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FTEK

Fuel Tech, Inc.

FTEK

Fuel Tech, Inc. • NASDAQ
$1.80 ▼ -0.55% (-0.01)
Market Cap $55.93 M
52w High $3.65
52w Low $0.87
Dividend Yield 0%
P/E -18
Volume 21.92K
Outstanding Shares 31.07M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $7.49M ▲ $3.657M ▼ $303K ▲ 4.045% ▲ $0.01 ▲ $482K ▲
Q2-2025 $5.558M ▼ $3.837M ▼ $-689K ▲ -12.397% ▼ $-0.022 ▲ $-1.136M ▼
Q1-2025 $6.382M ▲ $3.911M ▼ $-739K ▲ -11.579% ▲ $-0.024 ▲ $-779K ▲
Q4-2024 $5.283M ▼ $4.351M ▲ $-1.883M ▼ -35.643% ▼ $-0.061 ▼ $-1.654M ▼
Q3-2024 $7.851M $3.586M $80K 1.019% $0.003 $179K

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $25.86M ▲ $47.913M ▲ $6.904M ▲ $41.009M ▲
Q2-2025 $23.009M ▲ $47.003M ▲ $6.339M ▲ $40.664M ▼
Q1-2025 $21.789M ▲ $46.709M ▼ $5.271M ▼ $41.438M ▼
Q4-2024 $18.694M ▼ $48.797M ▼ $6.842M ▲ $41.955M ▼
Q3-2024 $20.436M $50.117M $6.253M $43.864M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $303K ▲ $3.096M ▲ $65K ▲ $0 ▲ $3.088M ▲ $2.966M ▲
Q2-2025 $-689K ▲ $-21K ▼ $-992K ▼ $-198K ▼ $-1.232M ▼ $-21K ▼
Q1-2025 $-739K ▲ $1.508M ▲ $1.692M ▲ $-24K ▼ $3.311M ▲ $1.443M ▲
Q4-2024 $-1.883M ▼ $-1.648M ▼ $-2.055M ▼ $0 $-3.764M ▼ $-1.71M ▼
Q3-2024 $80K $879K $923K $0 $1.87M $767K

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Air Pollution Control
Air Pollution Control
 $0 ▲$0 ▲$0 ▲$0 ▲
FUEL CHEM
FUEL CHEM
 $10.00M ▲$10.00M ▲$0 ▼$0 ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has been fairly flat over the last several years, with a modest gross profit but very thin margins overall. The company tends to hover around break-even with small losses rather than consistent profits, which suggests a business still working to scale and smooth out project timing. Earnings depend heavily on winning and executing individual projects, so results can be lumpy from year to year. Overall, the income statement points to a niche player with limited but steady activity, not yet showing strong, durable profitability.

Balance Sheet

Balance Sheet The balance sheet looks conservative and relatively clean. Total assets and shareholders’ equity have been stable, reflecting a business that is not overextended. The company carries essentially no debt, which reduces financial risk and interest burden. Cash levels have moved around over time but, combined with the lack of debt, provide some cushion to pursue projects and innovation without relying heavily on borrowing. This financial structure suits a smaller, project-driven company that needs flexibility more than leverage.

Cash Flow

Cash Flow Cash flow from operations has been close to break-even, mirroring the income statement. The business is not generating large amounts of excess cash, but it also does not appear to be burning cash aggressively. Capital spending has been modest, indicating an asset-light model where most value comes from engineering, software, and know-how rather than heavy physical assets. Free cash flow therefore tends to be limited but relatively stable, making the existing cash balance and cost control important for funding growth initiatives.

Competitive Edge

Competitive Edge Fuel Tech operates in a specialized corner of environmental technology, focusing on air pollution control and combustion optimization. Its edge comes from proprietary technologies, long experience, and the ability to tailor solutions to specific boilers and industrial setups instead of selling generic equipment. The mix of equipment projects and ongoing chemical and service sales creates potential recurring relationships with customers. At the same time, the company competes against larger, better-resourced players and is exposed to shifts in environmental regulation, energy markets, and capital spending by utilities and industrial clients. Its small size means wins and losses on a few key contracts can significantly affect performance.

Innovation and R&D

Innovation and R&D Innovation is a core part of the story. Fuel Tech has built and patented several technologies, such as its targeted chemical injection (TIFI®), NOx reduction systems, and the newer dissolved gas infusion (DGI®) platform for water treatment. It also uses advanced modeling tools to customize solutions, which can deepen its moat and justify premium positioning. Recent moves, including acquiring additional intellectual property and pushing into water treatment, data center emissions, and international power markets, show an effort to diversify and find new growth engines. The main uncertainty is how quickly and profitably these newer technologies and markets can scale from pilot projects to substantial, recurring business.

Summary

Fuel Tech is a small, specialized environmental technology company with stable but modest revenue and a history of hovering around break-even rather than generating strong profits. Its balance sheet is conservative, with little or no debt and a meaningful cash position, which helps offset the unpredictability of project-driven revenue. The firm’s competitive strength lies in its proprietary technologies, deep engineering expertise, and customized solutions, particularly in air pollution control and fuel treatment. Ongoing innovation—especially in water treatment and data center emissions—offers interesting long-term potential, but execution, market adoption, and regulatory dynamics will likely continue to drive variability in results. Overall, this is a niche, technology-focused player balancing cautious finances with a relatively ambitious innovation agenda.

NEWS

October 23, 2025 · 4:10 PM UTC

Fuel Tech Schedules 2025 Third Quarter Financial Results and Conference Call

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September 4, 2025 · 8:30 AM UTC

Fuel Tech to Present at H.C. Wainwright 27th Annual Global Investment Conference

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