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Financials · FTEK

Fuel Tech Inc. (FTEK) financials

For the twelve months ended Sep 30, 2026, Fuel Tech Inc. reported $28.49M of revenue and -$4.05M of net income.

Revenue, TTM
$28.49M
Revenue growth, YoY
+15.3%
Net income, TTM
-$4.05M
Net margin
-14.2%
Free cash flow, TTM
-$5.92M
EPS, diluted, TTM
-$0.14
Cash
$6.83M
P/S
1.55
Market cap
$44.0M
Annual revenue$26.68M
FY2016FY2025
Annual net income-$2.32M
FY2016FY2025
Annual free cash flow$2.34M
FY2016FY2025

FTEK revenue and earnings growth

FTEK revenueQ3 2026$8.68M

Quarter YoY
+15.8%
QoQ
+33.8%
FY YoY
+6.1%
5Y CAGR
+3.4%
10Y CAGR
-9.7%

FTEK revenue was $8.68M in fiscal Q3 2026 (ended Sep 30, 2026), up 15.8% from a year earlier and up 33.8% from the prior quarter. For the full fiscal 2025 it was $26.68M, up 6.1% from fiscal 2024. Compound annual growth was +3.4% over 5 years and -9.7% over 10 years. It rose in 5 of the last 10 fiscal years.

FTEK net incomeQ3 2026-$267.0K

FTEK net income was -$267.0K in fiscal Q3 2026 (ended Sep 30, 2026), compared with $303.0K a year earlier. For the full fiscal 2025 it was -$2.32M, compared with -$1.94M in fiscal 2024.

FTEK EPSQ3 2026-$0.01

FTEK diluted EPS was -$0.01 in fiscal Q3 2026 (ended Sep 30, 2026), compared with $0.01 a year earlier. For the full fiscal 2025 it was -$0.08, compared with -$0.06 in fiscal 2024.

FTEK free cash flowQ3 2026-$1.77M

10Y CAGR
-9.2%

FTEK free cash flow was -$1.77M in fiscal Q3 2026 (ended Sep 30, 2026), compared with $2.97M a year earlier. For the full fiscal 2025 it was $2.34M, compared with -$3.81M in fiscal 2024. Compound annual growth was -9.2% over 10 years.

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Income statement

Income statement
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue$26.68M$25.13M$27.08M$26.94M$24.26M$22.55M$30.47M$56.53M$45.17M$55.16M
Cost of revenue$14.29M$14.51M$15.43M$15.30M$12.36M$11.91M$19.64M$36.47M$27.14M$36.37M
Gross profit$12.38M$10.62M$11.66M$11.64M$11.90M$10.64M$10.83M$20.06M$18.02M$18.79M
Research and development$2.01M$1.56M$1.51M$895.0K$1.33M$1.18M$1.13M$1.07M$1.07M$1.75M
Selling, general and admin$14.05M$13.76M$12.80M$12.28M$12.05M$13.60M$17.19M$18.56M$20.93M$25.56M
Operating income-$3.68M-$4.70M-$2.66M-$1.53M-$1.49M-$4.34M-$8.24M$110.0K-$7.07M-$12.02M
Interest expense-$0$21.0K$17.0K$19.0K$4.0K--$0$0
Pre-tax income-$2.31M-$1.87M-$1.47M-$1.39M$68.0K-$4.22M-$7.84M$118.0K-$7.12M-$12.92M
Income tax$15.0K$77.0K$69.0K$54.0K$14.0K$57.0K$14.0K$33.0K-$580.0K$1.66M
Net income-$2.32M-$1.94M-$1.54M-$1.44M$54.0K-$4.28M-$7.85M-$28.0K-$10.45M-$17.39M
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
Diluted shares30.9M30.6M30.3M30.3M29.7M24.7M24.2M24.2M23.9M23.4M

Balance sheet

Balance sheet
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Cash and equivalents$11.94M$8.51M$17.58M$23.33M$35.89M$10.64M$10.91M$18.06M$14.39M$17.85M
Short-term investments$12.94M$10.18M$12.14M$2.98M$0--$0$6.0K$9.0K
Receivables$5.36M$9.37M$6.73M$7.73M$3.26M$6.55M$6.47M$18.40M$19.69M$18.79M
Inventory$373.0K$397.0K$439.0K$392.0K$348.0K$97.0K$264.0K$957.0K$945.0K$1.01M
Current assets$31.94M$29.62M$38.32M$35.83M$41.47M$21.07M$21.61M$40.72M$33.75M$40.63M
Goodwill$2.12M$2.12M$2.12M$2.12M$2.12M$2.12M$2.12M$2.12M$2.12M$2.12M
Total assets$47.18M$48.80M$50.39M$50.12M$49.97M$30.09M$31.61M$51.72M$50.48M$57.79M
Current liabilities$6.27M$5.86M$5.69M$4.77M$3.22M$5.53M$4.79M$17.16M$15.72M$14.05M
Short-term debt------$0---
Long-term debt----$0$1.56M$0---
Total debt----$0$1.56M$0---
Total liabilities$7.25M$6.84M$6.67M$5.28M$3.77M$7.77M$5.43M$17.67M$16.31M$14.40M
Shareholders' equity$39.93M$41.95M$43.71M$44.84M$46.20M$22.32M$26.18M$34.05M$34.17M$42.69M

Cash flow

Cash flow
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Operating cash flow$3.02M-$3.43M$696.0K-$4.14M$761.0K-$2.71M-$3.39M$4.93M-$3.57M-$2.74M
Capital expenditures$674.0K$378.0K$418.0K$206.0K$84.0K$247.0K$550.0K$570.0K$492.0K$940.0K
Free cash flow$2.34M-$3.81M$278.0K-$4.34M$677.0K-$2.95M-$3.94M$4.36M-$4.06M-$3.68M
Investing cash flow$545.0K-$5.44M-$6.44M-$9.48M-$84.0K-$247.0K-$45.0K-$569.0K-$490.0K-$938.0K
Financing cash flow-$222.0K-$95.0K$42.0K-$17.0K$23.98M$1.28M-$128.0K-$12.0K-$258.0K-$172.0K
Stock-based compensation$326.0K$446.0K$389.0K$224.0K$82.0K$290.0K$574.0K$233.0K$1.39M$1.99M

Key ratios

Key ratios
Line item
FY2025
Dec 31, 2025
FY2024
Dec 31, 2024
FY2023
Dec 31, 2023
FY2022
Dec 31, 2022
FY2021
Dec 31, 2021
FY2020
Dec 31, 2020
FY2019
Dec 31, 2019
FY2018
Dec 31, 2018
FY2017
Dec 31, 2017
FY2016
Dec 31, 2016
Revenue growth, YoY6.1%-7.2%0.5%11.0%7.6%-26.0%-46.1%25.2%-18.1%-25.1%
Gross margin46.4%42.3%43.0%43.2%49.0%47.2%35.5%35.5%39.9%34.1%
Operating margin-13.8%-18.7%-9.8%-5.7%-6.1%-19.2%-27.0%0.2%-15.6%-21.8%
Net margin-8.7%-7.7%-5.7%-5.4%0.2%-19.0%-25.8%-0.0%-23.1%-31.5%
Free cash flow margin8.8%-15.2%1.0%-16.1%2.8%-13.1%-12.9%7.7%-9.0%-6.7%
Return on equity-5.8%-4.6%-3.5%-3.2%0.1%-19.2%-30.0%-0.1%-30.6%-40.7%
Return on assets-4.9%-4.0%-3.1%-2.9%0.1%-14.2%-24.8%-0.1%-20.7%-30.1%
Current ratio5.095.066.747.5212.873.814.512.372.152.89
Debt to equity----0.000.070.00---

Source: XBRL data Fuel Tech Inc. files with the SEC, latest filing dated Nov 3, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.

* Worked out from the filings rather than stated in them: Q4 is the full year less the first nine months.

Per-share figures are as filed. The filings show no stock split in these periods.

EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.

FTEK peers

CompanyRevenueGrowthNet incomeNet marginMarket cap
FTEK$28.49M+15.3%-$4.05M-14.2%$44.0M
DCI$3.89B+5.3%$453.80M11.7%$10.22B
PPIH$226.11M+24.8%$15.58M6.9%$243.0M

FTEK FAQ

9 questions
  • What is FTEK revenue?
    Fuel Tech Inc. (FTEK) reported $28.49M of revenue for the twelve months ended Sep 30, 2026. That is up 15.3% from the year before. Revenue for fiscal 2025 was $26.68M.
  • Is FTEK profitable?
    No. Fuel Tech Inc. reported a net loss of $4.05M for the twelve months ended Sep 30, 2026.
  • How much cash and debt does FTEK have?
    Fuel Tech Inc. reported $6.83M in cash and cash equivalents on its most recent balance sheet in SEC filings.
  • How fast is FTEK revenue growing?
    Fuel Tech Inc.'s revenue changed +6.1% in fiscal 2025, to $26.68M. Its compound annual growth rate was +3.4% over 5 years and -9.7% over 10 years.
  • What is FTEK gross margin?
    Fuel Tech Inc.'s gross profit was $12.46M on $28.49M of revenue for the twelve months ended Sep 30, 2026, a gross margin of 43.7%.
  • What is FTEK free cash flow?
    Fuel Tech Inc. generated -$5.92M of free cash flow for the twelve months ended Sep 30, 2026, which is operating cash flow of -$4.98M less capital expenditures.
  • What is FTEK earnings per share?
    Diluted earnings per share were -$0.14 for the twelve months ended Sep 30, 2026, from SEC filings, restated for any stock split those filings show.
  • When did FTEK last report financial results?
    The latest statements here come from Fuel Tech Inc.'s 10-Q filed on Nov 3, 2026, covering the period ended Sep 30, 2026.
  • Where does this FTEK financial data come from?
    Quantisnow builds these statements from the structured XBRL data Fuel Tech Inc. files with the SEC. It is provided for information only and is not investment advice.