Business
Fuel Tech Reports 2023 Fourth Quarter and Full Year Financial Results
WARRENVILLE, Ill.--(BUSINESS WIRE)-- Fuel Tech, Inc. (NASDAQ: FTEK), a technology company providing advanced engineering for the optimization of combustion
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 for the optimization of combustion systems, emissions control, and water treatment in utility and industrial applications, today reported financial results for the fourth quarter (Q4) and full year ended December 31, 2023.\n\n\n“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 $33.4 million in cash and investments, and no long-term debt,” said Vincent J. Arnone, President and CEO.\n\n\n“Our Air Pollution Control (APC) business performed well in the 2023 fourth quarter and full year, driven by approximately $8.3 million of new project awards announced during the year, with an emphasis on our ULTRA, SCR, SNCR and FGC emissions control solutions both domestically and abroad. Our APC backlog at December 31, 2023 was $7.5 million, up from $5.6 million at September 30, 2023. Although we do expect that APC revenue will increase modestly in 2024 when compared to 2023, it is likely that the bulk of our new award activity will occur in the second half of the year. As expected, revenues at our FUEL CHEM® segment declined year-over-year for both the fourth quarter and full year 2023, with warmer weather across the US impacting unit dispatch; however, segment gross margin was essentially unchanged and at historic levels. Our base FUEL CHEM unit count remains intact as we enter 2024 and we are currently pursuing additional FUEL CHEM opportunities which could provide incremental revenue contribution in 2024.”\n\n\nMr. 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 San Antonio, Texas. We have received a notable increase in inquiries regarding our DGI technology from potential customers in multiple end markets and are currently in negotiations with potential customers regarding on-site demonstrations of DGI. We are targeting to enter into our first commercial contract for DGI i...