Fuel Tech Q1 revenue down 32% to $5.0M; net income $281k on $1.7M ERC credit

FUEL TECH, INC.

2024-Q1 EPS reported $0.01 revenue$4,957,000

Q1 2024 revenue $5.0M vs $7.3M YoY; net income $281k ($0.01/sh) vs net loss $(414k).
APC segment revenue $2.3M (down 36%); gross margin improved to 38.4% from 27.1%.
FUEL CHEM segment revenue $2.6M (down 30%); gross margin fell to 43.2% from 49.4%.
Adjusted EBITDA loss $(1.5M) vs $(0.6M) YoY; cash & investments $32.1M, no debt.
Expects APC revenue to rise modestly in 2024; potential $1.5-2M from new FUEL CHEM client.

item 2.02 item 9.01

Key facts

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 (Q1 2024) ended March 31, 2024 results: revenue $5.0 million, net income $281,000, EPS $0.01 per share.

Period: first quarter (Q1 2024) ended March 31, 2024
Revenue: $5.0 million
Net income: $281,000
EPS: $0.01 per share
Result: reported results

Exact text from the filing

Q1 2024 Consolidated Results Overview Consolidated revenues for Q1 2024 declined to $5.0 million from $7.3 million in the three months ended March 31, 2023 (Q1 2023), with reductions in both business segments from the prior year period.

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Source: SEC EDGAR

accession 0001437749-24-015108

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