Core Insights - Birchtech Corp. reported second quarter 2025 revenues of $3.3 million, slightly down from $3.4 million in the same quarter last year, primarily due to operational challenges [9] - The company is focusing on growth in its water treatment business, with expected initial sales in the second half of 2025 [5][6] - Management emphasized the importance of protecting intellectual property and leveraging governmental support for the coal sector to drive growth in the air business [4][6] Financial Performance - Gross profit for the second quarter was $1.0 million, representing 29.8% of total revenues, down from 31.6% in the prior year [10] - Operating expenses decreased significantly, with SG&A expenses at approximately $1.7 million compared to $4.6 million in the same quarter last year [11] - The net loss improved to $1.5 million, or ($0.02) per share, compared to a net loss of $6.2 million, or ($0.07) per share in the same quarter last year [13] Strategic Developments - The company appointed Dr. David Mazyck as Executive Director of Innovation and Commercialization to enhance its water treatment technology development [8] - Birchtech is pursuing a listing on a major U.S. exchange by year-end to enhance its capital market presence [6] - The company is actively engaging in patent defense and licensing agreements to bolster its air business revenue, with a projected annual revenue run-rate of at least $40 million by the end of 2026 [8][6]

Core Insights - Fuel Tech reported a GAAP revenue shortfall of $5.6 million in Q2 2025, primarily due to delayed project execution in the Air Pollution Control (APC) segment, despite a GAAP EPS loss of $(0.02) beating consensus projections of $(0.03) [1][5][7] Financial Performance - Q2 2025 GAAP revenue was $5.6 million, down from $7.0 million in Q2 2024, representing a year-over-year decline of 20.9% [2][5] - GAAP gross margin improved to 45.5% in Q2 2025 from 41.9% in Q2 2024, with APC margin increasing to 43.9% and FUEL CHEM margin growing to 46.8% [6] - The company reported a GAAP net loss of $(689,000) for Q2 2025, wider than the previous year, and an adjusted EBITDA loss of $(0.9) million [7][10] Business Segments - The APC segment saw sales drop from $3.9 million to $2.5 million due to delayed customer contract execution, while FUEL CHEM segment revenue was $3.1 million [5][6] - The APC project backlog decreased from $10.3 million in Q1 2025 to $7.8 million in Q2 2025, but management expects new projects worth $2.5–$3.0 million to close by the end of August 2025 [7][8] Strategic Focus - Fuel Tech is focused on regulatory compliance, expanding its patent portfolio, and entering new markets such as data centers and water treatment facilities [3][4] - The company is developing its TIFI Targeted In-Furnace Injection system and advancing its water treatment initiative with Dissolved Gas Infusion technology [9] Future Outlook - Management did not provide formal guidance but expects improved performance in the second half of fiscal 2025, with anticipated revenue growth in the FUEL CHEM segment [10] - Key factors to monitor include the conversion of APC bookings, DGI demonstrations to commercial installations, and cost management amid revenue pressures [10][11]

Core Insights - Fuel Tech, Inc. reported a decline in consolidated revenues for Q2 2025 to $5.6 million from $7.0 million in Q2 2024, primarily due to lower revenues in the Air Pollution Control (APC) segment [6][8] - The company anticipates improved performance in the second half of 2025, driven by ongoing developments in its business segments and new contract opportunities, particularly in the APC segment related to data centers [2][3] - The company maintains a strong financial position with nearly $31 million in cash and no long-term debt as of June 30, 2025 [2][10] Business Segment Performance - The FUEL CHEM segment's revenue remained flat at $3.1 million, but gross margin improved to 46.8% from 45.5% due to increased sales activity [9] - APC segment revenue decreased to $2.5 million from $3.9 million, attributed to the timing of project execution, but the company expects to secure additional contracts worth between $2.5 million and $3.0 million soon [4][8] - The company is set to demonstrate its TIFI Targeted In-Furnace Injection technology in Q4 2025, which is expected to enhance its client base [3] Financial Overview - Consolidated gross margin for Q2 2025 increased to 45.5% from 41.9% in Q2 2024, reflecting improvements in both APC and FUEL CHEM segments [6] - SG&A expenses rose slightly to $3.3 million, leading to an increase in SG&A as a percentage of revenues to 60.2% from 46.1% [7] - The net loss for Q2 2025 was $(689,000), or $(0.02) per share, compared to a net loss of $(421,000), or $(0.02) per share in Q2 2024 [7][20] Cash and Investments - As of June 30, 2025, the company had cash and cash equivalents of $10.6 million, short-term investments of $12.4 million, and long-term investments totaling $7.9 million [10] - Stockholders' equity at the same date was $40.6 million, or $1.32 per share, with no debt reported [10][18] Geographic Performance - In Q2 2025, revenues from the United States were $4.4 million, while foreign revenues were $1.1 million, contributing to total revenues of $5.6 million [33] - For the six months ended June 30, 2025, total revenues were $11.9 million, slightly down from $12.0 million in the same period of 2024 [33]