Fuel Tech, Inc. Files 10-Q for Q1 2024

TL;DR

<b>Fuel Tech, Inc. reported a slight increase in revenue and net income for Q1 2024 compared to Q1 2023, maintaining flat EPS and zero debt.</b>

AI Summary

FUEL TECH, INC. (FTEK) filed a Quarterly Report (10-Q) with the SEC on May 7, 2024. Revenue for the three months ended March 31, 2024, was $18,763,000, a slight increase from $18,703,000 in the same period of 2023. Net income for Q1 2024 was $483,000, up from $468,000 in Q1 2023. Earnings per share (EPS) remained at $0.01 for both Q1 2024 and Q1 2023. Total assets stood at $31,361,303 as of March 31, 2024, compared to $30,825,297 as of March 31, 2023. Total debt was $0 as of March 31, 2024, and December 31, 2023.

Why It Matters

For investors and stakeholders tracking FUEL TECH, INC., this filing contains several important signals. The company's revenue and net income saw marginal growth, indicating stability in its core operations. The absence of debt suggests a strong balance sheet and financial flexibility for Fuel Tech.

Risk Assessment

Risk Level: low — FUEL TECH, INC. shows low risk based on this filing. The company has a history of volatile revenues and net income, but the current filing shows stability with minimal debt, suggesting low overall risk.

Analyst Insight

Monitor future filings for sustained revenue growth and potential debt utilization for strategic investments.

Financial Highlights

debt To Equity

0.0

revenue

18,763,000

total Assets

31,361,303

total Debt

0

net Income

483,000

eps

0.01

revenue Growth

0.32%

Key Numbers

• 18,763,000 — Revenue (Three months ended March 31, 2024)
• 18,703,000 — Revenue (Three months ended March 31, 2023)
• 483,000 — Net Income (Three months ended March 31, 2024)
• 468,000 — Net Income (Three months ended March 31, 2023)
• 0.01 — EPS (Three months ended March 31, 2024)
• 0.01 — EPS (Three months ended March 31, 2023)
• 31,361,303 — Total Assets (As of March 31, 2024)
• 0 — Total Debt (As of March 31, 2024)

Key Players & Entities

• FUEL TECH, INC. (company) — Filer name
• FTEK (company) — Ticker symbol

FAQ

Industry Context

Fuel Tech, Inc. operates in the industrial and commercial fans, blowers, and air purifying equipment sector.

Regulatory Implications

The filing is a Form 10-Q, a quarterly report required by the SEC for publicly traded companies.

What Investors Should Do

1. Analyze year-over-year revenue and net income trends for sustained performance.
2. Review management's discussion and analysis for operational insights and future outlook.
3. Compare key financial ratios to industry benchmarks.

Key Dates

• 2024-03-31: End of Q1 2024 — Reporting period for the 10-Q filing.
• 2024-05-07: Filing Date — Date the 10-Q was filed with the SEC.

Year-Over-Year Comparison

Revenue increased slightly from $18,703,000 in Q1 2023 to $18,763,000 in Q1 2024. Net income also saw a modest rise from $468,000 to $483,000 over the same period.

Key Financial Figures

• $0.01 — ,297 sh ares of Common Stock, par value $0.01 per share, of the registrant. Table o

Filing Documents

• ftek20240331_10q.htm (10-Q) — 739KB
• ex_616567.htm (EX-31.1) — 9KB
• ex_616568.htm (EX-31.2) — 9KB
• ex_616569.htm (EX-32) — 9KB
• 0001437749-24-015111.txt (&nbsp;) — 4976KB
• ftek-20240331.xsd (EX-101.SCH) — 54KB
• ftek-20240331_cal.xml (EX-101.CAL) — 42KB
• ftek-20240331_def.xml (EX-101.DEF) — 342KB
• ftek-20240331_lab.xml (EX-101.LAB) — 282KB
• ftek-20240331_pre.xml (EX-101.PRE) — 375KB
• ftek20240331_10q_htm.xml (XML) — 727KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of March 31, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three Months Ended March 31, 2024 and 2023 3 Condensed Consolidated Statements of Stockholders' Equity for the Three Months Ended March 31, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2024 and 2023 5 Notes to Condensed Consolidated Financial Statements 6 Item 2.

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 16 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 19 Item 4.

Controls and Procedures

Controls and Procedures 19 PART II. OTHER INFORMATION 20 Item 1.

Legal Proceedings

Legal Proceedings 20 Item 1A.

Risk Factors

Risk Factors 20 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 20 Item 6. Exhibits 20

SIGNATURES

SIGNATURES 21 Table of Contents PART I. FINANCIAL INFORMATION Item 1.

Financial Statements

Financial Statements FUEL TECH, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)(in thousands, except share and per share data) March 31, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 11,382 $ 17,578 Short-term investments 11,872 12,136 Accounts receivable, less current expected credit loss of $ 111 and $ 111 , respectively 7,104 6,729 Inventories, net 537 439 Prepaid expenses and other current assets 1,295 1,439 Total current assets 32,190 38,321 Property and equipment, net of accumulated depreciation of $ 18,763 and $ 18,703 , respectively 4,572 4,539 Goodwill 2,116 2,116 Other intangible assets, net of accumulated amortization of $ 483 and $ 468 , respectively 343 358 Right-of-use operating lease assets, net 582 609 Long-term investments 8,879 3,664 Other assets 764 781 Total assets $ 49,446 $ 50,388 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 1,852 $ 2,421 Accrued liabilities: Operating lease liabilities - current 105 81 Employee compensation 1,289 1,252 Other accrued liabilities 1,284 1,934 Total current liabilities 4,530 5,688 Operating lease liabilities - non-current 512 533 Deferred income taxes, net 172 172 Other liabilities 276 281 Total liabilities 5,490 6,674 Stockholders' equity: Common stock, $ .01 par value, 40,000,000 shares authorized, 31,361,303 and 31,361,303 shares issued, and 30,385,297 and 30,385,297 shares outstanding, respectively 313 313 Additional paid-in capital 164,957 164,853 Accumulated deficit ( 117,248 ) ( 117,529 ) Accumulated other comprehensive loss ( 1,891 ) ( 1,748 ) Nil coupon perpetual loan notes 76 76 Treasury stock, at cost ( 2,251 ) ( 2,251 ) Total stockholders' equity 43,956 43,714 Total liabilities and stockholders' equity $ 49,446 $ 50,388 See notes to condensed consolidated financial statements. 1 Table of Contents FUEL TECH, INC. CONDENSED

View Full Filing

View this 10-Q filing on SEC EDGAR