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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 10-Q
(Mark One)
| ☒ | QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the quarterly period ended
June 30, 2023
or
| ☐ | TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
For the transition period from ______ to______.
Commission file number: 001-33059
FUEL TECH, INC.
(Exact name of registrant as specified in its charter)
| Delaware | 20-5657551 |
| (State or other jurisdiction of incorporation of organization) | (I.R.S. Employer Identification Number) |
Fuel Tech, Inc.
27601 Bella Vista Parkway
Warrenville, IL 60555-1617
630-845-4500
www.ftek.com
(Address and telephone number of principal executive offices)
________________________________
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock | FTEK | NASDAQ |
Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
| Large accelerated filer | | ☐ | Accelerated filer | | ☐ |
| Non-accelerated filer | | ☒ | Smaller reporting company | | ☒ |
| | | | Emerging growth company | | ☐ |
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
On July 31, 2023 there were outstanding 30,385,297 shares of Common Stock, par value $0.01 per share, of the registrant.
FUEL TECH, INC.
Form 10-Q for the six-month period ended June 30, 2023
INDEX
| PART I. |
FINANCIAL INFORMATION |
| Item 1. |
Financial Statements |
FUEL TECH, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Unaudited)(in thousands, except share and per share data)
| | | June 30, | | | December 31, | |
| | | 2023 | | | 2022 | |
| ASSETS | | | | | | | | |
| Current assets: | | | | | | | | |
| Cash and cash equivalents | | $ | 15,134 | | | $ | 23,328 | |
| Short-term investments | | | 12,855 | | | | 2,981 | |
| Accounts receivable, net | | | 6,781 | | | | 7,729 | |
| Inventories, net | | | 528 | | | | 392 | |
| Prepaid expenses and other current assets | | | 1,287 | | | | 1,395 | |
| Total current assets | | | 36,585 | | | | 35,825 | |
| Property and equipment, net of accumulated depreciation of $18,651 and $18,557, respectively | | | 4,368 | | | | 4,435 | |
| Goodwill | | | 2,116 | | | | 2,116 | |
| Other intangible assets, net of accumulated amortization of $437 and $406, respectively | | | 382 | | | | 397 | |
| Right-of-use operating lease assets, net | | | 495 | | | | 197 | |
| Long-term investments | | | 4,874 | | | | 6,360 | |
| Other assets | | | 789 | | | | 794 | |
| Total assets | | $ | 49,609 | | | $ | 50,124 | |
| LIABILITIES AND STOCKHOLDERS' EQUITY | | | | | | | | |
| Current liabilities: | | | | | | | | |
| Accounts payable | | $ | 3,097 | | | $ | 2,710 | |
| Accrued liabilities: | | | | | | | | |
| Operating lease liabilities - current | | | 107 | | | | 125 | |
| Employee compensation | | | 615 | | | | 1,105 | |
| Other accrued liabilities | | | 1,307 | | | | 826 | |
| Total current liabilities | | | 5,126 | | | | 4,766 | |
| Operating lease liabilities - non-current | | | 376 | | | | 66 | |
| Deferred income taxes, net | | | 177 | | | | 177 | |
| Other liabilities | | | 280 | | | | 274 | |
| Total liabilities | | | 5,959 | | | | 5,283 | |
| Stockholders’ equity: | | | | | | | | |
| Common stock, $.01 par value, 40,000,000 shares authorized, 31,361,303 and 31,272,303 shares issued, and 30,385,297 and 30,296,297 shares outstanding, respectively | | | 313 | | | | 313 | |
| Additional paid-in capital | | | 164,651 | | | | 164,422 | |
| Accumulated deficit | | | (117,449 | ) | | | (115,991 | ) |
| Accumulated other comprehensive loss | | | (1,690 | ) | | | (1,728 | ) |
| Nil coupon perpetual loan notes | | | 76 | | | | 76 | |
| Treasury stock, at cost | | | (2,251 | ) | | | (2,251 | ) |
| Total stockholders’ equity | | | 43,650 | | | | 44,841 | |
| Total liabilities and stockholders’ equity | | $ | 49,609 | | | $ | 50,124 | |
See notes to condensed consolidated financial statements.
FUEL TECH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(Unaudited)
(in thousands, except share and per-share data)
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Revenues | | $ | 5,461 | | | $ | 6,368 | | | $ | 12,748 | | | $ | 11,903 | |
| Costs and expenses: | | | | | | | | | | | | | | | | |
| Cost of sales | | | 3,465 | | | | 3,690 | | | | 7,947 | | | | 6,935 | |
| Selling, general and administrative | | | 2,915 | | | | 2,874 | | | | 6,160 | | | | 5,928 | |
| Research and development | | | 413 | | | | 289 | | | | 631 | | | | 509 | |
| | | | 6,793 | | | | 6,853 | | | | 14,738 | | | | 13,372 | |
| Operating loss | | | (1,332 | ) | | | (485 | ) | | | (1,990 | ) | | | (1,469 | ) |
| Interest expense | | | (5 | ) | | | (4 | ) | | | (10 | ) | | | (9 | ) |
| Interest income | | | 307 | | | | 8 | | | | 646 | | | | 9 | |
| Other (expense) income, net | | | (14 | ) | | | 134 | | | | (104 | ) | | | 124 | |
| Loss before income taxes | | | (1,044 | ) | | | (347 | ) | | | (1,458 | ) | | | (1,345 | ) |
| Income tax expense | | | — | | | | (9 | ) | | | — | | | | (9 | ) |
| Net loss | | $ | (1,044 | ) | | $ | (356 | ) | | $ | (1,458 | ) | | $ | (1,354 | ) |
| Net loss per common share: | | | | | | | | | | | | | | | | |
| Basic net loss per common share | | $ | (0.03 | ) | | $ | (0.01 | ) | | $ | (0.05 | ) | | $ | (0.04 | ) |
| Diluted net loss per common share | | $ | (0.03 | ) | | $ | (0.01 | ) | | $ | (0.05 | ) | | $ | (0.04 | ) |
| Weighted-average number of common shares outstanding: | | | | | | | | | | | | | | | | |
| Basic | | | 30,324,000 | | | | 30,296,000 | | | | 30,310,000 | | | | 30,282,000 | |
| Diluted | | | 30,324,000 | | | | 30,296,000 | | | | 30,310,000 | | | | 30,282,000 | |
See notes to condensed consolidated financial statements.
FUEL TECH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Unaudited)
(in thousands)
| |
|
Three Months Ended |
|
|
Six Months Ended |
|
| |
|
June 30, |
|
|
June 30, |
|
| |
|
2023 |
|
|
2022 |
|
|
2023 |
|
|
2022 |
|
| Net loss |
|
$ |
(1,044 |
) |
|
$ |
(356 |
) |
|
$ |
(1,458 |
) |
|
$ |
(1,354 |
) |
| Other comprehensive (loss) income: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
| Foreign currency translation adjustments |
|
|
(48 |
) |
|
|
(222 |
) |
|
|
38 |
|
|
|
(292 |
) |
| Comprehensive loss |
|
$ |
(1,092 |
) |
|
$ |
(578 |
) |
|
$ |
(1,420 |
) |
|
$ |
(1,646 |
) |
See notes to condensed consolidated financial statements.
FUEL TECH, INC.
CONDENSED STATEMENTS OF STOCKHOLDERS’ EQUITY
(Unaudited)(in thousands of dollars or shares, as appropriate)
The following summarizes the changes in total stockholders' equity for the three and six months ended June 30, 2022:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
Nil |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
Other |
|
|
Coupon |
|
|
|
|
|
|
|
|
|
| |
|
Common Stock |
|
|
Paid-in |
|
|
Accumulated |
|
|
Comprehensive |
|
|
Perpetual |
|
|
Treasury |
|
|
|
|
|
| |
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Loss |
|
|
Loan Notes |
|
|
Stock |
|
|
Total |
|
| Balance at December 31, 2021 |
|
|
30,264 |
|
|
$ |
312 |
|
|
$ |
164,199 |
|
|
$ |
(114,549 |
) |
|
$ |
(1,604 |
) |
|
$ |
76 |
|
|
$ |
(2,234 |
) |
|
$ |
46,200 |
|
| Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(998 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(998 |
) |
| Foreign currency translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(70 |
) |
|
|
— |
|
|
|
— |
|
|
|
(70 |
) |
| Stock compensation expense |
|
|
— |
|
|
|
— |
|
|
|
18 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
18 |
|
| Common shares issued upon vesting of restricted stock units |
|
|
45 |
|
|
|
1 |
|
|
|
(1 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Taxes paid on behalf of equity award participants |
|
|
(13 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(17 |
) |
|
|
(17 |
) |
| Balance at March 31, 2022 |
|
|
30,296 |
|
|
$ |
313 |
|
|
$ |
164,216 |
|
|
$ |
(115,547 |
) |
|
$ |
(1,674 |
) |
|
$ |
76 |
|
|
$ |
(2,251 |
) |
|
$ |
45,133 |
|
| Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(356 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(356 |
) |
| Foreign currency translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(222 |
) |
|
|
— |
|
|
|
— |
|
|
|
(222 |
) |
| Stock compensation expense |
|
|
— |
|
|
|
— |
|
|
|
28 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
28 |
|
| Balance at June 30, 2022 |
|
|
30,296 |
|
|
$ |
313 |
|
|
$ |
164,244 |
|
|
$ |
(115,903 |
) |
|
$ |
(1,896 |
) |
|
$ |
76 |
|
|
$ |
(2,251 |
) |
|
$ |
44,583 |
|
The following summarizes the changes in total stockholders' equity for the three and six months ended June 30, 2023:
| |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Accumulated |
|
|
Nil |
|
|
|
|
|
|
|
|
|
| |
|
|
|
|
|
|
|
|
|
Additional |
|
|
|
|
|
|
Other |
|
|
Coupon |
|
|
|
|
|
|
|
|
|
| |
|
Common Stock |
|
|
Paid-in |
|
|
Accumulated |
|
|
Comprehensive |
|
|
Perpetual |
|
|
Treasury |
|
|
|
|
|
| |
|
Shares |
|
|
Amount |
|
|
Capital |
|
|
Deficit |
|
|
Loss |
|
|
Loan Notes |
|
|
Stock |
|
|
Total |
|
| Balance at December 31, 2022 |
|
|
30,296 |
|
|
$ |
313 |
|
|
$ |
164,422 |
|
|
$ |
(115,991 |
) |
|
$ |
(1,728 |
) |
|
$ |
76 |
|
|
$ |
(2,251 |
) |
|
$ |
44,841 |
|
| Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(414 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(414 |
) |
| Foreign currency translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
86 |
|
|
|
— |
|
|
|
— |
|
|
|
86 |
|
| Stock compensation expense |
|
|
— |
|
|
|
— |
|
|
|
89 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
89 |
|
| Balance at March 31, 2023 |
|
|
30,296 |
|
|
$ |
313 |
|
|
$ |
164,511 |
|
|
$ |
(116,405 |
) |
|
$ |
(1,642 |
) |
|
$ |
76 |
|
|
$ |
(2,251 |
) |
|
$ |
44,602 |
|
| Net loss |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,044 |
) |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(1,044 |
) |
| Foreign currency translation adjustments |
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
(48 |
) |
|
|
— |
|
|
|
— |
|
|
|
(48 |
) |
| Stock compensation expense |
|
|
— |
|
|
|
— |
|
|
|
98 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
98 |
|
| Exercise of stock options |
|
|
44 |
|
|
|
— |
|
|
|
42 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
42 |
|
| Common shares issued upon vesting of restricted stock units |
|
|
45 |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
|
|
— |
|
| Balance at June 30, 2023 |
|
|
30,385 |
|
|
$ |
313 |
|
|
$ |
164,651 |
|
|
$ |
(117,449 |
) |
|
$ |
(1,690 |
) |
|
$ |
76 |
|
|
$ |
(2,251 |
) |
|
$ |
43,650 |
|
See notes to condensed consolidated financial statements.
FUEL TECH, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Unaudited)
(in thousands)
| |
|
Six Months Ended |
|
| |
|
June 30, |
|
| |
|
2023 |
|
|
2022 |
|
| Operating Activities |
|
|
|
|
|
|
|
|
| Net loss |
|
$ |
(1,458 |
) |
|
$ |
(1,354 |
) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
|
|
|
|
|
|
| Depreciation |
|
|
154 |
|
|
|
182 |
|
| Amortization |
|
|
30 |
|
|
|
50 |
|
| Non-cash interest income on held-to-maturity securities |
|
|
(203 |
) |
|
|
— |
|
| Provision for credit losses, net of recoveries |
|
|
— |
|
|
|
43 |
|
| Stock-based compensation, net of forfeitures |
|
|
187 |
|
|
|
46 |
|
| Changes in operating assets and liabilities: |
|
|
|
|
|
|
|
|
| Accounts receivable |
|
|
966 |
|
|
|
(3,245 |
) |
| Inventories |
|
|
(135 |
) |
|
|
(58 |
) |
| Prepaid expenses, other current assets and other non-current assets |
|
|
114 |
|
|
|
205 |
|
| Accounts payable |
|
|
383 |
|
|
|
812 |
|
| Accrued liabilities and other non-current liabilities |
|
|
(21 |
) |
|
|
(2 |
) |
| Net cash provided by (used in) operating activities |
|
|
17 |
|
|
|
(3,321 |
) |
| Investing Activities |
|
|
|
|
|
|
|
|
| Purchases of equipment and patents |
|
|
(103 |
) |
|
|
(138 |
) |
| Purchases of debt securities |
|
|
(9,685 |
) |
|
|
— |
|
| Maturities of debt securities |
|
|
1,500 |
|
|
|
— |
|
| Net cash used in investing activities |
|
|
(8,288 |
) |
|
|
(138 |
) |
| Financing Activities |
|
|
|
|
|
|
|
|
| Proceeds from exercise of stock options |
|
|
42 |
|
|
|
— |
|
| Taxes paid on behalf of equity award participants |
|
|
— |
|
|
|
(17 |
) |
| Net cash provided by (used in) financing activities |
|
|
42 |
|
|
|
(17 |
) |
| Effect of exchange rate fluctuations on cash |
|
|
35 |
|
|
|
(280 |
) |
| Net decrease in cash, cash equivalents and restricted cash |
|
|
(8,194 |
) |
|
|
(3,756 |
) |
| Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period (Note 2) |
|
|
23,328 |
|
|
|
37,054 |
|
| Cash, cash equivalents and restricted cash at end of period (Note 2) |
|
$ |
15,134 |
|
|
$ |
33,298 |
|
See notes to condensed consolidated financial statements.
FUEL TECH, INC.
NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS
June 30, 2023
(Unaudited)
(in thousands, except share and per-share data)
1. General
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-Q and Article 10 of Regulation S-X of the Exchange Act. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for the fair statement of Fuel Tech's financial position, cash flows, and results of operations for the periods presented. All significant intercompany transactions and balances have been eliminated. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023. For further information, refer to the audited consolidated financial statements and footnotes thereto included in Fuel Tech’s Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the Securities and Exchange Commission.
COVID-19 Pandemic and Geopolitical Events
Management cannot predict the full impact of the COVID-19 pandemic and geopolitical events on the Company’s sales and marketing channels and supply chain, and as a result, the ultimate extent of the effects on the Company are highly uncertain and will depend on future developments. The Company continues to monitor the potential impacts on the business.
2. Summary of Significant Accounting Policies
Restricted cash and cash equivalents
Restricted cash as of June 30, 2022 represents funds that are restricted to satisfy any amount borrowed against the Company's Cash Collateral Security agreement with BMO Harris Bank N.A (Cash Collateral Security agreement). In June 2022, the Company replaced the former Cash Collateral Security agreement with an Investment Collateral Security agreement with BMO Harris Bank N.A (Investment Collateral Security agreement) where existing standby letters of credit are collateralized by amounts held in the Company's investment funds (see Note 10).
The following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows:
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | |
| Cash | | $ | 12,354 | | | $ | 23,298 | |
| Cash equivalents | | | 2,780 | | | | 8,010 | |
| Restricted cash and cash equivalents included in current assets | | | — | | | | 1,990 | |
| Total cash, cash equivalents, and restricted cash and cash equivalents shown in the Condensed Consolidated Statements of Cash Flows | | $ | 15,134 | | | $ | 33,298 | |
Investments
In 2022, the Board of Directors approved a plan to invest up to $20,000 of excess capital in debt securities, or held in money market funds until such investments can be made, with BMO Harris Bank N.A (BMO Harris). A portion of the funds invested are restricted as collateral under the Investment Collateral Security agreement (see Note 10). At June 30, 2023, the amount of funds collateralized under the Investment Collateral Security agreement is $621 relating to existing standby letters of credit that is comprised of $322 with varying maturity dates and expire no later than June 30, 2024 and $299 with the latest maturity date no later than November 30, 2025.
We consider all highly liquid debt investments with original maturities from the date of purchase of three months or less as cash equivalents. Cash equivalents include investments in money market funds. Carrying value of cash equivalents approximates fair value due to the maturities of three months or less.
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 expect to sell any debt securities before maturity to settle an obligation under the Investment Collateral Security agreement. The maturities of our HTM investments range from three to thirty-six months. HTM debt investments with original maturities of approximately three months or less from the date of purchase are classified within cash and cash equivalents. HTM debt investments with original maturities at the date of purchase greater than approximately three months and remaining maturities of less than one year are classified as short-term investments. HTM debt investments with remaining maturities beyond one year are classified as long-term investments. Interest income, including amortization of premium and accretion of discount, are included on the Condensed Consolidated Statements of Operations in Interest income under the effective yield method. Accrued interest is included in Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets.
Our investments in debt securities consist of United States (US) Treasury securities, including Notes, Bonds, and Bills, and US Government Agency securities. Due to the creditworthiness of the entities issuing these securities, there is no impairment recorded related to the unrealized losses.
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: | | June 30, 2023 | | | December 31, 2022 | |
| Amortized cost | | $ | 17,729 | | | $ | 9,341 | |
| Gross unrecognized gains | | | — | | | | — | |
| Gross unrecognized losses | | | (225 | ) | | | (168 | ) |
| Fair value | | $ | 17,504 | | | $ | 9,173 | |
The following table provides the amortized cost and fair value of debt securities by maturities at June 30, 2023:
| | | Amortized Cost | | | Fair Value | |
| Within one year | | $ | 12,855 | | | $ | 12,751 | |
| After one year through two years | | | 4,408 | | | | 4,300 | |
| After two years through three years | | | 466 | | | | 453 | |
| Total | | $ | 17,729 | | | $ | 17,504 | |
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 June 30, 2023 and December 31, 2022, inventory included equipment constructed for resale of $207 and $207, respectively, and spare parts, net of reserves of $321 and $185, 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 $632 and $634 as of June 30, 2023 and December 31, 2022, respectively. Inventories are periodically evaluated to identify obsolete or otherwise impaired parts and are written off when management determines usage is not probable. The Company estimates the balance of excess and obsolete inventory by analyzing inventory by age using last used and original purchase date and existing sales pipeline for which the inventory could be used.
Allowance for Credit Losses
In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and in November 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842). This guidance requires the measurement of all expected losses based on historical experience, current conditions and reasonable and supportable forecasts. For trade receivables and other financial instruments, we are required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. The Company adopted these ASUs on January 1, 2023 using the prospective method. Application of the amendments did not require a cumulative-effect adjustment to retained earnings as of the effective date and did not have a material impact on our financial statements. Beginning on January 1, 2023, Fuel Tech will use the caption Allowance for Credit Losses and our expected credit loss model to calculate the allowance.
For the general risk categories, the company uses historical losses over a fixed period, excluding certain write-off activity that were not considered credit loss events, to determine the historical credit loss. Historical loss rates are then adjusted to consider current economic conditions, and past, current, and future events and circumstances when determining expected credit losses. Investments in financial assets issued by US Government and Government Agency are considered as having zero expected credit losses and are excluded from the allowance for credit loss calculation.
The following table provides the roll forward of the allowance for credit loss:
| At January 1, 2022 | | $ | 223 | |
| Provision charged to expense | | | (19 | ) |
| (Write-offs) / Recoveries | | | (94 | ) |
| At December 31, 2022 | | $ | 110 | |
| Provision charged to expense | | | — | |
| (Write-offs) / Recoveries | | | — | |
| At June 30, 2023 | | $ | 110 | |
3. Revenue
Disaggregated Revenue by Product Technology
The following table presents our revenues disaggregated by product technology:
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Air Pollution Control | | | | | | | | | | | | | | | | |
| Technology solutions | | $ | 2,557 | | | $ | 1,966 | | | $ | 5,539 | | | $ | 3,807 | |
| Spare parts | | | 425 | | | | 262 | | | | 599 | | | | 358 | |
| Ancillary revenue | | | 440 | | | | 510 | | | | 843 | | | | 777 | |
| Total Air Pollution Control technology revenues | | | 3,422 | | | | 2,738 | | | | 6,981 | | | | 4,942 | |
| FUEL CHEM | | | | | | | | | | | | | | | | |
| FUEL CHEM technology solutions | | | 2,039 | | | | 3,630 | | | | 5,767 | | | | 6,961 | |
| Total Revenues | | $ | 5,461 | | | $ | 6,368 | | | $ | 12,748 | | | $ | 11,903 | |
Disaggregated Revenue by Geography
The following table presents our revenues disaggregated by geography, based on the location of the end-user:
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| United States | | $ | 4,316 | | | $ | 4,279 | | | $ | 10,297 | | | $ | 7,967 | |
| Foreign Revenues | | | | | | | | | | | | | | | | |
| Latin America | | | 153 | | | | 60 | | | | 153 | | | | 129 | |
| Europe | | | 820 | | | | 922 | | | | 1,399 | | | | 1,326 | |
| Asia | | | 172 | | | | 1,107 | | | | 899 | | | | 2,481 | |
| Total Foreign Revenues | | | 1,145 | | | | 2,089 | | | | 2,451 | | | | 3,936 | |
| Total Revenues | | $ | 5,461 | | | $ | 6,368 | | | $ | 12,748 | | | $ | 11,903 | |
Timing of Revenue Recognition
The following table presents the timing of our revenue recognition:
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Products transferred at a point in time | | $ | 2,904 | | | $ | 4,402 | | | $ | 7,209 | | | $ | 8,096 | |
| Products and services transferred over time | | | 2,557 | | | | 1,966 | | | | 5,539 | | | | 3,807 | |
| Total Revenues | | $ | 5,461 | | | $ | 6,368 | | | $ | 12,748 | | | $ | 11,903 | |
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 unbilled receivables (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 June 30, 2023, December 31, 2022, and December 31, 2021, contract assets for APC technology projects were approximately $2,946, $3,082, and $1,277, respectively. There were no contract assets for the FUEL CHEM technology segment as of June 30, 2023, December 31, 2022, and December 31, 2021.
However, 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 $938, $372, and $390 at June 30, 2023, December 31, 2022, and December 31, 2021, respectively, and are included in other accrued liabilities on the Condensed Consolidated Balance Sheets.
Changes in the contract asset and liability balances during the six-month period ended June 30, 2023, were not materially impacted by any other items other than amounts billed and revenue recognized as described previously. Revenue recognized that was included in the contract liability balance at the beginning of the period was $9 and $368 for the three and six months ended June 30, 2023, respectively, and $20 and $250 for three and six months ended June 30, 2022, respectively, which represented primarily revenue from progress towards completion of our APC technology contracts.
As of June 30, 2023 and December 31, 2022, we had no construction contracts in progress that were identified as a loss contract.
Remaining Performance Obligations
Remaining performance obligations represents the transaction price of APC technology booked orders for which work has not been performed. As of June 30, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $6,613. The Company expects to recognize revenue on approximately $6,305 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 | |
| | | June 30, 2023 | | | December 31, 2022 | |
| Trade receivables | | $ | 3,804 | | | $ | 4,605 | |
| Unbilled receivables | | | 2,946 | | | | 3,082 | |
| Other short-term receivables | | | 141 | | | | 152 | |
| Allowance for credit losses | | | (110 | ) | | | (110 | ) |
| Total accounts receivable | | $ | 6,781 | | | $ | 7,729 | |
4. Restructuring Activities
On January 18, 2019, the Company announced a planned suspension of its APC business operation in China. This action was part of Fuel Tech’s ongoing operational improvement initiatives designed to prioritize resource allocation, reduce costs, and drive profitability for the Company on a global basis. The transition associated with the suspension of the APC business which has taken place through June 30, 2023 includes staff rationalization and reduction, supplier and partner engagement, and the monetization of certain assets. The remaining transition activities include the execution of the activities to satisfy the requirements for the remaining APC projects in China (with a backlog totaling approximately $3) and those related to subsidiary closure.
The following table presents our revenues and net loss for 2023 and 2022 in China as follows:
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Total revenues | | $ | 2 | | | $ | — | | | $ | 2 | | | $ | 1 | |
| Net income (loss) | | | 1 | | | | (38 | ) | | | (19 | ) | | | (51 | ) |
Total assets primarily consist of cash and other receivables. Total liabilities consist of accounts payable and certain accrued liabilities.
The following table presents net assets in China as follows:
| | | As of | |
| | | June 30, 2023 | | | December 31, 2022 | |
| Total assets | | $ | 879 | | | $ | 929 | |
| Total liabilities | | | 89 | | | | 79 | |
| Total net assets | | $ | 790 | | | $ | 850 | |
5. Accumulated Other Comprehensive Loss
The changes in accumulated other comprehensive loss by component were as follows:
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Foreign currency translation | | | | | | | | | | | | | | | | |
| Balance at beginning of period | | $ | (1,642 | ) | | $ | (1,674 | ) | | $ | (1,728 | ) | | $ | (1,604 | ) |
| Other comprehensive (loss) income: | | | | | | | | | | | | | | | | |
| Foreign currency translation adjustments (1) | | | (48 | ) | | | (222 | ) | | | 38 | | | | (292 | ) |
| Total accumulated other comprehensive loss | | $ | (1,690 | ) | | $ | (1,896 | ) | | $ | (1,690 | ) | | $ | (1,896 | ) |
| (1) |
In all periods presented, there were no tax impacts related to rate changes and no amounts were reclassified to earnings. |
6. Treasury Stock
Common stock held in treasury totaled 976,006 with a cost of $2,251 at June 30, 2023 and December 31, 2022. These shares were withheld from employees to settle personal tax withholding obligations that arose as a result of restricted stock units that vested in the periods presented.
7. Earnings per Share
Basic earnings per share excludes the dilutive effects of stock options, restricted stock units (RSUs), warrants, and the nil coupon non-redeemable convertible unsecured loan notes. Diluted earnings per share includes the dilutive effect of the nil coupon non-redeemable convertible unsecured loan notes, RSUs, warrants, and unexercised in-the-money stock options, except in periods of net loss where the effect of these instruments is anti-dilutive. Out-of-money stock options and warrants are excluded from diluted earnings per share because they are unlikely to be exercised and would be anti-dilutive if they were exercised. For the three and six months ended June 30, 2023 and 2022, basic earnings per share is equal to diluted earnings per share because all outstanding stock awards, warrants, and convertible loan notes are considered anti-dilutive during periods of net loss.
The following table sets forth the weighted-average shares used in calculating the earnings per share for the three and six months ended June 30, 2023 and 2022.
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Basic weighted-average shares | | | 30,324,000 | | | | 30,296,000 | | | | 30,310,000 | | | | 30,282,000 | |
| Conversion of unsecured loan notes | | | — | | | | — | | | | — | | | | — | |
| Unexercised options and unvested RSUs | | | — | | | | — | | | | — | | | | — | |
| Diluted weighted-average shares | | | 30,324,000 | | | | 30,296,000 | | | | 30,310,000 | | | | 30,282,000 | |
For the three and six months ended June 30, 2023, Fuel Tech had weighted-average outstanding equity awards of 313,700 and 364,800, respectively, and warrants of 2,850,000 in both periods, which were antidilutive for the purpose of the calculation of diluted earnings per share. For the three and six months ended June 30, 2023, Fuel Tech had 267,000 and 263,000, respectively, incremental equity awards that were excluded from the computation of diluted earnings per share as the inclusion of such would have been anti-dilutive due to a net loss in the period. For the three and six months ended June 30, 2022, Fuel Tech had weighted-average outstanding equity awards of 583,000 and 466,000, respectively, and warrants of 2,850,000 in both periods, which were antidilutive for the purpose of the calculation of diluted earnings per share. For the three and six months ended June 30, 2022, Fuel Tech had 23,000 and 36,000, respectively, incremental equity awards that were excluded from the computation of diluted earnings per share as the inclusion of such would have been anti-dilutive due to a net loss in the period. These equity awards could potentially dilute basic earnings per share in future years.
8. Stock-Based Compensation
Under our stock-based employee compensation plan, referred to as the Fuel Tech, Inc. 2014 Long-Term Incentive Plan (Incentive Plan), awards may be granted to participants in the form of Non-Qualified Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock, RSUs, Performance Awards, Bonuses or other forms of share-based or non-share-based awards or combinations thereof. Participants in the Incentive Plan may be our directors, officers, employees, consultants, or advisors (except consultants or advisors in capital-raising transactions) as the directors determine are key to the success of our business. There are a maximum of 5,600,676 shares that may be issued or reserved for awards to participants under the Incentive Plan. As of June 30, 2023, Fuel Tech had 1,779,250 shares available for share-based awards under the Incentive Plan.
We did not record any excess tax benefits within income tax expense for the three and six months ended June 30, 2023 and 2022. Given the Company has a full valuation allowance on its deferred tax assets, there were no excess tax benefits to record for the three and six months ended June 30, 2023 and 2022. In addition, we account for forfeitures of awards based on an estimate of the number of awards expected to be forfeited and adjusting the estimate when it is no longer probable that the employee will fulfill the service condition.
Stock-based compensation is included in selling, general, and administrative costs in our Condensed Consolidated Statements of Operations. The components of stock-based compensation for the three and six months ended June 30, 2023 and 2022 were as follows:
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Stock options and restricted stock units, net of forfeitures | | $ | 98 | | | $ | 28 | | | $ | 187 | | | $ | 46 | |
| After-tax effect of stock-based compensation | | $ | 98 | | | $ | 28 | | | $ | 187 | | | $ | 46 | |
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 anniversary of the award date, 25% after the third anniversary, and the final 25% after the fourth anniversary of the award date. Fuel Tech calculates stock compensation expense for employee option awards based on the grant date fair value of the award, less expected annual forfeitures, and recognizes expense on a straight-line basis over the four-year service period of the award. Stock options granted to members of our board of directors vest immediately. Stock compensation for these awards is based on the grant date fair value of the award and is recognized in expense immediately.
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) risk-free interest rate – an estimate based on the yield of zero–coupon treasury securities with a maturity equal to the expected life of the option; (2) expected volatility – an estimate based on the historical volatility of Fuel Tech’s Common Stock for a period equal to the expected life of the option; and (3) expected life of the option – an estimate based on historical experience including the effect of employee terminations.
Stock option activity for Fuel Tech’s Incentive Plans for the six months ended June 30, 2023 was as follows:
| |
|
|
|
|
|
|
|
|
|
Weighted- Average |
|
|
|
|
|
| |
|
Number |
|
|
Weighted- |
|
|
Remaining |
|
|
Aggregate |
|
| |
|
of |
|
|
Average |
|
|
Contractual |
|
|
Intrinsic |
|
| |
|
Options |
|
|
Exercise Price |
|
|
Term |
|
|
Value |
|
| Outstanding on January 1, 2023 |
|
|
384,500 |
|
|
$ |
2.98 |
|
|
|
|
|
|
|
|
|
| Granted |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
(44,000 |
) |
|
|
0.96 |
|
|
|
|
|
|
|
|
|
| Expired or forfeited |
|
|
(70,000 |
) |
|
|
3.85 |
|
|
|
|
|
|
|
|
|
| Outstanding on June 30, 2023 |
|
|
270,500 |
|
|
$ |
3.09 |
|
|
|
2.06 |
|
|
$ |
16 |
|
| Exercisable on June 30, 2023 |
|
|
270,500 |
|
|
$ |
3.09 |
|
|
|
2.06 |
|
|
$ |
16 |
|
As of June 30, 2023, there was no unrecognized compensation cost related to non-vested stock options granted under the Incentive Plans.
Restricted Stock Units
RSUs granted to employees vest over time based on continued service (typically vesting over a period between two to four years), and RSUs granted to directors vest after a one year vesting period based on continued service. Such time-vested RSUs are valued at the date of grant based on the closing price of the Common Shares on the grant date. Compensation cost, adjusted for estimated forfeitures, is amortized on a straight-line basis over the requisite service period.
In addition to the time vested RSUs, the Company entered into a 2023 Executive Performance RSU Award Agreement (the “2023 Agreement”) with certain officers, including its President and Chief Executive Officer, Chief Financial Officer and Senior Vice President, Sales (each a “2023 Participating Executive”) pursuant to which each 2023 Participating Executive will have the opportunity to earn a specified amount of restricted stock units (RSUs) based on Fuel Tech’s performance in 2023 and 2024. The target amount of RSUs for each of four possible RSU award components is set for each Participating Executive for 2023 and 2024. The amount, if any, of actual RSU awards to be issued is contingent on performance by the Participating Executive and the Company in the performance areas and for the measurement periods set forth in the Agreement as determined by the Company.
The Agreement provides for four possible RSU awards: “Look-Back RSUs,” “Total Revenue RSUs,” “New Business Growth RSUs,” and “Operating Income Growth” RSUs. If the Look-Back RSU’s are awarded, these RSUs will follow a vesting schedule that provides for vesting of one-third of the granted Look-Back RSUs after the first anniversary of the grant determination date, one-third after the second anniversary date and one-third after the third anniversary date. If the Total Revenue RSUs, New Business Growth RSUs, or Operating Income Growth RSUs targets are awarded, these RSU’s will follow a vesting schedule whereby 100% of the granted RSUs will vest one year following the grant determination date. All RSUs are valued at the date of grant based on the closing price of the Company’s common stock on the grant date.
At June 30, 2023, there is $1,772 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 2.15 years.
A summary of restricted stock unit activity for the six months ended June 30, 2023 is as follows:
| |
|
|
|
|
|
Weighted Average |
|
| |
|
|
|
|
|
Grant Date |
|
| |
|
Shares |
|
|
Fair Value |
|
| Unvested restricted stock units at January 1, 2023 |
|
|
767,048 |
|
|
$ |
1.32 |
|
| Granted |
|
|
965,200 |
|
|
|
1.26 |
|
| Vested |
|
|
(45,000 |
) |
|
|
1.37 |
|
| Unvested restricted stock units at June 30, 2023 |
|
|
1,687,248 |
|
|
$ |
1.29 |
|
The fair value of restricted stock that vested during the six-month period ended June 30, 2023 was $62.
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, Fuel Tech accounts for these awards as equity awards as opposed to liability awards. During the six-month periods ended June 30, 2023 and 2022, Fuel Tech recorded no stock-based compensation expense under the Deferred Plan.
9. Warrants
The following table summarizes information about warrants outstanding and exercisable at June 30, 2023:
| Range of Exercise Price |
|
|
Number Outstanding/Exercisable |
|
|
Weighted Average Remaining Life in Years |
|
|
Weighted Average Exercise Price |
|
| $5.10 |
|
|
|
2,500,000 |
|
|
3.12 |
|
|
$ |
5.10 |
|
| $6.45 |
|
|
|
350,000 |
|
|
3.12 |
|
|
$ |
6.45 |
|
| |
|
|
|
2,850,000 |
|
|
|
|
|
|
|
|
10. Debt Financing
On June 30, 2022, the Company entered into an Investment Collateral Security agreement to use for the sole purpose of issuing standby letters of credit that replaces the former Cash Collateral agreement with BMO Harris. The Investment Collateral Security agreement requires us to pledge our investments as collateral for 150% of the aggregate face amount of outstanding standby letters of credit. The Company pays 250 basis points on the face values of outstanding letters of credit. There are no financial covenants set forth in the Investment Collateral Security agreement. At June 30, 2023, the Company had outstanding standby letters of credit totaling approximately $414 under the Investment Collateral Security agreement. At June 30, 2023, the investments held as collateral totaled $621. Fuel Tech is committed to reimbursing the issuing bank for any payments made by the bank under these instruments.
11. Business Segment and Geographic Financial Data
Business Segment Financial Data
We segregate our financial results into two reportable segments representing two broad technology segments as follows:
| | • | The 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® technology segment, which uses chemical processes in combination with advanced Computational Fluid Dynamics and Chemical Kinetics Modeling boiler modeling, for the control of slagging, fouling, corrosion, opacity and other sulfur trioxide-related issues in furnaces and boilers through the addition of chemicals into the furnace using TIFI® Targeted In-Furnace Injection™ technology. |
The “Other” classification includes those profit and loss items not allocated to either reportable segment. There are no inter-segment sales that require elimination.
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 in our annual report on Form 10-K). We do not review assets by reportable segment, but rather, in aggregate for the Company as a whole.
Information about reporting segment net sales and gross margin from operations are provided below:
| | | Air Pollution | | | FUEL CHEM | | | | | | | | | |
| Three months ended June 30, 2023 | | Control Segment | | | Segment | | | Other | | | Total | |
| Revenues from external customers | | $ | 3,422 | | | $ | 2,039 | | | $ | — | | | $ | 5,461 | |
| Cost of sales | | | (2,347 | ) | | | (1,118 | ) | | | — | | | | (3,465 | ) |
| Gross margin | | | 1,075 | | | | 921 | | | | — | | | | 1,996 | |
| Selling, general and administrative | | | — | | | | — | | | | (2,915 | ) | | | (2,915 | ) |
| Research and development | | | — | | | | — | | | | (413 | ) | | | (413 | ) |
| Operating income (loss) from operations | | $ | 1,075 | | | $ | 921 | | | $ | (3,328 | ) | | $ | (1,332 | ) |
| | | Air Pollution | | | FUEL CHEM | | | | | | | | | |
| Three months ended June 30, 2022 | | Control Segment | | | Segment | | | Other | | | Total | |
| Revenues from external customers | | $ | 2,738 | | | $ | 3,630 | | | $ | — | | | $ | 6,368 | |
| Cost of sales | | | (1,802 | ) | | | (1,888 | ) | | | — | | | | (3,690 | ) |
| Gross margin | | | 936 | | | | 1,742 | | | | — | | | | 2,678 | |
| Selling, general and administrative | | | — | | | | — | | | | (2,874 | ) | | | (2,874 | ) |
| Research and development | | | — | | | | — | | | | (289 | ) | | | (289 | ) |
| Operating income (loss) from operations | | $ | 936 | | | $ | 1,742 | | | $ | (3,163 | ) | | $ | (485 | ) |
| | | Air Pollution | | | FUEL CHEM | | | | | | | | | |
| Six months ended June 30, 2023 | | Control Segment | | | Segment | | | Other | | | Total | |
| Revenues from external customers | | $ | 6,981 | | | $ | 5,767 | | | $ | — | | | $ | 12,748 | |
| Cost of sales | | | (4,941 | ) | | | (3,006 | ) | | | — | | | | (7,947 | ) |
| Gross margin | | | 2,040 | | | | 2,761 | | | | — | | | | 4,801 | |
| Selling, general and administrative | | | — | | | | — | | | | (6,160 | ) | | | (6,160 | ) |
| Research and development | | | — | | | | — | | | | (631 | ) | | | (631 | ) |
| Operating income (loss) from operations | | $ | 2,040 | | | $ | 2,761 | | | $ | (6,791 | ) | | $ | (1,990 | ) |
| | | Air Pollution | | | FUEL CHEM | | | | | | | | | |
| Six months ended June 30, 2022 | | Control Segment | | | Segment | | | Other | | | Total | |
| Revenues from external customers | | $ | 4,942 | | | $ | 6,961 | | | $ | — | | | $ | 11,903 | |
| Cost of sales | | | (3,231 | ) | | | (3,704 | ) | | | — | | | | (6,935 | ) |
| Gross margin | | | 1,711 | | | | 3,257 | | | | — | | | | 4,968 | |
| Selling, general and administrative | | | — | | | | — | | | | (5,928 | ) | | | (5,928 | ) |
| Research and development | | | — | | | | — | | | | (509 | ) | | | (509 | ) |
| Operating income (loss) from operations | | $ | 1,711 | | | $ | 3,257 | | | $ | (6,437 | ) | | $ | (1,469 | ) |
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 | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Revenues: | | | | | | | | | | | | | | | | |
| United States | | $ | 4,316 | | | $ | 4,279 | | | $ | 10,297 | | | $ | 7,967 | |
| Foreign | | | 1,145 | | | | 2,089 | | | | 2,451 | | | | 3,936 | |
| | | $ | 5,461 | | | $ | 6,368 | | | $ | 12,748 | | | $ | 11,903 | |
| | | June 30, | | | December 31, | |
| | | 2023 | | | 2022 | |
| Assets: | | | | | | | | |
| United States | | $ | 46,191 | | | $ | 47,007 | |
| Foreign | | | 3,418 | | | | 3,117 | |
| | | $ | 49,609 | | | $ | 50,124 | |
12. Accrued Liabilities
The components of other accrued liabilities are as follows:
| |
|
As of |
|
| |
|
June 30, 2023 |
|
|
December 31, 2022 |
|
| Contract liabilities (Note 3) |
|
$ |
938 |
|
|
$ |
372 |
|
| Warranty reserve (Note 13) |
|
|
159 |
|
|
|
159 |
|
| Other accrued liabilities |
|
|
210 |
|
|
|
295 |
|
| Total other accrued liabilities |
|
$ |
1,307 |
|
|
$ |
826 |
|
13. Commitments and Contingencies
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 amount within the range is a better estimate than any other amount. The Company discloses a contingent liability even if the liability is not probable or the amount is not estimable, or both, if there is a reasonable possibility that a material loss may have been incurred.
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 materially affect our consolidated financial position, results of operations, or cash flows. We do not believe we have any pending loss contingencies that are probable or reasonably possible of having a material impact on our consolidated financial position, results of operations or cash flows.
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 six months ended June 30, 2023 and 2022. The warranty liability balance was $159 at June 30, 2023 and December 31, 2022.
14. Income Taxes
The Company’s effective tax rate is approximately 0.0% and 0.7% for the six-month periods ended June 30, 2023 and 2022, respectively. The Company's effective tax rate differs from the statutory federal tax rate of 21% for the six-month periods ended June 30, 2023 and 2022 primarily due to a full valuation allowance recorded on our United States, China and Italy deferred tax assets since we cannot anticipate when or if we will have sufficient taxable income to utilize the deferred tax assets in the future. Further, our effective tax rate differs from the statutory federal tax rate due to state taxes, differences between U.S. and foreign tax rates, foreign losses incurred with no related tax benefit, non-deductible commissions, and non-deductible meals and entertainment expenses for the six-month periods ended June 30, 2023 and 2022.
Fuel Tech had no unrecognized tax benefits as of June 30, 2023 and December 31, 2022.
FUEL TECH, INC.
Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
Overview
In the second quarter of 2023, the Company continued to experience a challenging operational environment resulting from customers delaying the timing of purchasing decisions in our APC segment and unscheduled outages resulting in decreased chemical purchases in our FUEL CHEM segment. We continue to invest in development of new technologies to expand our product offerings into the water and waste-water treatment market. Our capital resources are sufficient for our immediate and longer-term needs, and we continue to enjoy the services and support of a dedicated workforce. We expect that our cost control efforts will maintain our existing levels of operating expenditures and the diminishing effects of the pandemic should lead to an improved market outlook.
COVID-19 Pandemic and Geopolitical Events
Management cannot predict the full impact of the COVID-19 pandemic and geopolitical events on the Company’s sales and marketing channels and supply chain, and as a result, the ultimate extent of the effects on the Company is highly uncertain and will depend on future developments. The Company continues to monitor the potential impacts on the business.
Key Operating Factors
Our FUEL CHEM segment experienced a decrease in revenues and segment operating profits in the quarter compared to 2022. The FUEL CHEM segment was impacted primarily due to unplanned unit outages for maintenance at multiple customer sites.
Our Air Pollution Control (APC) business experienced improvement in the quarter compared to 2022, due to the execution on projects awarded in the prior years. We are also encouraged by the pace and depth of our business development activities, which reflects an increased focus on global emissions protocols across a variety of fuel sources. Our Consolidated APC backlog at June 30, 2023 was $6,613 and our global sales pipeline is in the $50 -75 million range.
Results of Operations
Revenues
Revenues for the three-month periods ending June 30, 2023 and 2022 were $5,461 and $6,368, respectively, representing a decrease of $907, or 14%, versus the same period last year. Revenues for the six-month periods ending June 30, 2023 and 2022 were $12,748 and $11,903, respectively, representing an increase of $845, or 7%, versus the same period last year.
The APC technology segment generated revenues of $3,422 for the three-month period ended June 30, 2023, representing an increase of $684, or 25%, from the prior year amount of $2,738. The APC technology segment generated revenues of $6,981 and $4,942 for the six-month periods ending June 30, 2023 and 2022, respectively, representing an increase of $2,039, or 41%. This increase in APC revenue was primarily related to the timing of project execution and new APC orders announced during 2022 and continuing through the first six months of 2023. Consolidated APC backlog at June 30, 2023 was $6,613 versus backlog at December 31, 2022 of $8,245. Our current backlog consists of U.S. domestic projects totaling $5,244 and international projects totaling $1,369.
The FUEL CHEM technology segment generated revenues of $2,039 and $3,630 for the three-month periods ended June 30, 2023 and 2022, respectively, representing a decrease of $1,591, or 44%. The FUEL CHEM technology segment generated revenues of $5,767 and $6,961 for the six-month periods ended June 30, 2023 and 2022, respectively, representing a decrease of $1,194, or 17%. This decrease in FUEL CHEM revenue for the three and six months ended June 30, 2023 as compared to the same period of the prior year was primarily due to unplanned client maintenance and outages.
Cost of sales and gross margin
Consolidated gross margin percentage for the three-month periods ended June 30, 2023 and 2022 were 37% and 42%, respectively. Gross margin decreased versus the comparable period due to the change in segment mix and to the decreases in the APC and FUEL CHEM operating segment gross margin. For the three-month periods ended June 30, 2023 and 2022 the APC gross margin decreased to 31% from 34%, respectively, primarily due to product and project mix. FUEL CHEM operating segment gross margins decreased to 45% from 48% primarily due to the reduction in revenue.
Consolidated gross margin percentage for the six-month periods ended June 30, 2023 and 2022 were 38% and 42%, respectively. Gross margin decreased versus the comparable period due to the change in segment mix and to the decrease in the APC operating segment gross margin. For the six-month periods ended June 30, 2023 and 2022 the APC gross margin decreased to 29% from 35%, respectively, primarily due to product and project mix. FUEL CHEM operating segment gross margins increased to 48% from 47%.
Selling, general and administrative
Selling, general and administrative expenses (SG&A) were $2,915 and $2,874 for the three-month periods ended June 30, 2023 and 2022, respectively. For the three-month period ended June 30, 2023the increase of $41 is primarily the result of increases in employee compensation and benefit related costs of $103 and professional fees of $65, partially offset by decreases in certain administrative expenses of $95, and other miscellaneous expenses of $32. For the three-month periods ending June 30, 2023 and 2022, SG&A as a percentage of revenues increased to 53% from 45%. The increase versus the comparable period is primarily due to the decrease in revenues in the current quarter.
SG&A expenses were $6,160 and $5,928 for the six-month periods ended June 30, 2023 and 2022, respectively. For the six-month period ended June 30, 2023 the increase of $232 is primarily the result of increases in employee compensation and benefit related costs of $357 and professional fees of $61, partially offset by decreases in certain administrative expenses of $102, depreciation expense of $18, and other miscellaneous expenses of $66. For the six-month periods ending June 30, 2023 and 2022, SG&A as a percentage of revenues decreased to48% from 50%. The decrease versus the comparable period is primarily due to the increase in revenues in the current year.
Research and development
Research and development expenses for the three and six-month periods ended June 30, 2023 were $413 and $631, respectively, and for the same periods in 2022 were $289 and $509, respectively. The expenditures in our research and development expenses are focused on new product development efforts in the pursuit of commercial applications for technologies outside of our traditional markets, and in the development and analysis of new technologies that could represent incremental market opportunities. This includes water treatment technologies and more specifically, our DGI® Dissolved Gas Infusion Systems, an innovative alternative to current aeration technology. This infusion process has a variety of applications in the water and wastewater industries, including remediation, treatment, biological activity, and wastewater odor management. DGI® technology benefits include reduced energy consumption, installation costs, and operating costs, while improving treatment performance.
Interest income
Interest income was $307 for the three-month period ended June 30, 2023 compared to $8 for the same period in 2022. Interest income was $646 for the six-month period ended June 30, 2023 compared to $9 for the same period in 2022. Interest income increased due to the interest income on the held-to-maturity debt securities and money market funds.
Other (expense) income, net
Other expense, net was $14 for the three-month period ended June 30, 2023 compared to Other income, net of $134 for the same period in 2022. Other expense, net was $104 for the six-month period ended June 30, 2023 compared to Other income, net of $124 for the same period in 2022. The changes in Other (expense) income, net were mainly due to transactional foreign exchange losses.
Liquidity and Sources of Capital
We have losses from operations during the six-month period ended June 30, 2023 totaling $1,990. Our cash provided by operations for this same period totaled $17.
Our cash and cash equivalent balance as of June 30, 2023 totaled $15,134, which includes $2,780 of cash equivalents, and our working capital totaled $31,459. We have no outstanding debt other than our outstanding letters of credit, under our Investment Collateral Security agreement with BMO Harris Bank, N.A. (the Investment Collateral Security agreement), which does not have any financial covenants. We expect to continue operating under this arrangement for the foreseeable future.
Operating activities provided cash of $17 for the six-month period ended June 30, 2023, primarily due to the collection of accounts receivable balances, a decrease in other current assets of $114, an increase in accounts payable of $383 due to timing of project related activity and the impact of non-cash items of $168, offset by an increase in inventory of $135 for anticipated ancillary project demand.
Operating activities used cash of $3,321 for the six-month period ended June 30, 2022, primarily due to an increase in accounts receivable balances of $3,245 due to the timing of project milestone billings and the net loss from continuing operations, partially offset by removals of non-cash items from our net income from continuing operations for depreciation and amortization of $232, increases in accounts payable balances of $812, and a decrease in other assets of $205.
Investing activities used cash of $8,288 and $138 for the six-month periods ended June 30, 2023 and 2022, respectively. Investing activities for the six-month periods ended June 30, 2023 primarily consisted of purchases of debt securities as investments partially offset by maturities of debt securities.
Financing activities provided cash of $42 for the six-month period ended June 30, 2023 compared to cash used of $17 for the six-month period ended June 30, 2022. In 2023, the financing activity was related to proceeds from the exercise of stock options. In 2022, financing activities were related to taxes paid on behalf of the equity award participants on the vesting of restricted stock units.
The effects of the COVID-19 global pandemic have presented significant risks to the Company, not all of which the Company is able to fully evaluate or even foresee at the current time. Although the impact of the pandemic is difficult to quantify, the Company has experienced, and may continue to experience, reductions in demand for certain of our products due to the delay or abandonment of ongoing or anticipated projects due to our customers’, suppliers’ and other third parties’ financial distress or concern regarding the volatility of global markets. Other directly or indirectly COVID-19 related effects, such as supply chain disruptions and travel restrictions, have been impacting operations and financial performance to varying degrees. We continue to monitor our liquidity needs and in response to our recent periods of declines in revenue and net losses have taken measures to reduce expenses and restructure operations which we feel are necessary to ensure we maintain sufficient working capital and liquidity to operate the business and invest in our future. We have evaluated our ongoing business needs and considered the cash requirements of our base business of Air Pollution Control and FUEL CHEM, as well as our efforts to wind-down our APC operations in China. This evaluation included consideration of the following: a) customer and revenue trends in our APC and FUEL CHEM business segments, b) current operating structure and expenditure levels, and c) the costs of winding down our APC operations in China as well as other research and development initiatives. Based on this analysis, management believes that currently we have sufficient cash and working capital to operate our base APC and FUEL CHEM businesses. We believe our current cash position and net cash flows expected to be generated from operations are adequate to fund planned operations of the Company for the next 12 months.
We expect additional capital expenditures in 2023 for maintenance of field equipment, computer and systems, and general office equipment. We expect to fund our capital expenditures with cash from operations or cash on hand.
In 2022, the Board of Directors approved an investment plan that would hold $20,000 in funds at BMO Harris Bank (BMO Harris) to be invested in held-to-maturity debt securities of United States (US) Treasuries, including Notes, Bonds, and Bills, or US Government Agency securities. The funds would be held in money market funds until they are invested in those securities. The investments would be structured to create a maturity “ladder” where the proceeds from maturities are re-invested to maintain a balance of short- and long-term investments based on the expected business needs. Maturities will be between three and thirty-six months. This strategy allows the Company to provide returns on excess cash, while managing liquidity and minimizing exposure to interest rate fluctuations.
On June 30, 2022, the Company entered into the Investment Collateral Security agreement to use for the sole purpose of issuing standby letters of credit, which replaces the Cash Collateral Security agreement with BMO Harris Bank, N.A. (the Former Collateral agreement). The Investment Collateral Security agreement requires us to pledge our investments as collateral for 150% of the aggregate face amount of outstanding standby letters of credit. The Company pays 250 basis points on the face values of outstanding letters of credit. There are no financial covenants set forth in the Investment Collateral Security agreement. At June 30, 2023, the Company had outstanding standby letters of credit totaling approximately $414 under the Investment Collateral Security agreement. At June 30, 2023, the investments held as collateral totaled $621. Fuel Tech is committed to reimbursing the issuing bank for any payments made by the bank under these instruments.
Contingencies and Contractual Obligations
Fuel Tech issues a standard product warranty with the sale of its products to customers as discussed in Note 13. There was no change in the warranty liability balance during the six months ended June 30, 2023.
Forward-Looking Statements
This Quarterly Report on Form 10-Q contains “forward-looking statements,” as defined in Section 21E of the Securities Exchange Act of 1934, as amended, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and reflect Fuel Tech’s current expectations regarding future growth, results of operations, cash flows, performance and business prospects, and opportunities, as well as assumptions made by, and information currently available to, our management. Fuel Tech has tried to identify forward-looking statements by using words such as “anticipate,” “believe,” “plan,” “expect,” “estimate,” “intend,” “will,” and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on information currently available to Fuel Tech and are subject to various risks, uncertainties, and other factors, including, but not limited to, those discussed in Fuel Tech’s Annual Report on Form 10-K for the year ended December 31, 2022 in Item 1A under the caption “Risk Factors,” which could cause Fuel Tech’s actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Fuel Tech undertakes no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances or for any other reason. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those detailed in Fuel Tech’s filings with the Securities and Exchange Commission.
Item 3. Quantitative and Qualitative Disclosures about Market Risk
Fuel Tech’s earnings and cash flow are subject to fluctuations due to changes in foreign currency exchange rates. We do not enter into foreign currency forward contracts nor into foreign currency option contracts to manage this risk due to the immaterial nature of the transactions involved.
Item 4. Controls and Procedures
Evaluation of Disclosure Controls and Procedures
Fuel Tech maintains disclosure controls and procedures and internal controls designed to ensure (a) that information required to be disclosed in Fuel Tech’s filings under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Securities and Exchange Commission’s rules and forms, and (b) that such information is accumulated and communicated to management, including the principal executive and financial officer, as appropriate to allow timely decisions regarding required disclosure. Fuel Tech’s Chief Executive Officer and principal financial officer have evaluated the Company’s disclosure controls and procedures, as defined in Rules 13a – 15(e) and 15d -15(e) of the Exchange Act, as of the end of the period covered by this report, and they have concluded that these controls and procedures are effective.
Changes in Internal Control over Financial Reporting
There has been no change in the Company's internal control over financial reporting during the quarter covered by this report that has materially affected, or is reasonably likely to materially affect, its internal control over financial reporting.
PART II. OTHER INFORMATION
Item 1. Legal Proceedings
We are from time to time involved in litigation incidental to our business. We are not currently involved in any litigation in which we believe an adverse outcome would have a material effect on our business, financial conditions, results of operations, or prospects.
Item 1A. Risk Factors
The risk factors included in our Annual Report on Form 10-K for fiscal year ended December 31, 2022 have not materially changed.
Item 2. Unregistered Sales of Equity Securities and Use of Proceeds
None
Item 6. Exhibits
FUEL TECH, INC.
Signatures
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Date: August 8, 2023 |
By: |
/s/ Vincent J. Arnone |
| |
|
Vincent J. Arnone |
| |
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President and Chief Executive Officer |
| |
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(Principal Executive Officer) |
| Date: August 8, 2023 |
By: |
/s/ Ellen T. Albrecht |
| |
|
Ellen T. Albrecht |
| |
|
Vice President, Chief Financial Officer and Treasurer |
| |
|
(Principal Financial Officer) |
Exhibit 31.1
I, Vincent J. Arnone, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Fuel Tech, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 (e) and 15d-15 (e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| Date: August 8, 2023 |
By:
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/s/ Vincent J. Arnone
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|
|
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Vincent J. Arnone
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|
|
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President and Chief Executive Officer
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|
|
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(Principal Executive Officer)
|
Exhibit 31.2
I, Ellen T. Albrecht, certify that:
1. I have reviewed this quarterly report on Form 10-Q of Fuel Tech, Inc.;
2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;
3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;
4. The registrant's other certifying officers and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15 (e) and 15d-15 (e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the registrant and have:
a) designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;
b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;
c) evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and
d) disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the registrant's most recent fiscal quarter (the registrant's fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and
5. The registrant's other certifying officers and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the registrant's auditors and the audit committee of registrant's board of directors (or persons performing the equivalent functions):
a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and
b) any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.
| Date: August 8, 2023 |
By:
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/s/ Ellen T. Albrecht
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Ellen T. Albrecht
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Vice President, Chief Financial Officer and Treasurer
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(Principal Financial Officer)
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Exhibit 32
The undersigned in their capacities as Chief Executive Officer and Principal Financial Officer of the Registrant do hereby certify that:
(i) this report fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934; and
(ii) information contained in the report fairly presents, in all material respects, the financial condition and results of operations of the Registrant as of, and for, the periods presented in the report.
|
Date: August 8, 2023
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By:
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/s/ Vincent J. Arnone
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Vincent J. Arnone
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President and Chief Executive Officer
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(Principal Executive Officer)
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| Date: August 8, 2023 |
By:
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/s/ Ellen T. Albrecht
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Ellen T. Albrecht
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Vice President, Chief Financial Officer and Treasurer |
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(Principal Financial Officer)
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Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (the “Act”) this certification accompanies the Report and shall not, except to the extent required by the Act, be deemed filed by the Registrant for purposes of Section 18 of the Securities Exchange Act of 1934, as amended.
A signed original of this written statement required by Section 906, or other document authenticating, acknowledging or otherwise adopting the signature that appears in typed form within the electronic version of this written statement required by Section 906, has been provided to Fuel Tech, Inc. and will be retained by Fuel Tech, Inc. and furnished to the Securities and Exchange Commission or its staff upon request.
v3.23.2
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v3.23.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($)
$ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
| Current assets: |
|
|
| Cash and cash equivalents |
$ 15,134
|
$ 23,328
|
| Short-term investments |
12,855
|
2,981
|
| Accounts receivable, net |
6,781
|
7,729
|
| Inventories, net |
528
|
392
|
| Prepaid expenses and other current assets |
1,287
|
1,395
|
| Total current assets |
36,585
|
35,825
|
| Property and equipment, net of accumulated depreciation of $18,651 and $18,557, respectively |
4,368
|
4,435
|
| Goodwill |
2,116
|
2,116
|
| Other intangible assets, net of accumulated amortization of $437 and $406, respectively |
382
|
397
|
| Right-of-use operating lease assets, net |
495
|
197
|
| Long-term investments |
4,874
|
6,360
|
| Other assets |
789
|
794
|
| Total assets |
49,609
|
50,124
|
| Current liabilities: |
|
|
| Accounts payable |
3,097
|
2,710
|
| Accrued liabilities: |
|
|
| Operating lease liabilities - current |
107
|
125
|
| Employee compensation |
615
|
1,105
|
| Other accrued liabilities |
1,307
|
826
|
| Total current liabilities |
5,126
|
4,766
|
| Operating lease liabilities - non-current |
376
|
66
|
| Deferred income taxes, net |
177
|
177
|
| Other liabilities |
280
|
274
|
| Total liabilities |
5,959
|
5,283
|
| Stockholders’ equity: |
|
|
| Common stock, $.01 par value, 40,000,000 shares authorized, 31,361,303 and 31,272,303 shares issued, and 30,385,297 and 30,296,297 shares outstanding, respectively |
313
|
313
|
| Additional paid-in capital |
164,651
|
164,422
|
| Accumulated deficit |
(117,449)
|
(115,991)
|
| Accumulated other comprehensive loss |
(1,690)
|
(1,728)
|
| Nil coupon perpetual loan notes |
76
|
76
|
| Treasury stock, at cost |
(2,251)
|
(2,251)
|
| Total stockholders’ equity |
43,650
|
44,841
|
| Total liabilities and stockholders’ equity |
$ 49,609
|
$ 50,124
|
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Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
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-Section S99
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v3.23.2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($)
$ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
| Accumulated depreciation |
$ 18,651
|
$ 18,557
|
| Accumulated amortization, intangible assets |
$ 437
|
$ 406
|
| 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
|
31,272,303
|
| Common stock, shares outstanding (in shares) |
30,385,297
|
30,296,297
|
| X |
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-Name Accounting Standards Codification
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v3.23.2
Condensed Consolidated Statements of Operations (Unaudited) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
| Revenues |
$ 5,461
|
$ 6,368
|
$ 12,748
|
$ 11,903
|
| Costs and expenses: |
|
|
|
|
| Cost of sales |
3,465
|
3,690
|
7,947
|
6,935
|
| Selling, general and administrative |
2,915
|
2,874
|
6,160
|
5,928
|
| Research and development |
413
|
289
|
631
|
509
|
| Costs and Expenses |
6,793
|
6,853
|
14,738
|
13,372
|
| Operating loss |
(1,332)
|
(485)
|
(1,990)
|
(1,469)
|
| Interest expense |
(5)
|
(4)
|
(10)
|
(9)
|
| Interest income |
307
|
8
|
646
|
9
|
| Other (expense) income, net |
(14)
|
134
|
(104)
|
124
|
| Loss before income taxes |
(1,044)
|
(347)
|
(1,458)
|
(1,345)
|
| Income tax expense |
0
|
(9)
|
0
|
(9)
|
| Net loss |
$ (1,044)
|
$ (356)
|
$ (1,458)
|
$ (1,354)
|
| Net loss per common share: |
|
|
|
|
| Basic net loss per common share (in dollars per share) |
$ (0.03)
|
$ (0.01)
|
$ (0.05)
|
$ (0.04)
|
| Diluted net loss per common share (in dollars per share) |
$ (0.03)
|
$ (0.01)
|
$ (0.05)
|
$ (0.04)
|
| Weighted-average number of common shares outstanding: |
|
|
|
|
| Basic (in shares) |
30,324,000
|
30,296,000
|
30,310,000
|
30,282,000
|
| Diluted (in shares) |
30,324,000
|
30,296,000
|
30,310,000
|
30,282,000
|
| X |
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-Topic 235
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-Topic 323
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-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Section S99
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-Publisher FASB
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
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-Topic 470
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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v3.23.2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
| Net loss |
$ (1,044)
|
$ (356)
|
$ (1,458)
|
$ (1,354)
|
| Other comprehensive (loss) income: |
|
|
|
|
| Foreign currency translation adjustments |
(48)
|
(222)
|
38
|
(292)
|
| Comprehensive loss |
$ (1,092)
|
$ (578)
|
$ (1,420)
|
$ (1,646)
|
| X |
- DefinitionAmount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income, attributable to parent entity. Excludes changes in equity resulting from investments by owners and distributions to owners. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.2
Condensed Statements of Stockholders' Equity (Unaudited) - USD ($)
$ 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, 2021 |
30,264,000
|
|
|
|
|
|
|
| Balance at Dec. 31, 2021 |
$ 312
|
$ 164,199
|
$ (114,549)
|
$ (1,604)
|
$ 76
|
$ (2,234)
|
$ 46,200
|
| Net income (loss) |
0
|
0
|
(998)
|
0
|
0
|
0
|
(998)
|
| Foreign currency translation adjustments |
0
|
0
|
0
|
(70)
|
0
|
0
|
(70)
|
| Stock compensation expense |
$ 0
|
18
|
0
|
0
|
0
|
0
|
18
|
| Common shares issued upon vesting of restricted stock units (in shares) |
45,000
|
|
|
|
|
|
|
| Common shares issued upon vesting of restricted stock units |
$ 1
|
(1)
|
0
|
0
|
0
|
0
|
0
|
| Taxes paid on behalf of equity award participants (in shares) |
(13,000)
|
|
|
|
|
|
|
| Taxes paid on behalf of equity award participants |
$ 0
|
0
|
0
|
0
|
0
|
(17)
|
(17)
|
| Balance (in shares) at Mar. 31, 2022 |
30,296,000
|
|
|
|
|
|
|
| Balance at Mar. 31, 2022 |
$ 313
|
164,216
|
(115,547)
|
(1,674)
|
76
|
(2,251)
|
45,133
|
| Balance (in shares) at Dec. 31, 2021 |
30,264,000
|
|
|
|
|
|
|
| Balance at Dec. 31, 2021 |
$ 312
|
164,199
|
(114,549)
|
(1,604)
|
76
|
(2,234)
|
46,200
|
| Net income (loss) |
|
|
|
|
|
|
(1,354)
|
| Foreign currency translation adjustments |
|
|
|
|
|
|
(292)
|
| Balance (in shares) at Jun. 30, 2022 |
30,296,000
|
|
|
|
|
|
|
| Balance at Jun. 30, 2022 |
$ 313
|
164,244
|
(115,903)
|
(1,896)
|
76
|
(2,251)
|
44,583
|
| Balance (in shares) at Mar. 31, 2022 |
30,296,000
|
|
|
|
|
|
|
| Balance at Mar. 31, 2022 |
$ 313
|
164,216
|
(115,547)
|
(1,674)
|
76
|
(2,251)
|
45,133
|
| Net income (loss) |
0
|
0
|
(356)
|
0
|
0
|
0
|
(356)
|
| Foreign currency translation adjustments |
0
|
0
|
0
|
(222)
|
0
|
0
|
(222)
|
| Stock compensation expense |
$ 0
|
28
|
0
|
0
|
0
|
0
|
28
|
| Balance (in shares) at Jun. 30, 2022 |
30,296,000
|
|
|
|
|
|
|
| Balance at Jun. 30, 2022 |
$ 313
|
164,244
|
(115,903)
|
(1,896)
|
76
|
(2,251)
|
44,583
|
| Balance (in shares) at Dec. 31, 2022 |
30,296,000
|
|
|
|
|
|
|
| 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 |
30,296,000
|
|
|
|
|
|
|
| Balance at Mar. 31, 2023 |
$ 313
|
164,511
|
(116,405)
|
(1,642)
|
76
|
(2,251)
|
44,602
|
| Balance (in shares) at Dec. 31, 2022 |
30,296,000
|
|
|
|
|
|
|
| Balance at Dec. 31, 2022 |
$ 313
|
164,422
|
(115,991)
|
(1,728)
|
76
|
(2,251)
|
44,841
|
| Net income (loss) |
|
|
|
|
|
|
(1,458)
|
| Foreign currency translation adjustments |
|
|
|
|
|
|
$ 38
|
| Exercise of stock options (in shares) |
|
|
|
|
|
|
44,000
|
| Balance (in shares) at Jun. 30, 2023 |
30,385,000
|
|
|
|
|
|
|
| Balance at Jun. 30, 2023 |
$ 313
|
164,651
|
(117,449)
|
(1,690)
|
76
|
(2,251)
|
$ 43,650
|
| Balance (in shares) at Mar. 31, 2023 |
30,296,000
|
|
|
|
|
|
|
| Balance at Mar. 31, 2023 |
$ 313
|
164,511
|
(116,405)
|
(1,642)
|
76
|
(2,251)
|
44,602
|
| Net income (loss) |
0
|
0
|
(1,044)
|
0
|
0
|
0
|
(1,044)
|
| Foreign currency translation adjustments |
0
|
0
|
0
|
(48)
|
0
|
0
|
(48)
|
| Stock compensation expense |
$ 0
|
98
|
0
|
0
|
0
|
0
|
98
|
| Common shares issued upon vesting of restricted stock units (in shares) |
45,000
|
|
|
|
|
|
|
| Common shares issued upon vesting of restricted stock units |
$ 0
|
0
|
0
|
0
|
0
|
0
|
0
|
| Exercise of stock options (in shares) |
44,000
|
|
|
|
|
|
|
| Exercise of stock options |
$ 0
|
42
|
0
|
0
|
0
|
0
|
42
|
| Balance (in shares) at Jun. 30, 2023 |
30,385,000
|
|
|
|
|
|
|
| Balance at Jun. 30, 2023 |
$ 313
|
$ 164,651
|
$ (117,449)
|
$ (1,690)
|
$ 76
|
$ (2,251)
|
$ 43,650
|
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v3.23.2
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($)
$ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
| Operating Activities |
|
|
| Net loss |
$ (1,458)
|
$ (1,354)
|
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |
|
|
| Depreciation |
154
|
182
|
| Amortization |
30
|
50
|
| Non-cash interest income on held-to-maturity securities |
(203)
|
0
|
| Provision for credit losses, net of recoveries |
0
|
43
|
| Stock-based compensation, net of forfeitures |
187
|
46
|
| Changes in operating assets and liabilities: |
|
|
| Accounts receivable |
966
|
(3,245)
|
| Inventories |
(135)
|
(58)
|
| Prepaid expenses, other current assets and other non-current assets |
114
|
205
|
| Accounts payable |
383
|
812
|
| Accrued liabilities and other non-current liabilities |
(21)
|
(2)
|
| Net cash provided by (used in) operating activities |
17
|
(3,321)
|
| Investing Activities |
|
|
| Purchases of equipment and patents |
(103)
|
(138)
|
| Purchases of debt securities |
(9,685)
|
0
|
| Maturities of debt securities |
1,500
|
0
|
| Net cash used in investing activities |
(8,288)
|
(138)
|
| Financing Activities |
|
|
| Proceeds from exercise of stock options |
42
|
0
|
| Taxes paid on behalf of equity award participants |
0
|
(17)
|
| Net cash provided by (used in) financing activities |
42
|
(17)
|
| Effect of exchange rate fluctuations on cash |
35
|
(280)
|
| Net decrease in cash, cash equivalents and restricted cash |
(8,194)
|
(3,756)
|
| Cash, cash equivalents, and restricted cash and cash equivalents at beginning of period (Note 2) |
23,328
|
37,054
|
| Cash, cash equivalents and restricted cash at end of period (Note 2) |
$ 15,134
|
$ 33,298
|
| X |
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v3.23.2
Note 1 - General
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Notes to Financial Statements |
|
| Organization, Consolidation and Presentation of Financial Statements Disclosure and Significant Accounting Policies [Text Block] |
1. General
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-Q and Article 10 of Regulation S-X of the Exchange Act. Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, the financial statements reflect all adjustments (consisting of normal recurring accruals) considered necessary for the fair statement of Fuel Tech's financial position, cash flows, and results of operations for the periods presented. All significant intercompany transactions and balances have been eliminated. The results of operations for the three and six months ended June 30, 2023 are not necessarily indicative of the results to be expected for the full year ending December 31, 2023. For further information, refer to the audited consolidated financial statements and footnotes thereto included in Fuel Tech’s Annual Report on Form 10-K for the year ended December 31, 2022 as filed with the Securities and Exchange Commission.
COVID-19 Pandemic and Geopolitical Events
Management cannot predict the full impact of the COVID-19 pandemic and geopolitical events on the Company’s sales and marketing channels and supply chain, and as a result, the ultimate extent of the effects on the Company are highly uncertain and will depend on future developments. The Company continues to monitor the potential impacts on the business.
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v3.23.2
Note 2 - Summary of Significant Accounting Policies
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Notes to Financial Statements |
|
| Significant Accounting Policies [Text Block] |
2. Summary of Significant Accounting Policies
Restricted cash and cash equivalents
Restricted cash as of June 30, 2022 represents funds that are restricted to satisfy any amount borrowed against the Company's Cash Collateral Security agreement with BMO Harris Bank N.A (Cash Collateral Security agreement). In June 2022, the Company replaced the former Cash Collateral Security agreement with an Investment Collateral Security agreement with BMO Harris Bank N.A (Investment Collateral Security agreement) where existing standby letters of credit are collateralized by amounts held in the Company's investment funds (see Note 10).
The following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows:
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | |
| Cash | | $ | 12,354 | | | $ | 23,298 | |
| Cash equivalents | | | 2,780 | | | | 8,010 | |
| Restricted cash and cash equivalents included in current assets | | | — | | | | 1,990 | |
| Total cash, cash equivalents, and restricted cash and cash equivalents shown in the Condensed Consolidated Statements of Cash Flows | | $ | 15,134 | | | $ | 33,298 | |
Investments
In 2022, the Board of Directors approved a plan to invest up to $20,000 of excess capital in debt securities, or held in money market funds until such investments can be made, with BMO Harris Bank N.A (BMO Harris). A portion of the funds invested are restricted as collateral under the Investment Collateral Security agreement (see Note 10). At June 30, 2023, the amount of funds collateralized under the Investment Collateral Security agreement is $621 relating to existing standby letters of credit that is comprised of $322 with varying maturity dates and expire no later than June 30, 2024 and $299 with the latest maturity date no later than November 30, 2025.
We consider all highly liquid debt investments with original maturities from the date of purchase of three months or less as cash equivalents. Cash equivalents include investments in money market funds. Carrying value of cash equivalents approximates fair value due to the maturities of three months or less.
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 expect to sell any debt securities before maturity to settle an obligation under the Investment Collateral Security agreement. The maturities of our HTM investments range from three to thirty-six months. HTM debt investments with original maturities of approximately three months or less from the date of purchase are classified within cash and cash equivalents. HTM debt investments with original maturities at the date of purchase greater than approximately three months and remaining maturities of less than one year are classified as short-term investments. HTM debt investments with remaining maturities beyond one year are classified as long-term investments. Interest income, including amortization of premium and accretion of discount, are included on the Condensed Consolidated Statements of Operations in Interest income under the effective yield method. Accrued interest is included in Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets.
Our investments in debt securities consist of United States (US) Treasury securities, including Notes, Bonds, and Bills, and US Government Agency securities. Due to the creditworthiness of the entities issuing these securities, there is no impairment recorded related to the unrealized losses.
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: | | June 30, 2023 | | | December 31, 2022 | |
| Amortized cost | | $ | 17,729 | | | $ | 9,341 | |
| Gross unrecognized gains | | | — | | | | — | |
| Gross unrecognized losses | | | (225 | ) | | | (168 | ) |
| Fair value | | $ | 17,504 | | | $ | 9,173 | |
The following table provides the amortized cost and fair value of debt securities by maturities at June 30, 2023:
| | | Amortized Cost | | | Fair Value | |
| Within one year | | $ | 12,855 | | | $ | 12,751 | |
| After one year through two years | | | 4,408 | | | | 4,300 | |
| After two years through three years | | | 466 | | | | 453 | |
| Total | | $ | 17,729 | | | $ | 17,504 | |
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 June 30, 2023 and December 31, 2022, inventory included equipment constructed for resale of $207 and $207, respectively, and spare parts, net of reserves of $321 and $185, 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 $632 and $634 as of June 30, 2023 and December 31, 2022, respectively. Inventories are periodically evaluated to identify obsolete or otherwise impaired parts and are written off when management determines usage is not probable. The Company estimates the balance of excess and obsolete inventory by analyzing inventory by age using last used and original purchase date and existing sales pipeline for which the inventory could be used.
Allowance for Credit Losses
In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and in November 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842). This guidance requires the measurement of all expected losses based on historical experience, current conditions and reasonable and supportable forecasts. For trade receivables and other financial instruments, we are required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. The Company adopted these ASUs on January 1, 2023 using the prospective method. Application of the amendments did not require a cumulative-effect adjustment to retained earnings as of the effective date and did not have a material impact on our financial statements. Beginning on January 1, 2023, Fuel Tech will use the caption Allowance for Credit Losses and our expected credit loss model to calculate the allowance.
For the general risk categories, the company uses historical losses over a fixed period, excluding certain write-off activity that were not considered credit loss events, to determine the historical credit loss. Historical loss rates are then adjusted to consider current economic conditions, and past, current, and future events and circumstances when determining expected credit losses. Investments in financial assets issued by US Government and Government Agency are considered as having zero expected credit losses and are excluded from the allowance for credit loss calculation.
The following table provides the roll forward of the allowance for credit loss:
| At January 1, 2022 | | $ | 223 | |
| Provision charged to expense | | | (19 | ) |
| (Write-offs) / Recoveries | | | (94 | ) |
| At December 31, 2022 | | $ | 110 | |
| Provision charged to expense | | | — | |
| (Write-offs) / Recoveries | | | — | |
| At June 30, 2023 | | $ | 110 | |
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v3.23.2
Note 3 - Revenue
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Notes to Financial Statements |
|
| Revenue from Contract with Customer [Text Block] |
3. Revenue
Disaggregated Revenue by Product Technology
The following table presents our revenues disaggregated by product technology:
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Air Pollution Control | | | | | | | | | | | | | | | | |
| Technology solutions | | $ | 2,557 | | | $ | 1,966 | | | $ | 5,539 | | | $ | 3,807 | |
| Spare parts | | | 425 | | | | 262 | | | | 599 | | | | 358 | |
| Ancillary revenue | | | 440 | | | | 510 | | | | 843 | | | | 777 | |
| Total Air Pollution Control technology revenues | | | 3,422 | | | | 2,738 | | | | 6,981 | | | | 4,942 | |
| FUEL CHEM | | | | | | | | | | | | | | | | |
| FUEL CHEM technology solutions | | | 2,039 | | | | 3,630 | | | | 5,767 | | | | 6,961 | |
| Total Revenues | | $ | 5,461 | | | $ | 6,368 | | | $ | 12,748 | | | $ | 11,903 | |
Disaggregated Revenue by Geography
The following table presents our revenues disaggregated by geography, based on the location of the end-user:
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| United States | | $ | 4,316 | | | $ | 4,279 | | | $ | 10,297 | | | $ | 7,967 | |
| Foreign Revenues | | | | | | | | | | | | | | | | |
| Latin America | | | 153 | | | | 60 | | | | 153 | | | | 129 | |
| Europe | | | 820 | | | | 922 | | | | 1,399 | | | | 1,326 | |
| Asia | | | 172 | | | | 1,107 | | | | 899 | | | | 2,481 | |
| Total Foreign Revenues | | | 1,145 | | | | 2,089 | | | | 2,451 | | | | 3,936 | |
| Total Revenues | | $ | 5,461 | | | $ | 6,368 | | | $ | 12,748 | | | $ | 11,903 | |
Timing of Revenue Recognition
The following table presents the timing of our revenue recognition:
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Products transferred at a point in time | | $ | 2,904 | | | $ | 4,402 | | | $ | 7,209 | | | $ | 8,096 | |
| Products and services transferred over time | | | 2,557 | | | | 1,966 | | | | 5,539 | | | | 3,807 | |
| Total Revenues | | $ | 5,461 | | | $ | 6,368 | | | $ | 12,748 | | | $ | 11,903 | |
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 unbilled receivables (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 June 30, 2023, December 31, 2022, and December 31, 2021, contract assets for APC technology projects were approximately $2,946, $3,082, and $1,277, respectively. There were no contract assets for the FUEL CHEM technology segment as of June 30, 2023, December 31, 2022, and December 31, 2021.
However, 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 $938, $372, and $390 at June 30, 2023, December 31, 2022, and December 31, 2021, respectively, and are included in other accrued liabilities on the Condensed Consolidated Balance Sheets.
Changes in the contract asset and liability balances during the six-month period ended June 30, 2023, were not materially impacted by any other items other than amounts billed and revenue recognized as described previously. Revenue recognized that was included in the contract liability balance at the beginning of the period was $9 and $368 for the three and six months ended June 30, 2023, respectively, and $20 and $250 for three and six months ended June 30, 2022, respectively, which represented primarily revenue from progress towards completion of our APC technology contracts.
As of June 30, 2023 and December 31, 2022, we had no construction contracts in progress that were identified as a loss contract.
Remaining Performance Obligations
Remaining performance obligations represents the transaction price of APC technology booked orders for which work has not been performed. As of June 30, 2023, the aggregate amount of the transaction price allocated to remaining performance obligations was $6,613. The Company expects to recognize revenue on approximately $6,305 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 | |
| | | June 30, 2023 | | | December 31, 2022 | |
| Trade receivables | | $ | 3,804 | | | $ | 4,605 | |
| Unbilled receivables | | | 2,946 | | | | 3,082 | |
| Other short-term receivables | | | 141 | | | | 152 | |
| Allowance for credit losses | | | (110 | ) | | | (110 | ) |
| Total accounts receivable | | $ | 6,781 | | | $ | 7,729 | |
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v3.23.2
Note 4 - Restructuring Activities
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Notes to Financial Statements |
|
| Restructuring and Related Activities Disclosure [Text Block] |
4. Restructuring Activities
On January 18, 2019, the Company announced a planned suspension of its APC business operation in China. This action was part of Fuel Tech’s ongoing operational improvement initiatives designed to prioritize resource allocation, reduce costs, and drive profitability for the Company on a global basis. The transition associated with the suspension of the APC business which has taken place through June 30, 2023 includes staff rationalization and reduction, supplier and partner engagement, and the monetization of certain assets. The remaining transition activities include the execution of the activities to satisfy the requirements for the remaining APC projects in China (with a backlog totaling approximately $3) and those related to subsidiary closure.
The following table presents our revenues and net loss for 2023 and 2022 in China as follows:
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Total revenues | | $ | 2 | | | $ | — | | | $ | 2 | | | $ | 1 | |
| Net income (loss) | | | 1 | | | | (38 | ) | | | (19 | ) | | | (51 | ) |
Total assets primarily consist of cash and other receivables. Total liabilities consist of accounts payable and certain accrued liabilities.
The following table presents net assets in China as follows:
| | | As of | |
| | | June 30, 2023 | | | December 31, 2022 | |
| Total assets | | $ | 879 | | | $ | 929 | |
| Total liabilities | | | 89 | | | | 79 | |
| Total net assets | | $ | 790 | | | $ | 850 | |
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v3.23.2
Note 5 - Accumulated Other Comprehensive Loss
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Notes to Financial Statements |
|
| Comprehensive Income (Loss) Note [Text Block] |
5. Accumulated Other Comprehensive Loss
The changes in accumulated other comprehensive loss by component were as follows:
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Foreign currency translation | | | | | | | | | | | | | | | | |
| Balance at beginning of period | | $ | (1,642 | ) | | $ | (1,674 | ) | | $ | (1,728 | ) | | $ | (1,604 | ) |
| Other comprehensive (loss) income: | | | | | | | | | | | | | | | | |
| Foreign currency translation adjustments (1) | | | (48 | ) | | | (222 | ) | | | 38 | | | | (292 | ) |
| Total accumulated other comprehensive loss | | $ | (1,690 | ) | | $ | (1,896 | ) | | $ | (1,690 | ) | | $ | (1,896 | ) |
| (1) |
In all periods presented, there were no tax impacts related to rate changes and no amounts were reclassified to earnings. |
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v3.23.2
Note 6 - Treasury Stock
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Notes to Financial Statements |
|
| Treasury Stock [Text Block] |
6. Treasury Stock
Common stock held in treasury totaled 976,006 with a cost of $2,251 at June 30, 2023 and December 31, 2022. These shares were withheld from employees to settle personal tax withholding obligations that arose as a result of restricted stock units that vested in the periods presented.
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-Topic 505
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
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v3.23.2
Note 7 - Earnings Per Share
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Notes to Financial Statements |
|
| Earnings Per Share [Text Block] |
7. Earnings per Share
Basic earnings per share excludes the dilutive effects of stock options, restricted stock units (RSUs), warrants, and the nil coupon non-redeemable convertible unsecured loan notes. Diluted earnings per share includes the dilutive effect of the nil coupon non-redeemable convertible unsecured loan notes, RSUs, warrants, and unexercised in-the-money stock options, except in periods of net loss where the effect of these instruments is anti-dilutive. Out-of-money stock options and warrants are excluded from diluted earnings per share because they are unlikely to be exercised and would be anti-dilutive if they were exercised. For the three and six months ended June 30, 2023 and 2022, basic earnings per share is equal to diluted earnings per share because all outstanding stock awards, warrants, and convertible loan notes are considered anti-dilutive during periods of net loss.
The following table sets forth the weighted-average shares used in calculating the earnings per share for the three and six months ended June 30, 2023 and 2022.
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Basic weighted-average shares | | | 30,324,000 | | | | 30,296,000 | | | | 30,310,000 | | | | 30,282,000 | |
| Conversion of unsecured loan notes | | | — | | | | — | | | | — | | | | — | |
| Unexercised options and unvested RSUs | | | — | | | | — | | | | — | | | | — | |
| Diluted weighted-average shares | | | 30,324,000 | | | | 30,296,000 | | | | 30,310,000 | | | | 30,282,000 | |
For the three and six months ended June 30, 2023, Fuel Tech had weighted-average outstanding equity awards of 313,700 and 364,800, respectively, and warrants of 2,850,000 in both periods, which were antidilutive for the purpose of the calculation of diluted earnings per share. For the three and six months ended June 30, 2023, Fuel Tech had 267,000 and 263,000, respectively, incremental equity awards that were excluded from the computation of diluted earnings per share as the inclusion of such would have been anti-dilutive due to a net loss in the period. For the three and six months ended June 30, 2022, Fuel Tech had weighted-average outstanding equity awards of 583,000 and 466,000, respectively, and warrants of 2,850,000 in both periods, which were antidilutive for the purpose of the calculation of diluted earnings per share. For the three and six months ended June 30, 2022, Fuel Tech had 23,000 and 36,000, respectively, incremental equity awards that were excluded from the computation of diluted earnings per share as the inclusion of such would have been anti-dilutive due to a net loss in the period. These equity awards could potentially dilute basic earnings per share in future years.
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- DefinitionThe entire disclosure for earnings per share. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//260/tableOfContent
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
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-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-3
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v3.23.2
Note 8 - Stock-based Compensation
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Notes to Financial Statements |
|
| Share-Based Payment Arrangement [Text Block] |
8. Stock-Based Compensation
Under our stock-based employee compensation plan, referred to as the Fuel Tech, Inc. 2014 Long-Term Incentive Plan (Incentive Plan), awards may be granted to participants in the form of Non-Qualified Stock Options, Incentive Stock Options, Stock Appreciation Rights, Restricted Stock, RSUs, Performance Awards, Bonuses or other forms of share-based or non-share-based awards or combinations thereof. Participants in the Incentive Plan may be our directors, officers, employees, consultants, or advisors (except consultants or advisors in capital-raising transactions) as the directors determine are key to the success of our business. There are a maximum of 5,600,676 shares that may be issued or reserved for awards to participants under the Incentive Plan. As of June 30, 2023, Fuel Tech had 1,779,250 shares available for share-based awards under the Incentive Plan.
We did not record any excess tax benefits within income tax expense for the three and six months ended June 30, 2023 and 2022. Given the Company has a full valuation allowance on its deferred tax assets, there were no excess tax benefits to record for the three and six months ended June 30, 2023 and 2022. In addition, we account for forfeitures of awards based on an estimate of the number of awards expected to be forfeited and adjusting the estimate when it is no longer probable that the employee will fulfill the service condition.
Stock-based compensation is included in selling, general, and administrative costs in our Condensed Consolidated Statements of Operations. The components of stock-based compensation for the three and six months ended June 30, 2023 and 2022 were as follows:
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Stock options and restricted stock units, net of forfeitures | | $ | 98 | | | $ | 28 | | | $ | 187 | | | $ | 46 | |
| After-tax effect of stock-based compensation | | $ | 98 | | | $ | 28 | | | $ | 187 | | | $ | 46 | |
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 anniversary of the award date, 25% after the third anniversary, and the final 25% after the fourth anniversary of the award date. Fuel Tech calculates stock compensation expense for employee option awards based on the grant date fair value of the award, less expected annual forfeitures, and recognizes expense on a straight-line basis over the four-year service period of the award. Stock options granted to members of our board of directors vest immediately. Stock compensation for these awards is based on the grant date fair value of the award and is recognized in expense immediately.
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) risk-free interest rate – an estimate based on the yield of zero–coupon treasury securities with a maturity equal to the expected life of the option; (2) expected volatility – an estimate based on the historical volatility of Fuel Tech’s Common Stock for a period equal to the expected life of the option; and (3) expected life of the option – an estimate based on historical experience including the effect of employee terminations.
Stock option activity for Fuel Tech’s Incentive Plans for the six months ended June 30, 2023 was as follows:
| |
|
|
|
|
|
|
|
|
|
Weighted- Average |
|
|
|
|
|
| |
|
Number |
|
|
Weighted- |
|
|
Remaining |
|
|
Aggregate |
|
| |
|
of |
|
|
Average |
|
|
Contractual |
|
|
Intrinsic |
|
| |
|
Options |
|
|
Exercise Price |
|
|
Term |
|
|
Value |
|
| Outstanding on January 1, 2023 |
|
|
384,500 |
|
|
$ |
2.98 |
|
|
|
|
|
|
|
|
|
| Granted |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
(44,000 |
) |
|
|
0.96 |
|
|
|
|
|
|
|
|
|
| Expired or forfeited |
|
|
(70,000 |
) |
|
|
3.85 |
|
|
|
|
|
|
|
|
|
| Outstanding on June 30, 2023 |
|
|
270,500 |
|
|
$ |
3.09 |
|
|
|
2.06 |
|
|
$ |
16 |
|
| Exercisable on June 30, 2023 |
|
|
270,500 |
|
|
$ |
3.09 |
|
|
|
2.06 |
|
|
$ |
16 |
|
As of June 30, 2023, there was no unrecognized compensation cost related to non-vested stock options granted under the Incentive Plans.
Restricted Stock Units
RSUs granted to employees vest over time based on continued service (typically vesting over a period between two to four years), and RSUs granted to directors vest after a one year vesting period based on continued service. Such time-vested RSUs are valued at the date of grant based on the closing price of the Common Shares on the grant date. Compensation cost, adjusted for estimated forfeitures, is amortized on a straight-line basis over the requisite service period.
In addition to the time vested RSUs, the Company entered into a 2023 Executive Performance RSU Award Agreement (the “2023 Agreement”) with certain officers, including its President and Chief Executive Officer, Chief Financial Officer and Senior Vice President, Sales (each a “2023 Participating Executive”) pursuant to which each 2023 Participating Executive will have the opportunity to earn a specified amount of restricted stock units (RSUs) based on Fuel Tech’s performance in 2023 and 2024. The target amount of RSUs for each of four possible RSU award components is set for each Participating Executive for 2023 and 2024. The amount, if any, of actual RSU awards to be issued is contingent on performance by the Participating Executive and the Company in the performance areas and for the measurement periods set forth in the Agreement as determined by the Company.
The Agreement provides for four possible RSU awards: “Look-Back RSUs,” “Total Revenue RSUs,” “New Business Growth RSUs,” and “Operating Income Growth” RSUs. If the Look-Back RSU’s are awarded, these RSUs will follow a vesting schedule that provides for vesting of one-third of the granted Look-Back RSUs after the first anniversary of the grant determination date, one-third after the second anniversary date and one-third after the third anniversary date. If the Total Revenue RSUs, New Business Growth RSUs, or Operating Income Growth RSUs targets are awarded, these RSU’s will follow a vesting schedule whereby 100% of the granted RSUs will vest one year following the grant determination date. All RSUs are valued at the date of grant based on the closing price of the Company’s common stock on the grant date.
At June 30, 2023, there is $1,772 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 2.15 years.
A summary of restricted stock unit activity for the six months ended June 30, 2023 is as follows:
| |
|
|
|
|
|
Weighted Average |
|
| |
|
|
|
|
|
Grant Date |
|
| |
|
Shares |
|
|
Fair Value |
|
| Unvested restricted stock units at January 1, 2023 |
|
|
767,048 |
|
|
$ |
1.32 |
|
| Granted |
|
|
965,200 |
|
|
|
1.26 |
|
| Vested |
|
|
(45,000 |
) |
|
|
1.37 |
|
| Unvested restricted stock units at June 30, 2023 |
|
|
1,687,248 |
|
|
$ |
1.29 |
|
The fair value of restricted stock that vested during the six-month period ended June 30, 2023 was $62.
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, Fuel Tech accounts for these awards as equity awards as opposed to liability awards. During the six-month periods ended June 30, 2023 and 2022, Fuel Tech recorded no stock-based compensation expense under the Deferred Plan.
|
| X |
- DefinitionThe entire disclosure for share-based payment arrangement. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-Name Accounting Standards Codification
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (h)(2)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (l)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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v3.23.2
Note 9 - Warrants
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Notes to Financial Statements |
|
| Warrants Disclosure [Text Block] |
9. Warrants
The following table summarizes information about warrants outstanding and exercisable at June 30, 2023:
| Range of Exercise Price |
|
|
Number Outstanding/Exercisable |
|
|
Weighted Average Remaining Life in Years |
|
|
Weighted Average Exercise Price |
|
| $5.10 |
|
|
|
2,500,000 |
|
|
3.12 |
|
|
$ |
5.10 |
|
| $6.45 |
|
|
|
350,000 |
|
|
3.12 |
|
|
$ |
6.45 |
|
| |
|
|
|
2,850,000 |
|
|
|
|
|
|
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v3.23.2
Note 10 - Debt Financing
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Notes to Financial Statements |
|
| Debt Disclosure [Text Block] |
10. Debt Financing
On June 30, 2022, the Company entered into an Investment Collateral Security agreement to use for the sole purpose of issuing standby letters of credit that replaces the former Cash Collateral agreement with BMO Harris. The Investment Collateral Security agreement requires us to pledge our investments as collateral for 150% of the aggregate face amount of outstanding standby letters of credit. The Company pays 250 basis points on the face values of outstanding letters of credit. There are no financial covenants set forth in the Investment Collateral Security agreement. At June 30, 2023, the Company had outstanding standby letters of credit totaling approximately $414 under the Investment Collateral Security agreement. At June 30, 2023, the investments held as collateral totaled $621. Fuel Tech is committed to reimbursing the issuing bank for any payments made by the bank under these instruments.
|
| X |
- DefinitionThe entire disclosure for information about short-term and long-term debt arrangements, which includes amounts of borrowings under each line of credit, note payable, commercial paper issue, bonds indenture, debenture issue, own-share lending arrangements and any other contractual agreement to repay funds, and about the underlying arrangements, rationale for a classification as long-term, including repayment terms, interest rates, collateral provided, restrictions on use of assets and activities, whether or not in compliance with debt covenants, and other matters important to users of the financial statements, such as the effects of refinancing and noncompliance with debt covenants. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1B
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(c))
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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-SubTopic 20
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-Section 50
-Paragraph 1B
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-SubTopic 20
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-Section 50
-Paragraph 1B
-Subparagraph (g)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
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-SubTopic 20
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-Section 50
-Paragraph 1B
-Subparagraph (i)
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-URI https://asc.fasb.org//1943274/2147481139/470-20-50-1B
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-SubTopic 20
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1C
-Subparagraph (c)
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 470
-SubTopic 20
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-Section 50
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v3.23.2
Note 11 - Business Segment and Geographic Financial Data
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Notes to Financial Statements |
|
| Segment Reporting Disclosure [Text Block] |
11. Business Segment and Geographic Financial Data
Business Segment Financial Data
We segregate our financial results into two reportable segments representing two broad technology segments as follows:
| | • | The 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® technology segment, which uses chemical processes in combination with advanced Computational Fluid Dynamics and Chemical Kinetics Modeling boiler modeling, for the control of slagging, fouling, corrosion, opacity and other sulfur trioxide-related issues in furnaces and boilers through the addition of chemicals into the furnace using TIFI® Targeted In-Furnace Injection™ technology. |
The “Other” classification includes those profit and loss items not allocated to either reportable segment. There are no inter-segment sales that require elimination.
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 in our annual report on Form 10-K). We do not review assets by reportable segment, but rather, in aggregate for the Company as a whole.
Information about reporting segment net sales and gross margin from operations are provided below:
| | | Air Pollution | | | FUEL CHEM | | | | | | | | | |
| Three months ended June 30, 2023 | | Control Segment | | | Segment | | | Other | | | Total | |
| Revenues from external customers | | $ | 3,422 | | | $ | 2,039 | | | $ | — | | | $ | 5,461 | |
| Cost of sales | | | (2,347 | ) | | | (1,118 | ) | | | — | | | | (3,465 | ) |
| Gross margin | | | 1,075 | | | | 921 | | | | — | | | | 1,996 | |
| Selling, general and administrative | | | — | | | | — | | | | (2,915 | ) | | | (2,915 | ) |
| Research and development | | | — | | | | — | | | | (413 | ) | | | (413 | ) |
| Operating income (loss) from operations | | $ | 1,075 | | | $ | 921 | | | $ | (3,328 | ) | | $ | (1,332 | ) |
| | | Air Pollution | | | FUEL CHEM | | | | | | | | | |
| Three months ended June 30, 2022 | | Control Segment | | | Segment | | | Other | | | Total | |
| Revenues from external customers | | $ | 2,738 | | | $ | 3,630 | | | $ | — | | | $ | 6,368 | |
| Cost of sales | | | (1,802 | ) | | | (1,888 | ) | | | — | | | | (3,690 | ) |
| Gross margin | | | 936 | | | | 1,742 | | | | — | | | | 2,678 | |
| Selling, general and administrative | | | — | | | | — | | | | (2,874 | ) | | | (2,874 | ) |
| Research and development | | | — | | | | — | | | | (289 | ) | | | (289 | ) |
| Operating income (loss) from operations | | $ | 936 | | | $ | 1,742 | | | $ | (3,163 | ) | | $ | (485 | ) |
| | | Air Pollution | | | FUEL CHEM | | | | | | | | | |
| Six months ended June 30, 2023 | | Control Segment | | | Segment | | | Other | | | Total | |
| Revenues from external customers | | $ | 6,981 | | | $ | 5,767 | | | $ | — | | | $ | 12,748 | |
| Cost of sales | | | (4,941 | ) | | | (3,006 | ) | | | — | | | | (7,947 | ) |
| Gross margin | | | 2,040 | | | | 2,761 | | | | — | | | | 4,801 | |
| Selling, general and administrative | | | — | | | | — | | | | (6,160 | ) | | | (6,160 | ) |
| Research and development | | | — | | | | — | | | | (631 | ) | | | (631 | ) |
| Operating income (loss) from operations | | $ | 2,040 | | | $ | 2,761 | | | $ | (6,791 | ) | | $ | (1,990 | ) |
| | | Air Pollution | | | FUEL CHEM | | | | | | | | | |
| Six months ended June 30, 2022 | | Control Segment | | | Segment | | | Other | | | Total | |
| Revenues from external customers | | $ | 4,942 | | | $ | 6,961 | | | $ | — | | | $ | 11,903 | |
| Cost of sales | | | (3,231 | ) | | | (3,704 | ) | | | — | | | | (6,935 | ) |
| Gross margin | | | 1,711 | | | | 3,257 | | | | — | | | | 4,968 | |
| Selling, general and administrative | | | — | | | | — | | | | (5,928 | ) | | | (5,928 | ) |
| Research and development | | | — | | | | — | | | | (509 | ) | | | (509 | ) |
| Operating income (loss) from operations | | $ | 1,711 | | | $ | 3,257 | | | $ | (6,437 | ) | | $ | (1,469 | ) |
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 | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Revenues: | | | | | | | | | | | | | | | | |
| United States | | $ | 4,316 | | | $ | 4,279 | | | $ | 10,297 | | | $ | 7,967 | |
| Foreign | | | 1,145 | | | | 2,089 | | | | 2,451 | | | | 3,936 | |
| | | $ | 5,461 | | | $ | 6,368 | | | $ | 12,748 | | | $ | 11,903 | |
| | | June 30, | | | December 31, | |
| | | 2023 | | | 2022 | |
| Assets: | | | | | | | | |
| United States | | $ | 46,191 | | | $ | 47,007 | |
| Foreign | | | 3,418 | | | | 3,117 | |
| | | $ | 49,609 | | | $ | 50,124 | |
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v3.23.2
Note 13 - Commitments and Contingencies
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Notes to Financial Statements |
|
| Commitments and Contingencies Disclosure [Text Block] |
13. Commitments and Contingencies
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 amount within the range is a better estimate than any other amount. The Company discloses a contingent liability even if the liability is not probable or the amount is not estimable, or both, if there is a reasonable possibility that a material loss may have been incurred.
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 materially affect our consolidated financial position, results of operations, or cash flows. We do not believe we have any pending loss contingencies that are probable or reasonably possible of having a material impact on our consolidated financial position, results of operations or cash flows.
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 six months ended June 30, 2023 and 2022. The warranty liability balance was $159 at June 30, 2023 and December 31, 2022.
|
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v3.23.2
Note 14 - Income Taxes
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Notes to Financial Statements |
|
| Income Tax Disclosure [Text Block] |
14. Income Taxes
The Company’s effective tax rate is approximately 0.0% and 0.7% for the six-month periods ended June 30, 2023 and 2022, respectively. The Company's effective tax rate differs from the statutory federal tax rate of 21% for the six-month periods ended June 30, 2023 and 2022 primarily due to a full valuation allowance recorded on our United States, China and Italy deferred tax assets since we cannot anticipate when or if we will have sufficient taxable income to utilize the deferred tax assets in the future. Further, our effective tax rate differs from the statutory federal tax rate due to state taxes, differences between U.S. and foreign tax rates, foreign losses incurred with no related tax benefit, non-deductible commissions, and non-deductible meals and entertainment expenses for the six-month periods ended June 30, 2023 and 2022.
Fuel Tech had no unrecognized tax benefits as of June 30, 2023 and December 31, 2022.
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v3.23.2
Significant Accounting Policies (Policies)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Accounting Policies [Abstract] |
|
| Cash and Cash Equivalents, Restricted Cash and Cash Equivalents, Policy [Policy Text Block] |
Restricted cash and cash equivalents
Restricted cash as of June 30, 2022 represents funds that are restricted to satisfy any amount borrowed against the Company's Cash Collateral Security agreement with BMO Harris Bank N.A (Cash Collateral Security agreement). In June 2022, the Company replaced the former Cash Collateral Security agreement with an Investment Collateral Security agreement with BMO Harris Bank N.A (Investment Collateral Security agreement) where existing standby letters of credit are collateralized by amounts held in the Company's investment funds (see Note 10).
The following table provides a reconciliation of cash, cash equivalents, and restricted cash and cash equivalents reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows:
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | |
| Cash | | $ | 12,354 | | | $ | 23,298 | |
| Cash equivalents | | | 2,780 | | | | 8,010 | |
| Restricted cash and cash equivalents included in current assets | | | — | | | | 1,990 | |
| Total cash, cash equivalents, and restricted cash and cash equivalents shown in the Condensed Consolidated Statements of Cash Flows | | $ | 15,134 | | | $ | 33,298 | |
|
| Investment, Policy [Policy Text Block] |
Investments
In 2022, the Board of Directors approved a plan to invest up to $20,000 of excess capital in debt securities, or held in money market funds until such investments can be made, with BMO Harris Bank N.A (BMO Harris). A portion of the funds invested are restricted as collateral under the Investment Collateral Security agreement (see Note 10). At June 30, 2023, the amount of funds collateralized under the Investment Collateral Security agreement is $621 relating to existing standby letters of credit that is comprised of $322 with varying maturity dates and expire no later than June 30, 2024 and $299 with the latest maturity date no later than November 30, 2025.
We consider all highly liquid debt investments with original maturities from the date of purchase of three months or less as cash equivalents. Cash equivalents include investments in money market funds. Carrying value of cash equivalents approximates fair value due to the maturities of three months or less.
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 expect to sell any debt securities before maturity to settle an obligation under the Investment Collateral Security agreement. The maturities of our HTM investments range from three to thirty-six months. HTM debt investments with original maturities of approximately three months or less from the date of purchase are classified within cash and cash equivalents. HTM debt investments with original maturities at the date of purchase greater than approximately three months and remaining maturities of less than one year are classified as short-term investments. HTM debt investments with remaining maturities beyond one year are classified as long-term investments. Interest income, including amortization of premium and accretion of discount, are included on the Condensed Consolidated Statements of Operations in Interest income under the effective yield method. Accrued interest is included in Prepaid expenses and other current assets on the Condensed Consolidated Balance Sheets.
Our investments in debt securities consist of United States (US) Treasury securities, including Notes, Bonds, and Bills, and US Government Agency securities. Due to the creditworthiness of the entities issuing these securities, there is no impairment recorded related to the unrealized losses.
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: | | June 30, 2023 | | | December 31, 2022 | |
| Amortized cost | | $ | 17,729 | | | $ | 9,341 | |
| Gross unrecognized gains | | | — | | | | — | |
| Gross unrecognized losses | | | (225 | ) | | | (168 | ) |
| Fair value | | $ | 17,504 | | | $ | 9,173 | |
The following table provides the amortized cost and fair value of debt securities by maturities at June 30, 2023:
| | | Amortized Cost | | | Fair Value | |
| Within one year | | $ | 12,855 | | | $ | 12,751 | |
| After one year through two years | | | 4,408 | | | | 4,300 | |
| After two years through three years | | | 466 | | | | 453 | |
| Total | | $ | 17,729 | | | $ | 17,504 | |
|
| 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 June 30, 2023 and December 31, 2022, inventory included equipment constructed for resale of $207 and $207, respectively, and spare parts, net of reserves of $321 and $185, 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 $632 and $634 as of June 30, 2023 and December 31, 2022, respectively. Inventories are periodically evaluated to identify obsolete or otherwise impaired parts and are written off when management determines usage is not probable. The Company estimates the balance of excess and obsolete inventory by analyzing inventory by age using last used and original purchase date and existing sales pipeline for which the inventory could be used.
|
| Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] |
Allowance for Credit Losses
In June 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (ASU) 2016-13, Financial Instruments - Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments, and in November 2019, the FASB issued ASU 2019-10, Financial Instruments - Credit Losses (Topic 326), Derivatives and Hedging (Topic 815), and Leases (Topic 842). This guidance requires the measurement of all expected losses based on historical experience, current conditions and reasonable and supportable forecasts. For trade receivables and other financial instruments, we are required to use a forward-looking expected loss model rather than the incurred loss model for recognizing credit losses which reflects losses that are probable. The Company adopted these ASUs on January 1, 2023 using the prospective method. Application of the amendments did not require a cumulative-effect adjustment to retained earnings as of the effective date and did not have a material impact on our financial statements. Beginning on January 1, 2023, Fuel Tech will use the caption Allowance for Credit Losses and our expected credit loss model to calculate the allowance.
For the general risk categories, the company uses historical losses over a fixed period, excluding certain write-off activity that were not considered credit loss events, to determine the historical credit loss. Historical loss rates are then adjusted to consider current economic conditions, and past, current, and future events and circumstances when determining expected credit losses. Investments in financial assets issued by US Government and Government Agency are considered as having zero expected credit losses and are excluded from the allowance for credit loss calculation.
The following table provides the roll forward of the allowance for credit loss:
| At January 1, 2022 | | $ | 223 | |
| Provision charged to expense | | | (19 | ) |
| (Write-offs) / Recoveries | | | (94 | ) |
| At December 31, 2022 | | $ | 110 | |
| Provision charged to expense | | | — | |
| (Write-offs) / Recoveries | | | — | |
| At June 30, 2023 | | $ | 110 | |
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| X |
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-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483489/210-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/exampleRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483426/235-10-50-4
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 912
-SubTopic 330
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482105/912-330-50-1
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 330
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//330/tableOfContent
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 330
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483080/330-10-50-1
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 330
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483080/330-10-50-4
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 45
-Paragraph 6
-Subparagraph (a)
-SubTopic 10
-Topic 270
-Publisher FASB
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| X |
- DefinitionDisclosure of accounting policy for investment in financial asset. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(3)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
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-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(d))
-Publisher FASB
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(f)(1))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(f)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-03(f)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479886/946-10-S99-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 12
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-12
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 320
-Name Accounting Standards Codification
-Section S99
-Paragraph 19
-Subparagraph (2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480032/946-320-S99-19
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-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 9
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v3.23.2
Note 2 - Summary of Significant Accounting Policies (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Notes Tables |
|
| Schedule of Cash and Cash Equivalents [Table Text Block] |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | |
| Cash | | $ | 12,354 | | | $ | 23,298 | |
| Cash equivalents | | | 2,780 | | | | 8,010 | |
| Restricted cash and cash equivalents included in current assets | | | — | | | | 1,990 | |
| Total cash, cash equivalents, and restricted cash and cash equivalents shown in the Condensed Consolidated Statements of Cash Flows | | $ | 15,134 | | | $ | 33,298 | |
|
| Debt Securities, Held-to-Maturity [Table Text Block] |
| | | As of | |
| Held-to-maturity debt securities: | | June 30, 2023 | | | December 31, 2022 | |
| Amortized cost | | $ | 17,729 | | | $ | 9,341 | |
| Gross unrecognized gains | | | — | | | | — | |
| Gross unrecognized losses | | | (225 | ) | | | (168 | ) |
| Fair value | | $ | 17,504 | | | $ | 9,173 | |
|
| Investments Classified by Contractual Maturity Date [Table Text Block] |
| | | Amortized Cost | | | Fair Value | |
| Within one year | | $ | 12,855 | | | $ | 12,751 | |
| After one year through two years | | | 4,408 | | | | 4,300 | |
| After two years through three years | | | 466 | | | | 453 | |
| Total | | $ | 17,729 | | | $ | 17,504 | |
|
| Financing Receivable, Allowance for Credit Loss [Table Text Block] |
| At January 1, 2022 | | $ | 223 | |
| Provision charged to expense | | | (19 | ) |
| (Write-offs) / Recoveries | | | (94 | ) |
| At December 31, 2022 | | $ | 110 | |
| Provision charged to expense | | | — | |
| (Write-offs) / Recoveries | | | — | |
| At June 30, 2023 | | $ | 110 | |
|
| X |
- DefinitionTabular disclosure of allowance for credit loss on financing receivable. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-13
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 310
-SubTopic 10
-Section 50
-Paragraph 11B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-11B
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-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B
Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5
Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (aaa)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5
Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5
Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5
Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5
Reference 11: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Subparagraph (f)(4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5
Reference 12: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A
Reference 13: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A
Reference 14: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5A
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5A
Reference 15: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B
Reference 16: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B
Reference 17: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B
Reference 18: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 320
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5B
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481800/320-10-50-5B
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v3.23.2
Note 3 - Revenue (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Notes Tables |
|
| Disaggregation of Revenue [Table Text Block] |
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Air Pollution Control | | | | | | | | | | | | | | | | |
| Technology solutions | | $ | 2,557 | | | $ | 1,966 | | | $ | 5,539 | | | $ | 3,807 | |
| Spare parts | | | 425 | | | | 262 | | | | 599 | | | | 358 | |
| Ancillary revenue | | | 440 | | | | 510 | | | | 843 | | | | 777 | |
| Total Air Pollution Control technology revenues | | | 3,422 | | | | 2,738 | | | | 6,981 | | | | 4,942 | |
| FUEL CHEM | | | | | | | | | | | | | | | | |
| FUEL CHEM technology solutions | | | 2,039 | | | | 3,630 | | | | 5,767 | | | | 6,961 | |
| Total Revenues | | $ | 5,461 | | | $ | 6,368 | | | $ | 12,748 | | | $ | 11,903 | |
|
| Revenue from External Customers by Geographic Areas [Table Text Block] |
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| United States | | $ | 4,316 | | | $ | 4,279 | | | $ | 10,297 | | | $ | 7,967 | |
| Foreign Revenues | | | | | | | | | | | | | | | | |
| Latin America | | | 153 | | | | 60 | | | | 153 | | | | 129 | |
| Europe | | | 820 | | | | 922 | | | | 1,399 | | | | 1,326 | |
| Asia | | | 172 | | | | 1,107 | | | | 899 | | | | 2,481 | |
| Total Foreign Revenues | | | 1,145 | | | | 2,089 | | | | 2,451 | | | | 3,936 | |
| Total Revenues | | $ | 5,461 | | | $ | 6,368 | | | $ | 12,748 | | | $ | 11,903 | |
|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Table Text Block] |
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Products transferred at a point in time | | $ | 2,904 | | | $ | 4,402 | | | $ | 7,209 | | | $ | 8,096 | |
| Products and services transferred over time | | | 2,557 | | | | 1,966 | | | | 5,539 | | | | 3,807 | |
| Total Revenues | | $ | 5,461 | | | $ | 6,368 | | | $ | 12,748 | | | $ | 11,903 | |
|
| Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] |
| | | As of | |
| | | June 30, 2023 | | | December 31, 2022 | |
| Trade receivables | | $ | 3,804 | | | $ | 4,605 | |
| Unbilled receivables | | | 2,946 | | | | 3,082 | |
| Other short-term receivables | | | 141 | | | | 152 | |
| Allowance for credit losses | | | (110 | ) | | | (110 | ) |
| Total accounts receivable | | $ | 6,781 | | | $ | 7,729 | |
|
| X |
- DefinitionTabular disclosure of disaggregation of revenue into categories depicting how nature, amount, timing, and uncertainty of revenue and cash flows are affected by economic factor. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
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-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph a
-SubTopic 10
-Topic 280
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-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(1)
-SubTopic 10
-Topic 606
-Publisher FASB
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-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.3,4)
-Publisher FASB
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v3.23.2
Note 4 - Restructuring Activities (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Notes Tables |
|
| Restructuring and Related Costs [Table Text Block] |
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Total revenues | | $ | 2 | | | $ | — | | | $ | 2 | | | $ | 1 | |
| Net income (loss) | | | 1 | | | | (38 | ) | | | (19 | ) | | | (51 | ) |
| | | As of | |
| | | June 30, 2023 | | | December 31, 2022 | |
| Total assets | | $ | 879 | | | $ | 929 | |
| Total liabilities | | | 89 | | | | 79 | |
| Total net assets | | $ | 790 | | | $ | 850 | |
|
| X |
- DefinitionTabular disclosure of costs incurred for restructuring including, but not limited to, exit and disposal activities, remediation, implementation, integration, asset impairment, and charges against earnings from the write-down of assets. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SAB TOPIC 5.P.3)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479823/420-10-S99-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482017/420-10-50-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 420
-SubTopic 10
-Section S99
-Paragraph 2
-Subparagraph (SAB TOPIC 5.P.4)
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v3.23.2
Note 5 - Accumulated Other Comprehensive Loss (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Notes Tables |
|
| Schedule of Accumulated Other Comprehensive Income (Loss) [Table Text Block] |
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Foreign currency translation | | | | | | | | | | | | | | | | |
| Balance at beginning of period | | $ | (1,642 | ) | | $ | (1,674 | ) | | $ | (1,728 | ) | | $ | (1,604 | ) |
| Other comprehensive (loss) income: | | | | | | | | | | | | | | | | |
| Foreign currency translation adjustments (1) | | | (48 | ) | | | (222 | ) | | | 38 | | | | (292 | ) |
| Total accumulated other comprehensive loss | | $ | (1,690 | ) | | $ | (1,896 | ) | | $ | (1,690 | ) | | $ | (1,896 | ) |
|
| X |
- DefinitionTabular disclosure of the components of accumulated other comprehensive income (loss). Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 220
-SubTopic 10
-Section 45
-Paragraph 14A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482790/220-10-45-14A
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481674/830-30-50-1
Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 830
-SubTopic 30
-Name Accounting Standards Codification
-Section 45
-Paragraph 20
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v3.23.2
Note 7 - Earnings Per Share (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Notes Tables |
|
| Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] |
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Basic weighted-average shares | | | 30,324,000 | | | | 30,296,000 | | | | 30,310,000 | | | | 30,282,000 | |
| Conversion of unsecured loan notes | | | — | | | | — | | | | — | | | | — | |
| Unexercised options and unvested RSUs | | | — | | | | — | | | | — | | | | — | |
| Diluted weighted-average shares | | | 30,324,000 | | | | 30,296,000 | | | | 30,310,000 | | | | 30,282,000 | |
|
| X |
- DefinitionTabular disclosure of an entity's basic and diluted earnings per share calculations, including a reconciliation of numerators and denominators of the basic and diluted per-share computations for income from continuing operations. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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v3.23.2
Note 8 - Stock-based Compensation (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Notes Tables |
|
| Share-Based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] |
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Stock options and restricted stock units, net of forfeitures | | $ | 98 | | | $ | 28 | | | $ | 187 | | | $ | 46 | |
| After-tax effect of stock-based compensation | | $ | 98 | | | $ | 28 | | | $ | 187 | | | $ | 46 | |
|
| 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, 2023 |
|
|
384,500 |
|
|
$ |
2.98 |
|
|
|
|
|
|
|
|
|
| Granted |
|
|
— |
|
|
|
— |
|
|
|
|
|
|
|
|
|
| Exercised |
|
|
(44,000 |
) |
|
|
0.96 |
|
|
|
|
|
|
|
|
|
| Expired or forfeited |
|
|
(70,000 |
) |
|
|
3.85 |
|
|
|
|
|
|
|
|
|
| Outstanding on June 30, 2023 |
|
|
270,500 |
|
|
$ |
3.09 |
|
|
|
2.06 |
|
|
$ |
16 |
|
| Exercisable on June 30, 2023 |
|
|
270,500 |
|
|
$ |
3.09 |
|
|
|
2.06 |
|
|
$ |
16 |
|
|
| Schedule of Nonvested Restricted Stock Units Activity [Table Text Block] |
| |
|
|
|
|
|
Weighted Average |
|
| |
|
|
|
|
|
Grant Date |
|
| |
|
Shares |
|
|
Fair Value |
|
| Unvested restricted stock units at January 1, 2023 |
|
|
767,048 |
|
|
$ |
1.32 |
|
| Granted |
|
|
965,200 |
|
|
|
1.26 |
|
| Vested |
|
|
(45,000 |
) |
|
|
1.37 |
|
| Unvested restricted stock units at June 30, 2023 |
|
|
1,687,248 |
|
|
$ |
1.29 |
|
|
| X |
- DefinitionTabular disclosure of allocation of amount expensed and capitalized for award under share-based payment arrangement to statement of income or comprehensive income and statement of financial position. Includes, but is not limited to, corresponding line item in financial statement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (h)(1)
-Publisher FASB
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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(2)
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- DefinitionTabular disclosure for stock option plans. Includes, but is not limited to, outstanding awards at beginning and end of year, grants, exercises, forfeitures, and weighted-average grant date fair value. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Subparagraph (c)(1)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)
-SubTopic 10
-Topic 718
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-SubTopic 10
-Topic 718
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v3.23.2
| X |
- DefinitionTabular disclosure of warrants or rights issued. Warrants and rights outstanding are derivative securities that give the holder the right to purchase securities (usually equity) from the issuer at a specific price within a certain time frame. Warrants are often included in a new debt issue to entice investors by a higher return potential. The main difference between warrants and call options is that warrants are issued and guaranteed by the company, whereas options are exchange instruments and are not issued by the company. Also, the lifetime of a warrant is often measured in years, while the lifetime of a typical option is measured in months. Disclose the title of issue of securities called for by warrants and rights outstanding, the aggregate amount of securities called for by warrants and rights outstanding, the date from which the warrants or rights are exercisable, and the price at which the warrant or right is exercisable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
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v3.23.2
Note 11 - Business Segment and Geographic Financial Data (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Notes Tables |
|
| Schedule of Segment Reporting Information, by Segment [Table Text Block] |
| | | Air Pollution | | | FUEL CHEM | | | | | | | | | |
| Three months ended June 30, 2023 | | Control Segment | | | Segment | | | Other | | | Total | |
| Revenues from external customers | | $ | 3,422 | | | $ | 2,039 | | | $ | — | | | $ | 5,461 | |
| Cost of sales | | | (2,347 | ) | | | (1,118 | ) | | | — | | | | (3,465 | ) |
| Gross margin | | | 1,075 | | | | 921 | | | | — | | | | 1,996 | |
| Selling, general and administrative | | | — | | | | — | | | | (2,915 | ) | | | (2,915 | ) |
| Research and development | | | — | | | | — | | | | (413 | ) | | | (413 | ) |
| Operating income (loss) from operations | | $ | 1,075 | | | $ | 921 | | | $ | (3,328 | ) | | $ | (1,332 | ) |
| | | Air Pollution | | | FUEL CHEM | | | | | | | | | |
| Three months ended June 30, 2022 | | Control Segment | | | Segment | | | Other | | | Total | |
| Revenues from external customers | | $ | 2,738 | | | $ | 3,630 | | | $ | — | | | $ | 6,368 | |
| Cost of sales | | | (1,802 | ) | | | (1,888 | ) | | | — | | | | (3,690 | ) |
| Gross margin | | | 936 | | | | 1,742 | | | | — | | | | 2,678 | |
| Selling, general and administrative | | | — | | | | — | | | | (2,874 | ) | | | (2,874 | ) |
| Research and development | | | — | | | | — | | | | (289 | ) | | | (289 | ) |
| Operating income (loss) from operations | | $ | 936 | | | $ | 1,742 | | | $ | (3,163 | ) | | $ | (485 | ) |
| | | Air Pollution | | | FUEL CHEM | | | | | | | | | |
| Six months ended June 30, 2023 | | Control Segment | | | Segment | | | Other | | | Total | |
| Revenues from external customers | | $ | 6,981 | | | $ | 5,767 | | | $ | — | | | $ | 12,748 | |
| Cost of sales | | | (4,941 | ) | | | (3,006 | ) | | | — | | | | (7,947 | ) |
| Gross margin | | | 2,040 | | | | 2,761 | | | | — | | | | 4,801 | |
| Selling, general and administrative | | | — | | | | — | | | | (6,160 | ) | | | (6,160 | ) |
| Research and development | | | — | | | | — | | | | (631 | ) | | | (631 | ) |
| Operating income (loss) from operations | | $ | 2,040 | | | $ | 2,761 | | | $ | (6,791 | ) | | $ | (1,990 | ) |
| | | Air Pollution | | | FUEL CHEM | | | | | | | | | |
| Six months ended June 30, 2022 | | Control Segment | | | Segment | | | Other | | | Total | |
| Revenues from external customers | | $ | 4,942 | | | $ | 6,961 | | | $ | — | | | $ | 11,903 | |
| Cost of sales | | | (3,231 | ) | | | (3,704 | ) | | | — | | | | (6,935 | ) |
| Gross margin | | | 1,711 | | | | 3,257 | | | | — | | | | 4,968 | |
| Selling, general and administrative | | | — | | | | — | | | | (5,928 | ) | | | (5,928 | ) |
| Research and development | | | — | | | | — | | | | (509 | ) | | | (509 | ) |
| Operating income (loss) from operations | | $ | 1,711 | | | $ | 3,257 | | | $ | (6,437 | ) | | $ | (1,469 | ) |
|
| Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas [Table Text Block] |
| | | Three Months Ended | | | Six Months Ended | |
| | | June 30, | | | June 30, | |
| | | 2023 | | | 2022 | | | 2023 | | | 2022 | |
| Revenues: | | | | | | | | | | | | | | | | |
| United States | | $ | 4,316 | | | $ | 4,279 | | | $ | 10,297 | | | $ | 7,967 | |
| Foreign | | | 1,145 | | | | 2,089 | | | | 2,451 | | | | 3,936 | |
| | | $ | 5,461 | | | $ | 6,368 | | | $ | 12,748 | | | $ | 11,903 | |
| | | June 30, | | | December 31, | |
| | | 2023 | | | 2022 | |
| Assets: | | | | | | | | |
| United States | | $ | 46,191 | | | $ | 47,007 | |
| Foreign | | | 3,418 | | | | 3,117 | |
| | | $ | 49,609 | | | $ | 50,124 | |
|
| X |
- DefinitionTabular disclosure of information concerning material long-lived assets (excluding financial instruments, customer relationships with financial institutions, mortgage and other servicing rights, deferred policy acquisition costs, and deferred taxes assets) located in identified geographic areas and/or the amount of revenue from external customers attributed to that country from which revenue is material. An entity may also provide subtotals of geographic information about groups of countries. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 41
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
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-Topic 350
-SubTopic 20
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-Topic 280
-SubTopic 10
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
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-Topic 280
-SubTopic 10
-Section 50
-Paragraph 22
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Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 280
-SubTopic 10
-Section 50
-Paragraph 30
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v3.23.2
Note 12 - Accrued Liabilities (Tables)
|
6 Months Ended |
Jun. 30, 2023 |
|---|
| Notes Tables |
|
| Other Current Liabilities [Table Text Block] |
| |
|
As of |
|
| |
|
June 30, 2023 |
|
|
December 31, 2022 |
|
| Contract liabilities (Note 3) |
|
$ |
938 |
|
|
$ |
372 |
|
| Warranty reserve (Note 13) |
|
|
159 |
|
|
|
159 |
|
| Other accrued liabilities |
|
|
210 |
|
|
|
295 |
|
| Total other accrued liabilities |
|
$ |
1,307 |
|
|
$ |
826 |
|
|
| X |
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v3.23.2
Note 2 - Summary of Significant Accounting Policies (Details Textual) - USD ($)
$ in Thousands |
6 Months Ended |
|
Jun. 30, 2023 |
Dec. 31, 2022 |
| Investment Plan, Maximum Amount. Approved |
|
$ 20,000
|
| Inventory, Net |
$ 528
|
392
|
| Equipment Contstructed for Resale [Member] |
|
|
| Inventory, Net |
207
|
207
|
| Spare Parts [Member] |
|
|
| Inventory, Net |
321
|
185
|
| In Process Equipment [Member] |
|
|
| Inventory, Net |
$ 632
|
$ 634
|
| 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 |
$ 621
|
|
| Asset Pledged as Collateral [Member] | Letter of Credit [Member] | Varying Maturity Dates Expiring No Later Than June 30, 2024 [Member] |
|
|
| Restricted Cash and Investments |
322
|
|
| Asset Pledged as Collateral [Member] | Letter of Credit [Member] | Latest Maturity Date No Later Than November 30, 2025 [Member] |
|
|
| Restricted Cash and Investments |
$ 299
|
|
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| X |
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| X |
- DefinitionAmount after valuation and LIFO reserves of inventory expected to be sold, or consumed within one year or operating cycle, if longer. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 852
-SubTopic 10
-Name Accounting Standards Codification
-Section 55
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481372/852-10-55-10
Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483467/210-10-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
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| X |
- DefinitionCash and investments whose use in whole or in part is restricted for the long-term, generally by contractual agreements or regulatory requirements. For use in an unclassified balance sheet. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 210
-Name Accounting Standards Codification
-Section 45
-Paragraph 4
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v3.23.2
Note 2 - Summary of Significant Accounting Policies - Reconciliation of Cash, Cash Equivalents, and Restricted Cash (Details) - USD ($)
$ in Thousands |
Jun. 30, 2023 |
Jun. 30, 2022 |
| Cash |
$ 12,354
|
$ 23,298
|
| Cash equivalents |
2,780
|
8,010
|
| Restricted cash and cash equivalents included in current assets |
0
|
1,990
|
| Total cash, cash equivalents, and restricted cash and cash equivalents shown in the Condensed Consolidated Statements of Cash Flows |
$ 15,134
|
$ 33,298
|
| X |
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-Topic 852
-SubTopic 10
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-Section 55
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 946
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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-Section S99
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v3.23.2
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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v3.23.2
Note 2 - Summary of Significant Accounting Policies - Debt Securities by Maturity (Details) - USD ($)
$ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
| Within one year, amortized cost |
$ 12,855
|
|
| Within one year, fair value |
12,751
|
|
| After one year through two years, amortized cost |
4,408
|
|
| After one year through two years, fair value |
4,300
|
|
| After two years through three years, amortized cost |
466
|
|
| After two years through three years, fair value |
453
|
|
| Amortized cost |
17,729
|
$ 9,341
|
| Fair value |
$ 17,504
|
$ 9,173
|
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v3.23.2
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| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionThe amount of provision for doubtful accounts including foreign impact of foreign exchange.
| Name: |
ftek_ProvisionForDoubtfulAccountsIncludingForeignImpactOfForeignExchange |
| Namespace Prefix: |
ftek_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of allowance for credit loss on accounts receivable. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(4))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479344/326-20-45-1
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-4
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-13
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-13
| Name: |
us-gaap_AllowanceForDoubtfulAccountsReceivable |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
v3.23.2
Note 3 - Revenue 1 (Details Textual)
Pure in Thousands, $ in Thousands |
3 Months Ended |
6 Months Ended |
|
|
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Jun. 30, 2023
USD ($)
|
Jun. 30, 2022
USD ($)
|
Dec. 31, 2022
USD ($)
|
Dec. 31, 2021
USD ($)
|
| Contract with Customer, Liability, Current |
$ 938
|
|
$ 938
|
|
$ 372
|
$ 390
|
| Contract with Customer, Liability, Revenue Recognized |
$ 9
|
$ 20
|
$ 368
|
$ 250
|
|
|
| Contract with Customer, Contracts in Progress, Number of Contracts Identified as Loss Contracts |
0
|
|
0
|
|
0
|
|
| Revenue, Remaining Performance Obligation, Amount |
$ 6,613
|
|
$ 6,613
|
|
|
|
| Air Pollution Control [Member] |
|
|
|
|
|
|
| Contract with Customer, Asset, after Allowance for Credit Loss |
2,946
|
|
2,946
|
|
$ 3,082
|
1,277
|
| FUEL CHEM [Member] |
|
|
|
|
|
|
| Contract with Customer, Asset, after Allowance for Credit Loss |
$ 0
|
|
$ 0
|
|
$ 0
|
$ 0
|
| X |
- DefinitionThe number of contracts in progress identified as loss contracts.
| Name: |
ftek_ContractWithCustomerContractsInProgressNumberOfContractsIdentifiedAsLossContracts |
| Namespace Prefix: |
ftek_ |
| Data Type: |
xbrli:integerItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionAmount, after allowance for credit loss, of right to consideration in exchange for good or service transferred to customer when right is conditioned on something other than passage of time. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 3
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479837/606-10-45-3
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479837/606-10-45-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-8
| Name: |
us-gaap_ContractWithCustomerAssetNet |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of obligation to transfer good or service to customer for which consideration has been received or is receivable, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479837/606-10-45-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-8
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479837/606-10-45-2
| Name: |
us-gaap_ContractWithCustomerLiabilityCurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of revenue recognized that was previously included in balance of obligation to transfer good or service to customer for which consideration from customer has been received or is due. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-8
| Name: |
us-gaap_ContractWithCustomerLiabilityRevenueRecognized |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- DefinitionAmount of transaction price allocated to performance obligation that has not been recognized as revenue. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-SubTopic 10
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13
| Name: |
us-gaap_RevenueRemainingPerformanceObligation |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
us-gaap_StatementBusinessSegmentsAxis=ftek_AirPollutionControlMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_StatementBusinessSegmentsAxis=ftek_FUELCHEMMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.2
Note 3 - Revenue 2 (Details Textual)
$ in Thousands |
Jun. 30, 2023
USD ($)
|
| Revenue, Remaining Performance Obligation, Amount |
$ 6,613
|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2023-07-01 |
|
| Revenue, Remaining Performance Obligation, Amount |
$ 6,305
|
| Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Period (Month) |
12 months
|
| X |
- DefinitionAmount of transaction price allocated to performance obligation that has not been recognized as revenue. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (a)
-SubTopic 10
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13
| Name: |
us-gaap_RevenueRemainingPerformanceObligation |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionPeriod in which remaining performance obligation is expected to be recognized as revenue, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)(1)
-SubTopic 10
-Topic 606
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-13
| Name: |
us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1 |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:durationItemType |
| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
us-gaap_RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionStartDateAxis=2023-07-01 |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.2
Note 3 - Revenue - Revenues Disaggregated by Product Technology (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
| Revenues |
$ 5,461
|
$ 6,368
|
$ 12,748
|
$ 11,903
|
| Air Pollution Control [Member] |
|
|
|
|
| Revenues |
3,422
|
2,738
|
6,981
|
4,942
|
| Air Pollution Control [Member] | Technology Solutions [Member] |
|
|
|
|
| Revenues |
2,557
|
1,966
|
5,539
|
3,807
|
| Air Pollution Control [Member] | Spare Parts [Member] |
|
|
|
|
| Revenues |
425
|
262
|
599
|
358
|
| Air Pollution Control [Member] | Ancillary Revenue [Member] |
|
|
|
|
| Revenues |
440
|
510
|
843
|
777
|
| FUEL CHEM [Member] | Technology Solutions [Member] |
|
|
|
|
| Revenues |
$ 2,039
|
$ 3,630
|
$ 5,767
|
$ 6,961
|
| X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4
| Name: |
us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
us-gaap_StatementBusinessSegmentsAxis=ftek_AirPollutionControlMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_ProductOrServiceAxis=ftek_TechnologySolutionsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_ProductOrServiceAxis=ftek_SparePartsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_ProductOrServiceAxis=ftek_AncillaryRevenueMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
us-gaap_StatementBusinessSegmentsAxis=ftek_FUELCHEMMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.2
Note 3 - Revenue - Revenues Disaggregated by Geography (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
| Revenues |
$ 5,461
|
$ 6,368
|
$ 12,748
|
$ 11,903
|
| UNITED STATES |
|
|
|
|
| Revenues |
4,316
|
4,279
|
10,297
|
7,967
|
| Latin America [Member] |
|
|
|
|
| Revenues |
153
|
60
|
153
|
129
|
| Europe [Member] |
|
|
|
|
| Revenues |
820
|
922
|
1,399
|
1,326
|
| Asia [Member] |
|
|
|
|
| Revenues |
172
|
1,107
|
899
|
2,481
|
| Non-US [Member] |
|
|
|
|
| Revenues |
$ 1,145
|
$ 2,089
|
$ 2,451
|
$ 3,936
|
| X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4
| Name: |
us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
srt_StatementGeographicalAxis=country_US |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_StatementGeographicalAxis=srt_LatinAmericaMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_StatementGeographicalAxis=srt_EuropeMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_StatementGeographicalAxis=srt_AsiaMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_StatementGeographicalAxis=us-gaap_NonUsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.2
Note 3 - Revenue - Timing of Revenue Recognition (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
| Revenues |
$ 5,461
|
$ 6,368
|
$ 12,748
|
$ 11,903
|
| Transferred at Point in Time [Member] |
|
|
|
|
| Revenues |
2,904
|
4,402
|
7,209
|
8,096
|
| Transferred over Time [Member] |
|
|
|
|
| Revenues |
$ 2,557
|
$ 1,966
|
$ 5,539
|
$ 3,807
|
| X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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v3.23.2
Note 4 - Restructuring Activities - Charges and Net Assets (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Mar. 31, 2023 |
Jun. 30, 2022 |
Mar. 31, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
| Revenues |
$ 5,461
|
|
$ 6,368
|
|
$ 12,748
|
$ 11,903
|
|
| Net loss |
(1,044)
|
$ (414)
|
(356)
|
$ (998)
|
(1,458)
|
(1,354)
|
|
| Total assets |
49,609
|
|
|
|
49,609
|
|
$ 50,124
|
| Total liabilities |
5,959
|
|
|
|
5,959
|
|
5,283
|
| CHINA |
|
|
|
|
|
|
|
| Revenues |
2
|
|
0
|
|
2
|
1
|
|
| Net loss |
1
|
|
$ (38)
|
|
(19)
|
$ (51)
|
|
| Total assets |
879
|
|
|
|
879
|
|
929
|
| Total liabilities |
89
|
|
|
|
89
|
|
79
|
| Total net assets |
$ 790
|
|
|
|
$ 790
|
|
$ 850
|
| X |
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v3.23.2
Note 5 - Accumulated Other Comprehensive Loss - Accumulated Other Comprehensive Loss (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
| Balance |
|
$ 44,602
|
$ 45,133
|
$ 44,841
|
$ 46,200
|
| Balance |
|
43,650
|
44,583
|
43,650
|
44,583
|
| AOCI Attributable to Parent [Member] |
|
|
|
|
|
| Balance |
|
(1,642)
|
(1,674)
|
(1,728)
|
(1,604)
|
| Foreign currency translation adjustments (1) |
[1] |
(48)
|
(222)
|
38
|
(292)
|
| Balance |
|
$ (1,690)
|
$ (1,896)
|
$ (1,690)
|
$ (1,896)
|
|
|
| X |
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-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(6))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 3
-Subparagraph (SX 210.6-09(7))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-3
Reference 8: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1
Reference 9: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3
Reference 10: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28
Reference 11: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 12: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(31))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 13: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(30))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 310
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SAB Topic 4.E)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480418/310-10-S99-2
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v3.23.2
Note 6 - Treasury Stock (Details Textual) - USD ($)
$ in Thousands |
Jun. 30, 2023 |
Dec. 31, 2022 |
| Treasury Stock, Common, Shares (in shares) |
976,006
|
976,006
|
| Treasury Stock, Common, Value |
$ 2,251
|
$ 2,251
|
| X |
- DefinitionNumber of previously issued common shares repurchased by the issuing entity and held in treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481549/505-30-45-1
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAmount allocated to previously issued common shares repurchased by the issuing entity and held in treasury. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 50
-Paragraph 4
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481520/505-30-50-4
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 505
-SubTopic 30
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481549/505-30-45-1
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.30)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
instant |
|
v3.23.2
Note 7 - Earnings Per Share (Details Textual) - shares
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
| Weighted Average Equity Awards [Member] |
|
|
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) |
313,700
|
583,000
|
364,800
|
466,000
|
| Warrant [Member] |
|
|
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) |
2,850,000
|
2,850,000
|
2,850,000
|
2,850,000
|
| Incremental Equity Awards [Member] |
|
|
|
|
| Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount (in shares) |
267,000
|
23,000
|
263,000
|
36,000
|
| X |
- DefinitionSecurities (including those issuable pursuant to contingent stock agreements) that could potentially dilute basic earnings per share (EPS) or earnings per unit (EPU) in the future that were not included in the computation of diluted EPS or EPU because to do so would increase EPS or EPU amounts or decrease loss per share or unit amounts for the period presented. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
duration |
|
| X |
- Details
| Name: |
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
| Name: |
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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| X |
- Details
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| Namespace Prefix: |
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|
v3.23.2
Note 7 - Earnings Per Share - Earnings Per Share (Details) - shares
|
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
| Basic weighted-average shares (in shares) |
30,324,000
|
30,296,000
|
30,310,000
|
30,282,000
|
| Conversion of unsecured loan notes (in shares) |
0
|
0
|
0
|
0
|
| Unexercised options and unvested RSUs (in shares) |
0
|
0
|
0
|
0
|
| Diluted weighted-average shares (in shares) |
30,324,000
|
30,296,000
|
30,310,000
|
30,282,000
|
| X |
- DefinitionAdditional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of convertible debt securities using the if-converted method. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-42
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 40
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-40
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionAdditional shares included in the calculation of diluted EPS as a result of the potentially dilutive effect of share based payment arrangements using the treasury stock method. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480454/718-10-45-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-22
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 23
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-23
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 28A
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-28A
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| X |
- DefinitionThe average number of shares or units issued and outstanding that are used in calculating diluted EPS or earnings per unit (EPU), determined based on the timing of issuance of shares or units in the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 16
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-16
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| X |
- DefinitionNumber of [basic] shares or units, after adjustment for contingently issuable shares or units and other shares or units not deemed outstanding, determined by relating the portion of time within a reporting period that common shares or units have been outstanding to the total time in that period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482662/260-10-50-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 260
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482689/260-10-45-10
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|
v3.23.2
Note 8 - Stock-based Compensation (Details Textual)
$ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023
USD ($)
shares
|
Jun. 30, 2023
USD ($)
shares
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Grants in Period, Gross (in shares) | shares |
|
0
|
| Deferred Compensation Plan for Directors [Member] |
|
|
| Deferred Compensation Arrangement with Individual, Compensation Expense | $ |
|
$ 0
|
| The 2014 Long-term Incentive Plan [Member] |
|
|
| Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | shares |
5,600,676
|
5,600,676
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Number of Shares Available for Grant (in shares) | shares |
1,779,250
|
1,779,250
|
| Share-Based Payment Arrangement, Expense, Tax Benefit | $ |
$ 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) | 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 |
|
50.00%
|
| 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 |
|
25.00%
|
| 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 |
|
25.00%
|
| The 2014 Long-term Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] |
|
|
| Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount | $ |
$ 1,772
|
$ 1,772
|
| Share-Based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) |
|
2 years 1 month 24 days
|
| Share-Based Compensation Arrangement by Share-Based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ |
|
$ 62
|
| 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 |
|
100.00%
|
| X |
- DefinitionThe compensation expense recognized during the period pertaining to the deferred compensation arrangement. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 710
-SubTopic 10
-Name Accounting Standards Codification
-Section 30
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483043/710-10-30-1
Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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-Topic 718
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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- DefinitionFair value of share-based awards for which the grantee gained the right by satisfying service and performance requirements, to receive or retain shares or units, other instruments, or cash. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (d)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(3)
-Publisher FASB
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| X |
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-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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| Period Type: |
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|
| X |
- DefinitionGross number of share options (or share units) granted during the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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| Period Type: |
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| X |
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-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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| X |
- DefinitionPeriod from grant date that an equity-based award expires, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 718
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-Paragraph 2
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| X |
- Details
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| X |
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| X |
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| X |
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| X |
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|
| X |
- Details
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| Data Type: |
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|
| X |
- Details
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| Namespace Prefix: |
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| Data Type: |
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|
| X |
- Details
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| Namespace Prefix: |
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|
| X |
- Details
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| Namespace Prefix: |
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| X |
- Details
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|
| X |
- Details
| Name: |
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v3.23.2
| X |
- DefinitionAmount of expense for award under share-based payment arrangement. Excludes amount capitalized. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 14.F)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479830/718-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 50
-Paragraph 2
-Subparagraph (h)(1)(i)
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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| X |
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| X |
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| Namespace Prefix: |
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| Period Type: |
|
|
v3.23.2
Note 8 - Stock-based Compensation - Stock Option Activity (Details) - USD ($)
$ / shares in Units, $ in Thousands |
6 Months Ended |
Jun. 30, 2023 |
|---|
| Beginning balance, number of options outstanding (in shares) |
384,500
|
| Beginning balance, option, weighted average exercise price (in dollars per share) |
$ 2.98
|
| Granted, options (in shares) |
0
|
| Granted, option, weighted average exercise price (in dollars per share) |
$ 0
|
| Exercised, options (in shares) |
(44,000)
|
| Exercised, option, weighted average exercise price (in dollars per share) |
$ 0.96
|
| Expired or forfeited, options (in shares) |
(70,000)
|
| Expired or forfeited, option, weighted average exercise price (in dollars per share) |
$ 3.85
|
| Ending balance, number of options outstanding (in shares) |
270,500
|
| Ending balance, option, weighted average exercise price (in dollars per share) |
$ 3.09
|
| Outstanding, weighted average remaining contractual term (Year) |
2 years 21 days
|
| Outstanding, aggregate intrinsic value |
$ 16
|
| Exercisable, options (in shares) |
270,500
|
| Exercisable, option, weighted average exercise price (in dollars per share) |
$ 3.09
|
| Exercisable, weighted average remaining contractual term (Year) |
2 years 21 days
|
| Exercisable, aggregate intrinsic value |
$ 16
|
| X |
- DefinitionThe number of shares into which fully or partially vested stock options outstanding as of the balance sheet date can be currently converted under the option plan. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
| Name: |
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| Namespace Prefix: |
us-gaap_ |
| Data Type: |
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| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionThe weighted-average price as of the balance sheet date at which grantees can acquire the shares reserved for issuance on vested portions of options outstanding and currently exercisable under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
na |
| Period Type: |
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|
| X |
- DefinitionFor presentations that combine terminations, the number of shares under options that were cancelled during the reporting period as a result of occurrence of a terminating event specified in contractual agreements pertaining to the stock option plan or that expired. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionWeighted average price of options that were either forfeited or expired. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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| Data Type: |
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| Balance Type: |
na |
| Period Type: |
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| X |
- DefinitionGross number of share options (or share units) granted during the period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
na |
| Period Type: |
duration |
|
| X |
- DefinitionAmount by which the current fair value of the underlying stock exceeds the exercise price of options outstanding. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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| Namespace Prefix: |
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| Data Type: |
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debit |
| Period Type: |
instant |
|
| X |
- DefinitionNumber of options outstanding, including both vested and non-vested options. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(ii)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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| Namespace Prefix: |
us-gaap_ |
| Data Type: |
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| Balance Type: |
na |
| Period Type: |
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|
| X |
- DefinitionWeighted average price at which grantees can acquire the shares reserved for issuance under the stock option plan. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(i)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
na |
| Period Type: |
instant |
|
| X |
- DefinitionWeighted average price at which option holders acquired shares when converting their stock options into shares. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
na |
| Period Type: |
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| X |
- DefinitionWeighted average per share amount at which grantees can acquire shares of common stock by exercise of options. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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| X |
- DefinitionAmount of difference between fair value of the underlying shares reserved for issuance and exercise price of vested portions of options outstanding and currently exercisable. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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| Data Type: |
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| Balance Type: |
debit |
| Period Type: |
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|
| X |
- DefinitionWeighted average remaining contractual term for vested portions of options outstanding and currently exercisable or convertible, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 718
-SubTopic 10
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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| Period Type: |
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| X |
- DefinitionWeighted average remaining contractual term for option awards outstanding, in 'PnYnMnDTnHnMnS' format, for example, 'P1Y5M13D' represents the reported fact of one year, five months, and thirteen days. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 718
-SubTopic 10
-Subparagraph (e)(1)
-Name Accounting Standards Codification
-Paragraph 2
-Section 50
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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| Namespace Prefix: |
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| Balance Type: |
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| Period Type: |
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| X |
- DefinitionNumber of share options (or share units) exercised during the current period. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-SubTopic 10
-Topic 505
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-2
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(1)(iv)(02)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(28))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
Reference 4: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.3-04)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480008/505-10-S99-1
Reference 5: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(29))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_StockIssuedDuringPeriodSharesStockOptionsExercised |
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|
v3.23.2
Note 8 - Stock-based Compensation - Restricted Stock Activity (Details) - Restricted Stock Units (RSUs) [Member]
|
6 Months Ended |
|
Jun. 30, 2023
$ / shares
shares
|
|---|
| Beginning balance, unvested restricted stock units, shares (in shares) | shares |
767,048
|
| Beginning balance, unvested restricted stock units, weighted average grant date fair value (in dollars per share) | $ / shares |
$ 1.32
|
| Granted, unvested restricted stock units, shares (in shares) | shares |
965,200
|
| Granted, unvested restricted stock units, weighted average grant date fair value (in dollars per share) | $ / shares |
$ 1.26
|
| Vested, restricted stock units, shares (in shares) | shares |
(45,000)
|
| Vested, restricted stock units, weighted average grant date fair value (in dollars per share) | $ / shares |
$ 1.37
|
| Ending balance, unvested restricted stock units, shares (in shares) | shares |
1,687,248
|
| Ending balance, unvested restricted stock units, weighted average grant date fair value (in dollars per share) | $ / shares |
$ 1.29
|
| X |
- DefinitionThe number of grants made during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)(2)(iii)(01)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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| X |
- DefinitionThe weighted average fair value at grant date for nonvested equity-based awards issued during the period on other than stock (or unit) option plans (for example, phantom stock or unit plan, stock or unit appreciation rights plan, performance target plan). Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
-SubTopic 10
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-Section 50
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-Publisher FASB
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-Topic 718
-SubTopic 10
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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-Topic 718
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-Name Accounting Standards Codification
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 718
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| X |
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-Topic 718
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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-Topic 718
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-Paragraph 2
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-URI https://asc.fasb.org//1943274/2147480429/718-10-50-2
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| Namespace Prefix: |
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| Balance Type: |
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v3.23.2
| X |
- DefinitionThe weighted average remaining life of warrants or rights.
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| Namespace Prefix: |
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| Data Type: |
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-Topic 505
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v3.23.2
| X |
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| Period Type: |
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| X |
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-Topic 944
-SubTopic 210
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-03(a)(1)(h))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479440/944-210-S99-1
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| X |
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| X |
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|
v3.23.2
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-Topic 280
-SubTopic 10
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-URI https://asc.fasb.org//1943274/2147482810/280-10-50-18
| Name: |
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|
Note 11 - Business Segment and Geographic Financial Data - Reporting Segment Net Sales and Gross Margin (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
| Revenues from external customers |
$ 5,461
|
$ 6,368
|
$ 12,748
|
$ 11,903
|
| Cost of sales |
(3,465)
|
(3,690)
|
(7,947)
|
(6,935)
|
| Gross margin |
1,996
|
2,678
|
4,801
|
4,968
|
| Selling, general and administrative |
(2,915)
|
(2,874)
|
(6,160)
|
(5,928)
|
| Research and development |
(413)
|
(289)
|
(631)
|
(509)
|
| Operating income (loss) from operations |
(1,332)
|
(485)
|
(1,990)
|
(1,469)
|
| Segment Reconciling Items [Member] |
|
|
|
|
| Revenues from external customers |
0
|
0
|
0
|
0
|
| Cost of sales |
0
|
0
|
0
|
0
|
| Gross margin |
0
|
0
|
0
|
0
|
| Selling, general and administrative |
(2,915)
|
(2,874)
|
(6,160)
|
(5,928)
|
| Research and development |
(413)
|
(289)
|
(631)
|
(509)
|
| Operating income (loss) from operations |
(3,328)
|
(3,163)
|
(6,791)
|
(6,437)
|
| Air Pollution Control [Member] |
|
|
|
|
| Revenues from external customers |
3,422
|
2,738
|
6,981
|
4,942
|
| Air Pollution Control [Member] | Operating Segments [Member] |
|
|
|
|
| Revenues from external customers |
3,422
|
2,738
|
6,981
|
4,942
|
| Cost of sales |
(2,347)
|
(1,802)
|
(4,941)
|
(3,231)
|
| Gross margin |
1,075
|
936
|
2,040
|
1,711
|
| Selling, general and administrative |
0
|
0
|
0
|
0
|
| Research and development |
0
|
0
|
0
|
0
|
| Operating income (loss) from operations |
1,075
|
936
|
2,040
|
1,711
|
| FUEL CHEM [Member] | Operating Segments [Member] |
|
|
|
|
| Revenues from external customers |
2,039
|
3,630
|
5,767
|
6,961
|
| Cost of sales |
(1,118)
|
(1,888)
|
(3,006)
|
(3,704)
|
| Gross margin |
921
|
1,742
|
2,761
|
3,257
|
| Selling, general and administrative |
0
|
0
|
0
|
0
|
| Research and development |
0
|
0
|
0
|
0
|
| Operating income (loss) from operations |
$ 921
|
$ 1,742
|
$ 2,761
|
$ 3,257
|
| X |
- DefinitionThe aggregate cost of goods produced and sold and services rendered during the reporting period. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
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| X |
- DefinitionAggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
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Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 11: http://www.xbrl.org/2003/role/disclosureRef
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 19: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
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-Paragraph 2
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-Topic 280
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Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 985
-SubTopic 20
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481283/985-20-50-1
| Name: |
us-gaap_ResearchAndDevelopmentExpense |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
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| Period Type: |
duration |
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| X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
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Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
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-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
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Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4
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us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
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| Period Type: |
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|
| X |
- DefinitionThe aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication, etc. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.4)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2
| Name: |
us-gaap_SellingGeneralAndAdministrativeExpense |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
srt_ConsolidationItemsAxis=us-gaap_MaterialReconcilingItemsMember |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
| Name: |
us-gaap_StatementBusinessSegmentsAxis=ftek_AirPollutionControlMember |
| Namespace Prefix: |
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| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
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|
| X |
- Details
| Name: |
srt_ConsolidationItemsAxis=us-gaap_OperatingSegmentsMember |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
| X |
- Details
| Name: |
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| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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v3.23.2
Note 11 - Business Segment and Geographic Financial Data - Geographic Segment Financial Data (Details) - USD ($)
$ in Thousands |
3 Months Ended |
6 Months Ended |
|
Jun. 30, 2023 |
Jun. 30, 2022 |
Jun. 30, 2023 |
Jun. 30, 2022 |
Dec. 31, 2022 |
| Revenues |
$ 5,461
|
$ 6,368
|
$ 12,748
|
$ 11,903
|
|
| Assets |
49,609
|
|
49,609
|
|
$ 50,124
|
| UNITED STATES |
|
|
|
|
|
| Revenues |
4,316
|
4,279
|
10,297
|
7,967
|
|
| Assets |
46,191
|
|
46,191
|
|
47,007
|
| Non-US [Member] |
|
|
|
|
|
| Revenues |
1,145
|
$ 2,089
|
2,451
|
$ 3,936
|
|
| Assets |
$ 3,418
|
|
$ 3,418
|
|
$ 3,117
|
| X |
- DefinitionLong-lived assets other than financial instruments, long-term customer relationships of a financial institution, mortgage and other servicing rights, deferred policy acquisition costs, and deferred tax assets. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
| Name: |
us-gaap_NoncurrentAssets |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
debit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 924
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SAB Topic 11.L)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479941/924-10-S99-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-5
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30
Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 42
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-42
Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 40
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-40
Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22
Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32
Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 41
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-41
Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-4
| Name: |
us-gaap_RevenueFromContractWithCustomerExcludingAssessedTax |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
duration |
|
| X |
- Details
| Name: |
srt_StatementGeographicalAxis=country_US |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
| X |
- Details
| Name: |
srt_StatementGeographicalAxis=us-gaap_NonUsMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.2
| X |
- DefinitionAmount of miscellaneous expenses incurred but not yet paid classified as other, due within one year or the normal operating cycle, if longer.
| Name: |
ftek_OtherAccruedLiabilitiesMiscellaneousCurrent |
| Namespace Prefix: |
ftek_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of obligation to transfer good or service to customer for which consideration has been received or is receivable, classified as current. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479837/606-10-45-1
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479806/606-10-50-8
Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 606
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479837/606-10-45-2
| Name: |
us-gaap_ContractWithCustomerLiabilityCurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionAmount of expenses incurred but not yet paid classified as other, due within one year or the normal operating cycle, if longer. Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.20)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_OtherAccruedLiabilitiesCurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- DefinitionCarrying value as of the balance sheet date of obligations incurred through that date and payable for estimated claims under standard and extended warranty protection rights granted to customers. For classified balance sheets, represents the current portion of the liabilities (due within one year or within the normal operating cycle if longer). Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482425/460-10-50-8
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)(5)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482425/460-10-50-8
Reference 3: http://fasb.org/us-gaap/role/ref/legacyRef
-Name Accounting Standards Codification
-Topic 210
-SubTopic 10
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02.20)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1
| Name: |
us-gaap_ProductWarrantyAccrualClassifiedCurrent |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
v3.23.2
| X |
- DefinitionAmount of loss contingency liability. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483076/450-20-50-1
Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
-Topic 450
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 10
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483076/450-20-50-10
| Name: |
us-gaap_LossContingencyAccrualAtCarryingValue |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
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| Period Type: |
instant |
|
| X |
- DefinitionAmount as of the balance sheet date of the aggregate standard product warranty liability. Does not include the balance for the extended product warranty liability. Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)(1)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482425/460-10-50-8
Reference 2: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 460
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Subparagraph (c)(5)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482425/460-10-50-8
| Name: |
us-gaap_StandardProductWarrantyAccrual |
| Namespace Prefix: |
us-gaap_ |
| Data Type: |
xbrli:monetaryItemType |
| Balance Type: |
credit |
| Period Type: |
instant |
|
| X |
- Details
| Name: |
us-gaap_BalanceSheetLocationAxis=ftek_OtherAccruedLiabilitiesMember |
| Namespace Prefix: |
|
| Data Type: |
na |
| Balance Type: |
|
| Period Type: |
|
|
v3.23.2
| X |
- DefinitionAmount of unrecognized tax benefits. Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15A
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-15A
Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 45
-Paragraph 10B
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482525/740-10-45-10B
| Name: |
us-gaap_UnrecognizedTaxBenefits |
| Namespace Prefix: |
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| Data Type: |
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| Balance Type: |
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| Period Type: |
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|
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