Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2024 | Apr. 30, 2024 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0000846913 | |
Entity Registrant Name | FUEL TECH, INC. | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q1 | |
Document Fiscal Year Focus | 2024 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2024 | |
Document Transition Report | false | |
Entity File Number | 001-33059 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 20-5657551 | |
Entity Address, Address Line One | 27601 Bella Vista Parkway | |
Entity Address, City or Town | Warrenville | |
Entity Address, State or Province | IL | |
Entity Address, Postal Zip Code | 60555-1617 | |
City Area Code | 630 | |
Local Phone Number | 845-4500 | |
Title of 12(b) Security | Common Stock | |
Trading Symbol | FTEK | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | true | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 30,385,297 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Current assets: | ||
Cash and cash equivalents | $ 11,382 | $ 17,578 |
Short-term investments | 11,872 | 12,136 |
Accounts receivable, less current expected credit loss of $111 and $111, respectively | 7,104 | 6,729 |
Inventories, net | 537 | 439 |
Prepaid expenses and other current assets | 1,295 | 1,439 |
Total current assets | 32,190 | 38,321 |
Property and equipment, net of accumulated depreciation of $18,763 and $18,703, respectively | 4,572 | 4,539 |
Goodwill | 2,116 | 2,116 |
Other intangible assets, net of accumulated amortization of $483 and $468, respectively | 343 | 358 |
Right-of-use operating lease assets, net | 582 | 609 |
Long-term investments | 8,879 | 3,664 |
Other assets | 764 | 781 |
Total assets | 49,446 | 50,388 |
Current liabilities: | ||
Accounts payable | 1,852 | 2,421 |
Accrued liabilities: | ||
Operating lease liabilities - current | 105 | 81 |
Employee compensation | 1,289 | 1,252 |
Other accrued liabilities | 1,284 | 1,934 |
Total current liabilities | 4,530 | 5,688 |
Operating lease liabilities - non-current | 512 | 533 |
Deferred income taxes, net | 172 | 172 |
Other liabilities | 276 | 281 |
Total liabilities | 5,490 | 6,674 |
Stockholders’ equity: | ||
Common stock, $.01 par value, 40,000,000 shares authorized, 31,361,303 and 31,361,303 shares issued, and 30,385,297 and 30,385,297 shares outstanding, respectively | 313 | 313 |
Additional paid-in capital | 164,957 | 164,853 |
Accumulated deficit | (117,248) | (117,529) |
Accumulated other comprehensive loss | (1,891) | (1,748) |
Nil coupon perpetual loan notes | 76 | 76 |
Treasury stock, at cost | (2,251) | (2,251) |
Total stockholders’ equity | 43,956 | 43,714 |
Total liabilities and stockholders’ equity | $ 49,446 | $ 50,388 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Allowance for credit losses | $ 111 | $ 111 |
Accumulated depreciation | 18,763 | 18,703 |
Accumulated amortization | $ 483 | $ 468 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 40,000,000 | 40,000,000 |
Common stock, shares issued (in shares) | 31,361,303 | 31,361,303 |
Common stock, shares outstanding (in shares) | 30,385,297 | 30,825,297 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | $ 4,957 | $ 7,287 |
Costs and expenses: | ||
Cost of sales | 2,928 | 4,482 |
Selling, general and administrative | 3,345 | 3,245 |
Research and development | 376 | 218 |
Costs and Expenses | 6,649 | 7,945 |
Operating loss | (1,692) | (658) |
Interest expense | 0 | (5) |
Interest income | 311 | 339 |
Other income (expense), net | 1,673 | (90) |
Income (loss) before income taxes | 292 | (414) |
Income tax expense | (11) | 0 |
Net income (loss) | $ 281 | $ (414) |
Net income (loss) per common share: | ||
Basic net income (loss) per common share (in dollars per share) | $ 0.01 | $ (0.01) |
Diluted net income (loss) per common share (in dollars per share) | $ 0.01 | $ (0.01) |
Weighted-average number of common shares outstanding: | ||
Basic (in shares) | 30,385,000 | 30,296,000 |
Diluted (in shares) | 30,756,000 | 30,296,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Net income (loss) | $ 281 | $ (414) |
Other comprehensive (loss) income: | ||
Foreign currency translation adjustments | (143) | 86 |
Comprehensive income (loss) | $ 138 | $ (328) |
Condensed Statements of Stockho
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($) shares in Thousands, $ in Thousands | Common Stock Outstanding [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Nil Coupon Perpetual Loan Notes [Member] | Treasury Stock, Common [Member] | Total |
Balance (in shares) at Dec. 31, 2022 | 30,296 | ||||||
Balance at Dec. 31, 2022 | $ 313 | $ 164,422 | $ (115,991) | $ (1,728) | $ 76 | $ (2,251) | $ 44,841 |
Net income (loss) | 0 | 0 | (414) | 0 | 0 | 0 | (414) |
Foreign currency translation adjustments | 0 | 0 | 0 | 86 | 0 | 0 | 86 |
Stock compensation expense | $ 0 | 89 | 0 | 0 | 0 | 0 | 89 |
Balance (in shares) at Mar. 31, 2023 | 30,296 | ||||||
Balance at Mar. 31, 2023 | $ 313 | 164,511 | (116,405) | (1,642) | 76 | (2,251) | 44,602 |
Balance (in shares) at Dec. 31, 2023 | 30,385 | ||||||
Balance at Dec. 31, 2023 | $ 313 | 164,853 | (117,529) | (1,748) | 76 | (2,251) | 43,714 |
Net income (loss) | 0 | 0 | 281 | 0 | 0 | 0 | 281 |
Foreign currency translation adjustments | 0 | 0 | 0 | (143) | 0 | 0 | (143) |
Stock compensation expense | $ 0 | 104 | 0 | 0 | 0 | 0 | 104 |
Balance (in shares) at Mar. 31, 2024 | 30,385 | ||||||
Balance at Mar. 31, 2024 | $ 313 | $ 164,957 | $ (117,248) | $ (1,891) | $ 76 | $ (2,251) | $ 43,956 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Operating Activities | ||
Net income (loss) | $ 281 | $ (414) |
Adjustments to reconcile net income (loss) to net cash (used in) provided by operating activities: | ||
Depreciation | 80 | 79 |
Amortization | 16 | 11 |
Non-cash interest income on held-to-maturity securities | (9) | (95) |
Stock-based compensation, net of forfeitures | 104 | 89 |
Changes in operating assets and liabilities: | ||
Accounts receivable | 1,250 | 990 |
Employee retention credit receivable | (1,677) | 0 |
Inventory | (99) | (116) |
Prepaid expenses, other current assets and other non-current assets | 151 | 51 |
Accounts payable | (563) | 934 |
Accrued liabilities and other non-current liabilities | (609) | (519) |
Net cash (used in) provided by operating activities | (1,075) | 1,010 |
Investing Activities | ||
Purchases of equipment and patents | (114) | (30) |
Purchases of debt securities | (7,641) | (9,685) |
Maturities of debt securities | 2,750 | 1,000 |
Net cash used in investing activities | (5,005) | (8,715) |
Financing Activities | ||
Net cash provided by financing activities | 0 | 0 |
Effect of exchange rate fluctuations on cash | (116) | 75 |
Net decrease in cash and cash equivalents | (6,196) | (7,630) |
Cash and cash equivalents at beginning of period | 17,578 | 23,328 |
Cash and cash equivalents at end of period | $ 11,382 | $ 15,698 |
Note 1 - General
Note 1 - General | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Organization, Consolidation and Presentation of Financial Statements Disclosure [Text Block] | 1. Organization Fuel Tech, Inc. and subsidiaries ("Fuel Tech", the "Company", "we", "us" or "our") develops and provides proprietary technologies for air pollution control, process optimization, water treatment, and advanced engineering services. These technologies enable customers to operate in a cost-effective and environmentally sustainable manner. The Company’s nitrogen oxide (NOx) reduction technologies reduce nitrogen oxide emissions from boilers, furnaces, and other stationary combustion sources. To reduce NOx emissions, our technologies utilize advanced combustion modification techniques and post-combustion NOx control approaches including non-catalytic, catalytic, and combined systems. The Company also provides solutions for the mitigation of particulate matter, including particulate control with electrostatic precipitator products and services, and using flue gas conditioning systems which modify the ash properties of particulate for improved collection efficiency. The Company’s FUEL CHEM® technology improves the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling slagging, fouling, corrosion, and opacity. Water treatment technologies include DGI® Dissolved Gas Infusion Systems which utilize a patented gas-infusing saturator vessel and a patent-pending channel injector to deliver supersaturated oxygen-water solutions and potentially other gas-liquid combinations to target process applications or environmental issues within the municipal and industrial water sectors. The infusion process has a variety of potential applications in the water and wastewater treatment sector, including aquaculture, agriculture/horticulture, pulp & paper, tanneries, landfill leachate, irrigation, treatment of natural waters, wastewater odor management as well as supplying oxygen or other gases for biochemical reactions and pH adjustment. Many of Fuel Tech’s products and services rely heavily on the Company’s computational fluid dynamics modeling capabilities, which are enhanced by internally developed, high-end visualization software. Basis of Presentation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) for interim financial information and with the instructions to Form 10 10 X not three March 31, 2024 not December 31, 2024 10 December 31, 2023 CARES Act On March 27, 2020, 19 2020 2021. As there is no 20, 20, March 31, 2024. |
Note 2 - Summary of Significant
Note 2 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Significant Accounting Policies [Text Block] | 2. Investments In 2022, 10 March 31, 2024 , the amount of funds collateralized under the Investment Collateral Security agreement is $ relating to existing standby letters of credit that is comprised of $1,134 with varying maturity dates that expire no March 31, 2025 with the latest maturity date no November 30, 2025. We consider all highly liquid debt investments with original maturities from the date of purchase of three three Our investments in debt securities consist of United States (US) Treasury securities, including Notes, Bonds, and Bills, and US Government Agency securities, which are designated as held-to-maturity (HTM) and stated at amortized cost. The Company has the positive intent and ability to hold these investments to maturity and does not three thirty-six three three one one no The following table provides the amortized cost, gross unrealized gains and losses, and fair value of our HTM debt securities: As of Held-to-maturity debt securities: March 31, 2024 December 31, 2023 Amortized cost $ 20,751 $ 15,800 Gross unrecognized gains 6 — Gross unrecognized losses (92 ) (86 ) Fair value $ 20,665 $ 15,714 The following table provides the amortized cost and fair value of debt securities by maturities at March 31, 2024 Amortized Cost Fair Value Within one year $ 11,872 $ 11,824 After one year through two years 8,879 8,841 Total $ 20,751 $ 20,665 Inventories 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 March 31, 2024 and December 31, 2023 , inventory included equipment constructed for resale of $ and $ , respectively, and spare parts, net of reserves, of $ and $ , 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 $607 and $618 as of March 31, 2024 and December 31, 2023 , respectively. In not Allowance for Credit Losses In June 2016, 2016 13, 326 November 2019, 2019 10, 326 815 842 January 1, 2023 not not For the general risk categories, the Company uses historical losses over a fixed period, excluding certain write-off activity that was not zero The following table provides the roll forward of the allowance for credit losses: At January 1, 2023 $ 110 Provision charged to expense 24 (Write-offs) / Recoveries (23 ) At December 31, 2023 $ 111 Provision charged to expense — (Write-offs) / Recoveries — At March 31, 2024 $ 111 |
Note 3 - Revenue
Note 3 - Revenue | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | 3. Disaggregated Revenue by Product Technology The following table presents our revenues disaggregated by product technology: Three Months Ended March 31, 2024 2023 Air Pollution Control Technology solutions $ 1,664 $ 2,982 Spare parts 199 174 Ancillary revenue 455 403 Total Air Pollution Control technology revenues 2,318 3,559 FUEL CHEM FUEL CHEM technology solutions 2,639 3,728 Total Revenues $ 4,957 $ 7,287 Disaggregated Revenue by Geography The following table presents our revenues disaggregated by geography, based on t he location of the end-user: Three Months Ended March 31, 2024 2023 United States $ 3,595 $ 5,981 Foreign Revenues Latin America 315 — Europe 856 579 Asia 191 727 Total Foreign Revenues 1,362 1,306 Total Revenues $ 4,957 $ 7,287 Timing of Revenue Recognition The following table presents the timing of our revenue recognition: Three Months Ended March 31, 2024 2023 Products transferred at a point in time $ 3,293 $ 4,305 Products and services transferred over time 1,664 2,982 Total Revenues $ 4,957 $ 7,287 Contract Balances The timing of revenue recognition, billings, and cash collections results in billed accounts receivable, unbilled receivables (contract assets), and customer advances and deposits (contract liabilities) on the Condensed Consolidated Balance Sheets. In our Air Pollution Control (APC) technology segment, amounts are billed as work progresses in accordance with agreed-upon contractual terms. Generally, billing occurs subsequent to revenue recognition, resulting in contract assets. For the FUEL CHEM technology segment, deliveries made in the current period but billed in subsequent periods are also considered contract assets. These assets are reported on the Condensed Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period. At March 31, 2024 December 31, 2023 December 31, 2022, March 31, 2024 December 31, 2023 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 $761, $1,279, and $372 at March 31, 2024 December 31, 2023 December 31, 2022, Changes in the contract asset and liability balances during the three March 31, 2024 not three March 31, 2024 three March 31, 2023 As of March 31, 2024 December 31, 2023 Remaining Performance Obligations Remaining performance obligations represents the transaction price of APC technology booked orders for which work has not As of March 31, 2024 , the aggregate amount of the transaction price allocated to remaining performance obligations was $ . The Company expects to recognize revenue on approximately $ of the remaining performance obligations over the next 12 months with the remaining recognized thereafter. Accounts Receivable The components of accounts receivable are as follows: As of March 31, 2024 December 31, 2023 Trade receivables $ 3,769 $ 4,300 Unbilled receivables 1,507 2,285 Receivable for employee retention credit 1,677 — Other short-term receivables 262 255 Allowance for credit losses (111 ) (111 ) Total accounts receivable $ 7,104 $ 6,729 |
Note 4 - Restructuring Activiti
Note 4 - Restructuring Activities | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Restructuring and Related Activities Disclosure [Text Block] | 4. On January 18, 2019, March 31, 2024 The following table presents our revenues and net loss for the three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 Total revenues $ — $ — Net loss (13 ) (20 ) The following table presents net assets in China as of March 31, 2024 December 31, 2023 As of March 31, 2024 December 31, 2023 Total assets $ 824 $ 846 Total liabilities 74 67 Total net assets $ 750 $ 779 Total assets primarily consist of cash and other receivables. Total liabilities consist of accounts payable and certain accrued liabilities. |
Note 5 - Accumulated Other Comp
Note 5 - Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Comprehensive Income (Loss) Note [Text Block] | 5. The changes in accumulated other comprehensive loss by component were as follows: Three Months Ended March 31, 2024 2023 Foreign currency translation Balance at beginning of period $ (1,748 ) $ (1,728 ) Other comprehensive (loss) income: Foreign currency translation adjustments (1) (143 ) 86 Total accumulated other comprehensive loss $ (1,891 ) $ (1,642 ) ( 1 In all periods presented, there were no no |
Note 6 - Treasury Stock
Note 6 - Treasury Stock | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Treasury Stock [Text Block] | 6. Common stock held in treasury totaled 976,006 with a cost of $2,251 at March 31, 2024 December 31, 2023 |
Note 7 - Earnings Per Share
Note 7 - Earnings Per Share | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | 7. Basic earnings per share excludes the dilutive effects of stock options, restricted stock units (RSUs), warrants, and the nil nil dilutive if they were exercised. For the three March 31, 2024 three March 31, 2023 The following table sets forth the weighted-average shares used in calculating the earnings per share for the three March 31, 2024 2023 Three Months Ended March 31, 2024 2023 Basic weighted-average shares 30,385,000 30,296,000 Unexercised options and unvested RSUs 371,000 — Diluted weighted-average shares 30,756,000 30,296,000 For the three March 31, 2024 2023 , Fuel Tech had weighted-average outstanding equity awards of and 315,400 , respectively, and warrants of 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 March 31, 2023 266,000 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. |
Note 8 - Stock-based Compensati
Note 8 - Stock-based Compensation | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Share-Based Payment Arrangement [Text Block] | 8. Under our stock-based employee compensation plan, referred to as the Fuel Tech, Inc. 2014 may may may March 31, 2024 We did not three March 31, 2024 2023 no three March 31, 2024 2023 no 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 March 31, 2024 2023 Three Months Ended March 31, 2024 2023 Stock options and restricted stock units, net of forfeitures $ 104 $ 89 After-tax effect of stock-based compensation $ 104 $ 89 Stock Options Stock options granted to employees under the Incentive Plans have a 10-year life and they vest as follows: 50% after the second third fourth four Fuel Tech uses the Black-Scholes option pricing model to estimate the grant date fair value of employee stock options. The principal variable assumptions utilized in valuing options and the methodology for estimating such model inputs include: ( 1 2 3 Stock option activity for Fuel Tech’s Incentive Plans for the three March 31, 2024 was as follows: Weighted- Average Number Weighted- Remaining Aggregate of Average Contractual Intrinsic Options Exercise Price Term Value Outstanding on January 1, 2024 270,500 $ 3.09 Granted — — Exercised — — Expired or forfeited — — Outstanding on March 31, 2024 270,500 $ 3.09 1.31 $ 11 Exercisable on March 31, 2024 270,500 $ 3.09 1.31 $ 11 As of March 31, 2024 Restricted Stock Units RSUs granted to employees vest over time based on continued service (typically vesting over a period between two four ars), and RSUs granted to directors vest after a one d. In addition to the time vested RSUs, the Company entered into an Executive Performance RSU Award Agreement (the “Agreement”) with certain officers, including its President and Chief Executive Officer, Chief Financial Officer and Senior Vice President, Sales (each a “2024 2024 2024. four 2024. The Agreement provides for four one third first one third second one third third one At March 31, 2024 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 yea A summary of restricted stock unit activity for the three March 31, 2024 Weighted Average Grant Date Shares Fair Value Unvested restricted stock units at January 1, 2024 1,762,248 $ 1.29 Granted 106,000 1.10 Forfeited (425,100 ) 1.26 Unvested restricted stock units at March 31, 2024 1,443,148 $ 1.20 The fair value of restricted stock that vested during the three March 31, 2024 Deferred Directors Fees In addition to the Incentive Plans, Fuel Tech has a Deferred Compensation Plan for Directors (Deferred Plan). Under the terms of the Deferred Plan, Directors can elect to defer Directors’ fees for shares of Fuel Tech Common Stock that are issuable at a future date as defined in the agreement. In accordance with Accounting Standards Codification (ASC) 718, three March 31, 2024 2023 |
Note 9 - Warrants
Note 9 - Warrants | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Warrants Disclosure [Text Block] | 9. The following table summarizes information about warrants outstanding and exercisable at March 31, 2024 Exercise Price Number Outstanding/Exercisable Weighted Average Remaining Life in Years Weighted Average Exercise Price $5.10 2,500,000 2.37 $ 5.10 $6.45 350,000 2.37 $ 6.45 2,850,000 |
Note 10 - Debt Financing
Note 10 - Debt Financing | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | 10. On June 30, 2022, no March 31, 2024 , the Company had outstanding standby letters of credit totaling approximately $ under the Investment Collateral Security agreement. At March 31, 2024 , the investments held as collateral totaled $ . Fuel Tech is committed to reimbursing the issuing bank for any payments made by the bank under these instruments. |
Note 11 - Business Segment and
Note 11 - Business Segment and Geographic Financial Data | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | 11. Business Segment Financial Data We segregate our financial results into two two • T he Air Pollution Control technology segment includes technologies to reduce NOx emissions in flue gas generated by the firing of natural gas or coal from boilers, incinerators, furnaces, and other stationary combustion sources. These include Over-Fire Air systems, NOxOUT ® and HERT™ Selective Non-Catalytic Reduction systems, and Selective Catalytic Reduction (SCR) systems. Our SCR systems can also include Ammonia Injection Grid, and Graduated Straightening Grid GSG™ systems to provide high NOx reductions at significantly lower capital and operating costs than conventional SCR systems. ULTRA ® technology creates ammonia at a plant site using safe urea for use with any SCR application. Electrostatic Precipitator technologies make use of electrostatic precipitator products and services to reduce particulate matter. Flue Gas Conditioning systems are chemical injection systems offered in markets outside the U.S. and Canada to enhance electrostatic precipitator and fabric filter performance in controlling particulate emissions. • The FUEL CHEM ® ® The “Other” classification includes those profit and loss items not no We evaluate performance and allocate resources based on reviewing gross margin by reportable segment. The accounting policies of the reportable segments are the same as those described in the summary of significant accounting policies (Note 1 10 not Information about reporting segment net sales and gross margin from operations is provided below: Air Pollution FUEL CHEM Three months ended March 31, 2024 Control Segment Segment Other Total Revenues from external customers $ 2,318 $ 2,639 $ — $ 4,957 Cost of sales (1,428 ) (1,500 ) — (2,928 ) Gross margin 890 1,139 — 2,029 Selling, general and administrative — — (3,345 ) (3,345 ) Research and development — — (376 ) (376 ) Operating income (loss) from operations $ 890 $ 1,139 $ (3,721 ) $ (1,692 ) Air Pollution FUEL CHEM Three months ended March 31, 2023 Control Segment Segment Other Total Revenues from external customers $ 3,559 $ 3,728 $ — $ 7,287 Cost of sales (2,594 ) (1,888 ) — (4,482 ) Gross margin 965 1,840 — 2,805 Selling, general and administrative — — (3,245 ) (3,245 ) Research and development — — (218 ) (218 ) Operating income (loss) from operations $ 965 $ 1,840 $ (3,463 ) $ (658 ) Geographic Segment Financial Data Information concerning our operations by geographic area is provided below. Revenues are attributed to countries based on the location of the end-user. Assets are those directly associated with operations of the geographic area. Three Months Ended March 31, 2024 2023 Revenues: United States $ 3,595 $ 5,981 Foreign 1,362 1,306 $ 4,957 $ 7,287 March 31, December 31, 2024 2023 Assets: United States $ 45,744 $ 46,487 Foreign 3,702 3,901 $ 49,446 $ 50,388 |
Note 12 - Accrued Liabilities
Note 12 - Accrued Liabilities | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 12. The components of other accrued liabilities are as follows: As of March 31, 2024 December 31, 2023 Contract liabilities (Note 3) $ 761 $ 1,279 Warranty reserve (Note 13) 159 159 Deferred revenue 100 103 Accrued professional fees — 101 Other accrued liabilities 264 292 Total other accrued liabilities $ 1,284 $ 1,934 |
Note 13 - Commitments and Conti
Note 13 - Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | 13. Fuel Tech is subject to various claims and contingencies related to, among other things, workers compensation, general liability (including product liability), and lawsuits. The Company records liabilities where a contingent loss is probable and can be reasonably estimated. If the reasonable estimate of a probable loss is a range, the Company records the most probable estimate of the loss or the minimum amount when no not not may From time to time we are involved in litigation with respect to matters arising from the ordinary conduct of our business. In the opinion of management, based upon presently available information, either adequate provision for anticipated costs have been accrued or the ultimate anticipated costs will not not Fuel Tech issues a standard product warranty with the sale of its products to customers. Our recognition of warranty liability is based primarily on analyses of warranty claims experienced in the preceding years as the nature of our historical product sales for which we offer a warranty are substantially unchanged. 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 three March 31, 2024 2023 March 31, 2024 December 31, 2023 |
Note 14 - Income Taxes
Note 14 - Income Taxes | 3 Months Ended |
Mar. 31, 2024 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | 14. The Company’s effective tax rate is approximately 3.8% and for the three -month periods ended March 31, 2024 2023 three March 31, 2024 2023 no three March 31, 2024 2023 Fuel Tech had no unrecognized tax benefits as of March 31, 2024 December 31, 2023 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2024 | |
Accounting Policies [Abstract] | |
Investment, Policy [Policy Text Block] | Investments In 2022, 10 March 31, 2024 , the amount of funds collateralized under the Investment Collateral Security agreement is $ relating to existing standby letters of credit that is comprised of $1,134 with varying maturity dates that expire no March 31, 2025 with the latest maturity date no November 30, 2025. We consider all highly liquid debt investments with original maturities from the date of purchase of three three Our investments in debt securities consist of United States (US) Treasury securities, including Notes, Bonds, and Bills, and US Government Agency securities, which are designated as held-to-maturity (HTM) and stated at amortized cost. The Company has the positive intent and ability to hold these investments to maturity and does not three thirty-six three three one one no The following table provides the amortized cost, gross unrealized gains and losses, and fair value of our HTM debt securities: As of Held-to-maturity debt securities: March 31, 2024 December 31, 2023 Amortized cost $ 20,751 $ 15,800 Gross unrecognized gains 6 — Gross unrecognized losses (92 ) (86 ) Fair value $ 20,665 $ 15,714 The following table provides the amortized cost and fair value of debt securities by maturities at March 31, 2024 Amortized Cost Fair Value Within one year $ 11,872 $ 11,824 After one year through two years 8,879 8,841 Total $ 20,751 $ 20,665 |
Inventory, Policy [Policy Text Block] | Inventories 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 March 31, 2024 and December 31, 2023 , inventory included equipment constructed for resale of $ and $ , respectively, and spare parts, net of reserves, of $ and $ , 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 $607 and $618 as of March 31, 2024 and December 31, 2023 , respectively. In not |
Credit Loss, Financial Instrument [Policy Text Block] | Allowance for Credit Losses In June 2016, 2016 13, 326 November 2019, 2019 10, 326 815 842 January 1, 2023 not not For the general risk categories, the Company uses historical losses over a fixed period, excluding certain write-off activity that was not zero The following table provides the roll forward of the allowance for credit losses: At January 1, 2023 $ 110 Provision charged to expense 24 (Write-offs) / Recoveries (23 ) At December 31, 2023 $ 111 Provision charged to expense — (Write-offs) / Recoveries — At March 31, 2024 $ 111 |
Note 2 - Summary of Significa_2
Note 2 - Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Debt Securities, Held-to-Maturity [Table Text Block] | As of Held-to-maturity debt securities: March 31, 2024 December 31, 2023 Amortized cost $ 20,751 $ 15,800 Gross unrecognized gains 6 — Gross unrecognized losses (92 ) (86 ) Fair value $ 20,665 $ 15,714 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amortized Cost Fair Value Within one year $ 11,872 $ 11,824 After one year through two years 8,879 8,841 Total $ 20,751 $ 20,665 |
Financing Receivable, Allowance for Credit Loss [Table Text Block] | At January 1, 2023 $ 110 Provision charged to expense 24 (Write-offs) / Recoveries (23 ) At December 31, 2023 $ 111 Provision charged to expense — (Write-offs) / Recoveries — At March 31, 2024 $ 111 |
Note 3 - Revenue (Tables)
Note 3 - Revenue (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Disaggregation of Revenue [Table Text Block] | Three Months Ended March 31, 2024 2023 Air Pollution Control Technology solutions $ 1,664 $ 2,982 Spare parts 199 174 Ancillary revenue 455 403 Total Air Pollution Control technology revenues 2,318 3,559 FUEL CHEM FUEL CHEM technology solutions 2,639 3,728 Total Revenues $ 4,957 $ 7,287 |
Revenue from External Customers by Geographic Areas [Table Text Block] | Three Months Ended March 31, 2024 2023 United States $ 3,595 $ 5,981 Foreign Revenues Latin America 315 — Europe 856 579 Asia 191 727 Total Foreign Revenues 1,362 1,306 Total Revenues $ 4,957 $ 7,287 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] | Three Months Ended March 31, 2024 2023 Products transferred at a point in time $ 3,293 $ 4,305 Products and services transferred over time 1,664 2,982 Total Revenues $ 4,957 $ 7,287 |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | As of March 31, 2024 December 31, 2023 Trade receivables $ 3,769 $ 4,300 Unbilled receivables 1,507 2,285 Receivable for employee retention credit 1,677 — Other short-term receivables 262 255 Allowance for credit losses (111 ) (111 ) Total accounts receivable $ 7,104 $ 6,729 |
Note 4 - Restructuring Activi_2
Note 4 - Restructuring Activities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Restructuring and Related Costs [Table Text Block] | Three Months Ended March 31, 2024 2023 Total revenues $ — $ — Net loss (13 ) (20 ) As of March 31, 2024 December 31, 2023 Total assets $ 824 $ 846 Total liabilities 74 67 Total net assets $ 750 $ 779 |
Note 5 - Accumulated Other Co_2
Note 5 - Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] | Three Months Ended March 31, 2024 2023 Foreign currency translation Balance at beginning of period $ (1,748 ) $ (1,728 ) Other comprehensive (loss) income: Foreign currency translation adjustments (1) (143 ) 86 Total accumulated other comprehensive loss $ (1,891 ) $ (1,642 ) |
Note 7 - Earnings Per Share (Ta
Note 7 - Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2024 2023 Basic weighted-average shares 30,385,000 30,296,000 Unexercised options and unvested RSUs 371,000 — Diluted weighted-average shares 30,756,000 30,296,000 |
Note 8 - Stock-based Compensa_2
Note 8 - Stock-based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2024 2023 Stock options and restricted stock units, net of forfeitures $ 104 $ 89 After-tax effect of stock-based compensation $ 104 $ 89 |
Share-Based Payment Arrangement, Option, Activity [Table Text Block] | Weighted- Average Number Weighted- Remaining Aggregate of Average Contractual Intrinsic Options Exercise Price Term Value Outstanding on January 1, 2024 270,500 $ 3.09 Granted — — Exercised — — Expired or forfeited — — Outstanding on March 31, 2024 270,500 $ 3.09 1.31 $ 11 Exercisable on March 31, 2024 270,500 $ 3.09 1.31 $ 11 |
Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] | Weighted Average Grant Date Shares Fair Value Unvested restricted stock units at January 1, 2024 1,762,248 $ 1.29 Granted 106,000 1.10 Forfeited (425,100 ) 1.26 Unvested restricted stock units at March 31, 2024 1,443,148 $ 1.20 |
Note 9 - Warrants (Tables)
Note 9 - Warrants (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Stockholders' Equity Note, Warrants or Rights [Table Text Block] | Exercise Price Number Outstanding/Exercisable Weighted Average Remaining Life in Years Weighted Average Exercise Price $5.10 2,500,000 2.37 $ 5.10 $6.45 350,000 2.37 $ 6.45 2,850,000 |
Note 11 - Business Segment an_2
Note 11 - Business Segment and Geographic Financial Data (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Schedule of Segment Reporting Information, by Segment [Table Text Block] | Air Pollution FUEL CHEM Three months ended March 31, 2024 Control Segment Segment Other Total Revenues from external customers $ 2,318 $ 2,639 $ — $ 4,957 Cost of sales (1,428 ) (1,500 ) — (2,928 ) Gross margin 890 1,139 — 2,029 Selling, general and administrative — — (3,345 ) (3,345 ) Research and development — — (376 ) (376 ) Operating income (loss) from operations $ 890 $ 1,139 $ (3,721 ) $ (1,692 ) Air Pollution FUEL CHEM Three months ended March 31, 2023 Control Segment Segment Other Total Revenues from external customers $ 3,559 $ 3,728 $ — $ 7,287 Cost of sales (2,594 ) (1,888 ) — (4,482 ) Gross margin 965 1,840 — 2,805 Selling, general and administrative — — (3,245 ) (3,245 ) Research and development — — (218 ) (218 ) Operating income (loss) from operations $ 965 $ 1,840 $ (3,463 ) $ (658 ) |
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] | Three Months Ended March 31, 2024 2023 Revenues: United States $ 3,595 $ 5,981 Foreign 1,362 1,306 $ 4,957 $ 7,287 March 31, December 31, 2024 2023 Assets: United States $ 45,744 $ 46,487 Foreign 3,702 3,901 $ 49,446 $ 50,388 |
Note 12 - Accrued Liabilities (
Note 12 - Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2024 | |
Notes Tables | |
Other Current Liabilities [Table Text Block] | As of March 31, 2024 December 31, 2023 Contract liabilities (Note 3) $ 761 $ 1,279 Warranty reserve (Note 13) 159 159 Deferred revenue 100 103 Accrued professional fees — 101 Other accrued liabilities 264 292 Total other accrued liabilities $ 1,284 $ 1,934 |
Note 1 - General (Details Textu
Note 1 - General (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Employee Retention Credit Receivable | $ 1,677 | $ 0 |
Note 2 - Summary of Significa_3
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 | |
Investment Plan, Maximum Amount. Approved | $ 20,000 | ||
Inventory, Net | $ 537 | $ 439 | |
Equipment Constructed for Resale [Member] | |||
Inventory, Net | 207 | 207 | |
Spare Parts [Member] | |||
Inventory, Net | 330 | 232 | |
In Process Equipment [Member] | |||
Inventory, Net | $ 607 | $ 618 | |
Minimum [Member] | |||
Debt Securities, Held-to-maturity, Maturity Term (Month) | 3 months | ||
Maximum [Member] | |||
Debt Securities, Held-to-maturity, Maturity Term (Month) | 36 months | ||
Asset Pledged as Collateral [Member] | Letter of Credit [Member] | |||
Restricted Cash and Investments | $ 1,332 | ||
Asset Pledged as Collateral [Member] | Letter of Credit [Member] | Varying Maturity Dates Expiring No Later Than September 30, 2024 [Member] | |||
Restricted Cash and Investments | 1,134 | ||
Asset Pledged as Collateral [Member] | Letter of Credit [Member] | Latest Maturity Date No Later Than November 30, 2025 [Member] | |||
Restricted Cash and Investments | $ 198 |
Note 2 - Summary of Significa_4
Note 2 - Summary of Significant Accounting Policies - Amortized Cost to Fair Value of HTM Debt Securities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Amortized cost | $ 20,751 | $ 15,800 |
Gross unrecognized gains | 6 | 0 |
Gross unrecognized losses | (92) | (86) |
Fair value | $ 20,665 | $ 15,714 |
Note 2 - Summary of Significa_5
Note 2 - Summary of Significant Accounting Policies - Debt Securities by Maturity (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Within one year, amortized cost | $ 11,872 | |
Within one year, fair value | 11,824 | |
After one year through two years, amortized cost | 8,879 | |
After one year through two years, fair value | 8,841 | |
Amortized cost | 20,751 | $ 15,800 |
Fair value | $ 20,665 | $ 15,714 |
Note 2 - Summary of Significa_6
Note 2 - Summary of Significant Accounting Policies - Allowance for Doubtful Accounts (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2024 | Dec. 31, 2023 | |
Allowance for doubtful accounts | $ 111 | $ 110 |
Provision charged to expense | 0 | 24 |
(Write-offs) / Recoveries | 0 | (23) |
Allowance for doubtful accounts | $ 111 | $ 111 |
Note 3 - Revenue 1 (Details Tex
Note 3 - Revenue 1 (Details Textual) Pure in Thousands, $ in Thousands | 3 Months Ended | |||
Mar. 31, 2024 USD ($) | Mar. 31, 2023 USD ($) | Dec. 31, 2023 USD ($) | Dec. 31, 2022 USD ($) | |
Contract with Customer, Liability, Current | $ 761 | $ 1,279 | $ 372 | |
Contract with Customer, Liability, Revenue Recognized | $ 1,121 | $ 359 | ||
Contract with Customer, Contracts in Progress, Number of Contracts Identified as Loss Contracts | 0 | 0 | ||
Revenue, Remaining Performance Obligation, Amount | $ 6,181 | |||
Air Pollution Control [Member] | ||||
Contract with Customer, Asset, after Allowance for Credit Loss | 1,507 | $ 2,285 | 3,082 | |
FUEL CHEM [Member] | ||||
Contract with Customer, Asset, after Allowance for Credit Loss | $ 0 | $ 0 | $ 0 |
Note 3 - Revenue 2 (Details Tex
Note 3 - Revenue 2 (Details Textual) $ in Thousands | Mar. 31, 2024 USD ($) |
Revenue, Remaining Performance Obligation, Amount | $ 6,181 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-04-01 | |
Revenue, Remaining Performance Obligation, Amount | $ 6,019 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) | 12 months |
Note 3 - Revenue - Revenues Dis
Note 3 - Revenue - Revenues Disaggregated by Product Technology (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | $ 4,957 | $ 7,287 |
Air Pollution Control [Member] | ||
Revenues | 2,318 | 3,559 |
Air Pollution Control [Member] | Technology Solutions [Member] | ||
Revenues | 1,664 | 2,982 |
Air Pollution Control [Member] | Spare Parts [Member] | ||
Revenues | 199 | 174 |
Air Pollution Control [Member] | Ancillary Revenue [Member] | ||
Revenues | 455 | 403 |
FUEL CHEM [Member] | ||
Revenues | 2,639 | 3,728 |
FUEL CHEM [Member] | Technology Solutions [Member] | ||
Revenues | $ 2,639 | $ 3,728 |
Note 3 - Revenue - Revenues D_2
Note 3 - Revenue - Revenues Disaggregated by Geography (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | $ 4,957 | $ 7,287 |
UNITED STATES | ||
Revenues | 3,595 | 5,981 |
Latin America [Member] | ||
Revenues | 315 | 0 |
Europe [Member] | ||
Revenues | 856 | 579 |
Asia [Member] | ||
Revenues | 191 | 727 |
Non-US [Member] | ||
Revenues | $ 1,362 | $ 1,306 |
Note 3 - Revenue - Timing of Re
Note 3 - Revenue - Timing of Revenue Recognition (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues | $ 4,957 | $ 7,287 |
Transferred at Point in Time [Member] | ||
Revenues | 3,293 | 4,305 |
Transferred over Time [Member] | ||
Revenues | $ 1,664 | $ 2,982 |
Note 3 - Revenue - Components o
Note 3 - Revenue - Components of Accounts Receivable (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Trade receivables | $ 3,769 | $ 4,300 | |
Unbilled receivables | 1,507 | 2,285 | |
Receivable for employee retention credit | 1,677 | 0 | |
Other short-term receivables | 262 | 255 | |
Allowance for credit losses | (111) | (111) | $ (110) |
Total accounts receivable | $ 7,104 | $ 6,729 |
Note 4 - Restructuring Activi_3
Note 4 - Restructuring Activities (Details Textual) $ in Thousands | Mar. 31, 2024 USD ($) |
CHINA | Backlog [Member] | |
Restructuring and Related Cost, Expected Cost Remaining | $ 3 |
Note 4 - Restructuring Activi_4
Note 4 - Restructuring Activities - Charges and Net Assets (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Revenues | $ 4,957 | $ 7,287 | |
Net income (loss) | 281 | (414) | |
Total assets | 49,446 | $ 50,388 | |
Total liabilities | 5,490 | 6,674 | |
CHINA | |||
Revenues | 0 | 0 | |
Net income (loss) | (13) | $ (20) | |
Total assets | 824 | 846 | |
Total liabilities | 74 | 67 | |
Total net assets | $ 750 | $ 779 |
Note 5 - Accumulated Other Co_3
Note 5 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | ||
Balance | $ 43,714 | $ 44,841 | |
Balance | 43,956 | 44,602 | |
AOCI Attributable to Parent [Member] | |||
Balance | (1,748) | (1,728) | |
Foreign currency translation adjustments (1) | [1] | (143) | 86 |
Balance | $ (1,891) | $ (1,642) | |
[1]In all periods presented, there were no tax impacts related to rate changes and no amounts were reclassified to earnings. |
Note 6 - Treasury Stock (Detail
Note 6 - Treasury Stock (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 |
Treasury Stock, Common, Shares (in shares) | 976,006 | 976,006 |
Treasury Stock, Common, Value | $ 2,251 | $ 2,251 |
Note 7 - Earnings Per Share (De
Note 7 - Earnings Per Share (Details Textual) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Weighted Average Equity Awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 263,775 | 315,400 |
Warrant [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 2,850,000 | 2,850,000 |
Incremental Equity Awards [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) | 266,000 |
Note 7 - Earnings Per Share - E
Note 7 - Earnings Per Share - Earnings Per Share (Details) - shares | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Basic weighted-average shares (in shares) | 30,385,000 | 30,296,000 |
Unexercised options and unvested RSUs (in shares) | 371,000 | 0 |
Diluted weighted-average shares (in shares) | 30,756,000 | 30,296,000 |
Note 8 - Stock-based Compensa_3
Note 8 - Stock-based Compensation (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | |
Deferred Compensation Plan for Directors [Member] | ||
Deferred Compensation Arrangement with Individual, Compensation Expense | $ 0 | $ 0 |
The 2014 Long-term Incentive Plan [Member] | ||
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Authorized (in shares) | 5,742,376 | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | 1,106,450 | |
Share-Based Payment Arrangement, Expense, Tax Benefit | $ 0 | $ 0 |
The 2014 Long-term Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period (Year) | 10 years | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | 0 | |
The 2014 Long-term Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche One [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 50% | |
The 2014 Long-term Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche Two [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25% | |
The 2014 Long-term Incentive Plan [Member] | Share-Based Payment Arrangement, Option [Member] | Share-Based Payment Arrangement, Tranche Three [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25% | |
The 2014 Long-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years | |
The 2014 Long-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |
The 2014 Long-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Tranche One, If Look-Back RSUs Awarded [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |
The 2014 Long-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Tranche Two, If Look-Back RSUs Awarded [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |
The 2014 Long-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Tranche Three, If Look-Back RSUs Awarded [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | |
The 2014 Long-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Vesting If Total Revenue RSU, New Business Growth RSU, or Operating Income Growth RSU Awarded [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 100% | |
The 2014 Long-term Incentive Plan [Member] | Restricted Stock [Member] | ||
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ 1,135 | |
Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 1 year 9 months 21 days | |
Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 0 |
Note 8 - Stock-based Compensa_4
Note 8 - Stock-based Compensation - Stock-based Compensation (Details) - Selling, General and Administrative Expenses [Member] - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Stock options and restricted stock units, net of forfeitures | $ 104 | $ 89 |
After-tax effect of stock-based compensation | $ 104 | $ 89 |
Note 8 - Stock-based Compensa_5
Note 8 - Stock-based Compensation - Stock Option Activity (Details) $ / shares in Units, $ in Thousands | 3 Months Ended |
Mar. 31, 2024 USD ($) $ / shares shares | |
Balance, number of options outstanding (in shares) | shares | 270,500 |
Balance, option, weighted average exercise price (in dollars per share) | $ / shares | $ 3.09 |
Granted, options (in shares) | shares | 0 |
Granted, option, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Exercised, options (in shares) | shares | 0 |
Exercised, option, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Expired or forfeited, options (in shares) | shares | 0 |
Expired or forfeited, option, weighted average exercise price (in dollars per share) | $ / shares | $ 0 |
Balance, number of options outstanding (in shares) | shares | 270,500 |
Balance, option, weighted average exercise price (in dollars per share) | $ / shares | $ 3.09 |
Outstanding, weighted average remaining contractual term (Year) | 1 year 3 months 21 days |
Outstanding, aggregate intrinsic value | $ | $ 11 |
Exercisable, options (in shares) | shares | 270,500 |
Exercisable, option, weighted average exercise price (in dollars per share) | $ / shares | $ 3.09 |
Exercisable, weighted average remaining contractual term (Year) | 1 year 3 months 21 days |
Exercisable, aggregate intrinsic value | $ | $ 11 |
Note 8 - Stock-based Compensa_6
Note 8 - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member] | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Balance, unvested restricted stock units, shares (in shares) | shares | 1,762,248 |
Balance, unvested restricted stock units, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.29 |
Granted, unvested restricted stock units, shares (in shares) | shares | 106,000 |
Granted, unvested restricted stock units, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.1 |
Forfeited, restricted stock units, shares (in shares) | shares | (425,100) |
Forfeited, restricted stock units, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.26 |
Balance, unvested restricted stock units, shares (in shares) | shares | 1,443,148 |
Balance, unvested restricted stock units, weighted average grant date fair value (in dollars per share) | $ / shares | $ 1.2 |
Note 9 - Warrants - Summary of
Note 9 - Warrants - Summary of Warrants Outstanding and Exercisable (Details) | 3 Months Ended |
Mar. 31, 2024 $ / shares shares | |
Number outstanding/ exercisable (in shares) | 2,850,000 |
Warrants Issued in Connection with Private Placement [Member] | |
Number outstanding/ exercisable (in shares) | 2,500,000 |
Weighted average remaining life (Year) | 2 years 4 months 13 days |
Weighted average exercise price (in dollars per share) | $ / shares | $ 5.1 |
The Placement Agent Warrants [Member] | |
Number outstanding/ exercisable (in shares) | 350,000 |
Weighted average remaining life (Year) | 2 years 4 months 13 days |
Weighted average exercise price (in dollars per share) | $ / shares | $ 6.45 |
Note 10 - Debt Financing (Detai
Note 10 - Debt Financing (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2022 | Mar. 31, 2024 |
Percentage of Face Amount of Letters of Credit As Collateral | 150% | |
Payment, Basis Points on Face Value of Letters of Credit | 2.50% | |
Letters of Credit Outstanding, Amount | $ 888 | |
Asset Pledged as Collateral [Member] | ||
Investments | $ 1,332 |
Note 11 - Business Segment an_3
Note 11 - Business Segment and Geographic Financial Data (Details Textual) | 3 Months Ended |
Mar. 31, 2024 | |
Number of Reportable Segments | 2 |
Note 11 - Business Segment an_4
Note 11 - Business Segment and Geographic Financial Data - Reporting Segment Net Sales and Gross Margin (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2024 | Mar. 31, 2023 | |
Revenues from external customers | $ 4,957 | $ 7,287 |
Cost of sales | (2,928) | (4,482) |
Gross margin | 2,029 | 2,805 |
Selling, general and administrative | (3,345) | (3,245) |
Research and development | (376) | (218) |
Operating income (loss) from operations | (1,692) | (658) |
Air Pollution Control [Member] | ||
Revenues from external customers | 2,318 | 3,559 |
Cost of sales | (1,428) | (2,594) |
Gross margin | 890 | 965 |
Selling, general and administrative | 0 | 0 |
Research and development | 0 | 0 |
Operating income (loss) from operations | 890 | 965 |
FUEL CHEM [Member] | ||
Revenues from external customers | 2,639 | 3,728 |
Cost of sales | (1,500) | (1,888) |
Gross margin | 1,139 | 1,840 |
Selling, general and administrative | 0 | 0 |
Research and development | 0 | 0 |
Operating income (loss) from operations | 1,139 | 1,840 |
Other Operating Segment [Member] | ||
Revenues from external customers | 0 | 0 |
Cost of sales | 0 | 0 |
Gross margin | 0 | 0 |
Selling, general and administrative | (3,345) | (3,245) |
Research and development | (376) | (218) |
Operating income (loss) from operations | $ (3,721) | $ (3,463) |
Note 11 - Business Segment an_5
Note 11 - Business Segment and Geographic Financial Data - Geographic Segment Financial Data (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Revenues | $ 4,957 | $ 7,287 | |
Assets | 49,446 | $ 50,388 | |
UNITED STATES | |||
Revenues | 3,595 | 5,981 | |
Assets | 45,744 | 46,487 | |
Non-US [Member] | |||
Revenues | 1,362 | $ 1,306 | |
Assets | $ 3,702 | $ 3,901 |
Note 12 - Accrued Liabilities -
Note 12 - Accrued Liabilities - Components of Other Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2024 | Dec. 31, 2023 | Dec. 31, 2022 |
Contract liabilities (Note 3) | $ 761 | $ 1,279 | $ 372 |
Warranty reserve (Note 13) | 159 | 159 | |
Deferred revenue | 100 | 103 | |
Accrued professional fees | 0 | 101 | |
Other accrued liabilities | 264 | 292 | |
Total other accrued liabilities | $ 1,284 | $ 1,934 |
Note 13 - Commitments and Con_2
Note 13 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Standard Product Warranty Accrual, Period Increase (Decrease) | $ 0 | $ 0 | |
Standard Product Warranty Accrual | $ 159 | $ 159 |
Note 14 - Income Taxes (Details
Note 14 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2024 | Mar. 31, 2023 | Dec. 31, 2023 | |
Effective Income Tax Rate Reconciliation, Percent | 3.80% | 0% | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 21% | 21% | |
Unrecognized Tax Benefits | $ 0 | $ 0 |