Group 1 - Loomis Sayles Small Cap Value Fund reported a return of 6.21% in Q3 2025, underperforming the Russell 2000 Value Index which returned 12.60% [1] - The strong performance of US equities in Q3 was attributed to easing tariff concerns, a pro-growth budget from Congress, and expectations of further rate cuts by the Federal Reserve [1] - CECO Environmental Corp. (NASDAQ:CECO) was highlighted as a key stock in the fund, with a one-month return of 20.40% and a 52-week gain of 113.27% [2] Group 2 - CECO Environmental Corp. provides solutions for industrial air quality, water treatment, and energy transition, and was added to the fund in September 2023 during a turnaround phase [3] - The company has shown consistent improvement in its business through organic growth and acquisitions, with strong earnings and exceptional incoming orders reported in Q3 [3] - CECO's stock closed at $62.51 on December 24, 2025, with a market capitalization of $2.228 billion [2]

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].