Business
Fuel Tech Reports 2023 First 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 first quarter ended March 31, 2023.\n\n\n“We followed up a strong full year 2022 with 2023 first quarter results that included a 32% increase in total revenues reflecting quarter-over-quarter growth for our Air Pollution Control (APC) and FUEL CHEM® business segments, $5.2 million of new APC contract awards, and a significant leadership appointment at our Dissolved Gas Infusion (DGITM) technology business segment,” said Vincent J. Arnone, President and CEO. “We generated positive cash from operations, and ended the first quarter with $33.8 million in cash and investments and no long-term debt. We remain optimistic about our outlook for the year and continue to expect that total revenue for full year 2023 will improve modestly from 2022.”\n\n\nHe continued, “Within APC, we are having more meaningful conversations with potential utility and industrial clients following the March 2023 ruling by the U.S. Environmental Protection Agency to reduce emissions of nitrogen oxides (NOx) from power plants and certain industrial facilities in 23 states. This rule, known as the Good Neighbor Plan, allows these facilities to comply with the 2015 National Ambient Air Quality Standards. We expect that over time any such awards would benefit our SCR, SNCR and ULTRA emissions control solutions. In FUEL CHEM, we are implementing new marketing strategies to reintroduce the benefits of our chemical technology program to domestic coal-fired utilities while pursuing targeted international opportunities. We continue to expect that FUEL CHEM will show a modest decline in revenue for the year driven by reduced usage compared to 2022 and an expected plant closure, however, gross margins should align with historic levels.”\n\n\nMr. Arnone concluded, “Our DGI segment continues to evolve and make meaningful advancements towards commercialization with a goal of securing our first contracts this year, and the addition of Bill Decker last month to the Fuel Tech team will bolster our efforts. To that end, we expect to commence an on-site demonstration using our small-scal...