Fuel Tech(US:FTEK)2025-11-04 21:33Financial Performance - Consolidated revenues for Q3 2025 declined to $7.5 million from $7.9 million, primarily due to lower APC revenues resulting from project execution timing[8] - Net income for Q3 2025 was $303,000, or $0.01 per share, compared to net income of $80,000, or $0.00 per share in Q3 2024[11] - For the three months ended September 30, 2025, Fuel Tech, Inc. reported a net income of $303,000, compared to a net income of $80,000 for the same period in 2024, representing a significant increase[23] - Total revenues for the three months ended September 30, 2025, were $7,490,000, a decrease of 4.6% from $7,851,000 in the same period of 2024[27] - The gross margin for the three months ended September 30, 2025, was $3,661,000, compared to $3,407,000 for the same period in 2024, indicating an increase of 7.4%[27] - For the nine months ended September 30, 2025, the net loss was $(1,125,000), compared to a net loss of $(60,000) for the same period in 2024, reflecting a substantial increase in losses[25] - Adjusted EBITDA improved to $228,000 in Q3 2025 from an Adjusted EBITDA loss of $(35,000) in Q3 2024[12] - Adjusted EBITDA for the nine months ended September 30, 2025, was $(1,455,000), an improvement from $(2,060,000) in the same period of 2024[32] Revenue Segments - APC segment revenue decreased to $2.7 million from $3.2 million, with a gross margin expansion to 47.2% from 35.0%[12] - FUEL CHEM segment revenue rose to $4.8 million from $4.6 million, with a gross margin increase to 49.8% from 49.2%[13] - The annual revenue potential from a new FUEL CHEM customer contract is projected to be approximately $2.5 to $3.0 million[4] - Revenues from the United States for the three months ended September 30, 2025, were $5,626,000, compared to $5,453,000 for the same period in 2024, showing a growth of 3.2%[30] Cash and Investments - Cash and investments totaled $33.8 million with no debt as of September 30, 2025[3] - Cash and cash equivalents increased to $13.7 million from $8.5 million as of December 31, 2024[20] - Cash and cash equivalents at the end of the period on September 30, 2025, were $13,677,000, up from $12,274,000 at the end of September 30, 2024[25] Backlog and Accounts Receivable - The APC backlog increased by more than 20% from June 30, 2025, reaching $9.5 million as of September 30, 2025[3][5] - The company experienced a significant increase in accounts receivable, which rose by $3,066,000 for the nine months ended September 30, 2025, compared to a decrease of $(845,000) in the same period of 2024[25] Expenses - The company incurred $9,895,000 in selling, general and administrative expenses for the nine months ended September 30, 2025, compared to $9,815,000 for the same period in 2024, indicating a marginal increase[27] Assets - The total assets as of September 30, 2025, were $47,913,000, a slight decrease from $48,797,000 as of December 31, 2024[30] Strategic Initiatives - A strategic acquisition of APC intellectual property from Wahlco, Inc. was completed for $350,000, enhancing the company's technology portfolio[7]