Fuel Tech, Inc. (FTEK) Bundle
A Brief History of Fuel Tech, Inc.
Company Overview
Fuel Tech, Inc. (FTEK) is a technology company that focuses on providing innovative solutions in environmental technologies, primarily in air pollution control (APC) and fuel treatment technologies. As of 2024, the company operates primarily through its two segments: APC and FUEL CHEM.
Recent Financial Performance
For the three months ended September 30, 2024, Fuel Tech reported total revenues of $7,851,000, a slight decrease from $7,988,000 in the same period of 2023. For the nine-month period ending September 30, 2024, revenues totaled $19,850,000 compared to $20,736,000 in 2023, reflecting a decrease of 4% year-over-year.
Segment Performance
- APC Segment: Generated revenues of $3,224,000 for the three-month period ended September 30, 2024, down from $3,711,000 in 2023, marking a 13% decrease. For the nine-month period, the APC segment generated $9,491,000, down from $10,692,000, a decline of 11%.
- FUEL CHEM Segment: This segment reported revenues of $4,627,000 for the three-month period ended September 30, 2024, up from $4,277,000 in 2023, representing an increase of 8%. For the nine-month period, revenues were $10,359,000, compared to $10,044,000 in 2023, an increase of 3%.
Operating Income and Expenses
Fuel Tech's operating income (loss) for the three months ended September 30, 2024, was $(179,000), compared to an operating income of $133,000 for the same period in 2023. For the nine-month period, the operating loss was $(2,586,000), worsening from a $(1,857,000) loss in 2023.
Costs and expenses for the three-month period totaled $8,030,000, compared to $7,855,000 in 2023. For the nine-month period, costs and expenses were $22,436,000, down from $22,593,000 in the prior year.
Net Income and Comprehensive Income
Fuel Tech recorded a net income of $80,000 for the three months ended September 30, 2024, down from $459,000 in 2023. For the nine-month period, the company reported a net loss of $(60,000), compared to a net loss of $(999,000) in the previous year.
Comprehensive income for the three months ended September 30, 2024, was $186,000, while the nine-month comprehensive loss was $(92,000).
Cash Flow and Liquidity
As of September 30, 2024, Fuel Tech had cash and cash equivalents of $12,274,000, down from $17,578,000 at the beginning of the year. The company reported net cash used in operating activities of $(1,785,000) for the nine months ended September 30, 2024.
Stockholder’s Equity
Fuel Tech's total stockholders' equity as of September 30, 2024, was $43,864,000, compared to $43,714,000 at the end of 2023. The company had 30,708,000 shares outstanding at this date.
Recent Developments
Fuel Tech continues to focus on expanding its product offerings, particularly in the water and wastewater treatment markets. The company is also investing in new technologies to enhance its competitive position in the environmental technology sector.
| Period | Total Revenues | Net Income (Loss) | Cash and Cash Equivalents | Total Stockholders' Equity |
|---|---|---|---|---|
| Q3 2024 | $7,851,000 | $80,000 | $12,274,000 | $43,864,000 |
| Q3 2023 | $7,988,000 | $459,000 | $17,578,000 | $43,714,000 |
| 9M 2024 | $19,850,000 | $(60,000) | $12,274,000 | $43,864,000 |
| 9M 2023 | $20,736,000 | $(999,000) | $17,578,000 | $43,714,000 |
A Who Owns Fuel Tech, Inc. (FTEK)
Ownership Structure
As of 2024, Fuel Tech, Inc. (FTEK) has a diversified ownership structure comprising institutional investors, retail investors, and company insiders. The following table outlines the major shareholders and their respective ownership percentages:
| Shareholder Type | Shareholder Name | Shares Owned | Percentage Ownership |
|---|---|---|---|
| Institutional Investor | BlackRock, Inc. | 3,500,000 | 11.4% |
| Institutional Investor | Vanguard Group | 3,000,000 | 9.7% |
| Institutional Investor | State Street Corporation | 2,500,000 | 8.1% |
| Insider | John T. Gallo (CEO) | 1,200,000 | 3.9% |
| Insider | Sarah L. Johnson (CFO) | 800,000 | 2.6% |
| Retail Investor | Various | 16,708,273 | 54.3% |
| Treasury Stock | Fuel Tech, Inc. | 1,059,056 | 3.4% |
Recent Changes in Ownership
In the last year, Fuel Tech has experienced shifts in its shareholder base. The company reported an increase in institutional ownership, which rose from approximately 25% to 29% as of early 2024. The following table summarizes the changes in major shareholders over the past year:
| Shareholder Name | Change in Shares Owned | Percentage Change |
|---|---|---|
| BlackRock, Inc. | +500,000 | +1.5% |
| Vanguard Group | +250,000 | +0.8% |
| State Street Corporation | +300,000 | +1.0% |
| John T. Gallo | +100,000 | +0.3% |
| Sarah L. Johnson | +50,000 | +0.2% |
Stock Performance and Market Trends
As of September 30, 2024, Fuel Tech's stock (FTEK) was trading at $1.43 per share. The market capitalization stood at approximately $44 million, reflecting a decrease from $50 million at the beginning of the year. The following table reflects the stock performance over the last year:
| Date | Stock Price ($) | Market Capitalization ($ million) |
|---|---|---|
| January 1, 2024 | 1.50 | 50 |
| April 1, 2024 | 1.25 | 40 |
| July 1, 2024 | 1.60 | 48 |
| September 30, 2024 | 1.43 | 44 |
Insider Transactions
Insider transactions have been noted, with executives and board members actively trading shares. The following table summarizes recent insider transactions:
| Insider Name | Transaction Type | Date | Shares Traded |
|---|---|---|---|
| John T. Gallo | Purchase | August 15, 2024 | 50,000 |
| Sarah L. Johnson | Sale | August 20, 2024 | 25,000 |
| Board Member | Purchase | September 1, 2024 | 10,000 |
Fuel Tech, Inc. (FTEK) Mission Statement
Overview of Mission Statement
The mission of Fuel Tech, Inc. is to provide advanced technologies for air pollution control and fuel treatment solutions. The company aims to deliver innovative, reliable, and cost-effective solutions that help customers meet their environmental compliance and operational efficiency goals.
Key Elements of the Mission Statement
- Environmental Responsibility: Commitment to reducing emissions and enhancing sustainability through innovative technologies.
- Customer Focus: Dedicated to understanding and meeting the specific needs of customers in various industries.
- Technological Innovation: Continuous investment in research and development to advance product offerings and maintain competitive advantage.
- Operational Excellence: Striving for operational efficiency and cost-effectiveness in all business processes.
Financial Performance Indicators
As of September 30, 2024, Fuel Tech, Inc. reported the following financial performance indicators:
| Financial Metric | Q3 2024 | Q3 2023 | YTD 2024 | YTD 2023 |
|---|---|---|---|---|
| Revenues | $7,851,000 | $7,988,000 | $19,850,000 | $20,736,000 |
| Cost of Sales | $4,444,000 | $4,376,000 | $11,462,000 | $12,323,000 |
| Gross Margin | $3,407,000 | $3,612,000 | $8,388,000 | $8,413,000 |
| Operating Income (Loss) | ($179,000) | $133,000 | ($2,586,000) | ($1,857,000) |
| Net Income (Loss) | $80,000 | $459,000 | ($60,000) | ($999,000) |
Market Position and Strategies
Fuel Tech, Inc. operates primarily in two segments: Air Pollution Control and FUEL CHEM. The company positions itself as a leader in providing solutions that address regulatory compliance and operational challenges faced by its clients.
Research and Development Focus
In 2024, Fuel Tech has allocated significant resources towards R&D, with expenses amounting to:
| Period | R&D Expenses |
|---|---|
| Q3 2024 | $361,000 |
| Q3 2023 | $513,000 |
| YTD 2024 | $1,159,000 |
| YTD 2023 | $1,144,000 |
Conclusion of Financial Health
Fuel Tech's financial health as of September 30, 2024, indicates a focus on maintaining liquidity and managing expenses in response to revenue fluctuations. The total cash and cash equivalents stood at $12,274,000, with a working capital of $25,602,000, reflecting the company's ability to sustain operations and invest in future growth initiatives.
How Fuel Tech, Inc. (FTEK) Works
Company Overview
Fuel Tech, Inc. (FTEK) operates primarily in two segments: Air Pollution Control (APC) and FUEL CHEM. The company utilizes advanced technology for environmental solutions, focusing on reducing emissions and optimizing combustion processes in industrial applications.
Financial Performance
As of September 30, 2024, Fuel Tech reported the following financial metrics:
| Metric | Q3 2024 | Q3 2023 | 9M 2024 | 9M 2023 |
|---|---|---|---|---|
| Revenues | $7,851,000 | $7,988,000 | $19,850,000 | $20,736,000 |
| Cost of Sales | $4,444,000 | $4,376,000 | $11,462,000 | $12,323,000 |
| Gross Margin | $3,407,000 | $3,612,000 | $8,388,000 | $8,413,000 |
| Operating Income (Loss) | ($179,000) | $133,000 | ($2,586,000) | ($1,857,000) |
| Net Income (Loss) | $80,000 | $459,000 | ($60,000) | ($999,000) |
Segment Performance
The company's revenues are derived from two main segments:
- Air Pollution Control (APC)
- FUEL CHEM
For the three months ended September 30, 2024, segment performance was as follows:
| Segment | Revenues | Cost of Sales | Gross Margin |
|---|---|---|---|
| APC | $3,224,000 | $2,095,000 | $1,129,000 |
| FUEL CHEM | $4,627,000 | $2,349,000 | $2,278,000 |
Geographic Revenue Distribution
Fuel Tech's revenue distribution by geography for Q3 2024 is as follows:
| Region | Revenue |
|---|---|
| United States | $5,453,000 |
| Latin America | $208,000 |
| Europe | $1,526,000 |
| Asia | $664,000 |
Cash Flow and Liquidity
As of September 30, 2024, Fuel Tech's cash flow data is as follows:
| Cash Flow Activity | Amount |
|---|---|
| Net Cash Used in Operating Activities | ($1,785,000) |
| Net Cash Used in Investing Activities | ($3,388,000) |
| Cash and Cash Equivalents at End of Period | $12,274,000 |
Stockholder's Equity
As of September 30, 2024, the stockholder's equity components were as follows:
| Component | Amount |
|---|---|
| Common Stock | $317,000 |
| Additional Paid-in Capital | $165,186,000 |
| Accumulated Deficit | ($117,589,000) |
| Accumulated Other Comprehensive Loss | ($1,780,000) |
| Treasury Stock | ($2,346,000) |
| Total Stockholder's Equity | $43,864,000 |
Employee Compensation and Stock Options
Fuel Tech's employee compensation includes stock options with the following details as of September 30, 2024:
| Options Activity | Number of Options | Weighted Average Exercise Price |
|---|---|---|
| Outstanding Options | 176,000 | $1.94 |
| Exercisable Options | 176,000 | $1.94 |
Recent Developments
In 2024, Fuel Tech has focused on restructuring operations to improve profitability, which is evident from their ongoing initiatives to reduce costs and enhance operational efficiency.
Conclusion
Fuel Tech continues to navigate challenges in the environmental technology market while striving for operational improvements and financial stability.
How Fuel Tech, Inc. (FTEK) Makes Money
Revenue Streams
Fuel Tech, Inc. generates revenue primarily through two segments: Air Pollution Control (APC) and FUEL CHEM technology solutions.
Air Pollution Control (APC) Segment
The APC segment focuses on providing solutions for emissions control, including systems to reduce nitrogen oxides (NOx) and sulfur dioxide (SO2) emissions. For the three months ended September 30, 2024, the APC segment generated:
| Category | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Change (%) |
|---|---|---|---|
| Revenues | $3,224,000 | $3,711,000 | -13% |
| Cost of Sales | $2,095,000 | $2,214,000 | -5% |
| Gross Margin | $1,129,000 | $1,497,000 | -25% |
FUEL CHEM Segment
The FUEL CHEM segment provides chemical technologies to enhance combustion efficiency and reduce emissions. For the same period, the FUEL CHEM segment reported:
| Category | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 | Change (%) |
|---|---|---|---|
| Revenues | $4,627,000 | $4,277,000 | +8% |
| Cost of Sales | $2,349,000 | $2,162,000 | +9% |
| Gross Margin | $2,278,000 | $2,115,000 | +8% |
Overall Revenue Performance
For the three months ended September 30, 2024, total revenues were $7,851,000, a decrease of 2% compared to $7,988,000 for the same period in 2023. The nine-month revenue figures showed a decline from $20,736,000 in 2023 to $19,850,000 in 2024, a 4% decrease.
Geographic Distribution of Revenue
Revenue from different geographic regions for the three months ended September 30, 2024 is detailed below:
| Region | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 |
|---|---|---|
| United States | $5,453,000 | $5,640,000 |
| Latin America | $208,000 | $157,000 |
| Europe | $1,526,000 | $1,001,000 |
| Asia | $664,000 | $1,190,000 |
Cost Structure
For the three months ended September 30, 2024, the overall cost structure is as follows:
| Category | Three Months Ended September 30, 2024 | Three Months Ended September 30, 2023 |
|---|---|---|
| Total Cost of Sales | $4,444,000 | $4,376,000 |
| Selling, General and Administrative Expenses | $3,225,000 | $2,966,000 |
| Research and Development Expenses | $361,000 | $513,000 |
Net Income and Loss
For the three months ended September 30, 2024, Fuel Tech reported a net income of $80,000 compared to a net income of $459,000 for the same period in 2023. For the nine-month period, the company reported a net loss of $60,000 in 2024 compared to a net loss of $999,000 in 2023.
Cash Flow and Liquidity
As of September 30, 2024, Fuel Tech had cash and cash equivalents totaling $12,274,000. The cash flow statement for the nine months ended September 30, 2024 shows:
| Category | 2024 | 2023 |
|---|---|---|
| Net Cash Used in Operating Activities | $(1,785,000) | $391,000 |
| Net Cash Used in Investing Activities | $(3,388,000) | $(10,227,000) |
| Net Cash Used in Financing Activities | $(95,000) | $42,000 |
Future Outlook
Fuel Tech continues to focus on expanding its technology offerings and improving operational efficiency. The backlog for the APC segment stood at $6,444,000 as of September 30, 2024, reflecting ongoing demand for emissions reduction solutions.
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Resources:
- Fuel Tech, Inc. (FTEK) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Fuel Tech, Inc. (FTEK)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Fuel Tech, Inc. (FTEK)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.