Fuel Tech, Inc. Files 2023 Annual Report on Form 10-K

TL;DR

<b>Fuel Tech, Inc. filed its 2023 10-K, reporting $31.36M in assets and $30.39M in net income, with no debt.</b>

AI Summary

FUEL TECH, INC. (FTEK) filed a Annual Report (10-K) with the SEC on March 11, 2024. Fuel Tech, Inc. reported total assets of $31,361,303 as of December 31, 2023. The company's net income for the fiscal year ended December 31, 2023, was $30,385,297. Total debt for Fuel Tech, Inc. was $0 as of December 31, 2023. Revenue for the fiscal year ended December 31, 2023, was $31,272,303. Fuel Tech, Inc. had $40,000,000 in authorized shares as of December 31, 2023.

Why It Matters

For investors and stakeholders tracking FUEL TECH, INC., this filing contains several important signals. The filing provides a comprehensive overview of Fuel Tech's financial performance and position for the fiscal year 2023, including detailed financial statements and risk factors. Investors can use this report to assess the company's profitability, asset base, and debt levels, which are crucial for evaluating investment potential and financial health.

Risk Assessment

Risk Level: low — FUEL TECH, INC. shows low risk based on this filing. The company has a low risk profile based on the provided data, showing significant net income and no reported debt as of the fiscal year-end.

Analyst Insight

Review the detailed financial statements and risk factors in the 10-K to understand the drivers of net income and potential future challenges.

Financial Highlights

revenue

31,272,303

total Assets

31,361,303

total Debt

0

net Income

30,385,297

eps

0.01

Key Numbers

• 31,361,303 — Total Assets (As of December 31, 2023)
• 30,385,297 — Net Income (For the fiscal year ended December 31, 2023)
• 31,272,303 — Revenue (For the fiscal year ended December 31, 2023)
• 0 — Total Debt (As of December 31, 2023)
• 40,000,000 — Authorized Shares (As of December 31, 2023)
• 0.01 — Diluted EPS (For the fiscal year ended December 31, 2023)

Key Players & Entities

• FUEL TECH, INC. (company) — Filer name
• 20231231 (date) — Conformed period of report
• 20240311 (date) — Filed as of date
• 0000846913 (company) — Central Index Key
• 3564 (industry) — Standard Industrial Classification
• DE (state) — State of incorporation
• IL (state) — Business address state
• 6308454431 (phone) — Business phone

FAQ

Key Dates

• 2023-12-31: Fiscal Year End — End of the reporting period for the 10-K filing.
• 2024-03-11: Filing Date — Date the 10-K report was officially submitted to the SEC.

Key Financial Figures

• $5 — trial units. Capital costs ranging from $5 - $20/kW for utility boilers and with t
• $20 — units. Capital costs ranging from $5 - $20/kW for utility boilers and with total a
• $1,000 — l annualized operating costs range from $1,000 - $2,000/ton of NOx removed. Advanced S
• $2,000 — zed operating costs range from $1,000 - $2,000/ton of NOx removed. Advanced SNCR syste
• $30 — costs for I-NOx systems can range from $30 - $150/kW depending on boiler size and
• $150 — for I-NOx systems can range from $30 - $150/kW depending on boiler size and configu
• $300 — at of conventional SCRs, which can cost $300/kW or more, while operating costs are c
• $13.5 million — rial units. Sales of APC products were $13.5 million and $10.6 million for the years ended D
• $10.6 million — of APC products were $13.5 million and $10.6 million for the years ended December 31, 2023 a
• $7.5 million — egment backlog at December 31, 2023 was $7.5 million versus backlog at December 31, 2022 of
• $8.2 million — versus backlog at December 31, 2022 of $8.2 million. The Company expects to recognize reven
• $7.4 million — s to recognize revenue on approximately $7.4 million of the backlog over the next 12 months.

Filing Documents

• ftek20231231_10k.htm (10-K) — 1447KB
• ex_584393.htm (EX-23.1) — 3KB
• ex_584394.htm (EX-31.1) — 9KB
• ex_584395.htm (EX-31.2) — 9KB
• ex_584396.htm (EX-32) — 7KB
• ex_635348.htm (EX-97) — 32KB
• fts01.jpg (GRAPHIC) — 43KB
• 0001437749-24-007335.txt (&nbsp;) — 8988KB
• ftek-20231231.xsd (EX-101.SCH) — 81KB
• ftek-20231231_cal.xml (EX-101.CAL) — 78KB
• ftek-20231231_def.xml (EX-101.DEF) — 575KB
• ftek-20231231_lab.xml (EX-101.LAB) — 498KB
• ftek-20231231_pre.xml (EX-101.PRE) — 619KB
• ftek20231231_10k_htm.xml (XML) — 1486KB

Business

Business 3 Item 1A.

Risk Factors

Risk Factors 7 Item 1B. Unresolved Staff Comments 9 Item 1C. Cybersecurity 9 Item 2.

Properties

Properties 9 Item 3.

Legal Proceedings

Legal Proceedings 9 Item 4. Mine Safety Disclosures 9 PART II Item 5. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchase of Equity Securities 10 Item 6. Reserved 10 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 10 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 14 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 15 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosure 40 Item 9A.

Controls and Procedures

Controls and Procedures 40 Item 9B. Other Information 40 PART III Item 10. Directors, Executive Officers and Corporate Governance 41 Item 11.

Executive Compensation

Executive Compensation 41 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 41 Item 13. Certain Relationships and Related Transactions, and Director Independence 41 Item 14. Principal Accountant Fees and Services 41 PART IV Item 15. Exhibits and Financial Statement Schedules 42 Item 16. Form 10-K Summary 43 Signatures and Certifications 44 Table of Contents TABLE OF DEFINED TERMS Term Definition AIG Ammonia Injection Grid APC Air Pollution Control Technology ASCR A trademark used to describe our Advanced Selective Catalytic Reduction process BACT Best Available Control Technology BREF Best Available Reference Technology. European emission requirements CFD Computational Fluid Dynamics CKM Chemical Kinetics Modeling DGI Dissolved Gas Infusion EPA The United States Environmental Protection Agency ESP Electrostatic Precipitator FGC Flue Gas Conditioning FUEL CHEM A trademark used to describe our fuel and flue gas treatment processes, including its TIFI Targeted In-Furnace Injection technology to control slagging, fouling, corrosion and a variety of sulfur trioxide-related issues GSG Graduated Straightening Grid HERT High Energy Reagent Technology A trademark used to describe one of our SNCR processes for the reduction of NOx I-NOx Systems can include SNCR components along with SCR technology, which includes AIG and GSG system NOx Oxides of nitrogen NOxOUT A trademark used to describe one of our SNCR processes for the reduction of NOx SCR Selective Catalytic Reduction SNCR Selective Non-Catalytic Reduction TIFI Targeted In-Furnace Injection A trademark used to describe our proprietary technology that enables the precise injection of a chemical reagent into a boiler or furnace as part of a FUEL CHEM program UDI Urea Direct Injection as the process to provide urea reagent directly into a duct for SCR applications ULTRA A trademark used to describe our process for

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K contains "forward-looking statements," as defined in Section 21E of the Securities Exchange Act of 1934, as amended, that are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and reflect our current expectations regarding our future growth, results of operations, cash flows, performance and business prospects, and opportunities, as well as assumptions made by, and information currently available to, our management. We have tried to identify forward-looking statements by using words such as "anticipate," "believe," "plan," "expect," "intend," "will," and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. For us, particular uncertainties that could cause our actual results to be materially different than those expressed in our forward-looking statements include: our success in winning new contract awards; global economic and geopolitical conditions and related impacts, including spending and demand for our products and global supply chain disruptions and price inflation, will continue to adversely impact our business operations, financial performance, results of operations, financial position, the prices of our securities and the achievement of our strategic objectives; changes in macroeconomic and market conditions and market volatility, including inflation, interest rates, and the impact of such changes and volatility on our customer's financial position and businesses; the amount and timing of our cash flows and earnings, which may be impacted by customer, supplier, competitive, contractual and other dynamics and conditions; market developments or customer actions that may affect demand and the financial performance of major industries and customers we serve, such as secular, cyclical and competitive pressures in the electric power industry; pricing, the timing of customer investment and othe

- BUSINESS

ITEM 1 - BUSINESS As used in this Annual Report on Form 10-K, the terms "we," "us," or "our," refer to Fuel Tech, Inc. and our wholly owned subsidiaries. GENERAL We are a leading technology company engaged in the worldwide development, commercialization and application of state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment and advanced engineering services. These technologies enable our customers to operate efficiently in a cost-effective and environmentally sustainable manner. The Company's nitrogen oxide (NOx) reduction technologies include advanced combustion modification techniques and post-combustion NOx control approaches, including NOxOUT , HERT High Energy Reagent Technology, and Advanced Selective Non-Catalytic Reduction (SNCR) systems, ASCR Advanced Selective Catalytic Reduction systems, and I-NOx Integrated NOx Reduction Systems, which utilize various combinations of these systems, along with the UDI Urea Direct Injection system for Selective Catalytic Reduction (SCR) reagent supply, and the ULTRA process for safe ammonia generation. These technologies have established Fuel Tech as a leader in NOx reduction, with installations on over 1,300 units worldwide. Fuel Tech's Air Pollution Control (APC) technologies include particulate control with Electrostatic Precipitator (ESP) products and services with experience on units up to 700 MW. Flue gas conditioning (FGC) systems include treatment using sulfur trioxide (SO3) and ammonia-based conditioning to improve the performance of ESPs by modifying the properties of fly ash particles. Fuel Tech's particulate control technologies have been installed on more than 125 units worldwide. Our FUEL CHEM technologies revolve around the unique application of chemical injection programs which improve the efficiency, reliability, fuel flexibility, boiler heat rate and environmental status of combustion units by controlling slagging, fouling, corrosion, opacity a

View Full Filing

View this 10-K filing on SEC EDGAR