11 unchanged sentences
The Air Pollution Control technology segment includes technologies to reduce NOx emissions in flue gas generated by the firing of natural gas, coal, or biomass from boilers, incinerators, furnaces and other stationary combustion sources.
−Removed: These include NOxOUT ® and HERT™ SNCR systems, and SCR systems.
+Added: These include NOxOUT ® SNCR systems and SCR systems.
Our SCR systems can also include AIG, and GSG™ systems to provide high NOx reductions at significantly lower capital and operating costs than conventional SCR systems.
25 unchanged sentences
If a customer elects to cancel an order, we may not realize the full amount of revenues included in our backlog.
−Removed: If projects are delayed, the timing of our revenues could be adversely affected and projects may remain in our backlog for extended periods of time.
Revenue recognition occurs over long periods of time and is subject to unanticipated delays.
+Added: If projects are delayed, the timing of our revenues could be adversely affected and projects may remain in our backlog for extended periods of time.
If we receive relatively large orders in any given quarter, fluctuations in the levels of our quarterly backlog can result because the backlog in that quarter may reach levels that may not be sustained in subsequent quarters.
+Added: Customer-driven delays may also lead to increased material costs and other adverse financial impacts.
Our Operating Results May Be Adversely Affected by Product Pricing
4 unchanged sentences
During 2025, our five largest customers accounted for approximately 58% of our net revenues, with our largest customer accounting for approximately 21% of our net revenues.
+Added: These five customers contributed revenues to the FUEL CHEM business segment during 2025.
There can be no assurance that all significant customers will continue to purchase our products in the same quantities that they have in the past.
58 unchanged sentences
We hold licenses to or own a number of patents for our products and processes.
−Removed: In addition, we also have numerous patent applications pending both in the U.S.
+Added: We also have patent applications pending both in the U.S.
There can be no assurance that any of our pending patent applications will be granted or that our outstanding patents will not be challenged, overturned or otherwise circumvented by competitors.
8 unchanged sentences
Our FUEL CHEM technology segment is dependent, in part, upon a supply of magnesium hydroxide.
−Removed: Any adverse changes in the availability of this chemical will likely have an adverse impact on ongoing operation of our FUEL CHEM programs.
+Added: Any adverse changes in the availability of this chemical will likely have an adverse impact on the ongoing operation of our FUEL CHEM programs.
On March 4, 2009, we entered into a Restated Product Supply Agreement (PSA) with Martin Marietta Magnesia Specialties, LLC (MMMS) in order to assure the continuance of a stable supply from MMMS of magnesium hydroxide products for our requirements in the U.S.
−Removed: The term of the PSA expires on December 31, 2025.
+Added: The PSA is renegotiated annually.
Pursuant to the PSA, MMMS supplies us with magnesium hydroxide products manufactured pursuant to our specifications and we have agreed to purchase from MMMS, and MMMS has agreed to supply, 100% of our requirements for such magnesium hydroxide products for our customers who purchase such products for delivery in the U.S.
11 unchanged sentences
See Item 1 above under the caption “ Regulations and Markets ” in the Air Pollution Control segment overview.
+Added: Changes in environmental regulations and enforcement priorities, specifically regarding NOx emissions from small and medium-sized gas turbines, may materially and adversely affect the demand for our Selective Catalytic Reduction (SCR) systems.
+Added: Our business is significantly driven by federal and state air quality standards that mandate the use of post-combustion emission control technologies.
+Added: On January 9, 2026, the EPA finalized amendments to the New Source Performance Standards (NSPS) for Stationary Combustion Turbines.
+Added: Under these new rules, the EPA determined that combustion controls, rather than SCR technology, constitute the 'Best System of Emission Reduction' (BSER) for many new, modified, or reconstructed turbines, particularly those with a heat rating of less than 850 MMBtu/h (typically units of 100MW or less).
+Added: The relaxation of these standards or the non-enforcement of more stringent state-level requirements could lead current and potential customers to bypass SCR installations in favor of less expensive combustion-only control methods.
+Added: If our customers are not legally required to achieve the ultra-low NOx levels that our SCR systems provide, our order pipeline for 100MW and smaller units may decline significantly.
+Added: Furthermore, any further delays in the implementation of stricter NOx standards, or a shift in regulatory focus away from stationary source emissions, could reduce our revenue, increase price competition, and negatively impact our overall financial condition.
GENERAL RISK FACTORS
3 unchanged sentences
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.