6.6 million** at June 30, 2023[89](index=89&type=chunk) - FUEL CHEM segment revenue decreased **17%** to **$5.8 million** in H1 2023, primarily due to unplanned client maintenance and outages[90](index=90&type=chunk) - Consolidated gross margin for H1 2023 decreased to **38%** from **42%** in H1 2022, mainly due to a change in segment mix and lower APC gross margin[93](index=93&type=chunk) - R&D expenses increased in H1 2023, focusing on new product development, including DGI® Dissolved Gas Infusion Systems for the water and wastewater industries[96](index=96&type=chunk) - The company has a strong liquidity position with **$15.1 million** in cash and cash equivalents, **$31.5 million** in working capital, and no outstanding debt as of June 30, 2023, which management believes is adequate to fund operations for the next 12 months[100](index=100&type=chunk)[105](index=105&type=chunk) [Quantitative and Qualitative Disclosures about Market Risk](index=21&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20about%20Market%20Risk) The company's earnings and cash flow are subject to foreign currency exchange rate fluctuations, but this risk is currently immaterial - The company is exposed to market risk from changes in foreign currency exchange rates but does not use derivative instruments to hedge this exposure due to its immateriality[112](index=112&type=chunk) [Controls and Procedures](index=21&type=section&id=Item%204.%20Controls%20and%20Procedures) The CEO and principal financial officer concluded that disclosure controls are effective, with no material changes to internal controls - The CEO and principal financial officer have concluded that the company's disclosure controls and procedures were effective as of June 30, 2023[113](index=113&type=chunk) - No changes occurred in the company's internal control over financial reporting during the quarter that have materially affected, or are reasonably likely to materially affect, these controls[114](index=114&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=22&type=section&id=Item%201.%20Legal%20Proceedings) The company is not currently involved in any litigation that it believes would have a material adverse effect on its business - The company reports no current involvement in litigation expected to have a material adverse effect on its business[115](index=115&type=chunk) [Risk Factors](index=22&type=section&id=Item%201A.%20Risk%20Factors) There have been no material changes to the risk factors previously disclosed in the company's Annual Report on Form 10-K - Risk factors have not materially changed from those reported in the Annual Report on Form 10-K for the year ended December 31, 2022[116](index=116&type=chunk) [Unregistered Sales of Equity Securities and Use of Proceeds](index=22&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities during the period - None[117](index=117&type=chunk) [Exhibits](index=23&type=section&id=Item%206.%20Exhibits) This section lists the exhibits filed with the Form 10-Q, including certifications by the CEO and principal financial officer - Exhibits filed include CEO and CFO certifications pursuant to Sections 302 and 906 of the Sarbanes-Oxley Act[118](index=118&type=chunk)

Fuel Tech, Inc. (NASDAQ:FTEK) Q1 2023 Earnings Conference Call May 10, 2023 10:00 AM ET Company Participants Devin Sullivan - Managing Director, The Equity Group Vince Arnone - Chairman, President & Chief Executive Officer Ellen Albrecht - Vice President, Chief Financial Officer & Treasurer Conference Call Participants Sameer Joshi - H.C. Wainwright Operator Greetings, and welcome to Fuel Tech's First Quarter 2023 Financial Results Conference Call. At this time, all participant are in listen only mode. A br ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2023 or ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ______ to______. Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchan ...

Start Time: 10:00 January 1, 0000 10:43 AM ET Fuel Tech, Inc. (NASDAQ:FTEK) Q4 2022 Earnings Conference Call March 08, 2023, 10:00 AM ET Company Participants Vince Arnone - Chairman, President and CEO Ellen Albrecht - VP, CFO and Treasurer Devin Sullivan - Managing Director, The Equity Group Conference Call Participants Amit Dayal - H.C. Wainwright Pete Enderlin - MAZ Partners Operator Hello, and welcome to the Fuel Tech, Inc. Fiscal 2022 Fourth Quarter Financial Results Conference Call and Webcast. [Operat ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________ Form 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended: December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number 001-33059 ______________________________ Fuel Tech, Inc. (Exact name of registrant as s ...