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 25,133million,adecreaseof1,948 million or 7% compared to 2023[132]. - U.S. revenues decreased by 3,595millionor1721,397 million in 2023 to 17,802millionin2024,whileinternationalrevenuesincreasedby1,647 million or 29%[132]. - The APC technology segment revenues were 11,242million,adecreaseof2,241 million or 17% compared to 2023, primarily due to project execution timing and customer delays[133]. - The FUEL CHEM technology segment revenues increased to 13,891million,anincreaseof293 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 25,133million,adecreaseof7.227,081 million in 2023[248]. - Air Pollution Control technology segment revenues decreased from 13,483millionin2023to11,242 million in 2024, a decline of 16.6%[248]. - FUEL CHEM technology solutions revenues increased slightly from 13,598millionin2023to13,891 million in 2024, a growth of 2.1%[248]. Financial Position - The Company maintains a valuation allowance on deferred tax assets of 13,697,000and15,699,000 at December 31, 2024 and 2023, respectively[125]. - Cash and cash equivalents at December 31, 2024, were 8,510million,downfrom17,578 million at the end of 2023[141]. - Total current assets decreased from 38,321,000in2023to29,619,000 in 2024, a decline of approximately 22.8%[166]. - Total liabilities rose from 6,674,000in2023to6,842,000 in 2024, an increase of about 2.5%[166]. - Stockholders' equity decreased from 43,714,000in2023to41,955,000 in 2024, a decline of approximately 4.0%[166]. - The Company’s total assets decreased from 50,388,000in2023to48,797,000 in 2024, a decline of about 3.2%[166]. - The accumulated deficit increased from 117,529,000in2023to119,472,000 in 2024, reflecting a worsening financial position[166]. Expenses and Losses - Selling, general and administrative expenses increased by 958millionor713,761 million in 2024, attributed to higher employee-related costs and professional services[136]. - Research and development expenses were 1,564millionin2024,focusingonnewproductdevelopmentandinnovativetechnologieslikeDGIR◯DissolvedGasInfusionSystems[137].−ThenetlossfortheyearendedDecember31,2024,was1,943 million, compared to a net loss of 1,538millionin2023[131].−ThenetlossfortheyearendedDecember31,2024,was1.94 million, compared to a net loss of 1.54millionin2023,reflectinganincreaseinlossesofapproximately25.82.11 million for 2024, compared to a total comprehensive loss of 1.56millionin2023,markinganincreaseofapproximately35.33,433,000 in 2024, a significant decline from net cash provided of 696,000in2023[174].−Thecompanyreportedanetcashusedininvestingactivitiesof5,443,000 in 2024, a decrease from 6,444,000in2023,indicatingimprovedcashmanagementininvestment[174].−Thecompanyinvested18,060,000 in debt securities in 2024, compared to 14,026,000in2023,reflectinga28.815,800,000 in 2023 to 21,059,000in2024,representinga33.32,233 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 27,054asofDecember31,2024[272].−Theincometaxexpensefor2024was77, compared to 69in2023,reflectingaslightincreaseintaxobligations[263].−Unrecognizedtaxbenefitsincreasedto470 as of December 31, 2024, from 326in2023,whichmayimpactfutureeffectivetaxratesifrecognized[268].StockandCompensation−Commonstockissuedincreasedto31,767,329sharesasofDecember31,2024,from31,361,303sharesin2023[275].−Stock−basedcompensationfortheyearendedDecember31,2024was446 million, an increase from 389millionin2023[285].−Thecompanygranted1,040,200restrictedstockunitsin2024,withaweightedaveragegrantdatefairvalueof1.26[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].
