Fuel Tech Inc. (FTEK) shares surged 26.84% in after-hours on Monday, July 26, 2021, and closed the daily trading at $2.41.  Earlier in the regular trading session, FTEK’s stock gained 0.53%. FTEK shares have risen 103.97% over the last 12 months, and they have moved down 0.52% in the past week. Over the past three months, the stock has lost 20.17%, while over the past six months, it has declined 70.50%. The company has a current market of $59.01 million and its outstanding shares stood at 27.51 million.

Let’s have a look at its recent news and developments.

New FTEK Air Pollution Control Orders

On July 26, 2021, Fuel Tech, Inc was awarded multiple air pollution control (APC) contracts from customers in Korea, North America, and Europe. These awards have an aggregate value of approximately $4.5 million.

The company also completed two on-site US demonstrations of its DGI^™ Dissolved Gas Infusion water treatment technology.

FTEK Induction on Russell Microcap Index

Fuel Tech, Inc (FTEK) was added to the Russell Microcap Index effective at the close of trading on June 25, 2021.

Russell indexes are widely used by investment managers and institutional investors for index funds and as benchmarks for active investment strategies.

Annual Meeting of Stockholders

The annual meeting of Fuel Tech stockholders was held on May 20, 2021. There are no other details are available about the meeting agenda.

Recent financial results announcement

On May 12, 2021, Fuel Tech, Inc. (FTEK) reported its financial results for the first quarter ended March 31, 2021.

Q1 2021 financial highlights

• Fuel Tech, Inc reported consolidated revenue of $5.0 million in Q1 2021 compared to $3.8 million in Q1 2020.
• In Q1 2021, the Gross margin was 46.9% compared to 40.4% in Q1 2020.
• Selling, general and administrative expenses were $3.1 million in Q1 2021, compared to $3.9 million in Q1 2020.
• FTEK suffered a net loss of $1.2 million in Q1 2021 compared to $2.7 million in Q1 2020.
• In Q1 2021, net income was $0.4 million, or $0.01 per share, compared to a net loss of $2.6 million, or $0.10 per share, in Q1 2020.
• Adjusted EBITDA was negative $0.9 million in Q1 2021 compared to negative Adjusted EBITDA of $2.2 million in Q1 2020.
• The company had cash and cash equivalents of $35.7 million and restricted cash of $0.4 million on March 31, 2021.

Conclusion

The recent new orders were the reason behind exceptional gains by FTEK stock on Monday. It can continue its momentum in the coming days as well.