Fuel Tech, Inc. (FTEK) Financial Statements
Industry: Industrial & Commercial Fans & Blowers & Air Purifing Equip
In fiscal 2025, Fuel Tech reported revenue of $26.7M, up 6.1% from $25.1M the year before. Net income was -$2.3M (a -8.7% net margin), or -$0.08 per diluted share. Gross margin was 46.4% and operating margin was -13.8%. Operating activities generated $3.0M of cash, leaving $2.3M of free cash flow. At fiscal year end, Fuel Tech held $47.2M in total assets against $7.2M in total liabilities, including $11.9M of cash and equivalents.
Open the full interactive Fuel Tech financials → Quarterly statements, key ratios, valuation history and price charts.
Fuel Tech Key Stats
| Share Price | $1.61 |
|---|---|
| Market Cap | $50.2M |
| Revenue YoY Growth | +6.1% |
| 52-Week Range | $1.19 – $3.19 |
| Shares Outstanding | 31.2 million (basic, 2026 Q2) |
Fuel Tech Income Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Revenue | $22.6M | $24.3M | $26.9M | $27.1M | $25.1M | $26.7M |
| Cost of Goods Sold | $26.9M | $25.8M | $28.5M | $29.7M | $29.8M | $30.4M |
| Gross Profit | $10.6M | $11.9M | $11.6M | $11.7M | $10.6M | $12.4M |
| Operating Income | -$4.3M | -$1.5M | -$1.5M | -$2.7M | -$4.7M | -$3.7M |
| Pre-Tax Income | -$4.2M | $68,000 | -$1.4M | -$1.5M | -$1.9M | -$2.3M |
| Income Tax | $57,000 | $14,000 | $54,000 | $69,000 | $77,000 | $15,000 |
| Net Income | -$4.3M | $54,000 | -$1.4M | -$1.5M | -$1.9M | -$2.3M |
| Diluted EPS | -$0.17 | — | -$0.05 | -$0.05 | -$0.06 | -$0.08 |
Fuel Tech Quarterly Results
| 2025 Q3 | 2025 Q4 | 2026 Q1 | 2026 Q2 | |
|---|---|---|---|---|
| Revenue | $7.5M | $7.2M | $6.1M | $6.5M |
| Net Income | $303,000 | -$1.2M | -$1.4M | -$1.2M |
| Diluted EPS | $0.01 | -$0.04 | -$0.04 | -$0.04 |
Fuel Tech Balance Sheet
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $10.6M | $35.9M | $23.3M | $17.6M | $8.5M | $11.9M |
| Current Assets | $21.1M | $41.5M | $35.8M | $38.3M | $29.6M | $31.9M |
| Total Assets | $30.1M | $50.0M | $50.1M | $50.4M | $48.8M | $47.2M |
| Current Liabilities | $5.5M | $3.2M | $4.8M | $5.7M | $5.9M | $6.3M |
| Total Long-Term Debt | $1.6M | $76,000 | $76,000 | $76,000 | $76,000 | $76,000 |
| Total Liabilities | $7.8M | $3.8M | $5.3M | $6.7M | $6.8M | $7.2M |
| Shareholders' Equity | $22.3M | $46.2M | $44.8M | $43.7M | $42.0M | $39.9M |
Fuel Tech Cash Flow Statement
| FY 2020 | FY 2021 | FY 2022 | FY 2023 | FY 2024 | FY 2025 | |
|---|---|---|---|---|---|---|
| Cash From Operations | -$2.7M | $761,000 | -$4.1M | $696,000 | -$3.4M | $3.0M |
| Cash From Investing | -$247,000 | -$84,000 | -$9.5M | -$6.4M | -$5.4M | $545,000 |
| Cash From Financing | $1.3M | $24.0M | -$17,000 | $42,000 | -$95,000 | -$222,000 |
| Free Cash Flow | -$3.0M | $677,000 | -$4.3M | $278,000 | -$3.8M | $2.3M |
Figures from Fuel Tech's 10-K and 10-Q filings with the SEC, as of 2026-10-14. Fiscal years follow the company's own reporting calendar. EPS and share counts are adjusted for later stock splits. See the full Fuel Tech financials page for every line item.
Fuel Tech Company Profile
| Ticker | FTEK |
|---|---|
| Exchange | Nasdaq |
| Industry | Industrial & Commercial Fans & Blowers & Air Purifing Equip |
| Headquarters | Warrenville, Illinois |
| Incorporated in | Delaware |
| Fiscal Year End | December 31 |
| SEC Filer Category | Non-accelerated filer, smaller reporting company |
| SEC CIK | 0000846913 |
Frequently Asked Questions
What was Fuel Tech's revenue in fiscal 2025?
Fuel Tech (FTEK) reported revenue of $26.7M for fiscal 2025.
What is Fuel Tech's annual revenue history?
Fuel Tech's annual revenue by fiscal year: 2020: $22.6M; 2021: $24.3M; 2022: $26.9M; 2023: $27.1M; 2024: $25.1M; 2025: $26.7M.
What was Fuel Tech's net income in fiscal 2025?
Fuel Tech reported net income of -$2.3M for fiscal 2025.
What was Fuel Tech's earnings per share (EPS) in fiscal 2025?
Fuel Tech's diluted EPS was -$0.08 for fiscal 2025 (adjusted for any later stock splits).
How much free cash flow did Fuel Tech generate in fiscal 2025?
Fuel Tech generated $2.3M of free cash flow in fiscal 2025.
What was Fuel Tech's revenue last quarter?
In its most recent reported quarter (2026 Q2), Fuel Tech reported revenue of $6.5M.
How much debt does Fuel Tech have?
Fuel Tech reported $76,000 of long-term debt, including the current portion, at the end of fiscal 2025.
How many shares of Fuel Tech are outstanding?
Fuel Tech reported a weighted average of 31.2 million basic shares outstanding in 2026 Q2.
What is Fuel Tech's market cap?
Based on its latest closing price, Fuel Tech (FTEK) has a market capitalization of about $50.2M.
When does Fuel Tech's fiscal year end?
Fuel Tech's fiscal year end, as registered with the SEC, is December 31.
Where is Fuel Tech headquartered?
Fuel Tech lists its business address in Warrenville, Illinois in its SEC filings.