Fuel Tech Financials
This page shows Fuel Tech (FTEK) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Fuel Tech’s cash recovery looks working-capital driven, while a subscale overhead base and uneven collections keep the core business unprofitable.
FY2025 produced$3.0M of operating cash flow and$2.3M of free cash flow despite another net loss, reversing FY2024’s cash burn. With accounts receivable falling to$5.4M from$9.4M , that rebound looks driven largely by collecting older sales rather than by a durable repair in the earnings engine.
Gross margin recovered to
The balance sheet is unusually liquid for a money-losing small company: cash of
Financial Health Signals
Based on FY2025 annual data, averaged across the last 3 years for performance metrics (most-recent year weighted highest). How this score is calculated →
Health score ≠ stock price. This rates the quality of Fuel Tech's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Fuel Tech has an operating margin of -13.8%, meaning the company retains $-14 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -18.7% the prior year.
Fuel Tech's revenue grew 6.1% year-over-year to $26.7M, a solid pace of expansion. This earns a growth score of 32/100.
Fuel Tech carries a low D/E ratio of 0.18, meaning only $0.18 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 98/100, indicating a strong balance sheet with room for future borrowing.
With a current ratio of 5.09, Fuel Tech holds $5.09 in current assets for every $1 of short-term obligations. This comfortable liquidity earns a score of 100/100.
Fuel Tech's free cash flow margin of 8.8% results in a low score of 25/100. Capital expenditures of $674K absorb a large share of operating cash flow.
Fuel Tech generates a -5.8% ROE, indicating limited profit relative to shareholders' investment. This results in a returns score of 0/100. This is down from -4.6% the prior year.
Fuel Tech passes 5 of 9 financial strength tests. 2 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, both operating efficiency signals pass.
For every $1 of reported earnings, Fuel Tech generates $-1.30 in operating cash flow ($3.0M OCF vs -$2.3M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Key Financial Metrics
Earnings & Revenue
Fuel Tech generated $26.7M in revenue in fiscal year 2025. This represents an increase of 6.1% from the prior year.
Fuel Tech's EBITDA was -$3.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 29.7% from the prior year.
Fuel Tech reported -$2.3M in net income in fiscal year 2025. This represents a decrease of 19.6% from the prior year.
Fuel Tech earned $-0.08 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 33.3% from the prior year.
Cash & Balance Sheet
Fuel Tech generated $2.3M in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 161.5% from the prior year.
Fuel Tech held $11.9M in cash against $0 in long-term debt as of fiscal year 2025.
Fuel Tech had 31M shares outstanding in fiscal year 2025. This represents an increase of 1.2% from the prior year.
Margins & Returns
Fuel Tech's gross margin was 46.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 4.1 percentage points from the prior year.
Fuel Tech's operating margin was -13.8% in fiscal year 2025, reflecting core business profitability. This is up 4.9 percentage points from the prior year.
Fuel Tech's net profit margin was -8.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 1.0 percentage points from the prior year.
Fuel Tech's ROE was -5.8% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 1.2 percentage points from the prior year.
Capital Allocation
Fuel Tech invested $2.0M in research and development in fiscal year 2025. This represents an increase of 28.8% from the prior year.
Fuel Tech spent $222K on share buybacks in fiscal year 2025, returning capital to shareholders by reducing shares outstanding. This represents an increase of 133.7% from the prior year.
Fuel Tech invested $674K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 78.3% from the prior year.
FTEK Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $6.1M-16.1% | $7.2M-3.2% | $7.5M+34.8% | $5.6M-12.9% | $6.4M+20.8% | $5.3M-32.7% | $7.9M+11.5% | $7.0M |
| Cost of Revenue | $3.4M-14.4% | $4.0M+4.8% | $3.8M+26.4% | $3.0M-11.5% | $3.4M+12.3% | $3.0M-31.4% | $4.4M+8.7% | $4.1M |
| Gross Profit | $2.6M-18.2% | $3.2M-11.7% | $3.7M+44.8% | $2.5M-14.5% | $3.0M+32.4% | $2.2M-34.4% | $3.4M+15.4% | $3.0M |
| R&D Expenses | $524K+4.0% | $504K+12.0% | $450K-8.2% | $490K-14.0% | $570K+40.7% | $405K+12.2% | $361K-14.5% | $422K |
| SG&A Expenses | $3.7M-10.6% | $4.2M+29.6% | $3.2M-4.2% | $3.3M+0.2% | $3.3M-15.3% | $3.9M+22.4% | $3.2M-0.6% | $3.2M |
| Operating Income | -$1.6M-12.0% | -$1.4M-35725.0% | $4K+100.3% | -$1.3M-37.4% | -$952K+55.0% | -$2.1M-1082.1% | -$179K+75.0% | -$715K |
| Interest Expense | N/A | N/A | N/A | N/A | N/A | $0 | $0 | $0 |
| Income Tax | -$1K-125.0% | $4K-42.9% | $7K+75.0% | $4K | $0-100.0% | $59K+5800.0% | $1K-83.3% | $6K |
| Net Income | -$1.4M-13.0% | -$1.2M-495.7% | $303K+144.0% | -$689K+6.8% | -$739K+60.8% | -$1.9M-2453.8% | $80K+119.0% | -$421K |
| EPS (Diluted) | $-0.04 | N/A | $0.01+150.0% | $-0.020.0% | $-0.02 | N/A | $0.00+100.0% | $-0.01 |
FTEK Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $44.5M-5.7% | $47.2M-1.5% | $47.9M+1.9% | $47.0M+0.6% | $46.7M-4.3% | $48.8M-2.6% | $50.1M+2.3% | $49.0M |
| Current Assets | $27.2M-15.0% | $31.9M0.0% | $32.0M+3.0% | $31.0M+6.4% | $29.1M-1.6% | $29.6M-4.2% | $30.9M+2.0% | $30.3M |
| Cash & Equivalents | $9.1M-23.7% | $11.9M-12.7% | $13.7M+29.2% | $10.6M-10.4% | $11.8M+38.9% | $8.5M-30.7% | $12.3M+18.0% | $10.4M |
| Inventory | $364K-2.4% | $373K-7.2% | $402K-34.7% | $616K+15.4% | $534K+34.5% | $397K-10.0% | $441K-4.5% | $462K |
| Accounts Receivable | $4.1M-23.2% | $5.4M+10.9% | $4.8M-23.3% | $6.3M+11.7% | $5.6M-39.8% | $9.4M+1.8% | $9.2M+6.4% | $8.7M |
| Goodwill | $2.1M0.0% | $2.1M0.0% | $2.1M0.0% | $2.1M0.0% | $2.1M0.0% | $2.1M0.0% | $2.1M0.0% | $2.1M |
| Total Liabilities | $5.9M-18.2% | $7.2M+5.0% | $6.9M+8.9% | $6.3M+20.3% | $5.3M-23.0% | $6.8M+9.4% | $6.3M+15.3% | $5.4M |
| Current Liabilities | $5.0M-20.5% | $6.3M+6.1% | $5.9M+11.0% | $5.3M+24.2% | $4.3M-26.8% | $5.9M+10.2% | $5.3M+18.6% | $4.5M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $38.6M-3.4% | $39.9M-2.6% | $41.0M+0.9% | $40.7M-1.9% | $41.4M-1.2% | $42.0M-4.4% | $43.9M+0.7% | $43.6M |
| Retained Earnings | -$123.2M-1.1% | -$121.8M-1.0% | -$120.6M+0.3% | -$120.9M-0.6% | -$120.2M-0.6% | -$119.5M-1.6% | -$117.6M+0.1% | -$117.7M |
FTEK Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$847K+45.9% | -$1.6M-150.6% | $3.1M+14842.9% | -$21K-101.4% | $1.5M+191.5% | -$1.6M-287.5% | $879K+155.3% | -$1.6M |
| Capital Expenditures | $322K-27.3% | $443K+240.8% | $130K+261.1% | $36K-44.6% | $65K+4.8% | $62K-44.6% | $112K+24.4% | $90K |
| Free Cash Flow | -$1.2M+41.8% | -$2.0M-167.8% | $3.0M+5303.5% | -$57K-104.0% | $1.4M+184.4% | -$1.7M-322.9% | $767K+145.7% | -$1.7M |
| Investing Cash Flow | -$1.9M-770.0% | -$220K-438.5% | $65K+106.6% | -$992K-158.6% | $1.7M+182.3% | -$2.1M-322.6% | $923K+33.0% | $694K |
| Financing Cash Flow | -$34K | $0 | $0+100.0% | -$198K-725.0% | -$24K | $0 | $0+100.0% | -$95K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | $34K | $0 | $0-100.0% | $198K+725.0% | $24K | $0 | $0-100.0% | $95K |
FTEK Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 43.5%-1.1pp | 44.6%-4.3pp | 48.9%+3.4pp | 45.5%-0.9pp | 46.4%+4.1pp | 42.3%-1.1pp | 43.4%+1.5pp | 41.9% |
| Operating Margin | -26.3%-6.6pp | -19.7%-19.7pp | 0.1%+23.6pp | -23.5%-8.6pp | -14.9%+25.1pp | -40.1%-37.8pp | -2.3%+7.9pp | -10.2% |
| Net Margin | -22.3%-5.8pp | -16.5%-20.6pp | 4.0%+16.4pp | -12.4%-0.8pp | -11.6%+24.1pp | -35.6%-36.7pp | 1.0%+7.0pp | -6.0% |
| Return on Equity | -3.5%-0.5pp | -3.0%-3.7pp | 0.7%+2.4pp | -1.7%+0.1pp | -1.8%+2.7pp | -4.5%-4.7pp | 0.2%+1.1pp | -1.0% |
| Return on Assets | -3.0%-0.5pp | -2.5%-3.2pp | 0.6%+2.1pp | -1.5%+0.1pp | -1.6%+2.3pp | -3.9%-4.0pp | 0.2%+1.0pp | -0.9% |
| Current Ratio | 5.44+0.4 | 5.09-0.3 | 5.41-0.4 | 5.82-1.0 | 6.80+1.7 | 5.06-0.8 | 5.82-0.9 | 6.76 |
| Debt-to-Equity | 0.15-0.0 | 0.18+0.0 | 0.17+0.0 | 0.16+0.0 | 0.13-0.0 | 0.16+0.0 | 0.14+0.0 | 0.12 |
| FCF Margin | -19.2%+8.5pp | -27.7%-67.3pp | 39.6%+40.6pp | -1.0%-23.6pp | 22.6%+55.0pp | -32.4%-42.1pp | 9.8%+33.6pp | -23.8% |
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Frequently Asked Questions
What is Fuel Tech's annual revenue?
Fuel Tech (FTEK) reported $26.7M in total revenue for fiscal year 2025. This represents a 6.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Fuel Tech's revenue growing?
Fuel Tech (FTEK) revenue grew by 6.1% year-over-year, from $25.1M to $26.7M in fiscal year 2025.
Is Fuel Tech profitable?
No, Fuel Tech (FTEK) reported a net income of -$2.3M in fiscal year 2025, with a net profit margin of -8.7%.
What is Fuel Tech's EBITDA?
Fuel Tech (FTEK) had EBITDA of -$3.0M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Fuel Tech's gross margin?
Fuel Tech (FTEK) had a gross margin of 46.4% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Fuel Tech's operating margin?
Fuel Tech (FTEK) had an operating margin of -13.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Fuel Tech's net profit margin?
Fuel Tech (FTEK) had a net profit margin of -8.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Fuel Tech's return on equity (ROE)?
Fuel Tech (FTEK) has a return on equity of -5.8% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Fuel Tech's free cash flow?
Fuel Tech (FTEK) generated $2.3M in free cash flow during fiscal year 2025. This represents a 161.5% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Fuel Tech's operating cash flow?
Fuel Tech (FTEK) generated $3.0M in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Fuel Tech's total assets?
Fuel Tech (FTEK) had $47.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Fuel Tech's capital expenditures?
Fuel Tech (FTEK) invested $674K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Fuel Tech spend on research and development?
Fuel Tech (FTEK) invested $2.0M in research and development during fiscal year 2025.
What is Fuel Tech's current ratio?
Fuel Tech (FTEK) had a current ratio of 5.09 as of fiscal year 2025, which is generally considered healthy.
What is Fuel Tech's debt-to-equity ratio?
Fuel Tech (FTEK) had a debt-to-equity ratio of 0.18 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Fuel Tech's return on assets (ROA)?
Fuel Tech (FTEK) had a return on assets of -4.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Fuel Tech's Piotroski F-Score?
Fuel Tech (FTEK) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Fuel Tech's earnings high quality?
Fuel Tech (FTEK) has an earnings quality ratio of -1.30x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
How financially healthy is Fuel Tech?
Fuel Tech (FTEK) scores 43 out of 100 on our Financial Profile, indicating moderate overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.