Fuel Tech Reports Q2 2024 Results

TL;DR

Fuel Tech Q2 revenue $18.8M, net income $499K. Assets $40M.

AI Summary

Fuel Tech, Inc. reported its Q2 2024 results, with total revenues for the six months ended June 30, 2024, reaching $18.823 million. The company's net income for the same period was $499,000. As of June 30, 2024, Fuel Tech had total assets of $40,000,000.

Why It Matters

This filing provides insight into Fuel Tech's financial performance and operational status for the second quarter of 2024, impacting investor confidence and strategic decisions.

Risk Assessment

Risk Level: medium — The filing details financial performance, which can be subject to market fluctuations and operational challenges.

Key Numbers

• $18.823M — Revenue (Six months ended June 30, 2024)
• $499K — Net Income (Six months ended June 30, 2024)
• $40.0M — Total Assets (As of June 30, 2024)

Key Players & Entities

• FUEL TECH, INC. (company) — Filer
• 20240630 (date) — Reporting Period End Date
• $18,823,000 (dollar_amount) — Total Revenue for six months ended June 30, 2024
• $499,000 (dollar_amount) — Net Income for six months ended June 30, 2024
• $40,000,000 (dollar_amount) — Total Assets as of June 30, 2024

FAQ

Key Financial Figures

• $0.01 — ,273 sh ares of Common Stock, par value $0.01 per share, of the registrant. Table o

Filing Documents

• ftek20240630_10q.htm (10-Q) — 1064KB
• ex_675536.htm (EX-31.1) — 9KB
• ex_675537.htm (EX-31.2) — 9KB
• ex_675538.htm (EX-32) — 9KB
• 0001437749-24-024919.txt ( ) — 6018KB
• ftek-20240630.xsd (EX-101.SCH) — 54KB
• ftek-20240630_cal.xml (EX-101.CAL) — 43KB
• ftek-20240630_def.xml (EX-101.DEF) — 346KB
• ftek-20240630_lab.xml (EX-101.LAB) — 292KB
• ftek-20240630_pre.xml (EX-101.PRE) — 383KB
• ftek20240630_10q_htm.xml (XML) — 1096KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of June 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three and Six Months Ended June 30, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Six Months Ended June 30, 2024 and 2023 3 Condensed Consolidated Statements of Stockholders' Equity for the Three and Six Months Ended June 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the Six Months Ended June 30, 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 15 Item 3.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 17 Item 4.

Controls and Procedures

Controls and Procedures 17 PART II. OTHER INFORMATION 18 Item 1.

Legal Proceedings

Legal Proceedings 18 Item 1A.

Risk Factors

Risk Factors 18 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 18 Item 6. Exhibits 18

SIGNATURES

SIGNATURES 19 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) June 30, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 10,404 $ 17,578 Short-term investments 9,669 12,136 Accounts receivable, less current expected credit loss of $ 106 and $ 111 , respectively 8,651 6,729 Inventories, net 462 439 Prepaid expenses and other current assets 1,117 1,439 Total current assets 30,303 38,321 Property and equipment, net of accumulated depreciation of $ 18,823 and $ 18,703 , respectively 4,571 4,539 Goodwill 2,116 2,116 Other intangible assets, net of accumulated amortization of $ 499 and $ 468 , respectively 337 358 Right-of-use operating lease assets, net 551 609 Long-term investments 10,360 3,664 Other assets 756 781 Total assets $ 48,994 $ 50,388 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 2,938 $ 2,421 Accrued liabilities: Operating lease liabilities - current 94 81 Employee compensation 731 1,252 Other accrued liabilities 719 1,934 Total current liabilities 4,482 5,688 Operating lease liabilities - non-current 495 533 Deferred income taxes, net 172 172 Other liabilities 276 281 Total liabilities 5,425 6,674 Stockholders' equity: Common stock, $ .01 par value, 40,000,000 shares authorized, 31,767,329 and 31,361,303 shares issued, and 30,708,273 and 30,385,297 shares outstanding, respectively 317 313 Additional paid-in capital 165,077 164,853 Accumulated deficit ( 117,669 ) ( 117,529 ) Accumulated other comprehensive loss ( 1,886 ) ( 1,748 ) Nil coupon perpetual loan notes 76 76 Treasury stock, at cost ( 2,346 ) ( 2,251 ) Total stockholders' equity 43,569 43,714 Total liabilities and stockholders' equity $ 48,994 $ 50,388 See notes to condensed consolidated financial statements. 1 Table of Contents FUEL TECH, INC. CONDENSED CONSO

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