Business
Fuel Tech Reports 2022 Fourth Quarter and Full Year 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 fourth quarter and full year ended December 31, 2022.\n\n“We achieved our highest annual revenue since 2019, maintained tight expense control, and made significant progress towards commercializing our Dissolved Gas Infusion (DGITM) technology business segment with respect to technology, market development, and leadership,” said Vincent J. Arnone, President and CEO. “We ended the year in a strong financial position, with $32.7 million in cash and investments, and no long-term debt.\n\n“Our Air Pollution Control (APC) business performed well, driven by approximately $10 million of new project awards announced during 2022, with an emphasis on our ULTRA, SCR and SNCR emissions control solutions both domestically and abroad. During the current first quarter of 2023, we announced $5 million of new APC contract awards, which provided a solid start to the year for this segment. We remain encouraged by the pace and depth of new business development within APC, which is reflected in a global sales pipeline of $50 - $75 million, much of which is being driven by regulatory requirements, plant expansions, and equipment upgrade requirements. Revenues at our FUEL CHEM® segment declined modestly year-over-year, with segment gross margin essentially unchanged and at historic levels.\n\n“Last week we announced the hiring of William (Bill) Decker as Vice President Water and Wastewater Treatment Technologies. In this newly created role, Bill will lead the growth and development of our DGI technology, including business development, sales and marketing, and new product development and commercialization. Bill brings decades of relevant industry knowledge, contacts, and know-how to DGI and we are excited to work together to usher in the next exciting chapter of Fuel Tech’s growth and evolution.”\n\nMr. Arnone concluded, “ The outlook for our business segments in 2023 is promising, and we are pursuing a robust pipeline of new business opportunities. We continue to believe that an increasing focus on global emissions protocols across a variety of fuel sources, a...