Warrenville, Illinois — November 4, 2025 — Leads & Copy —
Fuel Tech, Inc. (NASDAQ: FTEK) reported its third-quarter financial results, showing profitability and expanded customer relationships. The company’s APC backlog increased by over 20% since June 30, 2025. Subsequent to the quarter’s end, Fuel Tech strategically acquired complementary APC intellectual property from Wahlco, Inc. for $350,000, enhancing its APC solutions portfolio.
According to Vincent J. Arnone, President and CEO, the company’s FUEL CHEM® business segment performed well during the third quarter of 2025. He noted that in October, they installed equipment at a coal-fired unit for a new FUEL CHEM customer in the U.S. for a commercially-priced demonstration program expected to run for six months. The annual revenue potential from this contract is projected to be approximately $2.5 to $3.0 million.
APC segment revenue decreased due to customer-driven delays and project timing. New awards of $3.2 million were announced from new and existing customers in the U.S., Europe, and Southeast Asia in August. The consolidated APC segment backlog increased to $9.5 million at September 30, 2025.
Fuel Tech exhibited its Dissolved Gas Infusion (DGI®) technology at the Water Environment Federation Technical Exhibition and Conference (WEFTEC) in Chicago and is continuing an extended demonstration of DGI at a fish hatchery in the Western U.S. Fuel Tech acquired Wahlco, Inc.’s intellectual property assets and customer-related activities for $350,000. The assets include technology applicable to flue gas conditioning systems and customer installation data.
Q3 2025 consolidated revenues were $7.5 million, and gross margin expanded to 48.9% of revenues. Net income was $303,000, or $0.01 per share, with an Adjusted EBITDA of $228,000. At September 30, 2025, cash and cash equivalents totaled $13.7 million, short-term investments were $12.2 million, long-term investments totaled $8.0 million, and stockholders’ equity was $41.0 million, or $1.31 per share. The Company had no debt.
Management will host a conference call on Wednesday, November 5, 2025, at 10:00 am ET to discuss the results and business activities.
Vince Arnone, President and CEO, (630) 845-4500
Devin Sullivan, Managing Director, The Equity Group Inc., dsullivan@theequitygroup.com
Source: Fuel Tech, Inc.
