F
FUEL TECH, INC.
FTEKCIK 0000846913NasdaqNon-AcceleratedSmaller ReportingIndustrial & Commercial Fans & Blowers & Air Purifing EquipDelawareFY ends Dec 31
Period
FY 2025
Revenue
$26.68M
Net Income
$-2.32M
Total Assets
$47.18M
Equity
$39.93M
Shares Out
30.71M
Op. Cash Flow
$3.02M
Business
FUEL TECH, INC. develops, commercializes and applies proprietary technologies for air pollution control, process optimization, water treatment and advanced engineering services. Its main products and services include NOx reduction systems (SNCR, SCR, I-NOx®, ULTRA®, UDI™), particulate control and flue gas conditioning (ESP and FGC), chemical injection FUEL CHEM® programs using TIFI®, and DGI® dissolved gas infusion water treatment systems, supported by CFD and chemical kinetics modeling. The company operates through APC, FUEL CHEM and water treatment/engineering segments. It sells and licenses technologies globally across North America, Europe, South Africa, Latin America, India and the Pacific Rim via direct projects and local partnerships.
Summary from filing dated 2025-03-04
Financials
Consolidated Statement of Income
Year Ended · In millions, except per-share amounts
| 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
As of · In millions, except per-share amounts
| 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
Year Ended · In millions, except per-share amounts
| 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
Filing historySign up free to browse every 10-K, 10-Q, 8-K, and proxy this filer has submitted to the SEC.Sign up free · Upgrade to Pro
Material Events
Material EventsTrack every 8-K filing and material event — AI-summarized, timelined, and alertable.Sign up free · Upgrade to Pro
Insiders
Insider ActivitySee executive buy/sell windows and insider trade activity over rolling 30/90/365-day windows.Sign up free · Upgrade to Pro
Institutional Holders
Institutional HoldersSee which funds hold this stock and track position changes quarter over quarter.Sign up free · Upgrade to Pro