Fuel Tech Q1 2022 revenue up 10% to $5.5M; net loss of $(1.0)M vs prior-year income of $0.4M

FUEL TECH, INC.

2022-Q1 EPS reported -$0.03 revenue$5,535,000

Revenue $5.5M (+10% YoY); gross margin 41.4% vs 46.9% due to mix and costs.
Net loss $(1.0)M ($(0.03)/share) vs net income $0.4M ($0.01/share) in Q1 2021 which included $1.6M PPP forgiveness.
Cash $35.2M, no debt; backlog $9.6M up from $9.1M at Dec 2021.
Adjusted EBITDA loss $(0.9)M unchanged YoY; guides total 2022 revenue modestly higher than 2021.
APC segment revenue more than doubled to $2.2M; FUEL CHEM fell to $3.3M due to lower power demand.

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