Fuel Tech Reports Modest Q3 Revenue Growth

TL;DR

Fuel Tech's Q3 revenue up slightly to $18.9M, net income $0.51M. EPS flat at $0.01.

AI Summary

Fuel Tech, Inc. reported its Q3 2024 results, showing total revenues of $18.9 million for the nine months ended September 30, 2024, compared to $18.7 million in the same period of 2023. The company's net income for the nine months was $0.51 million, a slight increase from $0.47 million in the prior year. Earnings per share remained at $0.01 for both periods.

Why It Matters

This filing provides insight into Fuel Tech's financial performance, indicating stable revenue and a slight increase in profitability, which can influence investor confidence and market perception.

Risk Assessment

Risk Level: low — The filing shows stable financial performance with modest growth, indicating low immediate risk.

Key Numbers

• $18.9M — Revenue (9 Months Ended 09/30/2024) (Slight increase from $18.7M in the prior year period.)
• $0.51M — Net Income (9 Months Ended 09/30/2024) (Slight increase from $0.47M in the prior year period.)
• $0.01 — EPS (9 Months Ended 09/30/2024) (Flat compared to the prior year period.)
• 40,000,000 — Common Stock Outstanding (Represents the total shares of common stock issued and outstanding.)

Key Players & Entities

• FUEL TECH, INC. (company) — Filer
• 20240930 (date) — Reporting Period End Date
• $18,926,000 (dollar_amount) — Nine Months Ended September 30, 2024 Revenue
• $18,703,000 (dollar_amount) — Nine Months Ended September 30, 2023 Revenue
• $510,000 (dollar_amount) — Nine Months Ended September 30, 2024 Net Income
• $468,000 (dollar_amount) — Nine Months Ended September 30, 2023 Net Income
• $0.01 (dollar_amount) — Earnings Per Share for Nine Months Ended September 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

• ftek20240930_10q.htm (10-Q) — 1148KB
• ex_718101.htm (EX-31.1) — 9KB
• ex_718102.htm (EX-31.2) — 9KB
• ex_718103.htm (EX-32) — 9KB
• 0001437749-24-033640.txt ( ) — 6146KB
• ftek-20240930.xsd (EX-101.SCH) — 54KB
• ftek-20240930_cal.xml (EX-101.CAL) — 43KB
• ftek-20240930_def.xml (EX-101.DEF) — 347KB
• ftek-20240930_lab.xml (EX-101.LAB) — 293KB
• ftek-20240930_pre.xml (EX-101.PRE) — 383KB
• ftek20240930_10q_htm.xml (XML) — 1126KB

FINANCIAL INFORMATION

PART I. FINANCIAL INFORMATION Item 1.

Financial Statements (Unaudited)

Financial Statements (Unaudited) 1 Condensed Consolidated Balance Sheets as of September 30, 2024 and December 31, 2023 1 Condensed Consolidated Statements of Operations for the Three and Nine Months Ended September 30, 2024 and 2023 2 Condensed Consolidated Statements of Comprehensive Income (Loss) for the Three and Nine Months Ended September 30, 2024 and 2023 3 Condensed Consolidated Statements of Stockholders' Equity for the Three and Nine Months Ended September 30, 2024 and 2023 4 Condensed Consolidated Statements of Cash Flows for the Nine Months Ended September 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) September 30, December 31, 2024 2023 ASSETS Current assets: Cash and cash equivalents $ 12,274 $ 17,578 Short-term investments 8,162 12,136 Accounts receivable, less current expected credit loss of $ 106 and $ 111 , respectively 9,202 6,729 Inventories, net 441 439 Prepaid expenses and other current assets 838 1,439 Total current assets 30,917 38,321 Property and equipment, net of accumulated depreciation of $ 18,926 and $ 18,703 , respectively 4,596 4,539 Goodwill 2,116 2,116 Other intangible assets, net of accumulated amortization of $ 510 and $ 468 , respectively 327 358 Right-of-use operating lease assets, net 523 609 Long-term investments 10,881 3,664 Other assets 757 781 Total assets $ 50,117 $ 50,388 LIABILITIES AND STOCKHOLDERS' EQUITY Current liabilities: Accounts payable $ 3,271 $ 2,421 Accrued liabilities: Operating lease liabilities - current 81 81 Employee compensation 759 1,252 Other accrued liabilities 1,204 1,934 Total current liabilities 5,315 5,688 Operating lease liabilities - non-current 480 533 Deferred income taxes, net 172 172 Other liabilities 286 281 Total liabilities 6,253 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 165,186 164,853 Accumulated deficit ( 117,589 ) ( 117,529 ) Accumulated other comprehensive loss ( 1,780 ) ( 1,748 ) Nil coupon perpetual loan notes 76 76 Treasury stock, at cost ( 2,346 ) ( 2,251 ) Total stockholders' equity 43,864 43,714 Total liabilities and stockholders' equity $ 50,117 $ 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