Q1 2024 Fuel Tech Inc Earnings Call Transcript
Key Points
- Fuel Tech Inc (FTEK) reported a strong financial position with over $32 million in cash, cash equivalents, and investments, and no long-term debt.
- The company is seeing steady improvements and progress in its Dissolved Gas Infusion (DGI) business initiative.
- Fuel Tech Inc (FTEK) has received an order for a FUEL CHEM demonstration at a new coal-fired power generation site, which could generate annualized revenue of approximately $1.5 million to $2 million.
- The company is well-positioned to benefit from regulatory changes, such as the US EPA's cross-state air pollution control regulation and new stringent greenhouse gas emission standards.
- Fuel Tech Inc (FTEK) is actively pursuing $5 million to $10 million in EPC contract opportunities that could close in their favor by the end of the second quarter or shortly thereafter.
- Fuel Tech Inc (FTEK) began the year more slowly than anticipated in its APC and FUEL CHEM business segments due to customer-driven delays and historic warm weather.
- The company experienced declines in both APC and FUEL CHEM segments, with consolidated revenues declining to $5 million from $7.3 million in the previous year's first quarter.
- Fuel Tech Inc (FTEK) reported an operating loss of $1.7 million, compared to a loss of $658,000 in the previous year's first quarter.
- The APC segment backlog decreased to $6.2 million from $7.5 million at the end of the previous quarter.
- Fuel Tech Inc (FTEK) faces uncertainties regarding the ultimate timing and effectiveness of regulatory rules due to ongoing legal challenges and court rulings.
Greetings. Welcome to the Fuel Tech Inc. First Quarter 2024 financial results conference call. (Operator Instructions) Please note this conference is being recorded. I will now turn the conference over to Devin Sullivan, Managing Director of The Equity Group. Thank you. You may begin.
Thank you, Sherry, and good morning, everyone, and thank you for joining us today for Fuel Tech's 2024 First Quarter Financial Results Conference Call. Yesterday after the close, we issued a press release, a copy of which is available at the Company's website, w. w. w. dot FTYK. dot com.
Our speakers for today will be Vincent Arnone, Chairman, President and Chief Executive Officer, and Ellen Albrecht, the Company's Chief Financial Officer. After prepared remarks, we will open the call for questions from our analysts and investors.
Before turning things over to Vince, I'd like to remind everyone that matters discussed on this call, except for historical information are forward-looking statements as defined
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