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Visual21 Nov 2025
Data center suppliers
Fuel Tech (FTEK) investor relations material
Fuel Tech Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary5 Nov, 2025
Executive summary
Achieved profitable operations in Q3 2025, with net income of $303,000 ($0.01 per share), up from $80,000 in the prior year, driven by strong margins in both FUEL CHEM and APC segments.
Expanded client base and customer relationships in both APC and FUEL CHEM segments, with FUEL CHEM benefiting from new accounts and increased dispatch.
Completed a strategic acquisition of Wahlco, Inc.'s APC intellectual property and customer assets for $350,000, expected to strengthen global APC offerings.
Maintained a strong financial position with $33.8 million in cash and investments and no long-term debt.
Gross margin improved to 49% in Q3 2025 from 43% a year ago, with FUEL CHEM at 50% and APC at 47%.
Financial highlights
Q3 2025 consolidated revenues declined to $7.5 million from $7.9 million year-over-year, mainly due to lower APC segment revenues, partially offset by higher FUEL CHEM revenues.
FUEL CHEM revenue increased to $4.8 million from $4.6 million; APC revenue declined to $2.7 million from $3.2 million.
Consolidated gross margin rose to 49% from 43% year-over-year; FUEL CHEM gross margin at 50%, APC at 47%.
Adjusted EBITDA was $228,000, compared to a loss of $35,000 in Q3 2024.
Cash and investments totaled $33.8 million at quarter end; net cash from operations was $4.6 million for the nine months ended September 30, compared to a $1.8 million use in the prior year.
Outlook and guidance
2025 revenues expected to be approximately $27 million, an 8% increase over 2024, excluding material contributions from new APC data center contracts or new FUEL CHEM business development.
FUEL CHEM full-year 2025 segment revenue now guided to $16.5–$17 million, up from prior guidance of $15–$16 million.
APC business pursuing $3–$5 million in additional contracts expected to close by year-end or early Q1 2026, with a separate $80–$100 million pipeline for data center-related SCR projects.
Ongoing demonstration of DGI technology at a fish hatchery expected to last until Q2 2026.
Cash balance expected to remain flat to slightly down by year-end 2025.
Data center pipeline conversion outlook?
Wahlco acquisition: capital project contribution?
Key non-regulatory APC growth drivers?
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Frequently asked questions
Fuel Tech Inc. is a technology company that provides engineering solutions for air pollution control, energy efficiency, and water treatment. The company's core offerings include advanced engineering services, chemical technologies, and equipment designed to reduce emissions from industrial combustion units, particularly in the power generation, industrial, and municipal sectors. Its products address issues such as nitrogen oxide (NOx) reduction, particulate control, and fuel treatment, aiming to enhance environmental compliance and operational efficiency for its clients. Fuel Tech also offers water treatment technologies for industrial and utility applications. The company is headquartered in Warrenville, Illinois, and its shares are listed on the NASDAQ.
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