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Fuel Tech
Fuel Tech (FTEK) investor relations material
Fuel Tech Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary4 Mar, 2026
Executive summary
Achieved record FUEL CHEM revenues since 2018 and strong Q4 growth in both FUEL CHEM and APC segments, supported by data center development and a strategic acquisition.
Maintained a robust financial position with $31.9 million in cash and investments and no debt at year-end.
Demonstrated progress in DGI water treatment technology, with successful demonstrations and new contracts.
FUEL CHEM segment benefited from extended coal-fired unit operations, new commercial accounts, and demonstration programs.
Financial highlights
Q4 2025 consolidated revenues rose 37% year-over-year to $7.2 million, with both APC and FUEL CHEM segments up 37%.
Full-year 2025 consolidated revenue increased 6% to $26.7 million, driven by a 28% rise in FUEL CHEM revenue to $17.8 million.
Q4 gross margin improved to 45% from 42% year-over-year; full-year gross margin rose to 46% from 42%.
Full-year 2025 net loss was $2.3 million ($0.08/share) versus $1.9 million ($0.06/share) in 2024.
Adjusted EBITDA loss was $2.7 million in 2025, compared to $2.2 million in 2024.
Outlook and guidance
2026 revenues expected to exceed 2025, with FUEL CHEM stable and APC segment growth anticipated, excluding potential data center awards.
APC segment pipeline related to data center construction is estimated at $75–100 million.
FUEL CHEM demonstration contract could convert to $2.5–$3.0 million in annual revenue at historic gross margins.
First commercial DGI contract expected in 2026, with modest revenue contribution.
SG&A expenses projected to increase modestly in 2026.
Data center pipeline: conversion timeline?
New FUEL CHEM demo: conversion probability & timing?
DGI commercialization strategy post-trials?
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Next Fuel Tech earnings date
Q1 202612 May, 2026
Fuel Tech
Next Fuel Tech earnings date
Q1 202612 May, 2026
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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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