Fuel Tech Reports 2025 Third Quarter Financial Results

Core Insights - Fuel Tech, Inc. reported a profitable third quarter with a significant increase in its Air Pollution Control (APC) backlog by over 20% since June 30, 2025, ending the quarter with $33.8 million in cash and no debt [2][3]. Financial Performance - Consolidated revenues for Q3 2025 decreased to $7.5 million from $7.9 million, primarily due to lower APC revenues, while FUEL CHEM revenues increased [7][10]. - The consolidated gross margin improved to 48.9% from 43.4%, reflecting better margins in both APC and FUEL CHEM segments [7]. - Net income for Q3 2025 was $303,000, or $0.01 per share, compared to $80,000, or $0.00 per share in the prior year [8]. Business Segment Performance - APC segment revenue fell to $2.7 million from $3.2 million, attributed to project execution timing, but gross margin increased to 47.2% from 35.0% [9]. - FUEL CHEM segment revenue rose to $4.8 million from $4.6 million, with gross margin expanding to 49.8% from 49.2% due to increased sales activity [10]. Strategic Developments - The company made a strategic acquisition of APC intellectual property from Wahlco, Inc. for $350,000, enhancing its technology portfolio [5]. - Fuel Tech is actively pursuing opportunities in power generation, particularly for data centers and public utilities, and is engaged in multiple bids for its Selective Catalytic Reduction (SCR) technology [4]. Cash and Investments - As of September 30, 2025, the company had cash and cash equivalents of $13.7 million, short-term investments of $12.2 million, and long-term investments totaling $8.0 million [11].