Fuel Tech(FTEK) - 2025 Q4 - Annual Results

Revenue Performance - Fuel Tech reported consolidated revenues of $7.2 million for Q4 2025, a 37% increase from $5.3 million in Q4 2024[7] - FUEL CHEM segment revenues rose by 37.4% in Q4 2025 and by 27.9% for the full year 2025, with annual revenue potential from a new customer estimated at $2.5 to $3.0 million[4] - Air Pollution Control (APC) segment revenues increased by 36.7% in Q4 2025, but declined for the full year due to project delays, with a consolidated APC backlog of $7.0 million as of December 31, 2025[5] - Total revenues for 2025 increased to $26.7 million from $25.1 million in 2024, driven by higher FUEL CHEM revenues[13] - Revenues for Q4 2025 reached $7,247 million, a 37% increase from $5,283 million in Q4 2024[25] - Total revenues for the year 2025 were $26,677 million, up from $25,133 million in 2024, representing a 6.2% growth[25] - Revenues from the United States for 2025 were $21,022 million, compared to $17,802 million in 2024, indicating a 18.5% increase[34] Financial Metrics - The company maintained a gross margin of 44.6% in Q4 2025, up from 42.3% in Q4 2024, primarily due to higher APC segment gross margins[7] - Operating loss for Q4 2025 was $1,425 million, an improvement from a loss of $2,116 million in Q4 2024[25] - The net loss for 2025 was $(2.3) million, or $(0.08) per share, compared to a net loss of $(1.9) million, or $(0.06) per share in 2024[15] - Net loss for the year 2025 was $2,324 million, compared to a net loss of $1,943 million in 2024[27] - Adjusted EBITDA for Q4 2025 was $(1,244) million, slightly better than $(1,828) million in Q4 2024[36] - The company reported a comprehensive loss of $2,127 million for the year 2025, compared to a comprehensive loss of $2,110 million in 2024[27] Expenses - SG&A expenses for 2025 were $14.1 million, or 52.7% of revenues, compared to $13.8 million, or 54.8% in 2024[14] - Research and development expenses for the year 2025 totaled $2,014 million, up from $1,564 million in 2024[25] Cash and Investments - Cash and investments totaled nearly $32 million at year-end 2025, with no long-term debt reported[3] - Cash and cash equivalents at the end of 2025 were $11,939 million, an increase from $8,510 million at the end of 2024[29] Future Opportunities - The company has a sales pipeline of approximately $75-100 million related to data center construction opportunities across the U.S.[6] - Fuel Tech is actively engaged in the demonstration of its DGI technology, with positive initial results expected to conclude in Q2 2026[6]