Fuel Tech, Inc. reported a decline in financial performance for the fiscal year ending December 31, 2024, with total revenues of $25.1 million, down 7% from $27.1 million in 2023. The decrease was primarily attributed to a 17% drop in revenues from the Air Pollution Control (APC) technology segment, which fell to $11.2 million from $13.5 million in the previous year. This decline was largely due to project delays and timing issues. In contrast, the FUEL CHEM technology segment saw a slight increase in revenues, rising to $13.9 million from $13.6 million, driven by renewed orders from previously dormant customers and the introduction of a new commercial program.
The company's operating loss widened to $4.7 million in 2024, compared to a loss of $2.7 million in 2023. This increase in losses was influenced by rising selling, general, and administrative expenses, which grew by 7% to $13.8 million, primarily due to higher employee-related costs and professional services. Despite these challenges, Fuel Tech's international revenues increased by 29% to $7.3 million, indicating a potential area for growth amid domestic challenges.
In terms of operational developments, Fuel Tech maintained a consolidated backlog of $6.2 million at the end of 2024, down from $7.5 million in 2023. The backlog consists of $1.9 million in U.S. projects and $4.3 million in international projects. The company continues to focus on expanding its customer base, particularly in the FUEL CHEM segment, where it aims to attract new clients amid a competitive landscape influenced by low natural gas prices and the growth of renewable energy sources.
Looking ahead, Fuel Tech's management expressed optimism about future growth opportunities, particularly in the water treatment sector, where they are developing new technologies. The company plans to invest in its DGI® Dissolved Gas Infusion Systems, which are currently in the demonstration phase, with expectations for additional revenue-generating opportunities in 2025. However, management also acknowledged the ongoing challenges posed by inflationary pressures on materials and labor, which could impact profitability and operational efficiency in the near term.
About FUEL TECH, INC.
About 10-K Filings
A 10-K form is a comprehensive annual report that public companies in the United States must file with the SEC, providing a detailed overview of the company's financial condition, performance, and business strategies.
Key points about the 10-K:
- Frequency: Filed annually, typically within 60 to 90 days after the end of the company's fiscal year.
-
Content: It includes:
- Detailed financial statements audited by an independent accounting firm
- Management's Discussion and Analysis (MD&A) of financial condition and results
- Description of the company's business, properties, and legal proceedings
- Risk factors and market risks
- Executive compensation and corporate governance information
- Importance: Considered the most comprehensive and important document a public company files with the SEC.
- Length: Often exceeds 100 pages due to its extensive and detailed nature.
Our Methodology
AssetRoom is committed to providing timely summaries of news from public companies. We use AI to generate these summaries quickly, but they are not reviewed by human experts.
Our method:
- Data Collection: We continuously monitor for new filings (currently limited to US-listed stocks).
- AI-Powered Analysis: Our advanced AI system processes each filing, identifying key information and extracting relevant data.
- Summary Generation: The AI creates a concise, easy-to-understand summary of the filing, highlighting the most important points.
- Publication: The summary is immediately published on our platform, allowing users instant access to the latest information.
- Email users: We distribute round-up emails according to our users preferences, keeping them in the loop with the companies they follow.
Feedback & Corrections
Spot an error or have a suggestion? Contact us.