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    William Bremer • Vanquish Capital Partners

    William Bremer's questions to Fuel Tech Inc (FTEK) leadership

    William Bremer's questions to Fuel Tech Inc (FTEK) leadership • Q2 2025

    Question

    Asked about the ability to leverage engineering designs for modular data center units, the increasing environmental pressure on Pemex in Mexico, the company's partnership engagement in Mexico, and the potential speed of fulfilling a FUEL CHEM order for that region.

    Answer

    The company confirmed that engineering designs for specific turbines can be leveraged for future projects. They are seeing increased environmental pressure in Mexico, which could be a positive catalyst. Their partnership in Mexico is very active and long-standing. A new FUEL CHEM order for Mexico could be deployed very quickly, in under two months.

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    William Bremer's questions to Fuel Tech Inc (FTEK) leadership • Q2 2025

    Question

    William Bremer questioned the engineering leverage from data center projects, the potential for the FUEL CHEM business in Mexico given recent regulatory pressure on Pemex, and the company's deployment speed for new orders in that region.

    Answer

    Chairman, CEO & President Vince Arnone explained that a base engineering design for a specific turbine can be leveraged for future data center projects. Regarding Mexico, he expressed optimism that increased environmental pressure could create significant opportunities for the high-margin FUEL CHEM business. Arnone confirmed that Fuel Tech maintains a strong local partnership and could deploy new systems in Mexico in under two months.

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    William Bremer's questions to Fuel Tech Inc (FTEK) leadership • Q1 2025

    Question

    William Bremer inquired about Fuel Tech's exposure to natural gas developments outside of datacenters, the potential revenue scale of datacenter contracts, the competitive advantage of being a fabless company, and the Board's position on initiating a stock buyback program.

    Answer

    Vincent Arnone, Chairman, President and CEO, confirmed the company has exposure to natural gas applications in manufacturing and for international utility units. He reiterated that datacenter contracts are multi-million dollar opportunities. On being fabless, he noted that managing the supply chain is a critical part of their project execution discussions with clients. Regarding a stock buyback, Arnone stated that the Board currently believes the company's organic growth potential is a better driver of shareholder value than using cash for repurchases.

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    William Bremer's questions to Fuel Tech Inc (FTEK) leadership • Q1 2025

    Question

    Asked about the company's exposure to the natural gas market, the potential revenue from datacenter projects, the advantage of a fabless model, and the board's position on a stock buyback.

    Answer

    The CEO confirmed exposure to natural gas through manufacturing expansion projects and some international utilities. He reiterated that datacenter opportunities are significant, potentially $1-2 million per unit with multiple units per site. The company's fabless model and supply chain management are key selling points. Regarding a stock buyback, the board currently believes the company's growth momentum is a better driver of shareholder value than using cash for a buyback.

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    William Bremer's questions to Fuel Tech Inc (FTEK) leadership • Q4 2024

    Question

    Requested details on the quarterly revenue flow for the 2025 guidance, project timelines for data centers, whether the guidance implies profitability, and the company's stance on M&A and stock buybacks.

    Answer

    The company is hesitant to provide quarterly guidance but noted FUEL CHEM will follow seasonal trends at a higher level, while APC revenue will be more back-end loaded as new projects are executed. Data center projects have about a 40-week lead time. The $30M revenue guidance is not expected to be sufficient for operating profitability; a level closer to $33-35M is needed. The company is exploring small M&A or technology licensing and continues to discuss buybacks, but currently believes business momentum will drive shareholder value.

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    William Bremer's questions to Fuel Tech Inc (FTEK) leadership • Q4 2024

    Question

    William Bremer questioned the drivers behind the strong 2025 revenue guidance of over $30 million and its quarterly flow. He asked about the timeline for data center projects, potential design synergies, whether the guidance implies operating profitability, and the company's capital allocation strategy regarding M&A or buybacks.

    Answer

    Executive Vincent Arnone stated that APC revenue would be weighted towards the second half of 2025 as new awards are executed. For data center projects, he estimated a ~40-week lead time and confirmed the company is leveraging design synergies. Arnone noted that the $30 million revenue target would likely not be sufficient to reach operating profitability, which he estimates requires $33-$35 million. He also mentioned the company is exploring M&A and that the board regularly discusses buybacks but currently believes business momentum will drive shareholder value.

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    William Bremer's questions to Fuel Tech Inc (FTEK) leadership • Q3 2024

    Question

    Asked for confirmation and details on two potential new DGI demonstrations, the potential business model for DGI (sales vs. service), and an update on the status, scale, and ramp-up capability for the opportunity in Mexico.

    Answer

    The executive clarified they are pursuing two DGI demos (municipal wastewater, food processing) that could start by year-end and would likely be capital sales. The political situation in Mexico is more favorable, representing a material opportunity with 13-15 potential new units. The company has equipment ready for one site and would need 12-16 weeks to prepare for subsequent sites.

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    William Bremer's questions to Coda Octopus Group Inc (CODA) leadership

    William Bremer's questions to Coda Octopus Group Inc (CODA) leadership • Q1 2025

    Question

    William Bremer questioned why the company did not issue a press release for the material $800,000 order for 16 untethered DAVD systems, given its significance.

    Answer

    CEO Annmarie Gayle explained that the order was received very late in the quarter, approximately a week before the earnings call, making the call an appropriate venue for the announcement. She also highlighted that the company must often follow strict protocols and obtain customer approval before making public announcements due to the sensitive nature of their defense-related business.

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    William Bremer's questions to Coda Octopus Group Inc (CODA) leadership • Q2 2024

    Question

    Sought confirmation on the potential value of the thermite program, asked for more details on the company's long-standing use of AI technology, and suggested hosting an investor day.

    Answer

    Management confirmed the potential 200-unit thermite program would equate to about a $7 million order over time. They detailed their use of AI, dating back to a 2019 geophysical software product for boulder detection and more recently in their digital audio solution for speech correction. The suggestion for an investor day was received positively.

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