FUEL TECH, INC.
Business
Fuel Tech develops, commercializes and applies proprietary air pollution control, water treatment and advanced engineering technologies for utility and industrial customers worldwide. Core offerings include NOx reduction systems (SCR, SNCR, ULTRA urea-to-ammonia conversion), particulate control (ESP, FGC conditioning), specialty chemical programs (FUEL CHEM with TIFI in-furnace injection), and water treatment (DGI dissolved gas infusion systems). The company serves electric utilities, industrial plants, pulp and paper facilities, waste-to-energy plants and municipal markets across North America, Europe, South Africa, South America, India and the Pacific Rim.
Summary from 10-K filed 2026-03-03
Financials
Consolidated Statement of Income
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Revenues | 27 | 25 | 27 | 27 | 24 | |
| Cost of sales | 14 | 15 | 15 | 15 | 12 | |
| Selling, general and administrative | 14 | 14 | 13 | 12 | 12 | |
| Research and development | 2 | 2 | 2 | 895,000 | 1 | |
| Total costs and expenses | 30 | 30 | 30 | 28 | 26 | |
| Operating income (loss) from continuing operations | −4 | −5 | −3 | −2 | −1 | |
| Interest income | 1 | 1 | 1 | 202,000 | 6,000 | |
| Other (expense) income, net | −43,000 | 2 | −90,000 | −46,000 | 2 | |
| Loss before income taxes | −2 | −2 | −1 | −1 | 68,000 | |
| Income tax expense | −15,000 | −77,000 | −69,000 | −54,000 | −14,000 | |
| Net loss | −2 | −2 | −2 | −1 | 54,000 | |
| Basic net loss per common share (in dollars per share) | −0.08 | −0.06 | −0.05 | −0.05 | 0 | |
| Diluted net loss per common share (in dollars per share) | −0.08 | −0.06 | −0.05 | −0.05 | 0 | |
| Basic (in shares) | 31 | 31 | 30 | 30 | 30 | |
| Diluted (in shares) | 31 | 31 | 30 | 30 | 30 |
Consolidated Balance Sheet
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Cash and cash equivalents | 12 | 9 | 18 | 23 | 36 | |
| Short-term investments | 13 | 10 | 12 | 3 | 0 | |
| Accounts receivable, less current expected credit loss of $108 and $106, respectively | 5 | 9 | 7 | 8 | 3 | |
| Inventories, net | 373,000 | 397,000 | 439,000 | 392,000 | 348,000 | |
| Prepaid expenses and other current assets | 1 | 1 | 1 | 1 | 1 | |
| Total current assets | 32 | 30 | 38 | 36 | 41 | |
| Property and equipment, net | 5 | 5 | 5 | 4 | 5 | |
| Goodwill | 2 | 2 | 2 | 2 | 2 | |
| Other intangible assets, net | 646,000 | 327,000 | 358,000 | 397,000 | 448,000 | |
| Right-of-use operating lease assets | 536,000 | 585,000 | 609,000 | 197,000 | 242,000 | |
| Long-term investments | 7 | 11 | 4 | 6 | 0 | |
| Other assets | 207,000 | 191,000 | 781,000 | 794,000 | 824,000 | |
| Total assets | 47 | 49 | 50 | 50 | 50 | |
| Accounts payable | 3 | 3 | 2 | 3 | 2 | |
| Operating lease liabilities - current | 89,000 | 77,000 | 81,000 | 125,000 | 113,000 | |
| Employee compensation | 1 | 1 | 1 | 1 | 688,000 | |
| Other accrued liabilities | 2 | 2 | 2 | 826,000 | 861,000 | |
| Total current liabilities | 6 | 6 | 6 | 5 | 3 | |
| Operating lease liabilities - non-current | 491,000 | 548,000 | 533,000 | 66,000 | 122,000 | |
| Deferred income taxes | 187,000 | 176,000 | 172,000 | 177,000 | 139,000 | |
| Other liabilities | 296,000 | 263,000 | 281,000 | 274,000 | 290,000 | |
| Total liabilities | 7 | 7 | 7 | 5 | 4 | |
| Commitments and contingencies (Note 9) | — | — | — | — | — | |
| Common stock, $.01 par value, 40,000,000 shares authorized, 32,281,179 and 31,767,329 shares issued, and 31,074,438 and 30,708,273 shares outstanding in 2025 and 2024, respectively | 322,000 | 317,000 | 313,000 | 313,000 | 312,000 | |
| Additional paid-in capital | 166 | 165 | 165 | 164 | 164 | |
| Accumulated deficit | −122 | −119 | −118 | −116 | −115 | |
| Accumulated other comprehensive loss | −2 | −2 | −2 | −2 | −2 | |
| Nil coupon perpetual loan notes | 76,000 | 76,000 | 76,000 | 76,000 | 76,000 | |
| Treasury stock, at cost (Note 5) | −3 | −2 | −2 | −2 | — | |
| Total stockholders equity | 40 | 42 | 44 | 45 | 46 | |
| Total liabilities and stockholders equity | 47 | 49 | 50 | 50 | 50 |
Consolidated Statement of Cash Flows
| Concept | Trend | FY 2025 2025-12-31 | FY 2024 2024-12-31 | FY 2023 2023-12-31 | FY 2022 2022-12-31 | FY 2021 2021-12-31 |
|---|---|---|---|---|---|---|
| Depreciation | 663,000 | 403,000 | 281,000 | 352,000 | 584,000 | |
| Amortization | 36,000 | 57,000 | 61,000 | 88,000 | 157,000 | |
| Loss on disposal of equipment | 2,000 | 0 | 10,000 | 0 | 54,000 | |
| Non-cash interest income on held-to-maturity securities | −62,000 | −132,000 | −433,000 | −5,000 | 0 | |
| Provision for credit losses, net of recoveries | 0 | −4,000 | 0 | −106,000 | −619,000 | |
| Deferred income taxes | 11,000 | 4,000 | −5,000 | 38,000 | 5,000 | |
| Stock-based compensation, net of forfeitures | 326,000 | 446,000 | 389,000 | 224,000 | 82,000 | |
| Accounts receivable | 3 | −1 | 1 | −4 | 4 | |
| Employee retention credit receivable | 2 | −2 | 0 | — | — | |
| Inventories | 26,000 | 41,000 | −46,000 | −45,000 | −252,000 | |
| Prepaid expenses, other current assets and other non-current assets | −172,000 | 292,000 | −6,000 | −314,000 | 634,000 | |
| Accounts payable | 258,000 | 519,000 | −295,000 | 1 | −772,000 | |
| Accrued liabilities and other non-current liabilities | 57,000 | −312,000 | 1 | 360,000 | −1 | |
| Net cash provided by (used in) operating activities | 3 | −3 | 696,000 | −4 | 761,000 | |
| Purchases of equipment, patents, and other intangible assets | −674,000 | −378,000 | −418,000 | −206,000 | −84,000 | |
| Purchases of debt securities | −12 | −18 | −14 | −10 | 0 | |
| Maturities of debt securities | 13 | 13 | 8 | 500,000 | 0 | |
| Net cash provided by (used in) investing activities | 545,000 | −5 | −6 | −9 | −84,000 | |
| Taxes paid on behalf of equity award participants | −222,000 | −95,000 | 0 | −17,000 | −52,000 | |
| Net cash used in financing activities | −222,000 | −95,000 | 42,000 | −17,000 | 24 | |
| Net increase (decrease) in cash and cash equivalents | 3 | −9 | −6 | −14 | 24 | |
| Effect of exchange rate fluctuations on cash | 90,000 | −97,000 | −44,000 | −87,000 | −206,000 | |
| Cash income taxes paid, net | 11,000 | 52,000 | 12,000 | 14,000 | −51,000 | |
| Non-cash transfer from other non-current assets to property and equipment | 0 | 597,000 | 0 | — | — |
Filings
Material Events
Insiders
Institutional Holders
Frequently asked questions
What is FUEL TECH, INC.'s CIK number?
FUEL TECH, INC.'s SEC CIK number is 0000846913 (846913). The CIK (Central Index Key) is the permanent identifier the SEC assigns to every EDGAR filer — unlike a ticker symbol, it never changes.
Where can I find FUEL TECH, INC.'s SEC filings?
All of FUEL TECH, INC.'s EDGAR filings — 10-K annual reports, 10-Q quarterly reports, 8-K material events, and insider transactions — are listed on this page, sourced live from SEC EDGAR.
When did FUEL TECH, INC. last report earnings?
FUEL TECH, INC. (FTEK) most recently filed an earnings 8-K with the SEC on May 5, 2026, furnishing its results under Item 2.02 (Results of Operations and Financial Condition). The earnings press release is attached to that filing (accession 0001437749-26-014902). This is FUEL TECH, INC.'s most recent earnings filing of record — not a forecast of its next earnings date.
What is FUEL TECH, INC.'s most recent earnings 8-K?
FUEL TECH, INC.'s latest earnings 8-K (Item 2.02) was filed May 5, 2026 under accession 0001437749-26-014902. It carries the quarterly or annual earnings press release — the earliest official, SEC-filed version of the results.
View FUEL TECH, INC.'s latest earnings 8-K →
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