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]
Fuel Tech(FTEK) - 2024 Q3 - Quarterly Results