Fuel Tech secures $2.6 million in APC orders

WARRENVILLE, Ill. - Fuel Tech, Inc. (NASDAQ: FTEK), a provider of emissions control systems and water treatment technologies, has announced the acquisition of approximately $2.6 million in air pollution control (APC) orders from current customers in the United States and Japan. These orders include an ULTRA® system for a natural gas-fired Combined Cycle utility plant in the Pacific Rim and advanced engineering for a municipal waste unit in the Northeast U.S. The new contracts represent about 10% of the company’s current annual revenue of $25.13 million. According to InvestingPro analysis, Fuel Tech maintains a strong financial position with more cash than debt on its balance sheet, positioning it well for project execution.

The Japanese order is a continuation of a 2017 contract, marking the fourth on-site unit for the client. The system employs the ULTRA-EX™ approach, which leverages high-temperature exhaust gas to convert urea to ammonia for Selective Catalytic Reduction (SCR) technology, enhancing energy efficiency and reducing the need for external heat. Engineering for this project is slated for completion in the second quarter of 2025, with equipment delivery anticipated in the first quarter of 2027.

In the U.S., Fuel Tech will be working on advanced engineering for an existing municipal waste unit customer. This step is part of the process toward implementing an Advanced Selective Non-Catalytic Reduction (ASNCR) system, which helps meet stringent NOx control requirements. Completion of this work is expected in the second quarter of 2025.

Vincent J. Arnone, President and CEO of Fuel Tech, expressed satisfaction with the contract awards, which he said reflect part of the $4 to $5 million in near-term contract wins anticipated by early second quarter of this year. Arnone also mentioned the company’s ongoing efforts to secure additional APC contracts expected early in the second quarter of 2025. With a robust current ratio of 5.06, InvestingPro data shows the company’s liquid assets significantly exceed its short-term obligations, providing financial flexibility for future projects. Investors seeking deeper insights can access comprehensive analysis through InvestingPro’s detailed research reports, available for over 1,400 US stocks including Fuel Tech.

Fuel Tech specializes in technologies that allow for environmentally sustainable operations, including NOx reduction and particulate control. Their FUEL CHEM® technology and DGI® Dissolved Gas Infusion Systems are among the solutions offered to enhance the efficiency and environmental status of combustion units across various industries.

This announcement is based on a press release statement and includes forward-looking statements subject to risks and uncertainties, including competition and potential project cancellations. Investors are advised that all forward-looking statements involve risks and uncertainties, as detailed in Fuel Tech’s filings with the Securities and Exchange Commission.

In other recent news, Flotek Industries reported fourth-quarter earnings that surpassed expectations. The company achieved adjusted earnings per share of $0.14 for Q4 2024, up from $0.07 in the same period last year. Revenue increased by 20% year-over-year to $50.76 million, marking the highest level in five years, with a notable 21% rise in external customer revenue. Flotek’s gross profit for the quarter rose by 30% to $12.3 million, and the gross margin expanded to 24%. Net income more than doubled to $4.4 million, and adjusted EBITDA saw a significant increase of 78%, reaching $7.0 million compared to Q4 2023. For the full year 2024, Flotek reported a net income of $10.5 million or $0.34 per share, a reversal from a loss in 2023. The company’s annual adjusted EBITDA was $20.3 million, surpassing its guidance by 10%. Flotek noted substantial growth in its data analytics segment, with service revenue up 124% in Q4 and 44% for the entire year.

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