FUEL TECH, INC. FTEK
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.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | -0.05 | 0.00 | -0.17 | -0.32 | 0.00 | -0.44 | -0.01 |
| EPS, diluted | -0.08 | -0.06 | -0.05 | -0.05 | 0.00 | -0.17 | -0.32 | 0.00 | -0.44 | -0.74 |
| Shares, diluted (wtd. avg.) | $30.9M | $30.6M | $30.3M | $30.3M | $29.7M | $24.7M | $24.2M | $24.2M | $23.9M | $23.4M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| 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.
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