Business
Fuel Tech Reports 2021 Third Quarter Financial Results
WARRENVILLE, Ill.--(BUSINESS WIRE)-- Fuel Tech, Inc. (NASDAQ: FTEK), a technology company providing advanced engineering solutions for the optimization of
About this update from Fuel Tech, Inc.
[{"type":"text","content":" WARRENVILLE, Ill.--(BUSINESS WIRE)--\nFuel Tech, Inc. (NASDAQ: FTEK), a technology company providing advanced engineering solutions for the optimization of combustion systems, emissions control, and water treatment in utility and industrial applications, today reported financial results for the third quarter ended September 30, 2021 (“Q3 2021”).\n\n“We reported profitable operations in the third quarter, progressed in the ongoing development of our Dissolved Gas Infusion (DGITM) business, and ended the quarter with $36.3 million in total cash and no debt,” said Vincent J. Arnone, President and CEO.\n\n“Our FUEL CHEM® segment continued to perform well, with higher revenues and segment operating profits compared to the same period last year. FUEL CHEM benefitted from the operations of our current installed base, including recent program installations; an overall rise in demand for energy attributable to the resumption of economic activity following a period of reduced activity due to the impact of COVID-19; and increased seasonal power usage. Revenues at FUEL CHEM for the first nine months of 2021 equaled revenues produced by this segment for all of 2020.\n\n“Our Air Pollution Control (APC) business continued to face headwinds due to ongoing project delays and cancellations that have resulted in a lack of new orders, and changes in project timing. However, as previously announced we secured $4.5 million in new contracts during Q3 2021 from customers in Korea, North America and Europe. We are also encouraged by the pace and depth of our business development activities, which reflect an increased focus on global emissions protocols across a variety of fuel sources. Our current global sales pipeline has increased to $50 -75 million from the $40-50 million range, and we have good visibility to incremental contracts to be awarded before the end of Q4 2021 in the amount of $3 to $5 million.”\n\nMr. Arnone continued, “With respect to our DGI business, we completed successful demonstrations at three locations in the United States and continue to work with these potential customers to determine next steps. We also completed the fabrication of a higher capacity DGI equipment delivery system that will allow us to meet the anticipated dissolved oxygen requirements of the majority of the potential customer applications that we are likely to e...