Extracted from this filing and checked against the source text.
Earnings Releases
SEC 8-K Item 2.02
confidence 0.9
FUEL TECH, INC. reported first quarter ended March 31, 2023 results: revenue $7.3 million, net income $(0.4) million, EPS $(0.01) per share. Guidance reaffirmed.
- Period
- first quarter ended March 31, 2023
- Revenue
- $7.3 million
- Net income
- $(0.4) million
- EPS
- $(0.01) per share
- Guidance
- reaffirmed
- Result
- reported results
Exact text from the filing
Consolidated revenues for the first quarter ended March 31, 2023 (“Q1 2023”) rose 31.7% to $7.3 million from $5.5 million in the first quarter ended March 31, 2022 (“Q1 2022”), reflecting higher revenues at APC and FUEL CHEM. Consolidated gross margin for Q1 2023 was 38.5% of revenues compared to 41.4% of revenues in Q1 2022, reflecting changes in product and project mix. SG&A expenses rose to $3.2 million from $3.1 million in Q1 2022, reflecting higher employee-related expenses partially offset by lower administrative costs and depreciation. As a percentage of consolidated revenues, SG&A expenses declined to 45% from 55%. Operating loss for the quarter was $(0.7) million compared to an operating loss of $(1.0) million in Q1 2022. Interest income improved to $0.3 million from $0.001 million in Q1 2022, reflecting higher interest rates on held-to-maturity debt securities and money market funds. Net loss in Q1 2023 narrowed to $(0.4) million, or $(0.01) per share, from a net loss of $(1.
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