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]
Fuel Tech(FTEK) - 2024 Q4 - Annual Results