FTEK · Fuel Tech, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $6.08M | - | $7.49M | $5.56M | $6.38M | - | $7.85M | $7.04M | $4.96M | - |
| Cost of Revenue | $3.44M | - | $3.83M | $3.03M | $3.42M | - | $4.44M | $4.09M | $2.93M | - |
| Gross Profit | $2.64M | - | $3.66M | $2.53M | $2.96M | - | $3.41M | $2.95M | $2.03M | - |
| R&D | $524.0K | - | $450.0K | $490.0K | $570.0K | - | $361.0K | $422.0K | $376.0K | - |
| SG&A | $3.72M | - | $3.21M | $3.35M | $3.34M | - | $3.23M | $3.25M | $3.35M | - |
| Total Operating Expenses | $7.68M | - | $7.49M | $6.87M | $7.33M | - | $8.03M | $7.76M | $6.65M | - |
| D&A | $175.0K | - | - | - | $164.0K | - | - | - | $80.0K | - |
| Operating Income | ($1.60M) | - | $4.0K | ($1.31M) | ($952.0K) | - | ($179.0K) | ($715.0K) | ($1.69M) | - |
| Interest Expense | - | - | - | - | - | - | $0 | $0 | $0 | - |
| Income Tax | ($1.0K) | - | $7.0K | $4.0K | $0 | - | $1.0K | $6.0K | $11.0K | - |
| Net Income | ($1.35M) | - | $303.0K | ($689.0K) | ($739.0K) | - | $80.0K | ($421.0K) | $281.0K | - |
| EPS - Basic | ($0.04) | - | $0.01 | ($0.02) | ($0.02) | - | $0.00 | ($0.01) | $0.01 | - |
| EPS - Diluted | ($0.04) | - | $0.01 | ($0.02) | ($0.02) | - | $0.00 | ($0.01) | $0.01 | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $9.11M | $11.94M | $13.68M | $10.59M | $11.82M | $8.51M | $12.27M | $10.40M | $11.38M | $17.58M |
| Accounts Receivable | $4.11M | $5.36M | $4.83M | $6.29M | $5.63M | $9.37M | $9.20M | $8.65M | $7.10M | $6.73M |
| Inventory | $364.0K | $373.0K | $402.0K | $616.0K | $534.0K | $397.0K | $441.0K | $462.0K | $537.0K | $439.0K |
| Accounts Payable | $2.14M | $3.24M | $2.40M | $2.12M | $1.59M | $2.92M | $3.27M | $2.94M | $1.85M | $2.42M |
| Current Assets | $27.15M | $31.94M | $31.95M | $31.01M | $29.15M | $29.62M | $30.92M | $30.30M | $32.19M | $38.32M |
| Total Assets | $44.49M | $47.18M | $47.91M | $47.00M | $46.71M | $48.80M | $50.12M | $48.99M | $49.45M | $50.39M |
| Current Liabilities | $4.99M | $6.27M | $5.91M | $5.33M | $4.29M | $5.86M | $5.32M | $4.48M | $4.53M | $5.69M |
| Long-term Debt | - | - | - | - | - | - | - | - | - | - |
| Total Liabilities | $5.93M | $7.25M | $6.90M | $6.34M | $5.27M | $6.84M | $6.25M | $5.42M | $5.49M | $6.67M |
| Stockholders' Equity | $38.56M | $39.93M | $41.01M | $40.66M | $41.44M | $41.95M | $43.86M | $43.57M | $43.96M | $43.71M |
| Retained Earnings | ($123.15M) | ($121.80M) | ($120.60M) | ($120.90M) | ($120.21M) | ($119.47M) | ($117.59M) | ($117.67M) | ($117.25M) | ($117.53M) |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | ($847.0K) | - | - | - | $1.51M | - | - | - | ($1.07M) | - |
| Investing Cash Flow | ($1.91M) | - | - | - | $1.69M | - | - | - | ($5.00M) | - |
| Financing Cash Flow | ($34.0K) | - | - | - | ($24.0K) | - | - | - | $0 | - |
| CapEx | $322.0K | - | - | - | $65.0K | - | - | - | $114.0K | - |
| Free Cash Flow | ($1.17M) | - | - | - | $1.44M | - | - | - | ($1.19M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | 43.5% | - | 48.9% | 45.5% | 46.4% | - | 43.4% | 41.9% | 40.9% | - |
| Operating margin | -26.3% | - | 0.1% | -23.5% | -14.9% | - | -2.3% | -10.2% | -34.1% | - |
| EBITDA margin | -23.4% | - | - | - | -12.3% | - | - | - | -32.5% | - |
| Net margin | -22.3% | - | 4.0% | -12.4% | -11.6% | - | 1.0% | -6.0% | 5.7% | - |
| Free cash flow margin | -19.2% | - | - | - | 22.6% | - | - | - | -24.0% | - |
| FCF / Net income | 0.86 | - | - | - | -1.95 | - | - | - | -4.23 | - |
| R&D / Revenue | 8.6% | - | 6.0% | 8.8% | 8.9% | - | 4.6% | 6.0% | 7.6% | - |
| SG&A / Revenue | 61.1% | - | 42.8% | 60.2% | 52.4% | - | 41.1% | 46.1% | 67.5% | - |
| Effective tax rate | - | - | 2.3% | - | - | - | 1.2% | - | 3.8% | - |
| Return on assets | -3.0% | - | 0.6% | -1.5% | -1.6% | - | 0.2% | -0.9% | 0.6% | - |
| Return on equity | -3.5% | - | 0.7% | -1.7% | -1.8% | - | 0.2% | -1.0% | 0.6% | - |
| Return on invested capital | - | - | - | - | - | - | - | - | - | - |
| Liquidity | ||||||||||
| Current ratio | 5.44 | 5.09 | 5.41 | 5.82 | 6.80 | 5.06 | 5.82 | 6.76 | 7.11 | 6.74 |
| Quick ratio | 5.37 | 5.03 | 5.34 | 5.71 | 6.67 | 4.99 | 5.73 | 6.66 | 6.99 | 6.66 |
| Cash ratio | 1.83 | 1.90 | 2.31 | 1.99 | 2.76 | 1.45 | 2.31 | 2.32 | 2.51 | 3.09 |
| Leverage | ||||||||||
| Debt / Equity | - | - | - | - | - | - | - | - | - | - |
| Debt / Assets | - | - | - | - | - | - | - | - | - | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Interest coverage | - | - | - | - | - | - | - | - | - | - |
| Equity multiplier | 1.15 | 1.18 | 1.17 | 1.16 | 1.13 | 1.16 | 1.14 | 1.12 | 1.12 | 1.15 |
| Liabilities / Assets | 0.13 | 0.15 | 0.14 | 0.13 | 0.11 | 0.14 | 0.12 | 0.11 | 0.11 | 0.13 |
| Efficiency | ||||||||||
| Asset turnover | 0.14 | - | 0.16 | 0.12 | 0.14 | - | 0.16 | 0.14 | 0.10 | - |
| Inventory turnover | 9.44 | - | 9.52 | 4.92 | 6.41 | - | 10.08 | 8.85 | 5.45 | - |
| Days sales outstanding | 247d | - | 235d | 413d | 322d | - | 428d | 448d | 523d | - |
| Days inventory outstanding | 39d | - | 38d | 74d | 57d | - | 36d | 41d | 67d | - |
| Days payable outstanding | 228d | - | 229d | 256d | 169d | - | 269d | 262d | 231d | - |
| Cash conversion cycle | 58d | - | 45d | 232d | 210d | - | 195d | 227d | 359d | - |
| Valuation | ||||||||||
| P / E | - | - | 300.0x | - | - | - | - | - | 121.0x | - |
| P / B | 1.0x | - | 2.3x | 1.9x | 0.8x | - | 0.7x | 0.7x | 0.8x | - |
| P / S | 6.2x | - | 12.5x | 14.0x | 5.1x | - | 4.1x | 4.6x | 7.5x | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | -4.7% | - | -4.6% | -21.1% | 28.7% | - | -1.7% | 29.0% | -32.0% | - |
| Revenue CAGR (3y) | -5.9% | - | -2.2% | -4.4% | 4.9% | - | 1.3% | 10.5% | -0.5% | - |
| Revenue CAGR (5y) | 3.9% | - | -1.7% | 4.8% | 11.1% | - | 4.0% | -4.7% | -13.4% | - |
| Gross profit growth (YoY) | -10.6% | - | 7.5% | -14.3% | 45.8% | - | -5.7% | 47.9% | -27.7% | - |
| Operating income growth (YoY) | -67.6% | - | - | -82.9% | 43.7% | - | - | 46.3% | -157.1% | - |
| Net income growth (YoY) | -83.4% | - | 278.8% | -63.7% | - | - | -82.6% | 59.7% | - | - |
| EPS growth (YoY) | -100.0% | - | - | -100.0% | - | - | - | 66.7% | - | - |
| EPS CAGR (3y) | - | - | 0.0% | - | - | - | - | - | 0.0% | - |
| EPS CAGR (5y) | - | - | -35.6% | - | - | - | - | - | - | - |
| FCF growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -7.0% | -4.8% | -6.5% | -6.7% | -5.7% | -4.0% | -0.5% | -0.2% | -1.4% | -2.5% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2025-12-31.
Business segments
$26.68M totalFUELCHEM$17.77M · 66.6%
Air Pollution Control$8.91M · 33.4%
Product / service
$8.91M totalTechnology Solutions$5.42M · 60.8%
Ancillary Revenue$1.75M · 19.6%
Spare Parts$1.74M · 19.5%
Geographic
$32.33M totalUS$21.02M · 65.0%
Non Us$5.66M · 17.5%
Pacific Rim And Other Geographical Areas$2.39M · 7.4%
Europe$2.24M · 6.9%
Americas$707.0K · 2.2%
ZA$318.0K · 1.0%
Peer comparison
Same SIC group: Industrial & Commercial Fans & Blowers & Air Purifing Equip
Comparing FUEL TECH against the 5 most active filers in the same SIC group.