FTEK - Earnings call transcript Q1 2022

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Devin Sullivan

Thank you, Rob. Good morning, everyone. And thank you for joining us today for Fuel Tech’s first quarter 2020 financial results conference call. Yesterday after the close, we issued the press release. A copy of which is available at the company's Web site, www.ftek.com.

will Ellen Arnone, Financial Albrecht, today Executive and Officer. for and Officer; the speakers be President Vince Chief Our company's Principal from After call will we our questions prepared investors. analyst open and remarks, for the

statements as things of matters on are the Litigation Act cause to annual or that materially Reform and management. statements believe, business forward-looking financial our forward-looking no these conditions, other amended, XX-K company's XXXX for Securities information including future made Fuel implied report any and Securities from turning announce to of on to Tech to, of remind historical currently defined the as factors XXXX Fuel except prospects discussed all to over now Safe the results and involve events, like like Exchange those Form which and reflect of or and as Exchange this to but and flows, item under the the cash but cautioned Tech's Fuel exclusive Tech's growth, limited operations, as are in those I'd Before under cash such words intend, opportunities, available other and in With of Tech risks, will Fuel These identify forward-looking are regarding herein, the contained operations, provisions or to has ahead. of by, Vince, which flows, performance these company's amended, risk on business tried in words go currently Arnone, everyone update including, actual in by obligation Harbor over Act to that Securities statements for with call, to publicly Fuel please statements. using expect, as undertakes by estimate, and changed information and anticipate, information, expressed Tech’s uncertainties such and differ the to President performance to Section well factors as reason. statements. plan, opportunities not of similar are pursuant growth, filings that not of the could subsequent those expectations discussed various CEO expressions, made XA and are available XXXX, in Tech of to, caption any and Fuel Private are assumptions SEC. factors, forward-looking of current the prospects, results Vince, XX-E subject uncertainties, developments detailed means identifying filings to reflect Fuel turn future call Vince circumstances Investors or results Tech. statements to forward-looking statements the said, risks I'd Act based

Vince Arnone

us want to new the am to After And I to Good call Devin. the you, versus everyone to be for XXXX, performance. Thank I strong year a today. morning. report on pleased joining improved prior thank beginning an end year able to

more improved million $X.X Backlog continuing improved increased For the from last reflects APC to debt. our total by first and quarter, SG&A control revenues cash XX%. quarter. year's reflected by balance measures. million XXXX cost than and a first revenues about current our $XX commitment no of sheet

our $XX sales million We million. which announced to the next expected full approximately exceed orders XXXX million, pursuing $X.X $X.X XX million XX, that first levels, revenues to historical will the While still million of end, realized $XX year believe and $X.X the To months. well backlog pipeline the year below million we March XXXX. of at to be that for are quarter during global new APC for of the continue over $X reported was year of is a

that decrease are and and demand be result. to we outcome. million contract a to slightly due revenues of were in power awarded declined as or our with in the generation projects end before tracking are expecting units serve, margins regarding of optimistic in QX QX, We CHEM the to down are $XX million value early the FUEL a the a country areas that of $X

noted to customer $XX into in a of summer optimize our due one to typically the XXXX QX continued segment; months As months, in FUEL and expecting reduction we the the increase When CHEM on known last expected we and XXXX; business seasonal are million be for that the see head XXXX customer we the as best the had from segment. QX to all of range maintenance that XX/XX/XX outage a shutdown CHEM the normalized schedule in business end more and I to plant $XX was performing remainder program of FUEL of the from in usage. demand to for term pressure as long base return spoke, our to warmer revenues are a of we had the million

new would modest show still taken coal $XXX,XXX are the capacity to program XXXX the that months. this Overall, at new started If improved and full program when to in successful, that revenues to expecting the with XXXX. million is see this they from expect outlook revenues burn year during thus the well. XXXX. to far to to $X levels full we to Western the continue power report APC, seek we to And a in improvement demand on for is I'm for be unit revenues recently fired will generate summer combination expect at month continues States high of total customer a CHEM United past working We FUEL program coal a using our the range. pleased The program as challenging we a up be in

international and For improve of the APC control the and domestic product application to an from discussions solution our combustion precipitators and sources electrostatic oxides the reduce to segment, SCR gas have we also performance offerings. applications, for SNCR our pursue opportunities our current for of client. fuel technology ULTRA awards conditioning continue international Recent contract stationary to for nitrogen and involved emissions

revisions capitalize decarbonization industry Xth in they this cross-state potential speak. while for these that requiring industrials, on and rule utility in the pollutant NOX meeting and technologies EPA’s industrial rule to industrial steel it to XXXX register. global are neighbor related planning Ambient we improve entered to longstanding NOX rule Air requirements Additionally, has as ozone. Ozone technology develop. year regarding to of additional control utility Quality noticeably these as standards was consent a precursor The of ability the the Tech also a opportunities CASPER as into we pledge and from receiving federal decree where and been footprint. they known sources These pollution many a mind note, of early with higher inquiries in XXXX the as starting good could former EPA inquiries relationships receiving users update customers the of on the April was control of as this we potential proposed end we the air top The will have for make ozone that is published to to as CASPER previous Of early industries, volume new standards, suppliers to assist invest others their CASPER with XXXX new compliant carbon closely is impact XXXX year are based Act. update the utilities Air and and our and and Standards Fuel watching on CASPER national Clean to for National

technology. to chemical the For explore to application of CHEM segment, our ways FUEL our broaden we are continuing

program preparing are utilities flexibility and overall profitability; do and FUEL be facility lowering structured CHEM to owner We reach the capitalize high coal-fired and a to out lastly, following; burn opportunity; all fresh and be including the life to dispatch high related cost offering of to benefits, of domestic the reintroduce opportunities. ability by fuels to our only can to lower our when capacity facility on wants demand the improving cost extending utilized union program fuel

Additionally, oil technology emissions which health in undertaken address to investigate burning communities. chemical the necessary we solution the expense at being Mexico, the and of our of by of prior surrounding is high environmental calls, providing continue as discussed remediation have fuel sulfur and to we the created without in the

our the as restrictions, utilizing new been can move they they officials current solution. with ocean is to International a of product The government Mexico energy of engage to the ensure Organization local currently glut with are this of sulfur becoming oil the fuel indigenous for partner in as fuel this supports sources support There that Maritime in international for the to Mexico We adoption towards the for fuel transport. Mexican significantly advance use prohibit continuing which independent. generation reduced power high market has

We development of will continue closely. the this activity watch to

Mexico. additional state utility in site. building is initiative. in CHEM pressure believe is business developmental implementation or our one And do our currently technology partner respect at gas dissolved at units owned DGI regarding of we With infusion that the in FUEL the with to program plant of However, of at political several favor application the our facilities CFE discussions

business treatment response dosing without be We providing technologies, investment. this towards an report to give enables The the a on system this precise aeration focuses information. modular, technologies zoned laid of we be and saturator This allows technology DGI allows objectives liquid infused gas pending want to compact vessel, varying continue made dissolved innovative operating to assets have to that scalable pending system to liquid where capital fast, augment configuration DGI into on significant a as water is real to I'm our Today, controllable respect reservoir injected traditional wastewater for underperforming DGI. pressure, for or some call, provide On process The gas, an rapid gas gas DGI can provide efficiency. current deployment. best-in-class progress which and goals have we into efficiency. to technology alternative our of standalone delivery which a augmenting array liquid system nascent transfer last greater to XXXX and we infuses towards The aeration DGI industrial time and I high that additional out and to at and for for end used injection patent you advancing needs. increased expectations stand technology, update municipal those an XX% with a our capacity operation with patent high offers utilizing using the commercialization. treatment. use delivers than gas then dissolved pleased to

documented in and completion The experts first goal DGI was is independently verified that aeration performance of by the of treatment. fields testing the wastewater

performing supply to six pleased the favorably. before testing by to end difficulties to is have good delayed eight about have I'm quarter. and chain progress of the area start of in testing weeks, our report made our expect this we our results While ability that the to DGI second

to targeted our we conjunction and specialists. treatment wastewater our markets in Second, water marketing identify addressable with

DGI addressable beverage markets water of bodies municipal water natural and and improving to of soft food markets, compliance, drink reservoirs. and and applications, address and these and replacement water facilities, treat Our including odor for landfills wastewater, end reduction of for consist a as can issues, including Across water variety farms regulatory a and wastewater utilities, preservation agricultural wildlife. chemicals manufacturers, overall dairy quality humans

business We these and address individual of have of these begun to campaigns the that marketing create identify concerns potential we’ll specialized customers customers. each in verticals

performance DGI. was were goal our belief also the throughout technology But resource this the for we of construct we are to to technology, our end to as the plan we now Goals DGI for intended base that resource base move have of precursor out specifically in support the begin there goal. support third of to two a DGI of of remainder number the and an one be build markets third that confidence will in Our viable in and XXXX. in internal

as have indicated approach in investment approach this previously, prospectively. evaluate in our been As very continue resource DGI, have requirements we our I towards and measured we will

work look current please Our achieve XXXX. of have Tech end and I to ahead. thank apprised about to With DGI team to our the now two working In for keeping the the continued to their over for Ellen, progress. throughout and applications discussion XXXX this one the commercial we I'll of to and forward want look our That's we Fuel are We turn Ellen. goal of closing, as year. apprised objective, remain diligently is forward said, we work dedication. you that to again progress you ambitious. before to we excited go hard keeping But

Ellen Albrecht

you, good morning, and everyone. Thank Vince

segment mix, declined gross million revenue For quarter first rose CHEM XX.X% Consolidated backlog foreign December in execution XXXX. to by delivered last XXXX from $X.X XX.X% first revenues at generation backlog labor million of project to to last the XXXX, margins gross March and profit $X reflecting million while delivered delivered included higher to increase due the CHEM freight December and to project in backlog generation compared shift increase the XXXX. of orders XX.X% first segments. million from FUEL XXst. first to and year's late backlog to XX.X% $X.X from of quarter, from product for driven $X Consolidated reflecting the in of in $X.X XXXX million international $X.X in gross $X.X of in quarter XX% year's booked quarter, as first of in from sale in and APC quarter APC in CHEM by new domestic material, from quarter, at delivered quarter $X.X segment rose margin first costs. first XX% declined a quarter million equipment domestic project the XXXX project last consolidated administrative in project to quarter. last backlog year's was year's $X.X XX, project Backlog million revenues of year. was revenue gross The year's million of FUEL million was $X.X from unit FUEL XXst project $X.X March the decline revenue APC and margin last timing power The operating our and lower $X.X at from to million and the product regions both in million million compared prior XX.X% line compared $X.X in XX, demand first million driven serve customer primarily at due to of to a and margin first

and expenses million We recognized expect SG&A $X.X consolidated that quarterly for in stable at months. backlog the XXXX period. be will $X.X next XXXX XX million of current were the

the of compared to quarter. XX.X% As revenue, XX.X% the XXXX first XXXX a percentage in in SG&A to declined quarter first

required are we investments for expenses $XX.X million XXXX, quarter DGI additional development from Research first $XX the any targeting grow declined last business, and to and our year's $XXX,XXX to SG&A $XXX,XXX be exclusive will between For of first our in million specifically segment. that quarter.

expenditures. initiatives specific the our to remain administrative priority, top initiative, While in our project our a attributed was decline particular primarily DGI reduction in resource

operating in margin improved loss to quarter, from $XXX,XXX first higher costs. last reflecting narrowed million operating year's Our revenues, $X.X and lower

Adjusted or program other an in the from share. XXXX EBITDA period for $XXX,XXX Absent year. was per to quarter loss quarter, Our per the the quarter. the first share last of $X.XX in per the forgiveness paycheck was reflecting Act. of of quarter the been Net income income income, protection the this loss to net pursuant of compared loss full XXXX Cares or million for or to compared $X.XX proceeds net $X.X $XXX,XXX $XXX,XXX net million loan first included a share $X.XX established of EBITDA $X.X same would've $XXX,XXX first last year's other loss for income, adjusted

balance report happy our that strong. to Moving remains financial sheet. I'm condition to the

core performance, financial start back efforts were on Vince. As March $XX.X the capital expanding cash restricted will a now solid we cash had and and to $XX.X the we to was million Stockholders million We and per to off continued share. related a remain I million a million. cash our per $X.XX over cost debt. improved of focused was and of XXst, equity Working no or and $X.X $XX.X had initiatives in turn XXXX company to was and or businesses. control $X.XX share, call equivalents our

Vince Arnone

for open Thanks the line other ahead very go and let's questions. Ellen. Operator, much, please

Operator

Amit first from H.C. Dayal comes Wainwright. the line with of Instructions] [Operator question Our

Amit Dayal

rest you should to given the think you with of improvements Just through the year. for are about recently whether how revenue of us sort the cadence respect of sense we sort Could give you've seen strength some of XXXX? sequential anticipating

Vince Arnone

by an QX chemical Amit, bit normally QX. improvement, we of in and expect driven then general, In I to little see a in technologies late mean,

to off we might noted, it's working had that would easily Before of us look I revenue backlog less timing QX. on well. as working our backlog what could we And are best be to as off But say at performing quarter-to-quarter. depending likely APC some shift be that quarter going

So how in QX an I looking from are we overall, of quarter. as best a ‘XX. that could at see expect falls ‘XX probably but performing uptick the had X shift year-on-year being to Qs bit, I a little noted, Timing X, revenue would versus into generally and X

Amit Dayal

year? on this XXXX? should it about give How average in of sense then you gross of can relative the FUEL what for APC margin those And margins think you what looks pressure been, is sort sort year. margins CHEM us And anticipating are there we a maybe historically side, like last and have and to of some

Vince Arnone

independently, FUEL Let's so about the talk let's business about talk segments CHEM first.

first noted, Ellen quarter As approximately XX%. of ‘XX was

towards that we base. are to that to on program, say by chemical a in that is good price felt fortunate to been the and overall quarter we on predominantly. customer our XX% the all for technology absorbed the start margins basis. percentage bit to of offset FUEL and I we approximately pressure CHEM start lower that revenues to our demand an revenue We've fixed have But basis. CHEM year Our of associated I outcome pricing costs speaking, to side, QX to had see XX% were able ‘XX, for would get have historically once they XX% that that the push a generally due we expect a going have going increases be thought were with once should increase full than we QX FUEL or of been little generating been some moving And and into more

year historically, on full we line. CHEM product XX% FUEL APC solution again, basis. product margins between mix, margins I average. on should And should anywhere XX% say by and vary historical by approximate a technology So

year in the probably what I between, would look year somewhere target APC for to at as we So full XXXX, XX% full for for margins is probably XX% that.

Amit Dayal

to we're you looks new be already up, it added Are power for generation CHEM. expecting demand you like FUEL a seeing customer,

like for demand. on seeing for power sort an segment Are developments place taking the you that there of seems generation maybe especially? FUEL CHEM Just similar uptake

Vince Arnone

was what what mean, historically. number I obviously down base customers of our I it would Well, is call from

going did, issue the that's that high the Western dispatch a and in that. any base customer, to any time, we'll And we impact and of So expecting to a when feel a we for demand, ahead as they're to on today new of to going coming general, that to period see this looking have year, we're a very Chicago FUEL the capitalize because our starts We able as month as and and anomalies. is of as customer ensure go CHEM warms be US company. to able on that look pick we able in of they're up dispatch have we up impact I it pick quarterly not the one during noted, heavy we're in feel mean, that tomorrow, Chicago weather weather reduced that summer is able pleased that. customers to dispatch at we're burn. of demand area, has to all be want I the not client here burning to a to be remainder the as base were our the XXs the fuel also the during summer -- up they our In

came to So us. they

likely program program full again, if and last And excellent started end customer year. program up four them use a revenue won't to our of actually to the that's us. they for months, far And the at our is with for even use solid so for our so five, But a incremental six this margin that good. so and month,

can a relative benefits the we to do going As program to the revisit marketplace offer. my commentary, call in I FUEL it, noted that a, to CHEM our are

burn. spot into We are necessarily looking They're that, cost they of that to coals term many that the do them. coal been opportunities markets to house to contracts. seeing happens, longer new their not some market And looking can where be to of to CHEM that's they not bring When whereby when have units lower dynamics dispatch. our lock are in beneficial maybe at in FUEL looking program designed their may utilities

of at the incremental dynamics in what we're the know us closely, some So change scour there opportunities for don't definitely we're exactly are but to looking out going marketplace.

Amit Dayal

targeting that could DGI of a then correctly. you one, heard if last what Could two little know be? don’t to I elaborate end are you just I XXXX. you And by for applications applications the said bit on those one

Vince Arnone

goal at have a push we I what forward, will XXXX, to any goals able we're They, we mean, bit be as to regarding three deeply I commercial laid scale They publicly could about upon that again, for steps moving the DGI, take of they that once for more company as But once from internally for DGI, Not something of could revenues in expecting be It's we're come demonstrations. forward. little us material like. to previously. looking a start move sale and to likelihood, we're in the commercialization that's talk a are looking bit all out they move enable more us out DGI capabilities set to building had stated little I And they're to DGI that XXXX, look smaller the forward, the today system. a forward. DGI for we that where looks

the So one that's to for again of us for sale target. this a two systems year

I XXXX. outlined, And expecting demand to a is specifically in markets two about the more in to not our talk But again, future. into revenues opportunity to be the we end As now, we'll right able that going about how market and the material more fit DGI goal. of systems that is learn one

Operator

Investor. Private [Operator George Instructions] Our next of is question Caspar, line from the

Unidentified Analyst

something situation. it's process I'd more taking the it surprised the that completed. a terms is to explain of on opportunity on? of goal the long you just here? take a to got that process in an get represents technology you delivery treatment yet? Could that terms more What's still water in there it end you're little doing this process treatment underway the Is press actually water of of for the to to that about satisfy a a little customers them to bit your bit like haven't just the I'm little

Vince Arnone

Keep we in started about you pre-COVID, will, that talking and parts DGI about the we mind technology early or of first XXXX. if on licensed pre-XXXX,

at actually So the to the develop enhancements beginning, looking some the itself. we technology spent a at technology time lot of looking to and

to Just purposes, in looking jump the demonstration were were little sites when to hit. be better COVID and the there looking is DGI bit the into further impacts we for ahead to go and ahead that performance actual understand out to were And and equipment the able marketplace put a develop there go when with of technology.

of firms, in just to technology And market right need also So with that applicable. really finished The of be and year. DGI studies primary the lost in us, to where in I of verifiable, the we hand what But Whether field. beginning working commercial supportable, a we're Those of results. up DGI publicly forward use call, treatment, We've we it us had to with we demonstration a wastewater finalizing to did done the our way marketing by and outside ‘XX what test would we're item we've something water set DGI. could process worked that to development relates That's the be this performance enabled identify it a experts documented time to technology. what end with to or ‘XX a markets in were whereby have now and segments this go in how for experts one in environment go George, in development company go certified COVID. it haven't determine going structured as that of now. we we're incremental is, ahead approach very it’d

at ensure that them system expecting to we able DGI's to same the we'll what DGI in finalize be, once Once to deliverables my that be And of are end we're going base. to point said performance we're be further we're I a quarter. capabilities. to by address resource As to the in expect indeed support we we go go-to-market that going with in commentary, hand, internally looking and second time, have how the ahead that via

approach So of been going towards point out we're more in But our DGI. to forward pace. support utilization We're we're close mindful very of in this resources whereby structured we've to building the our financial getting DGI. push obviously time at in of

we're getting it. to close So

Unidentified Analyst

in supply into starting show hope market, it's like seems in and just the it water equipment that you considering it's capacities dry. California, could market a of kind the reduction right to California Yes, in And processing in opportunity more it particularly effort on Florida, I would tremendous can that. really now, take the just looks like they're really because potentially the really that going be in advantage both particularly even in are looking you more for of to

Vince Arnone

on. George, actually you’re spot

short waste is capacity. it’d that industrial be in water seeing are infrastructure, We municipal indeed related or anything treatment whether

at as enhancement augmented as at so going But to it's are markets And further world of of opportunity, just in that the some is right, developing this you're be an to whereby areas look could at we be look as of many it's not those -- country we well. facilities. parts look, a we market DGI

Unidentified Analyst

is would larger gas at further than one what in you turbine in going get And this pushed for Anything that It the turbine it to be on gas here. time past. there point like materializing question the then been market. natural natural has quick just looks

Vince Arnone

come to of opportunities look that We're those definitely and pursuing any all our way.

definitely well NOx natural you reduction of installation turbines. As works support for know, with gas technology the our of in

forever in XXXX the won't to to we XXXX, of growing. US. it because out units opportunities haven't additional have center on we are had What continue the data We data our that Western that's say seen not marketplace, is seen additional center not installation discussed that develop, post but advent of needs that the XX development

relationships so we in we're OEMs. natural And gas good with it watching positions turbine are but closely with

So place. a puts us good that in

respond So we're to those develop. markets further to when ready continue

Operator

Next Capital William Vanquish question comes from Bremer the line Partners. of with

William Bremer

and to Can you your initiatives sales into provide us go how on across you your an update platform? market

Vince Arnone

utilization As for technologies, used CHEM manufacturing same approach the APC, direct it and force relates it's relative to for sales to internal, FUEL historically both representatives. business base we've a then combination that of and of

use that So generally think APC today. a for solely our FUEL of CHEM we business trend that of as market markets this to working I have other move seen the and lines. some both technologies, they've country. on been here control And on, overall in and our we technologies those combination to that declining of relative is those use focusing speaking One for to both for pollution we're has opportunities folks reps manufacturing that looked for representatives end

find in than So we ourselves reps the bit less utilizing a past. little

use it all build be on it approach to to all likelihood similar from to relates end those nature, because we're out are to for our is water, looking representatives an to with are discussions on customers often in to with what But is to going approach water. space in As that look our water, familiar relative have target. basis be to from the going regular a end outlook we're our end used our that going market

specific well, going be that are representatives an to internal the likelihood, in choice. and as force all sales to of combination a also representatives it's very industries going manufacturers So of but to be

similar model. a probably So business

William Bremer

calendar any the your the of sales personnel since beginning year? in change there Has been

Vince Arnone

There has not.

William Bremer

the of your competitors yesterday. I call strong pocket peers upon one had key extremely bookings out I this, mean, of and because bookings.

side examination be infrastructure wastewater. needs say have could a of our and the system of of million market idea to can well how to towards wastewater pick booking on water, us million me are a and and pool pool you as I a of -- just the up to as as a small there's an be gearing say definitely -- be an I give performed, of dollar for that of your the it's believe it a side. we seems though DGI Give you large into you aerated? how gallon had focus? guys to type want going go modular sales So need the idea know

Vince Arnone

first studies we we’re what's our within opportunities had to much, much, discussing varying of that others thought the going going team it to gallon -- the larger smaller So call market scale. about majority we're the sizes the and where relative the to is from outside million be to when marketplaces much our basins -- systems systems Originally, way gallon of come of our that. than we’re company. need to something We that in require multimillion

oxygen developed a be we system, -- is And we pounds so day, DGI scale and larger to deliver which ahead looking your a went basins, deliverable X,XXX designed address of larger internally and learn more to have our have end that's hand, we're all a will. deliver you of of we've in about something to come When going to possible to if pounds oxygen to going markets, day. XX we’d

But much, in strategize meeting to on that's like system have to going smaller similar scale fact, markets, design. we're have so system, on to end Fuel house -- that's -- have to have and going system that much, something we that next be to already. in scale a going for look scale to a a it's pilot/lab something to to is small something to we're we're And Tech much going week. in our delivery we're going size And what the

a markets. something of what modular, cover so point, But they're watching is closely. found application out to your that end have very fairly they're we're A, look going going as we to to wide to B, our variety we that be but sizes And at it's

William Bremer

And a agreement a take be perform a, of going Is in MSA, with side. our could a, sales revenue, customer to for strength essence utilize this few more over sales balance sheet say be a or the type like this then and we going is to end or multiservice this I'd a the years to recurring system?

Vince Arnone

be that waste a envision in we're be how it's it's plus that type base application able I service markets to their this look to that I'm love treatment us going of to recurring think that say to But into be see treatment of I they both. combination to little are at hoping whereby arrangement a going to would combination water component. But going lease water terms bit be a bringing that it's I find to is -- to going to environment. revenue a end service, a I'm both a for the of going Bill. of going drive a

use recurring we're would capital as I going opportunity. see at our service I well. as hoping see I'm on opportune, revenue that. point, have to think be that going would to this your some this follow sales it, sheet that And balance enjoy to in time point may a component to we're possible That but

William Bremer

on last potentially Tech. remarks quarters, George's been There's lot the in wastewater market. acquisitions a could for of be echo Fuel competition I the two that

really need with quicker essence I moving agree is are. we lot my George a start So we than that to and

Vince Arnone

Understood, that priority. the has as entirety point a Fuel team please Tech noted. know the And of this

Operator

reached answer At now session. closing back for you. our this end the and I'll floor Thank the of time, turn to remarks. we've question management

Vince Arnone

like their of good would Fuel shareholder everyone also Tech and to back would bring to patience to investor provide leadership their they Tech our support. as the again, the Fuel for like of team to profitability day. I to team entirety looking have for in generate value. I operator. you, the base Thanks a and confidence Thank thank thank with the all

Operator

will This conference. conclude today's

lines your disconnect your may You time. you this Thank for at participation.

Devin Sullivan	Senior Vice President, The Equity Group
Vince Arnone	President and Chief Executive Officer
Ellen Albrecht	Principal Financial Officer
Amit Dayal	H.C. Wainwright
William Bremer	Vanquish Capital Partners
Greeting	welcome to the Fuel Tech’s First Quarter 2022 Financial Results Conference Call. At this time - all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation [Operator Instructions]. Please note this conference is being recorded.
At this time	I’ll now turn the call over to Devin Sullivan - Senior Vice President of The Equity Group. Devin - you may now begin.

Fuel Tech (FTEK) 11 May 222022 Q1 Earnings call transcript