What changed in this filing

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Item 1. Financial Statements

2024-11-06 compared with 2024-08-06 · 125 added, 89 removed, 417 unchanged (34% of the section changed)

3 unchanged sentences

(Unaudited)(in thousands, except share and per share data)

September 30,

Current assets:

45 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Costs and expenses:

2 unchanged sentences

Research and development

Operating loss

Operating (loss) income

Interest expense

1 unchanged sentence

Other (expense) income, net

Loss before income taxes

Income (loss) before income taxes

Income tax expense

Net loss per common share:

Basic net loss per common share

Diluted net loss per common share

Net income (loss)

Net income (loss) per common share:

Basic net income (loss) per common share

Diluted net income (loss) per common share

Weighted-average number of common shares outstanding:

4 unchanged sentences

Three Months Ended

Six Months Ended

Other comprehensive (loss) income:

Nine Months Ended

September 30,

Net income (loss)

Other comprehensive income (loss):

Foreign currency translation adjustments

Comprehensive loss

Comprehensive income (loss)

See notes to condensed consolidated financial statements.

2 unchanged sentences

(Unaudited)(in thousands of dollars or shares, as appropriate)

The following summarizes the changes in total stockholders' equity for the three and six months ended June 30, 2023:

The following summarizes the changes in total stockholders' equity for the three and nine months ended September 30, 2023:

Comprehensive

8 unchanged sentences

Balance at June 30, 2023

The following summarizes the changes in total stockholders' equity for the three and six months ended June 30, 2024:

Foreign currency translation adjustments

Stock compensation expense

Balance at September 30, 2023

The following summarizes the changes in total stockholders' equity for the three and nine months ended September 30, 2024:

Comprehensive

8 unchanged sentences

Balance at June 30, 2024

Foreign currency translation adjustments

Stock compensation expense

Balance at September 30, 2024

See notes to condensed consolidated financial statements.

2 unchanged sentences

(in thousands)

Six Months Ended

Nine Months Ended

September 30,

Operating Activities

25 unchanged sentences

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

June 30, 2024

September 30, 2024

(in thousands, except share and per-share data)

16 unchanged sentences

All significant intercompany transactions and balances have been eliminated.

The results of operations for the three and six months ended June 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 .

The results of operations for the three and nine months ended September 30, 2024 are not necessarily indicative of the results to be expected for the full year ending December 31, 2024 .

For further information, refer to the audited consolidated financial statements and footnotes thereto included in Fuel Tech’s Annual Report on Form 10 -K for the year ended December 31, 2023 as filed with the Securities and Exchange Commission.

5 unchanged sentences

GAAP on accounting for government assistance to for-profit business entities, we account for the ERC by analogy to International Accounting Standard ("IAS") 20, Accounting for Government Grants and Disclosure of Government Assistance.

In accordance with IAS 20, management determined it has reasonable assurance for receipt of the ERC and recorded the ERC benefit of $ 1,677 as other income on the Statement of Operations for the six months ended June 30, 2024 and as a component of Accounts Receivable on the Balance Sheet as of June 30, 2024.

In accordance with IAS 20, management determined it has reasonable assurance for receipt of the ERC and recorded the ERC benefit of $ 1,677 as other income on the Statement of Operations for the nine months ended September 30, 2024 and as a component of Accounts Receivable on the Balance Sheet as of September 30, 2024 .

Summary of Significant Accounting Policies

In 2022, the Board of Directors approved a plan to invest up to $ 20,000 of excess capital in debt securities, or held in money market funds until such investments can be made, with BMO Harris Bank N.A (BMO Harris).

In 2022, the Board of Directors approved a plan to invest up to $ 20,000 of excess capital in debt securities, or hold in money market funds until such investments can be made, with BMO Harris Bank N.A (BMO Harris).

A portion of the funds invested are restricted as collateral under the Investment Collateral Security agreement (see Note 10 ).

At June 30, 2024 , the amount of funds collateralized under the Investment Collateral Security agreement is $ 720 relating to existing standby letters of credit that is comprised of $ 347 with varying maturity dates that expire no later than June 30, 2025 and $ 373 with the latest maturity date no later than February 9, 2026.

At September 30, 2024 , the amount of funds collateralized under the Investment Collateral Security agreement is $ 2,584 relating to existing standby letters of credit that is comprised of $ 281 with varying maturity dates that expire no later than September 30, 2025 and $ 2,303 with the latest maturity date no later than June 30, 2026.

We consider all highly liquid debt investments with original maturities from the date of purchase of three months or less as cash equivalents.

3 unchanged sentences

The Company has the positive intent and ability to hold these investments to maturity and does not expect to sell any debt securities before maturity to settle an obligation under the Investment Collateral Security agreement.

The maturities of our HTM investments range from three to thirty-six months.

The original maturities of our HTM investments range from three to thirty-six months.

HTM debt investments with original maturities of approximately three months or less from the date of purchase are classified within cash and cash equivalents.

6 unchanged sentences

Held-to-maturity debt securities:

June 30, 2024

September 30, 2024

December 31, 2023

5 unchanged sentences

$ 19,146 $ 15,714

The following table provides the amortized cost and fair value of debt securities by maturities at June 30, 2024 :

The following table provides the amortized cost and fair value of debt securities by maturities at September 30, 2024 :

Amortized Cost

1 unchanged sentence

$ 8,162 $ 8,160

After one year through three years

After one year through two years

10,881 10,986

1 unchanged sentence

Inventories consist primarily of equipment constructed for resale and spare parts and are stated at the lower of cost or net realizable value, using the weighted-average cost method.

At June 30, 2024 and December 31, 2023 , inventory included equipment constructed for resale of $ 197 and $ 207 , respectively, and spare parts, net of reserves, of $ 265 and $ 232 , respectively.

At September 30, 2024 and December 31, 2023 , inventory included equipment constructed for resale of $ 197 and $ 207 , respectively, and spare parts, net of reserves, of $ 244 and $ 232 , respectively.

Usage is recorded in cost of sales in the period that parts were issued to a project, used to service equipment, or sold to customers.

Equipment constructed for resale that is in process is recorded in Other assets.

In process equipment for inventory recorded as Other assets was $ 613 and $ 618 as of June 30, 2024 and December 31, 2023 , respectively.

In process equipment for inventory recorded as Other assets was $ 597 and $ 618 as of September 30, 2024 and December 31, 2023 , respectively.

In ventories are periodically evaluated to identify obsolete or otherwise impaired parts and are written off when management determines usage is not probable.

17 unchanged sentences

(Write-offs) / Recoveries

At June 30, 2024

At September 30, 2024

Disaggregated Revenue by Product Technology

1 unchanged sentence

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Air Pollution Control

13 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

United States

12 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Products transferred at a point in time

10 unchanged sentences

These assets are reported on the Condensed Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period.

At June 30, 2024 , December 31, 2023 , and December 31, 2022, contract assets for APC technology projects were approximately $ 1,543 , $ 2,285 , and $ 3,082 , respectively.

There were no contract assets for the FUEL CHEM technology segment as of June 30, 2024 , December 31, 2023 , and December 31, 2022.

At September 30, 2024 , December 31, 2023 , and December 31, 2022 , contract assets for APC technology projects were approximately $ 2,839 , $ 2,285 , and $ 3,082 , respectively.

There were no contract assets for the FUEL CHEM technology segment as of September 30, 2024 , December 31, 2023 , and December 31, 2022 .

The Company will periodically bill in advance of costs incurred before revenue is recognized, resulting in contract liabilities.

These liabilities are reported on the Condensed Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period.

Contract liabilities were $ 276 , $ 1,279 , and $ 372 at June 30, 2024 , December 31, 2023 , and December 31, 2022, respectively, and are included in other accrued liabilities on the Condensed Consolidated Balance Sheets.

Changes in the contract asset and liability balances during the six -month period ended June 30, 2024 were not materially impacted by any other items other than amounts billed and revenue recognized as described previously.

Revenue recognized that was included in the contract liability balance at the beginning of the period was $ 438 and $ 1,221 for the three and six months ended June 30, 2024 , respectively, and $ 9 and $ 368 for the three and six months ended June 30, 2023 , respectively, which represented primarily revenue from progress towards completion of our APC technology contracts.

As of June 30, 2024 and December 31, 2023 , we had no construction contracts in progress that were identified as a loss contract.

Contract liabilities were $ 775 , $ 1,279 , and $ 372 at September 30, 2024 , December 31, 2023 , and December 31, 2022 , respectively, and are included in other accrued liabilities on the Condensed Consolidated Balance Sheets.

Changes in the contract asset and liability balances during the nine -month period ended September 30, 2024 were not materially impacted by any other items other than amounts billed and revenue recognized as described previously.

Revenue recognized that was included in the contract liability balance at the beginning of the period was $ 20 and $ 1,241 for the three and nine months ended September 30, 2024 , respectively, and $ 0 and $ 368 for the three and nine months ended September 30, 2023 , respectively, which represented revenue from progress towards completion of our APC technology contracts.

As of September 30, 2024 and December 31, 2023 , we had no construction contracts in progress that were identified as a loss contract.

Remaining Performance Obligations

Remaining performance obligations represents the transaction price of APC technology booked orders for which work has not been performed.

As of June 30, 2024 , the aggregate amount of the transaction price allocated to remaining performance obligations was $ 4,250 .

As of September 30, 2024 , the aggregate amount of the transaction price allocated to remaining performance obligations was $ 6,444 .

The Company expects to recognize revenue on approximately $ 4,592 of the remaining performance obligations over the next 12 months with the remaining recognized thereafter.

1 unchanged sentence

The components of accounts receivable are as follows:

June 30, 2024

September 30, 2024

December 31, 2023

11 unchanged sentences

This action was part of Fuel Tech’s ongoing operational improvement initiatives designed to prioritize resource allocation, reduce costs, and drive profitability for the Company on a global basis.

The transition associated with the suspension of the APC business which has taken place through June 30, 2024 includes staff rationalization and reduction, supplier and partner engagement, and the monetization of certain assets.

The transition associated with the suspension of the APC business which has taken place through September 30, 2024 includes staff rationalization and reduction, supplier and partner engagement, and the monetization of certain assets.

The remaining transition activities include the execution of the activities to satisfy the requirements for the remaining APC projects in China (with a backlog totaling approximately $ 3 ) and those related to subsidiary closure.

The following table presents our revenues and net loss for the three and six months ended June 30, 2024 and 2023 in China as follows:

The following table presents our revenues and net loss for the three and nine months ended September 30, 2024 and 2023 in China as follows:

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Total revenues

Net (loss) income

The following table presents net assets in China as of June 30, 2024 and December 31, 2023 :

June 30, 2024

$ — $ — $ — $ 2

( 13 ) ( 17 ) ( 41 ) ( 36 )

The following table presents net assets in China as of September 30, 2024 and December 31, 2023 :

September 30, 2024

December 31, 2023

6 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Foreign currency translation

Balance at beginning of period

Other comprehensive (loss) income:

Other comprehensive income (loss):

Foreign currency translation adjustments (1)

2 unchanged sentences

Treasury Stock

Common stock held in treasury totaled 1,059,056 and 976,006 with a cost of $ 2,346 and $2,251 at June 30, 2024 and December 31, 2023 , respectively.

Common stock held in treasury totaled 1,059,056 and 976,006 with a cost of $ 2,346 and $2,251 at September 30, 2024 and December 31, 2023 , respectively.

These shares were withheld from employees to settle personal tax withholding obligations that arose as a result of restricted stock units that vested.

3 unchanged sentences

Out-of-money stock options and warrants are excluded from diluted earnings per share because they are unlikely to be exercised and would be anti- dilutive if they were exercised.

For the three and six months ended June 30, 2024 and 2023 , basic earnings per share is equal to diluted earnings per share because all outstanding stock awards, warrants, and convertible loan notes are considered anti-dilutive during periods of net loss.

The following table sets forth the weighted-average shares used in calculating the earnings per share for the three and six months ended June 30, 2024 and 2023 :

For the three months ended September 30, 2024 and 2023 , basic earnings per share has been adjusted to include dilutive options and RSUs.

For the nine months ended September 30, 2024 and 2023 , basic earnings per share is equal to diluted earnings per share because all outstanding stock awards, warrants, and convertible loan notes are considered anti-dilutive during periods of net loss.

The following table sets forth the weighted-average shares used in calculating the earnings per share for the three and nine months ended September 30, 2024 and 2023 :

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Basic weighted-average shares

1 unchanged sentence

Unexercised options and unvested RSUs

140,000 242,000 — —

Diluted weighted-average shares

30,848,000 30,627,000 30,526,000 30,336,000

For the three and six months ended June 30, 2024 , Fuel Tech had weighted-average outstanding equity awards of 198,363 and 284,068 , respectively, and warrants of 2,850,000 in both periods, which were antidilutive for the purpose of the calculation of diluted earnings per share.

For the three and six months ended June 30, 2024, Fuel Tech had 802,000 and 933,400 , respectively, incremental equity awards that were excluded from the computation of diluted earnings per share as the inclusion of such would have been anti-dilutive due to a net loss in the period.

For the three and six months ended June 30, 2023 , Fuel Tech had weighted-average outstanding equity awards of 313,700 and 364,800 , respectively, and warrants of 2,850,000 in both periods, which were antidilutive or represent out-of-the-money options for the purpose of the calculation of diluted earnings per share.

For the three and six months ended June 30, 2023 , Fuel Tech had incremental equity awards of 267,000 and 263,000 , respectively, that were excluded from the computation of diluted earnings per share as the inclusion of such would have been anti-dilutive due to a net loss in the period.

For the three and nine months ended September 30, 2024 , Fuel Tech had weighted-average outstanding equity awards of 132,000 and 283,700 , respectively, and warrants of 2,850,000 in both periods, which were antidilutive or represent out-of-the-money options for the purpose of the calculation of diluted earnings per share.

For the nine months ended September 30, 2024 , Fuel Tech had 279,000 incremental equity awards that were excluded from the computation of diluted earnings per share as the inclusion of such would have been anti-dilutive due to a net loss in the period.

These equity awards could potentially dilute basic earnings per share in future years.

For the three and nine months ended September 30, 2023 , Fuel Tech had weighted-average outstanding equity awards of 246,500 and 382,200 , respectively, and warrants of 2,850,000 in both periods, which were antidilutive or represent out-of-the-money options for the purpose of the calculation of diluted earnings per share.

For the nine months ended September 30, 2023 , Fuel Tech had incremental equity awards of 250,500 that were excluded from the computation of diluted earnings per share as the inclusion of such would have been anti-dilutive due to a net loss in the period.

These equity awards could potentially dilute basic earnings per share in future years.

Stock-Based Compensation

Under our stock-based employee compensation plan, referred to as the Fuel Tech, Inc.

2014 Long-Term Incentive Plan (Incentive Plan), awards may be granted to participants in the form of Non-Qualified Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock, RSUs, Performance Awards, Bonuses or other forms of share-based or non-share-based awards or combinations thereof.

Participants in the Incentive Plan may be our directors, officers, employees, consultants, or advisors (except consultants or advisors in capital-raising transactions) as the directors determine are key to the success of our business.

There are a maximum of 5,742,376 shares that may be issued or reserved for awards to participants under the Incentive Plan.

As of June 30, 2024 , Fuel Tech had 1,239,000 shares available for issuance under the Incentive Plan.

We did not record any excess tax benefits within income tax expense for the three and six months ended June 30, 2024 and 2023 .

Given the Company has a full valuation allowance on its deferred tax assets, there were no excess tax benefits to record for the three and six months ended June 30, 2024 and 2023 .

Fuel Tech's 2024 Long-Term Incentive Plan ( 2024 Plan) was adopted in June 2024 and replaced our prior incentive plan which was approved by our stockholders in 2014 (LTIP).

No further grants will be made from the LTIP.

The 2024 Plan and LTIP are referred to collectively as the Incentive Plans.

Under the Incentive Plans, awards may be granted to participants in the form of Non-Qualified Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock, RSUs, Performance Awards, Bonuses or other forms of share-based or non-share-based awards or combinations thereof.

Participants in the Incentive Plans may be our directors, officers, employees, consultants, or advisors (except consultants or advisors in capital-raising transactions) as the directors determine are key to the success of our business.

There are a maximum of 2,600,000 shares that may be issued or reserved for awards to participants under the Incentive Plans.

As of September 30, 2024 , Fuel Tech had 2,600,000 shares available for issuance under the Incentive Plans.

We did not record any excess tax benefits within income tax expense for the three and nine months ended September 30, 2024 and 2023 .

Given the Company has a full valuation allowance on its deferred tax assets, there were no excess tax benefits to record for the three and nine months ended September 30, 2024 and 2023 .

In addition, we account for forfeitures of awards based on an estimate of the number of awards expected to be forfeited and adjust the estimate when it is no longer probable that the employee will fulfill the service condition.

Stock-based compensation is included in selling, general, and administrative costs in our Condensed Consolidated Statements of Operations.

The components of stock-based compensation for the three and six months ended June 30, 2024 and 2023 were as follows:

The components of stock-based compensation for the three and nine months ended September 30, 2024 and 2023 were as follows:

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

Stock options and restricted stock units, net of forfeitures

13 unchanged sentences

and ( 3 ) expected life of the option – an estimate based on historical experience including the effect of employee terminations.

Stock option activity for Fuel Tech’s Incentive Plans for the six months ended June 30, 2024 was as follows:

Stock option activity for Fuel Tech’s Incentive Plans for the nine months ended September 30, 2024 was as follows:

Weighted- Average

4 unchanged sentences

( 94,500 ) 5.22

Outstanding on June 30, 2024

Outstanding on September 30, 2024

176,000 $ 1.94 1.43 $ 4

Exercisable on June 30, 2024

Exercisable on September 30, 2024

176,000 $ 1.94 1.43 $ 4

As of June 30, 2024 , there was no unrecognized compensation cost related to non-vested stock options granted under the Incentive Plans.

As of September 30, 2024 , there was no unrecognized compensation cost related to non-vested stock options granted under the Incentive Plans.

Restricted Stock Units

10 unchanged sentences

All RSUs are valued at the date of grant based on the closing price of the Company’s common stock on the grant date.

At June 30, 2024 , there is $ 1.081 of unrecognized compensation cost related to all non-vested share-based compensation arrangements granted under the Incentive Plan.

At September 30, 2024 , there is $ 972 of unrecognized compensation cost related to all non-vested share-based compensation arrangements granted under the Incentive Plan.

That cost is expected to be recognized over the remaining requisite service period of 1.38 yea rs.

A summary of restricted stock unit activity for the six months ended June 30, 2024 is as follows:

A summary of restricted stock unit activity for the nine months ended September 30, 2024 is as follows:

Weighted Average

3 unchanged sentences

( 425,100 ) 1.26

Unvested restricted stock units at June 30, 2024

Unvested restricted stock units at September 30, 2024

1,082,122 $ 1.26

The fair value of restricted stock that vested during the six -month period ended June 30, 2024 was $ 462 .

The fair value of restricted stock that vested during the nine -month period ended September 30, 2024 was $ 462 .

Deferred Directors Fees

2 unchanged sentences

In accordance with Accounting Standards Codification (ASC) 718, Fuel Tech accounts for these awards as equity awards as opposed to liability awards.

During the six -month periods ended June 30, 2024 and 2023 , Fuel Tech recorded no stock-based compensation expense under the Deferred Plan.

The following table summarizes information about warrants outstanding and exercisable at June 30, 2024 :

Exercise Price

Number Outstanding/Exercisable

Weighted Average Remaining Life in Years

Weighted Average Exercise Price

During the nine -month periods ended September 30, 2024 and 2023 , Fuel Tech recorded no stock-based compensation expense under the Deferred Plan.

The following table summarizes information about warrants outstanding and exercisable at September 30, 2024 :

Exercise Price Number Outstanding/Exercisable Weighted Average Remaining Life in Years Weighted Average Exercise Price

$5.10 2,500,000 1.87 $ 5.10

$6.45 350,000 1.87 $ 6.45

Debt Financing

3 unchanged sentences

There are no financial covenants set forth in the Investment Collateral Security agreement.

At June 30, 2024 , the Company had outstanding standby letters of credit totaling approximately $ 480 under the Investment Collateral Security agreement.

At June 30, 2024 , the investments held as collateral totaled $ 720 .

At September 30, 2024 , the Company had outstanding standby letters of credit totaling approximately $ 1,722 under the Investment Collateral Security agreement.

At September 30, 2024 , the investments held as collateral totaled $ 2,584 .

Fuel Tech is committed to reimbursing the issuing bank for any payments made by the bank under these instruments.

17 unchanged sentences

Air Pollution

Three months ended June 30, 2024

Three months ended September 30, 2024

Control Segment

5 unchanged sentences

Air Pollution

Three months ended June 30, 2023

Three months ended September 30, 2023

Control Segment

5 unchanged sentences

Air Pollution

Six months ended June 30, 2024

Nine months ended September 30, 2024

Control Segment

5 unchanged sentences

Air Pollution

Six months ended June 30, 2023

Nine months ended September 30, 2023

Control Segment

9 unchanged sentences

Three Months Ended

Six Months Ended

Nine Months Ended

September 30,

United States

September 30,

United States

1 unchanged sentence

The components of other accrued liabilities are as follows:

June 30, 2024

September 30, 2024

December 31, 2023

1 unchanged sentence

Warranty reserve (Note 13)

Deferred revenue

Accrued professional fees

Deferred revenue

Other accrued liabilities

11 unchanged sentences

This approach provides an aggregate warranty accrual that is historically aligned with actual warranty claims experienced.

There was no change in the warranty liability balance included in the other accrued liabilities line of the Condensed Consolidated Balance Sheets during the six months ended June 30, 2024 and 2023 .

The warranty liability balance was $ 159 at June 30, 2024 and December 31, 2023 .

The Company’s effective tax rate is approximately 13.8 % and 0.0 % for the six -month periods ended June 30, 2024 and 2023 , respectively.

The Company's effective tax rate differs from the statutory federal tax rate of 21 % for the six -month periods ended June 30, 2024 and 2023 primarily due to a full valuation allowance recorded on our United States, China and Italy deferred tax assets since we cannot anticipate when or if we will have sufficient taxable income to utilize the deferred tax assets in the future.

There was no change in the warranty liability balance included in the other accrued liabilities line of the Condensed Consolidated Balance Sheets during the nine months ended September 30, 2024 and 2023 .

The warranty liability balance was $ 159 at September 30, 2024 and December 31, 2023 .

The Company’s effective tax rate is approximately 42.9 % and 0.0 % for the nine -month periods ended September 30, 2024 and 2023 , respectively.

The Company's effective tax rate differs from the statutory federal tax rate of 21 % for the nine -month periods ended September 30, 2024 and 2023 primarily due to a full valuation allowance recorded on our United States, China and Italy deferred tax assets since we cannot anticipate when or if we will have sufficient taxable income to utilize the deferred tax assets in the future.

Further, our effective tax rate differs from the statutory federal tax rate due to state taxes, differences between U.S.

and foreign tax rates, foreign losses incurred with no related tax benefit, non-deductible commissions, and non-deductible meals and entertainment expenses for the six -month periods ended June 30, 2024 and 2023 .

Fuel Tech had no unrecognized tax benefits as of June 30, 2024 and December 31, 2023 .

and foreign tax rates, foreign losses incurred with no related tax benefit, non-deductible commissions, and non-deductible meals and entertainment expenses for the nine -month periods ended September 30, 2024 and 2023 .

Fuel Tech had no unrecognized tax benefits as of September 30, 2024 and December 31, 2023 .

FUEL TECH, INC.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements