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].
Fuel Tech(FTEK) - 2024 Q4 - Annual Report