Core Insights - Fuel Tech, Inc. reported a return to profitable operations in Q3 2024, with a focus on new customer relationships and balancing expense discipline with targeted investments in new technologies [2][4] - The company had a strong financial position with $31.3 million in cash and investments and no debt as of September 30, 2024 [2][9] - The FUEL CHEM® business segment showed improved performance, while the Air Pollution Control (APC) segment experienced a decline in revenue due to customer-driven delays [3][7] Financial Performance - Consolidated revenues for Q3 2024 decreased to $7.9 million from $8.0 million in Q3 2023, with FUEL CHEM revenue increasing and APC revenue declining [4][7] - Consolidated gross margin for Q3 2024 was 43.4%, down from 45.2% in Q3 2023, primarily due to lower APC gross margin [4] - Net income for 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][15] Segment Performance - APC segment revenue fell to $3.2 million from $3.7 million in Q3 2023, with gross margin decreasing to 35.0% from 40.3% [6][7] - FUEL CHEM segment revenue rose to $4.6 million from $4.3 million in Q3 2023, maintaining a gross margin of 49% [7][19] - The company announced approximately $2 million in new APC orders and is pursuing additional opportunities for its technologies [3][6] Cash Flow and Investments - Cash and cash equivalents at the end of Q3 2024 were $12.3 million, with short-term investments of $8.2 million and long-term investments totaling $10.9 million [9][18] - The company reported an Adjusted EBITDA loss of $(35,000) compared to an Adjusted EBITDA of $352,000 in Q3 2023 [8][24] Future Outlook - Fuel Tech is set to commence a new commercial program for its TIFI® technology, with projected annual revenue potential of approximately $1.5 to $2.0 million [2][3] - The company plans to demonstrate its DGITM technology at various sites, including a food processing plant and a municipal wastewater treatment facility [3][6]
Fuel Tech Reports 2024 Third Quarter Financial Results