Fuel Tech Reports 2023 Fourth Quarter and Full Year Financial Results
- Higher total revenues reported for 2023 compared to 2022
- Successful trial of DGITM technology in aquaculture
- Tight expense control maintained
- Ended the year with $33.4 million in cash and investments
- APC business performed well with a backlog increase to $7.5 million
- Fuel Chem segment revenues declined due to warmer weather impacting unit dispatch
- Targeting first commercial contract for DGI in 2024
- Consolidated revenues for Q4 2023 declined to $6.3 million from $7.0 million in Q4 2022
- Net loss in Q4 2023 was $(539,000), or $(0.02) per share, compared to net loss of $(402,000), or $(0.01) per share, in Q4 2022
- Adjusted EBITDA loss was $(0.6) million in Q4 2023 compared to Adjusted EBITDA loss of $(0.3) million in Q4 2022
- Consolidated revenues for 2023 rose 1.0% to $27.1 million from $26.9 million in 2022
- Net loss for 2023 was $(1.5) million, or $(0.05) per share, compared to net loss of $(1.4) million, or $(0.05) per share, in 2022
- Adjusted EBITDA loss was $(2.0) million in 2023 compared to Adjusted EBITDA loss of $(0.9) million in 2022
Fuel Tech's mixed financial results, including a year-over-year increase in total revenues for 2023 but a net loss for both Q4 2023 and the full year, reflect the company's challenging market environment. The rise in gross margins, particularly in the Air Pollution Control (APC) segment, indicates improved efficiency or a favorable project mix. However, the overall net loss and increased SG&A expenses suggest that the company's cost control measures may not be fully compensating for the revenue decline in the FUEL CHEM segment.
Investors should note the strategic significance of the company's strong financial position with substantial cash reserves and no long-term debt. This could potentially provide resilience against market volatility and enable strategic investments or R&D initiatives. The APC backlog increase suggests a healthy pipeline, but the expected delay in new award activity until the second half of 2024 could indicate a period of revenue stagnation or uncertainty in the near term.
The reported increase in interest income for Fuel Tech is indicative of a broader economic context where higher interest rates are impacting corporate earnings. This could be both a risk and an opportunity, depending on the company's ability to manage cash effectively and leverage investment opportunities.
The decline in the FUEL CHEM segment revenue, attributed to warmer weather and thus reduced demand for electrical generation, underscores the susceptibility of certain business segments to external environmental factors. However, the stable gross margin in this segment suggests that Fuel Tech is maintaining operational efficiency despite revenue fluctuations.
From an investment perspective, the unchanged Adjusted EBITDA loss year-over-year might raise concerns about the company's ability to turn operational improvements into bottom-line results. The modest increase in APC revenue forecasted for 2024 needs to be balanced against the company's overall performance and the potential for increased SG&A expenses to erode profitability.
The successful trial of Fuel Tech's Dissolved Gas Infusion (DGI) technology in an aquaculture setting and the subsequent increase in inquiries suggest a growing market interest in sustainable and environmentally friendly technologies. The focus on DGI technology could represent a strategic pivot towards emerging markets with significant growth potential, such as aquaculture and water treatment.
The APC segment's strong performance and the emphasis on emissions control solutions reflect the ongoing demand for environmental technologies driven by regulatory pressures and corporate sustainability goals. The increased backlog and gross margin in this segment suggest that Fuel Tech is well-positioned to capitalize on these market trends.
However, the company's ability to secure its first commercial contract for DGI in 2024 will be critical to validate the technology's market viability and could serve as a catalyst for future revenue streams. Stakeholders should monitor the progress of negotiations and on-site demonstrations as indicators of the company's potential to grow this segment.
“We reported higher total revenues compared to full year 2022, completed a successful trial of our Dissolved Gas Infusion (DGITM) technology in an aquaculture setting, maintained tight expense control, and ended the year in a strong financial position, with
“Our Air Pollution Control (APC) business performed well in the 2023 fourth quarter and full year, driven by approximately
Mr. Arnone concluded, “We are very pleased with the trajectory of our DGI business segment. In February we announced the publication of a white paper that detailed the benefits of deploying DGI for oxygen injection at a shrimp farm in the US and we presented these results at Aquaculture America in
Q4 2023 Consolidated Results Overview
Consolidated revenues for Q4 2023 declined to
Consolidated gross margin for Q4 2023 rose to
SG&A expenses increased to
Interest income improved to
Net loss in Q4 2023 was
Consolidated APC segment backlog at December 31, 2023 was
APC segment revenue decreased to
FUEL CHEM segment revenue declined to
Adjusted EBITDA loss was
2023 Full Year Overview
Consolidated revenues for 2023 rose
Consolidated gross margin for full year 2023 was unchanged at
SG&A expenses for 2023 increased to
Interest income improved to
Net loss for 2023 was
Adjusted EBITDA loss was
Financial Condition
At December 31, 2023, cash and cash equivalents were
Conference Call
Management will host a conference call on Tuesday, March 12, 2024 at 10:00 am ET / 9:00 am CT to discuss the results and business activities. Interested parties may participate in the call by dialing:
- (877) 423-9820 (Domestic) or
- (201) 493-6749 (International)
The conference call will also be accessible via the Upcoming Events section of the Company’s web site at www.ftek.com. Following management’s opening remarks, there will be a question-and-answer session. Questions may be asked during the live call, or alternatively, you may e-mail questions in advance to dsullivan@equityny.com. For those who cannot listen to the live broadcast, an online replay will be available at www.ftek.com.
About Fuel Tech
Fuel Tech develops and commercializes state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment, and advanced engineering services. These technologies enable customers to operate in a cost-effective and environmentally sustainable manner. Fuel Tech is a leader in nitrogen oxide (NOx) reduction and particulate control technologies and its solutions have been installed on over 1,300 utility, industrial and municipal units worldwide. The Company’s FUEL CHEM® technology improves the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling slagging, fouling, corrosion and opacity. Water treatment technologies include DGI® Dissolved Gas Infusion Systems which utilize a patented channel injector to deliver supersaturated oxygen solutions and other gas-water combinations to target process applications or environmental issues. This infusion process has a variety of applications in the water and wastewater industries, including remediation, aeration, biological treatment and wastewater odor management. Many of Fuel Tech’s products and services rely heavily on the Company’s exceptional Computational Fluid Dynamics modeling capabilities, which are enhanced by internally developed, high-end visualization software. For more information, visit Fuel Tech’s web site at www.ftek.com.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release contains “forward-looking statements” as defined in Section 21E of the Securities Exchange Act of 1934, as amended, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and reflect Fuel Tech’s current expectations regarding 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. Fuel Tech has tried to identify forward-looking statements by using words such as “anticipate,” “believe,” “plan,” “expect,” “estimate,” “intend,” “will,” and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on information currently available to Fuel Tech and are subject to various risks, uncertainties, and other factors, including, but not limited to, those discussed in Fuel Tech’s Annual Report on Form 10-K in Item 1A under the caption “Risk Factors,” and subsequent filings under the Securities Exchange Act of 1934, as amended, which could cause Fuel Tech’s actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Fuel Tech undertakes no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances or for any other reason. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those detailed in Fuel Tech’s filings with the Securities and Exchange Commission.
FUEL TECH, INC. |
||||||||
CONDENSED CONSOLIDATED BALANCE SHEETS |
||||||||
(in thousands, except share and per share data) |
||||||||
|
|
December 31, |
|
|||||
|
|
2023 |
|
|
2022 |
|
||
ASSETS |
|
|
|
|
|
|
|
|
Current assets: |
|
|
|
|
|
|
|
|
Cash and cash equivalents |
|
$ |
17,578 |
|
|
$ |
23,328 |
|
Short-term investments |
|
|
12,136 |
|
|
|
2,981 |
|
Accounts receivable, less current expected credit loss of |
|
|
6,729 |
|
|
|
7,729 |
|
Inventories, net |
|
|
439 |
|
|
|
392 |
|
Prepaid expenses and other current assets |
|
|
1,439 |
|
|
|
1,395 |
|
Total current assets |
|
|
38,321 |
|
|
|
35,825 |
|
Property and equipment, net |
|
|
4,539 |
|
|
|
4,435 |
|
Goodwill |
|
|
2,116 |
|
|
|
2,116 |
|
Other intangible assets, net |
|
|
358 |
|
|
|
397 |
|
Right-of-use operating lease assets |
|
|
609 |
|
|
|
197 |
|
Long-term investments |
|
|
3,664 |
|
|
|
6,360 |
|
Other assets |
|
|
781 |
|
|
|
794 |
|
Total assets |
|
$ |
50,388 |
|
|
$ |
50,124 |
|
LIABILITIES AND STOCKHOLDERS’ EQUITY |
|
|
|
|
|
|
|
|
Current liabilities: |
|
|
|
|
|
|
|
|
Accounts payable |
|
$ |
2,421 |
|
|
$ |
2,710 |
|
Accrued liabilities: |
|
|
|
|
|
|
|
|
Operating lease liabilities - current |
|
|
81 |
|
|
|
125 |
|
Employee compensation |
|
|
1,252 |
|
|
|
1,105 |
|
Other accrued liabilities |
|
|
1,934 |
|
|
|
826 |
|
Total current liabilities |
|
|
5,688 |
|
|
|
4,766 |
|
Operating lease liabilities - non-current |
|
|
533 |
|
|
|
66 |
|
Deferred income taxes |
|
|
172 |
|
|
|
177 |
|
Other liabilities |
|
|
281 |
|
|
|
274 |
|
Total liabilities |
|
|
6,674 |
|
|
|
5,283 |
|
Commitments and contingencies (Note 9) |
|
|
|
|
|
|
|
|
Stockholders’ equity: |
|
|
|
|
|
|
|
|
Common stock, |
|
|
313 |
|
|
|
313 |
|
Additional paid-in capital |
|
|
164,853 |
|
|
|
164,422 |
|
Accumulated deficit |
|
|
(117,529 |
) |
|
|
(115,991 |
) |
Accumulated other comprehensive loss |
|
|
(1,748 |
) |
|
|
(1,728 |
) |
Nil coupon perpetual loan notes |
|
|
76 |
|
|
|
76 |
|
Treasury stock, at cost (Note 5) |
|
|
(2,251 |
) |
|
|
(2,251 |
) |
Total stockholders’ equity |
|
|
43,714 |
|
|
|
44,841 |
|
Total liabilities and stockholders’ equity |
|
$ |
50,388 |
|
|
$ |
50,124 |
|
See notes to condensed consolidated financial statements. |
FUEL TECH, INC. |
||||||||||||||||
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS |
||||||||||||||||
(in thousands, except share and per-share data) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||
|
|
December 31, |
|
|
December 31, |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
Revenues |
|
$ |
6,345 |
|
|
$ |
7,021 |
|
|
$ |
27,081 |
|
|
$ |
26,941 |
|
Costs and expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cost of sales |
|
|
3,102 |
|
|
|
4,018 |
|
|
|
15,425 |
|
|
|
15,298 |
|
Selling, general and administrative |
|
|
3,677 |
|
|
|
3,074 |
|
|
|
12,803 |
|
|
|
12,275 |
|
Research and development |
|
|
367 |
|
|
|
179 |
|
|
|
1,511 |
|
|
|
895 |
|
|
|
|
7,146 |
|
|
|
7,271 |
|
|
|
29,739 |
|
|
|
28,468 |
|
Operating loss |
|
|
(801 |
) |
|
|
(250 |
) |
|
|
(2,658 |
) |
|
|
(1,527 |
) |
Interest expense |
|
|
(6 |
) |
|
|
(4 |
) |
|
|
(21 |
) |
|
|
(17 |
) |
Interest income |
|
|
332 |
|
|
|
101 |
|
|
|
1,300 |
|
|
|
202 |
|
Other income (expense), net |
|
|
5 |
|
|
|
(204 |
|
|
|
(90 |
) |
|
|
(46 |
) |
Loss before income taxes |
|
|
(470 |
) |
|
|
(357 |
) |
|
|
(1,469 |
) |
|
|
(1,388 |
) |
Income tax expense |
|
|
(69 |
) |
|
|
(45 |
) |
|
|
(69 |
) |
|
|
(54 |
) |
Net loss |
|
$ |
(539 |
) |
|
$ |
(402 |
) |
|
$ |
(1,538 |
) |
|
$ |
(1,442 |
) |
Net loss per common share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic net loss per common share |
|
$ |
(0.02 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.05 |
) |
Diluted net loss per common share |
|
$ |
(0.02 |
) |
|
$ |
(0.01 |
) |
|
$ |
(0.05 |
) |
|
$ |
(0.05 |
) |
Weighted-average number of common shares outstanding: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Basic |
|
|
30,385,000 |
|
|
|
30,296,000 |
|
|
|
30,348,000 |
|
|
|
30,289,000 |
|
Diluted |
|
|
30,385,000 |
|
|
|
30,296,000 |
|
|
|
30,348,000 |
|
|
|
30,289,000 |
|
See notes to condensed consolidated financial statements. |
FUEL TECH, INC. |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS |
||||||||
(in thousands) |
||||||||
|
|
For the years ended December 31, |
|
|||||
|
|
2023 |
|
|
2022 |
|
||
Net loss |
|
$ |
(1,538 |
) |
|
$ |
(1,442 |
) |
Other comprehensive loss: |
|
|
|
|
|
|
|
|
Foreign currency translation adjustments |
|
|
(20 |
) |
|
|
(124 |
) |
Total other comprehensive loss |
|
|
(20 |
) |
|
|
(124 |
) |
Comprehensive loss |
|
$ |
(1,558 |
) |
|
$ |
(1,566 |
) |
See notes to condensed consolidated financial statements. |
FUEL TECH, INC. |
||||||||
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS |
||||||||
(in thousands) |
||||||||
|
|
For the years ended December 31, |
|
|||||
|
|
2023 |
|
|
2022 |
|
||
OPERATING ACTIVITIES |
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(1,538 |
) |
|
$ |
(1,442 |
) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
Depreciation |
|
|
281 |
|
|
|
352 |
|
Amortization |
|
|
61 |
|
|
|
88 |
|
Loss on sale of equipment |
|
|
10 |
|
|
|
— |
|
Non-cash interest income on held-to-maturity securities |
|
|
(433 |
) |
|
|
(5 |
) |
Provision for credit losses, net of recoveries |
|
|
— |
|
|
|
(106 |
) |
Deferred income taxes |
|
|
(5 |
) |
|
|
38 |
|
Stock-based compensation, net of forfeitures |
|
|
389 |
|
|
|
224 |
|
Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
Accounts receivable |
|
|
1,039 |
|
|
|
(4,448 |
) |
Inventories |
|
|
(46 |
) |
|
|
(45 |
) |
Prepaid expenses, other current assets and other non-current assets |
|
|
(6 |
) |
|
|
(314 |
) |
Accounts payable |
|
|
(295 |
) |
|
|
1,159 |
|
Accrued liabilities and other non-current liabilities |
|
|
1,239 |
|
|
|
360 |
|
Net cash provided by (used in) operating activities |
|
|
696 |
|
|
|
(4,139 |
) |
|
|
|
|
|
|
|
|
|
INVESTING ACTIVITIES |
|
|
|
|
|
|
|
|
Purchases of equipment and patents |
|
|
(418 |
) |
|
|
(206 |
) |
Purchases of debt securities |
|
|
(14,026 |
) |
|
|
(9,777 |
) |
Maturities of debt securities |
|
|
8,000 |
|
|
|
500 |
|
Net cash used in investing activities |
|
|
(6,444 |
) |
|
|
(9,483 |
) |
|
|
|
|
|
|
|
|
|
FINANCING ACTIVITIES |
|
|
|
|
|
|
|
|
Proceeds from exercise of stock options |
|
|
42 |
|
|
|
— |
|
Taxes paid on behalf of equity award participants |
|
|
— |
|
|
|
(17 |
) |
Net cash provided by (used in) financing activities |
|
|
42 |
|
|
|
(17 |
) |
Effect of exchange rate fluctuations on cash |
|
|
(44 |
) |
|
|
(87 |
) |
Net decrease in cash and cash equivalents |
|
|
(5,750 |
) |
|
|
(13,726 |
) |
Cash and cash equivalents at beginning of period |
|
|
23,328 |
|
|
|
37,054 |
|
Cash and cash equivalents at end of period |
|
$ |
17,578 |
|
|
$ |
23,328 |
|
|
|
|
|
|
|
|
|
|
Supplemental Cash Flow Information: |
|
|
|
|
|
|
|
|
Cash paid for: |
|
|
|
|
|
|
|
|
Cash income taxes paid, net |
|
$ |
12 |
|
|
$ |
14 |
|
See notes to condensed consolidated financial statements. |
Fuel Tech, Inc. |
||||||||||||||||
Segment Data- Reporting Segments |
||||||||||||||||
(in thousands) |
||||||||||||||||
Information about reporting segment net sales and gross margin from operations is provided below: |
||||||||||||||||
Three months ended December 31, 2023 |
|
Air Pollution
|
|
|
FUEL
|
|
|
Other |
|
|
Total |
|
||||
Revenues from external customers |
|
$ |
2,791 |
|
|
$ |
3,554 |
|
|
$ |
— |
|
|
$ |
6,345 |
|
Cost of sales |
|
|
(1,255 |
) |
|
|
(1,847 |
) |
|
|
— |
|
|
|
(3,102 |
) |
Gross margin |
|
|
1,536 |
|
|
|
1,707 |
|
|
|
— |
|
|
|
3,243 |
|
Selling, general and administrative |
|
|
— |
|
|
|
— |
|
|
|
(3,677 |
) |
|
|
(3,677 |
) |
Research and development |
|
|
— |
|
|
|
— |
|
|
|
(367 |
) |
|
|
(367 |
) |
Operating income (loss) from continuing operations |
|
$ |
1,536 |
|
|
$ |
1,707 |
|
|
$ |
(4,044 |
) |
|
$ |
(801 |
) |
Three ended December 31, 2022 |
Air Pollution
|
|
FUEL
|
|
Other |
|
Total |
|
||||
Revenues from external customers |
$ |
2,927 |
|
$ |
4,094 |
|
$ |
— |
|
$ |
7,021 |
|
Cost of sales |
|
(1,892 |
) |
|
(2,126 |
) |
|
— |
|
|
(4,018 |
) |
Gross margin |
|
1,035 |
|
|
1,968 |
|
|
— |
|
|
3,003 |
|
Selling, general and administrative |
|
— |
|
|
— |
|
|
(3,074 |
) |
|
(3,074 |
) |
Research and development |
|
— |
|
|
— |
|
|
(179 |
) |
|
(179 |
) |
Operating income (loss) from continuing operations |
$ |
1,035 |
|
$ |
1,968 |
|
$ |
(3,253 |
) |
$ |
(250 |
) |
For the year ended December 31, 2023 |
|
Air Pollution
|
|
|
FUEL
|
|
|
Other |
|
|
Total |
|
||||
Revenues from external customers |
|
$ |
13,483 |
|
|
$ |
13,598 |
|
|
$ |
— |
|
|
$ |
27,081 |
|
Cost of sales |
|
|
(8,410 |
) |
|
|
(7,015 |
) |
|
|
— |
|
|
|
(15,425 |
) |
Gross margin |
|
|
5,073 |
|
|
|
6,583 |
|
|
|
— |
|
|
|
11,656 |
|
Selling, general and administrative |
|
|
— |
|
|
|
— |
|
|
|
(12,803 |
) |
|
|
(12,803 |
) |
Research and development |
|
|
— |
|
|
|
— |
|
|
|
(1,511 |
) |
|
|
(1,511 |
) |
Operating income (loss) from continuing operations |
|
$ |
5,073 |
|
|
$ |
6,583 |
|
|
$ |
(14,314 |
) |
|
$ |
(2,658 |
) |
For the year ended December 31, 2022 |
Air Pollution
|
|
FUEL
|
|
Other |
|
Total |
|
||||
Revenues from external customers |
$ |
10,597 |
|
$ |
16,344 |
|
$ |
— |
|
$ |
26,941 |
|
Cost of sales |
|
(6,924 |
) |
|
(8,374 |
) |
|
— |
|
|
(15,298 |
) |
Gross margin |
|
3,673 |
|
|
7,970 |
|
|
— |
|
|
11,643 |
|
Selling, general and administrative |
|
— |
|
|
— |
|
|
(12,275 |
) |
|
(12,275 |
) |
Research and development |
|
— |
|
|
— |
|
|
(895 |
) |
|
(895 |
) |
Operating income (loss) from continuing operations |
$ |
3,673 |
|
$ |
7,970 |
|
$ |
(13,170 |
) |
$ |
(1,527 |
) |
Fuel Tech, Inc. |
||||||||
Geographic Segment Financial Data |
||||||||
(in thousands) |
||||||||
Information concerning our operations by geographic area is provided below. Revenues are attributed to countries based on the location of the end-user. Assets are those directly associated with operations of the geographic area. |
||||||||
For the years ended December 31, |
|
2023 |
|
|
2022 |
|
||
Revenues: |
|
|
|
|
|
|
|
|
|
|
$ |
21,062 |
|
|
$ |
20,311 |
|
Foreign |
|
|
6,019 |
|
|
|
6,630 |
|
|
|
$ |
27,081 |
|
|
$ |
26,941 |
|
As of December 31, |
|
2023 |
|
|
2022 |
|
||
Assets: |
|
|
|
|
|
|
|
|
|
|
$ |
46,487 |
|
|
$ |
47,007 |
|
Foreign |
|
|
3,901 |
|
|
|
3,117 |
|
|
|
$ |
50,388 |
|
|
$ |
50,124 |
|
FUEL TECH, INC. |
||||||||||||||||
RECONCILIATION OF GAAP NET LOSS TO EBITDA AND ADJUSTED EBITDA |
||||||||||||||||
(in thousands) |
||||||||||||||||
|
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||
|
|
December 31, |
|
|
December 31, |
|
||||||||||
|
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net loss |
|
$ |
(539 |
) |
$ |
(402 |
) |
|
$ |
(1,538 |
) |
|
$ |
(1,442 |
) |
|
Interest income, net |
|
|
(326 |
) |
|
|
(97 |
|
|
|
(1,279 |
) |
|
|
(185 |
) |
Income tax expense |
|
|
69 |
|
|
|
45 |
|
|
|
69 |
|
|
|
54 |
|
Depreciation expense |
|
|
34 |
|
|
|
85 |
|
|
|
281 |
|
|
|
352 |
|
Amortization expense |
|
|
15 |
|
|
|
18 |
|
|
|
61 |
|
|
|
88 |
|
EBITDA |
|
|
(747 |
) |
|
|
(351 |
) |
|
|
(2,406 |
) |
|
|
(1,133 |
) |
Stock compensation expense |
|
|
101 |
|
|
|
88 |
|
|
|
389 |
|
|
|
224 |
|
Adjusted EBITDA |
|
$ |
(646 |
) |
|
$ |
(263 |
) |
|
$ |
(2,017) |
|
$ |
(909) |
Adjusted EBITDA
To supplement the Company's consolidated financial statements presented in accordance with generally accepted accounting principles in
Adjusted EBITDA is provided to enhance investors' overall understanding of the Company's current financial performance and ability to generate cash flow, which we believe is a meaningful measure for our investor and analyst communities. In many cases non-GAAP financial measures are utilized by these individuals to evaluate Company performance and ultimately determine a reasonable valuation for our common stock. A reconciliation of Adjusted EBITDA to the nearest GAAP measure of net income (loss) has been included in the above financial table.
View source version on businesswire.com: https://www.businesswire.com/news/home/20240311523078/en/
Vince Arnone
President and CEO
(630) 845-4500
Devin Sullivan
Managing Director
The Equity Group Inc.
dsullivan@equityny.com
Source: Fuel Tech, Inc.
FAQ
What were Fuel Tech's total revenues for 2023 compared to 2022?
What technology did Fuel Tech successfully trial in an aquaculture setting?
What was Fuel Tech's cash and investments at the end of the year?
What was the APC segment backlog at December 31, 2023?
Why did Fuel Chem segment revenues decline in Q4 2023?