Fuel Tech Reports 2024 Third Quarter Financial Results
Fuel Tech (NASDAQ: FTEK) reported Q3 2024 financial results with revenues of $7.9 million, slightly down from $8.0 million in Q3 2023. The company achieved net income of $80,000 ($0.00 per share), compared to $459,000 ($0.01 per share) in Q3 2023. FUEL CHEM segment revenue increased to $4.6 million, while APC segment revenue declined to $3.2 million. The company maintains a strong financial position with $31.3 million in cash and investments, no debt, and stockholders' equity of $43.9 million. A new commercial TIFI® technology program is expected to generate $1.5-$2.0 million in annual revenue, and the company secured approximately $2 million in new APC orders.
Fuel Tech (NASDAQ: FTEK) ha riportato i risultati finanziari per il terzo trimestre del 2024, con ricavi di 7,9 milioni di dollari, in leggero calo rispetto agli 8,0 milioni di dollari del terzo trimestre del 2023. L'azienda ha registrato un utile netto di 80.000 dollari (0,00 dollari per azione), rispetto ai 459.000 dollari (0,01 dollari per azione) del terzo trimestre del 2023. I ricavi del segmento FUEL CHEM sono aumentati a 4,6 milioni di dollari, mentre i ricavi del segmento APC sono diminuiti a 3,2 milioni di dollari. L'azienda mantiene una solida posizione finanziaria con 31,3 milioni di dollari in contante e investimenti, nessun debito e un patrimonio netto di azionisti di 43,9 milioni di dollari. Un nuovo programma tecnologico commerciale TIFI® dovrebbe generare 1,5-2,0 milioni di dollari di ricavi annuali, e l'azienda ha ottenuto circa 2 milioni di dollari in nuovi ordini APC.
Fuel Tech (NASDAQ: FTEK) reportó los resultados financieros del tercer trimestre de 2024, con ingresos de 7,9 millones de dólares, ligeramente inferiores a los 8,0 millones de dólares del tercer trimestre de 2023. La empresa logró un ingreso neto de 80,000 dólares (0,00 dólares por acción), en comparación con 459,000 dólares (0,01 dólares por acción) en el tercer trimestre de 2023. Los ingresos del segmento FUEL CHEM aumentaron a 4,6 millones de dólares, mientras que los ingresos del segmento APC disminuyeron a 3,2 millones de dólares. La empresa mantiene una fuerte posición financiera con 31,3 millones de dólares en efectivo e inversiones, sin deudas y un patrimonio de los accionistas de 43,9 millones de dólares. Se espera que un nuevo programa tecnológico comercial TIFI® genere entre 1,5 y 2,0 millones de dólares en ingresos anuales, y la empresa aseguró aproximadamente 2 millones de dólares en nuevos pedidos de APC.
퓨엘 테크 (NASDAQ: FTEK)가 2024년 3분기 재무 결과를 발표했습니다. 수익은 790만 달러로, 2023년 3분기의 800만 달러에서 약간 감소했습니다. 회사는 80,000 달러(주당 0.00 달러)의 순이익을 달성했으며, 이는 2023년 3분기 459,000 달러(주당 0.01 달러)와 비교됩니다. FUEL CHEM 부문 수익은 460만 달러로 증가한 반면, APC 부문 수익은 320만 달러로 감소했습니다. 회사는 현금 및 투자액이 3,130만 달러, 부채가 없으며, 주주 지분이 4,390만 달러에 달하는 강력한 재무 상태를 유지하고 있습니다. 새로운 상업 기술 프로그램 TIFI®는 연간 수익을 150만-200만 달러 생성할 것으로 예상되며, 회사는 약 200만 달러의 새로운 APC 주문을 확보했습니다.
Fuel Tech (NASDAQ: FTEK) a annoncé les résultats financiers du troisième trimestre 2024, avec des revenus de 7,9 millions de dollars, légèrement en baisse par rapport aux 8,0 millions de dollars du troisième trimestre 2023. L'entreprise a réalisé un bénéfice net de 80 000 dollars (0,00 dollar par action), contre 459 000 dollars (0,01 dollar par action) au troisième trimestre 2023. Les revenus du segment FUEL CHEM ont augmenté à 4,6 millions de dollars, tandis que les revenus du segment APC ont diminué à 3,2 millions de dollars. L'entreprise maintient une solide position financière avec 31,3 millions de dollars en liquidités et investissements, aucune dette et des capitaux propres de 43,9 millions de dollars. Un nouveau programme technologique commercial TIFI® devrait générer entre 1,5 et 2,0 millions de dollars de revenus annuels, et l'entreprise a sécurisé environ 2 millions de dollars de nouvelles commandes APC.
Fuel Tech (NASDAQ: FTEK) hat die finanziellen Ergebnisse für das 3. Quartal 2024 veröffentlicht, mit Einnahmen von 7,9 Millionen US-Dollar, was einem leichten Rückgang gegenüber 8,0 Millionen US-Dollar im 3. Quartal 2023 entspricht. Das Unternehmen erzielte einen Nettogewinn von 80.000 US-Dollar (0,00 US-Dollar pro Aktie), verglichen mit 459.000 US-Dollar (0,01 US-Dollar pro Aktie) im 3. Quartal 2023. Der Umsatz im FUEL CHEM-Segment stieg auf 4,6 Millionen US-Dollar, während der Umsatz im APC-Segment auf 3,2 Millionen US-Dollar sinkte. Das Unternehmen hat eine starke finanzielle Position mit 31,3 Millionen US-Dollar in Bargeld und Investitionen, keinen Schulden und einem Eigenkapital von 43,9 Millionen US-Dollar. Ein neues kommerzielles TIFI®-Technologieprogramm wird voraussichtlich jährliche Einnahmen von 1,5 bis 2,0 Millionen US-Dollar generieren, und das Unternehmen sicherte sich etwa 2 Millionen US-Dollar an neuen APC-Bestellungen.
- Strong financial position with $31.3 million in cash and investments and no debt
- New TIFI® commercial program with potential annual revenue of $1.5-$2.0 million
- Secured $2 million in new APC orders
- FUEL CHEM segment revenue increased to $4.6 million from $4.3 million
- Return to profitable operations with $80,000 net income
- Overall revenue declined to $7.9 million from $8.0 million year-over-year
- Net income decreased to $80,000 from $459,000 year-over-year
- APC segment revenue declined to $3.2 million from $3.7 million
- APC gross margin decreased to 35.0% from 40.3%
- SG&A expenses increased to $3.2 million from $3.0 million
Insights
The Q3 2024 results present a mixed financial picture. While FTEK achieved profitability, key metrics show concerning trends: revenue declined slightly to
The bright spots include a strong balance sheet with
The company's strategic positioning in emissions control and water treatment shows promise, particularly with the new TIFI® technology deployment and DGI™ expansion into aquaculture and food processing. The successful WEFTEC exhibition and pending demonstrations signal growing market interest in their water treatment solutions.
However, the core APC business faces headwinds with project delays and timing issues. The diversification into multiple environmental applications (NOx reduction, water treatment, combustion optimization) provides some resilience, but execution and sales cycle management need improvement to drive consistent growth.
WARRENVILLE, Ill., Nov. 06, 2024 (GLOBE NEWSWIRE) -- Fuel Tech, Inc. (NASDAQ: FTEK), a technology company providing advanced engineering for the optimization of combustion systems, emissions control, and water treatment in utility and industrial applications, today reported financial results for the third quarter ended September 30, 2024 (Q3 2024).
“Our third quarter results included a return to profitable operations, fostering new customer relationships, and a focus on balancing expense discipline with targeted investments in new technologies,” said Vincent J. Arnone, President and CEO. “Our financial position at September 30, 2024 was strong, with
Mr. Arnone continued, “We realized improved quarter-over-quarter performance at our FUEL CHEM® business segment in the 2024 third quarter and in the current fourth quarter commenced a new commercial program after a successful demonstration of our TIFI® Targeted In-Furnace Injection™ technology. The annual revenue potential from this commercial contract is projected to be approximately
“Revenues at our Air Pollution Control (APC) business declined quarter-over-quarter, due primarily to customer-driven delays and project timing. We were pleased to announce approximately
He concluded, “We are also continuing to pursue the growth and development of our Dissolved Gas Infusion (DGITM) technology. We had a very successful exhibition of DGITM at the Water Environment Federation Technical Exhibition and Conference, or WEFTEC, in New Orleans last month, and generated significant interest in the technology. With respect to product demonstrations, discussions are progressing with one of the largest food processors in the country to utilize DGITM to provide dissolved oxygen for the wastewater treatment facility at a food processing plant that they own and operate, and also with a municipal wastewater treatment facility in the Southeastern United States. Lastly, we are pleased to note that that we have finalized a demonstration agreement with a U.S. fish hatchery to highlight the capabilities of DGITM for this aquaculture application, with the demonstration start date targeted at the beginning of the second quarter of 2025 to coincide with the hatchery’s next growth cycle.”
Q3 2024 Consolidated Results Overview
Consolidated revenues for Q3 2024 declined to
Consolidated gross margin for Q3 2024 declined to
SG&A expenses increased to
Interest income was flat at
Net income in Q3 2024 was
Consolidated APC segment backlog at September 30, 2024 was
APC segment revenue declined to
FUEL CHEM segment revenue rose to
Adjusted EBITDA loss was
Financial Condition
At September 30, 2024, cash and cash equivalents were
Conference Call
Management will host a conference call on Thursday, November 7, 2024 at 10:00 am ET / 9:00 am CT to discuss the results and business activities. Interested parties may participate in the call by dialing:
- (877) 423-9820 (Domestic) or
- (201) 493-6749 (International)
The conference call will also be accessible via the Upcoming Events section of the Company’s web site at www.ftek.com. Following management’s opening remarks, there will be a question-and-answer session. Questions may be asked during the live call, or alternatively, you may e-mail questions in advance to dsullivan@equityny.com. For those who cannot listen to the live broadcast, an online replay will be available at www.ftek.com.
About Fuel Tech
Fuel Tech develops and commercializes state-of-the-art 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. Fuel Tech is a leader in nitrogen oxide (NOx) reduction and particulate control technologies and its solutions have been installed on over 1,300 utility, industrial and municipal units worldwide. 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 saturator and a patent-pending channel injector to deliver supersaturated oxygen solutions and other gas-water combinations to target process applications or environmental issues. This infusion process has a variety of applications in the water and wastewater industries, including remediation, aeration, biological treatment and wastewater odor management. Many of Fuel Tech’s products and services rely heavily on the Company’s exceptional Computational Fluid Dynamics modeling capabilities, which are enhanced by internally developed, high-end visualization software. For more information, visit Fuel Tech’s web site at www.ftek.com.
NOTE REGARDING FORWARD-LOOKING STATEMENTS
This press release 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 in Item 1A under the caption “Risk Factors,” and subsequent filings under the Securities Exchange Act of 1934, as amended, 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.
FUEL TECH, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share and per share data) | ||||||||
September 30, | December 31, | |||||||
2024 | 2023 | |||||||
ASSETS | ||||||||
Current assets: | ||||||||
Cash and cash equivalents | $ | 12,274 | $ | 17,578 | ||||
Short-term investments | 8,162 | 12,136 | ||||||
Accounts receivable, less current expected credit loss of | 9,202 | 6,729 | ||||||
Inventories, net | 441 | 439 | ||||||
Prepaid expenses and other current assets | 838 | 1,439 | ||||||
Total current assets | 30,917 | 38,321 | ||||||
Property and equipment, net of accumulated depreciation of | 4,596 | 4,539 | ||||||
Goodwill | 2,116 | 2,116 | ||||||
Other intangible assets, net of accumulated amortization of | 327 | 358 | ||||||
Right-of-use operating lease assets, net | 523 | 609 | ||||||
Long-term investments | 10,881 | 3,664 | ||||||
Other assets | 757 | 781 | ||||||
Total assets | $ | 50,117 | $ | 50,388 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
Current liabilities: | ||||||||
Accounts payable | $ | 3,271 | $ | 2,421 | ||||
Accrued liabilities: | ||||||||
Operating lease liabilities - current | 81 | 81 | ||||||
Employee compensation | 759 | 1,252 | ||||||
Other accrued liabilities | 1,204 | 1,934 | ||||||
Total current liabilities | 5,315 | 5,688 | ||||||
Operating lease liabilities - non-current | 480 | 533 | ||||||
Deferred income taxes, net | 172 | 172 | ||||||
Other liabilities | 286 | 281 | ||||||
Total liabilities | 6,253 | 6,674 | ||||||
Stockholders’ equity: | ||||||||
Common stock, $.01 par value, 40,000,000 shares authorized, 31,767,329 and 31,361,303 shares issued, and 30,708,273 and 30,385,297 shares outstanding, respectively | 317 | 313 | ||||||
Additional paid-in capital | 165,186 | 164,853 | ||||||
Accumulated deficit | (117,589 | ) | (117,529 | ) | ||||
Accumulated other comprehensive loss | (1,780 | ) | (1,748 | ) | ||||
Nil coupon perpetual loan notes | 76 | 76 | ||||||
Treasury stock, at cost | (2,346 | ) | (2,251 | ) | ||||
Total stockholders’ equity | 43,864 | 43,714 | ||||||
Total liabilities and stockholders’ equity | $ | 50,117 | $ | 50,388 |
See notes to condensed consolidated financial statements.
FUEL TECH, INC. CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except share and per-share data) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Revenues | $ | 7,851 | $ | 7,988 | $ | 19,850 | $ | 20,736 | ||||||||
Costs and expenses: | ||||||||||||||||
Cost of sales | 4,444 | 4,376 | 11,462 | 12,323 | ||||||||||||
Selling, general and administrative | 3,225 | 2,966 | 9,815 | 9,126 | ||||||||||||
Research and development | 361 | 513 | 1,159 | 1,144 | ||||||||||||
8,030 | 7,855 | 22,436 | 22,593 | |||||||||||||
Operating (loss) income | (179 | ) | 133 | (2,586 | ) | (1,857 | ) | |||||||||
Interest expense | — | (5 | ) | — | (15 | ) | ||||||||||
Interest income | 323 | 322 | 968 | 968 | ||||||||||||
Other (expense) income, net | (63 | ) | 9 | 1,576 | (95 | ) | ||||||||||
Income (loss) before income taxes | 81 | 459 | (42 | ) | (999 | ) | ||||||||||
Income tax expense | (1 | ) | — | (18 | ) | — | ||||||||||
Net income (loss) | $ | 80 | $ | 459 | $ | (60 | ) | $ | (999 | ) | ||||||
Net income (loss) per common share: | ||||||||||||||||
Basic net income (loss) per common share | $ | 0.00 | $ | 0.02 | $ | (0.00 | ) | $ | (0.03 | ) | ||||||
Diluted net income (loss) per common share | $ | 0.00 | $ | 0.01 | $ | (0.00 | ) | $ | (0.03 | ) | ||||||
Weighted-average number of common shares outstanding: | ||||||||||||||||
Basic | 30,708,000 | 30,385,000 | 30,526,000 | 30,336,000 | ||||||||||||
Diluted | 30,848,000 | 30,627,000 | 30,526,000 | 30,336,000 |
See notes to condensed consolidated financial statements.
FUEL TECH, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (in thousands) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net income (loss) | $ | 80 | $ | 459 | $ | (60 | ) | $ | (999 | ) | ||||||
Other comprehensive income (loss): | ||||||||||||||||
Foreign currency translation adjustments | 106 | (122 | ) | (32 | ) | (84 | ) | |||||||||
Comprehensive income (loss) | $ | 186 | $ | 337 | $ | (92 | ) | $ | (1,083 | ) |
See notes to condensed consolidated financial statements.
FUEL TECH, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands) | ||||||||
Nine Months Ended | ||||||||
September 30, | ||||||||
2024 | 2023 | |||||||
Operating Activities | ||||||||
Net loss | $ | (60 | ) | $ | (999 | ) | ||
Adjustments to reconcile net loss to net cash (used in) provided by operating activities: | ||||||||
Depreciation | 248 | 247 | ||||||
Amortization | 42 | 46 | ||||||
Non-cash interest income on held-to-maturity securities | (109 | ) | (319 | ) | ||||
Stock-based compensation, net of forfeitures | 337 | 288 | ||||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (845 | ) | 5 | |||||
Employee retention credit receivable | (1,677 | ) | — | |||||
Inventory | (3 | ) | 68 | |||||
Prepaid expenses, other current assets and other non-current assets | 655 | 363 | ||||||
Accounts payable | 842 | 172 | ||||||
Accrued liabilities and other non-current liabilities | (1,215 | ) | 520 | |||||
Net cash (used in) provided by operating activities | (1,785 | ) | 391 | |||||
Investing Activities | ||||||||
Purchases of equipment and patents | (316 | ) | (201 | ) | ||||
Purchases of debt securities | (14,072 | ) | (14,026 | ) | ||||
Maturities of debt securities | 11,000 | 4,000 | ||||||
Net cash used in investing activities | (3,388 | ) | (10,227 | ) | ||||
Financing Activities | ||||||||
Taxes paid on behalf of award participants | (95 | ) | — | |||||
Proceeds from exercise of stock options | — | 42 | ||||||
Net cash (used in) provided by financing activities | (95 | ) | 42 | |||||
Effect of exchange rate fluctuations on cash | (36 | ) | (51 | ) | ||||
Net decrease in cash and cash equivalents | (5,304 | ) | (9,845 | ) | ||||
Cash and cash equivalents at beginning of period | 17,578 | 23,328 | ||||||
Cash and cash equivalents at end of period | $ | 12,274 | $ | 13,483 |
See notes to condensed consolidated financial statements.
FUEL TECH, INC. Segment Data- Reporting Segments (Unaudited) (in thousands) | ||||||||||||||||
Information about reporting segment net sales and gross margin from operations is provided below: | ||||||||||||||||
Air Pollution | FUEL CHEM | |||||||||||||||
Three months ended September 30, 2024 | Control Segment | Segment | Other | Total | ||||||||||||
Revenues from external customers | $ | 3,224 | $ | 4,627 | $ | — | $ | 7,851 | ||||||||
Cost of sales | (2,095 | ) | (2,349 | ) | — | (4,444 | ) | |||||||||
Gross margin | 1,129 | 2,278 | — | 3,407 | ||||||||||||
Selling, general and administrative | — | — | (3,225 | ) | (3,225 | ) | ||||||||||
Research and development | — | — | (361 | ) | (361 | ) | ||||||||||
Operating income (loss) from operations | $ | 1,129 | $ | 2,278 | $ | (3,586 | ) | $ | (179 | ) | ||||||
Air Pollution | FUEL CHEM | |||||||||||||||
Three months ended September 30, 2023 | Control Segment | Segment | Other | Total | ||||||||||||
Revenues from external customers | $ | 3,711 | $ | 4,277 | $ | — | $ | 7,988 | ||||||||
Cost of sales | (2,214 | ) | (2,162 | ) | — | (4,376 | ) | |||||||||
Gross margin | 1,497 | 2,115 | — | 3,612 | ||||||||||||
Selling, general and administrative | — | — | (2,966 | ) | (2,966 | ) | ||||||||||
Research and development | — | — | (513 | ) | (513 | ) | ||||||||||
Operating income (loss) from operations | $ | 1,497 | $ | 2,115 | $ | (3,479 | ) | $ | 133 | |||||||
Air Pollution | FUEL CHEM | |||||||||||||||
Nine months ended September 30, 2024 | Control Segment | Segment | Other | Total | ||||||||||||
Revenues from external customers | $ | 9,491 | $ | 10,359 | $ | — | $ | 19,850 | ||||||||
Cost of sales | (5,927 | ) | (5,535 | ) | — | (11,462 | ) | |||||||||
Gross margin | 3,564 | 4,824 | — | 8,388 | ||||||||||||
Selling, general and administrative | — | — | (9,815 | ) | (9,815 | ) | ||||||||||
Research and development | — | — | (1,159 | ) | (1,159 | ) | ||||||||||
Operating income (loss) from operations | $ | 3,564 | $ | 4,824 | $ | (10,974 | ) | $ | (2,586 | ) | ||||||
Air Pollution | FUEL CHEM | |||||||||||||||
Nine months ended September 30, 2023 | Control Segment | Segment | Other | Total | ||||||||||||
Revenues from external customers | $ | 10,692 | $ | 10,044 | $ | — | $ | 20,736 | ||||||||
Cost of sales | (7,155 | ) | (5,168 | ) | — | (12,323 | ) | |||||||||
Gross margin | 3,537 | 4,876 | — | 8,413 | ||||||||||||
Selling, general and administrative | — | — | (9,126 | ) | (9,126 | ) | ||||||||||
Research and development | — | — | (1,144 | ) | (1,144 | ) | ||||||||||
Operating income (loss) from operations | $ | 3,537 | $ | 4,876 | $ | (10,270 | ) | $ | (1,857 | ) |
FUEL TECH, INC. Geographic Segment Financial Data (Unaudited) (in thousands of dollars) | |||||||||||||||||
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, | ||||||||||||||||
2024 | 2023 | 2024 | 2023 | ||||||||||||||
Revenues: | |||||||||||||||||
United States | $ | 5,453 | $ | 5,640 | $ | 13,519 | $ | 15,937 | |||||||||
Foreign | 2,398 | 2,348 | 6,331 | 4,799 | |||||||||||||
$ | 7,851 | $ | 7,988 | $ | 19,850 | $ | 20,736 | ||||||||||
September 30, | December 31, | |||||||
2024 | 2023 | |||||||
Assets: | ||||||||
United States | $ | 45,789 | $ | 46,487 | ||||
Foreign | 4,328 | 3,901 | ||||||
$ | 50,117 | $ | 50,388 |
FUEL TECH, INC. RECONCILIATION OF GAAP NET INCOME (LOSS) TO EBITDA AND ADJUSTED EBITDA (Unaudited) (in thousands) | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2024 | 2023 | 2024 | 2023 | |||||||||||||
Net Income (loss) | $ | 80 | $ | 459 | $ | (60 | ) | $ | (999 | ) | ||||||
Interest income, net | (323 | ) | (317 | ) | (968 | ) | (953 | ) | ||||||||
Income tax expense | 1 | - | 18 | - | ||||||||||||
Depreciation expense | 87 | 93 | 248 | 247 | ||||||||||||
Amortization expense | 11 | 16 | 42 | 46 | ||||||||||||
EBITDA | (144 | ) | 251 | (720 | ) | (1,659 | ) | |||||||||
Stock compensation expense | 109 | 101 | 337 | 288 | ||||||||||||
Gain on employee retention credit | - | - | (1,677 | ) | - | |||||||||||
Adjusted EBITDA | $ | (35 | ) | $ | 352 | $ | (2,060 | ) | $ | (1,371 | ) |
Adjusted EBITDA
To supplement the Company's consolidated financial statements presented in accordance with generally accepted accounting principles in the United States (GAAP), the Company has provided an Adjusted EBITDA disclosure as a measure of financial performance. Adjusted EBITDA is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation expense, amortization expense, stock compensation expense and gain on employee retention credit. The Company's reference to these non-GAAP measures should be considered in addition to results prepared in accordance with GAAP standards, but are not a substitute for, or superior to, GAAP results.
Adjusted EBITDA is provided to enhance investors' overall understanding of the Company's current financial performance and ability to generate cash flow, which we believe is a meaningful measure for our investor and analyst communities. In many cases non-GAAP financial measures are utilized by these individuals to evaluate Company performance and ultimately determine a reasonable valuation for our common stock. A reconciliation of Adjusted EBITDA to the nearest GAAP measure of net income (loss) has been included in the above financial table.
CONTACT:
Vince Arnone
President and CEO
(630) 845-4500
Devin Sullivan
Managing Director
The Equity Group Inc.
dsullivan@equityny.com
FAQ
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