FUEL TECH, INC. FTEK

Industrials SIC 3564 - Industrial & Commercial Fans & Blowers & Air Purifing Equip NAICS Manufacturing › Machinery Manufacturing › Ventilation, Heating, Air-Conditioning, and Commercial Refrigeration Equipment Manufacturing › Industrial and Commercial Fan and Blower and Air Purification Equipment Manufacturing derived Nasdaq

We are a leading technology company engaged in the worldwide development, commercialization and application of sustainable state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment and advanced engineering services. These technologies enable our customers to operate efficiently in a cost-effective and environmentally sustainable manner.

The Company's nitrogen oxide (NOx) reduction technologies include NOxOUT® and Advanced Selective Non-Catalytic Reduction (SNCR) systems and ASCR® Advanced Selective Catalytic Reduction systems. SCR reagent supply systems include the ULTRA® and U2A processes for safe ammonia generation and UDI™ Urea Direct Injection systems, along with aqueous and anhydrous ammonia storage and delivery systems. These technologies have established Fuel Tech as a leader in NOx reduction, with installations on over 2,000 units worldwide.

Last close 1.37 2026-10-23
Market cap $42.8M 2026-06-30 share count
52-week range 1.17 - 2.80

Valuation FY2025 figures against the last close

P/S1.6x
P/E—
P/FCF18.3x
EV/EBITDA—
Dividend yield—
Diluted EPS-0.08

Where the revenue comes from as reported in the latest 10-K

Revenue by geography

  • United States
  • Non-US
Revenue by geography, 2 categories over 2 years. The same figures are in the table below. FY2025 United States, FY2025: 21M (78.8%) 79% United States Non-US, FY2025: 5.7M (21.2%) 21% Non-US FY2024 United States, FY2024: 17.8M (70.8%) 71% Non-US, FY2024: 7.3M (29.2%) 29%
Region FY2025FY2024
United States $21.0M $17.8M
Non-US $5.7M $7.3M

As the company reported it, from the “Note 12 - Business Segment and Geographic Financial Data - Geographic Segment Financial Data (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $26.7M$25.1M$27.1M$26.9M$24.3M$22.6M$30.5M$56.5M$45.2M$55.2M
Cost of revenue $14.3M$14.5M$15.4M$15.3M$12.4M$11.9M$19.6M$36.5M$27.1M$36.4M
Gross profit $12.4M$10.6M$11.7M$11.6M$11.9M$10.6M$10.8M$20.1M$18.0M$18.8M
R&D $2.0M$1.6M$1.5M$895.0K$1.3M$1.2M$1.1M$1.1M$1.1M$1.8M
SG&A $14.1M$13.8M$12.8M$12.3M$12.1M$13.6M$17.2M$18.6M$20.9M$25.6M
Total operating expenses $30.4M$29.8M$29.7M$28.5M$25.8M$26.9M$38.7M$56.4M$52.2M$67.2M
Operating income -$3.7M-$4.7M-$2.7M-$1.5M-$1.5M-$4.3M-$8.2M$110.0K-$7.1M-$12.0M
Interest expense —$0$21.0K$17.0K$19.0K$4.0K——$0$0
Pre-tax income -$2.3M-$1.9M-$1.5M-$1.4M$68.0K-$4.2M-$7.8M$118.0K-$7.1M-$12.9M
Income tax $15.0K$77.0K$69.0K$54.0K$14.0K$57.0K$14.0K$33.0K$580.0K$1.7M
Net income -$2.3M-$1.9M-$1.5M-$1.4M$54.0K-$4.3M-$7.9M-$28.0K-$10.4M-$17.4M
EPS, basic -0.08-0.06-0.05-0.050.00-0.17-0.320.00-0.44-0.01
EPS, diluted -0.08-0.06-0.05-0.050.00-0.17-0.320.00-0.44-0.74
Shares, diluted (wtd. avg.) 30.9M30.6M30.3M30.3M29.7M24.7M24.2M24.2M23.9M23.4M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $11.9M$8.5M$17.6M$23.3M$35.9M$10.6M$10.9M$12.0M$14.4M$17.8M
Short-term investments $12.9M$10.2M$12.1M$3.0M$0——$0$6.0K$9.0K
Receivables $5.4M$9.4M$6.7M$7.7M$3.3M$6.5M$6.5M$18.4M$19.7M$18.8M
Inventory $373.0K$397.0K$439.0K$392.0K$348.0K$97.0K$264.0K$957.0K$945.0K$1.0M
Total current assets $31.9M$29.6M$38.3M$35.8M$41.5M$21.1M$21.6M$40.7M$33.7M$40.6M
Property, plant and equipment $4.7M$5.1M$4.5M$4.4M$4.6M$5.2M$5.7M$6.0M$6.3M$10.5M
Goodwill $2.1M$2.1M$2.1M$2.1M$2.1M$2.1M$2.1M$2.1M$2.1M$2.1M
Other intangibles $646.0K$327.0K$358.0K$397.0K$448.0K$553.0K$906.0K$1.2M$1.7M$1.8M
Total assets $47.2M$48.8M$50.4M$50.1M$50.0M$30.1M$31.6M$51.7M$50.5M$57.8M
Accounts payable $3.2M$2.9M$2.4M$2.7M$1.6M$2.4M$2.1M$9.5M$9.1M$6.3M
Total current liabilities $6.3M$5.9M$5.7M$4.8M$3.2M$5.5M$4.8M$17.2M$15.7M$14.1M
Long-term debt ————$0$1.6M————
Total liabilities $7.2M$6.8M$6.7M$5.3M$3.8M$7.8M$5.4M$17.7M$16.3M$14.4M
Retained earnings -$121.8M-$119.5M-$117.5M-$116.0M-$114.5M-$114.6M-$110.3M-$102.5M-$102.5M-$92.2M
Total equity $39.9M$42.0M$43.7M$44.8M$46.2M$22.3M$26.2M$34.1M$34.2M$42.7M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow $3.0M-$3.4M$696.0K-$4.1M$761.0K-$2.7M-$3.4M$4.9M-$3.6M-$2.7M
Depreciation and amortisation $663.0K$403.0K$281.0K$352.0K$584.0K$663.0K$810.0K$654.0K$1.3M$1.8M
Stock-based compensation $326.0K$446.0K$389.0K$224.0K$82.0K$290.0K$574.0K$233.0K$1.4M$2.0M
Capital expenditure $674.0K$378.0K$418.0K$206.0K$84.0K$247.0K$550.0K$570.0K$492.0K$940.0K
Investing cash flow $545.0K-$5.4M-$6.4M-$9.5M-$84.0K-$247.0K-$45.0K-$569.0K-$490.0K-$938.0K
Financing cash flow -$222.0K-$95.0K$42.0K-$17.0K$24.0M$1.3M-$128.0K-$12.0K-$258.0K-$172.0K
Buybacks $222.0K$95.0K$0$17.0K$52.0K$570.0K$128.0K$12.0K$258.0K$172.0K

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001437749-26-012157.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -20M 0 20M 40M 60M Revenue, FY2016: 55.2M Gross profit, FY2016: 18.8M Net income, FY2016: -17.4M Revenue, FY2017: 45.2M Gross profit, FY2017: 18M Net income, FY2017: -10.4M Revenue, FY2018: 56.5M Gross profit, FY2018: 20.1M Net income, FY2018: -28K Revenue, FY2019: 30.5M Gross profit, FY2019: 10.8M Net income, FY2019: -7.9M Revenue, FY2020: 22.6M Gross profit, FY2020: 10.6M Net income, FY2020: -4.3M Revenue, FY2021: 24.3M Gross profit, FY2021: 11.9M Net income, FY2021: 54K Revenue, FY2022: 26.9M Gross profit, FY2022: 11.6M Net income, FY2022: -1.4M Revenue, FY2023: 27.1M Gross profit, FY2023: 11.7M Net income, FY2023: -1.5M Revenue, FY2024: 25.1M Gross profit, FY2024: 10.6M Net income, FY2024: -1.9M Revenue, FY2025: 26.7M Gross profit, FY2025: 12.4M Net income, FY2025: -2.3M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $55.2M $45.2M $56.5M $30.5M $22.6M $24.3M $26.9M $27.1M $25.1M $26.7M
Gross profit $18.8M $18.0M $20.1M $10.8M $10.6M $11.9M $11.6M $11.7M $10.6M $12.4M
Net income -$17.4M -$10.4M -$28.0K -$7.9M -$4.3M $54.0K -$1.4M -$1.5M -$1.9M -$2.3M

Recent filings and events

  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
  • Officer or director change Item 5.02
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Results announced Item 2.02
  • Officer or director change Item 5.02
  • Results announced Item 2.02
  • Results announced Item 2.02
  • Shareholder vote Item 5.07

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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