Record First Quarter for FUEL CHEM Segment
The FUEL CHEM business segment achieved its best first quarter performance in more than ten years, with revenues rising 92% compared to last year's first quarter.
Significant Revenue Growth
Revenues for the first quarter of 2025 rose 29% from the prior year period, driven by robust performance from the FUEL CHEM segment.
Increased Gross Margins and Reduced Operating Loss
Gross margins expanded, and the operating loss was narrowed significantly. Consolidated gross margin for the first quarter rose to 46% of revenues from 41% in last year's first quarter.
Strong Financial Position
The company maintained a strong financial position with cash, cash equivalents, and investments of approximately $31 million at quarter-end and no long-term debt.
Increase in APC Project Backlog
APC project backlog increased to the highest level in three years, with a 66% increase from December 31st, 2024.
DGI Technology Progress
A product demonstration for the Dissolved Gas Infusion (DGI) technology is set to commence, with discussions ongoing with potential customers in multiple end markets.