Fuel Tech Reports 2026 Third Quarter Financial Results; Outlines Framework for Sustainable Growth and Value Creation

Lower gross margins and higher operating expenses accompanied the quarter’s revenue growth.

Rhea-AI Summary

Fuel Tech (FTEK) reported third-quarter 2026 revenue of $8.7 million, as higher sales accompanied a swing to a net loss. Revenue rose 16% year over year, with Air Pollution Control (APC) sales up 38% and FUEL CHEM sales up 3%. Net loss was $267,000, or $0.01 per share, versus income of $303,000, or $0.01 per share. Gross margin fell to 45% from 49%.

APC backlog reached $16.6 million at September 30, versus $14.3 million at June 30, excluding $3.3 million of recently awarded contracts. Nine-month operating cash outflow was $3.410 million, versus a $4.583 million inflow a year earlier. September 30 cash was $6.830 million, with short-term investments of $11.000 million and long-term investments of $9.950 million; the company had no debt. Fuel Tech plans expansion in core markets, power infrastructure and water treatment, alongside selective acquisitions.

10 points · 0 major

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Rhea-AI gives every point it takes from this document a weight. Minor counts 1, Moderate 3 and Major 9, so one Major point outweighs several Minor ones. The bar adds up the weights on each side, and when neither side holds more than 65% of the total the balance reads Mixed.

It reads the document as published, with the same rules for every company, and it does not look at what the market expected or at how the stock traded, so a point can be objectively good on a day the stock falls.

Rhea-AI Sentiment measures something else, the tone of the wording.

How the balance worksHow Sentiment works

0 major · 16 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointQ3 revenue rose 16% year over year to $8.7 million from $7.5 million.
• Moderate pointAPC backlog reached $16.6 million September 30, versus $14.3 million June 30 and $7.0 million December 31, 2025.
• Moderate pointRecently awarded APC contracts totaled $3.3 million, excluded from September 30 backlog. 7.4% of market cap
• Moderate pointNo debt at September 30, alongside $6.830 million cash and $11.000 million short-term investments.
• Minor pointAPC revenue rose 38% year over year, supported by higher backlog and progress on existing contracts.

5 minor points

• Minor pointFUEL CHEM revenue rose 3% year over year.
• Minor pointLong-term investments totaled $9.950 million at September 30, 2026.
• Minor pointNine-month revenue increased to $21.241 million from $19.430 million in 2025.
• Minor point. Forward-looking: it has not happened yet and may not happen.Core-market expansion is planned, including power infrastructure supporting data centers and AI construction, and water treatment.
• Minor point. Forward-looking: it has not happened yet and may not happen.Selective acquisitions are planned to strengthen the product portfolio and expand channel presence.

Negative

• Moderate pointQ3 net loss was $267,000, or $0.01 per share, versus $303,000 income, or $0.01 per share.
• Moderate pointConsolidated gross margin fell to 45% from 49% in Q3 2025.
• Moderate pointQ3 selling, general and administrative expenses rose to $3.657 million from $3.207 million, including approximately $175,000 CEO-transition expense.
• Moderate pointQ3 operating loss reached $523,000, versus $4,000 operating income a year earlier.
• Moderate pointNine-month operating cash outflow was $3.410 million, versus $4.583 million inflow in 2025.

11 minor points

• Minor pointAPC gross margin fell to 40% from 47%, reflecting project and product mix changes.
• Minor pointFUEL CHEM gross margin fell to 49% from 50% in Q3 2025.
• Minor pointQ3 research and development expenses rose to $771,000 from $450,000 a year earlier.
• Minor pointQ3 interest income declined to $247,000 from $311,000 a year earlier.
• Minor pointQ3 adjusted EBITDA loss was $249,000, versus $228,000 earnings before interest, taxes, depreciation and amortization, adjusted.
• Minor pointNine-month net loss widened to $2.852 million, or $0.09 per share, from $1.125 million, or $0.04.
• Minor pointNine-month operating loss widened to $3.684 million from $2.256 million in 2025.
• Minor pointNine-month selling, general and administrative expenses increased to $10.967 million from $9.895 million.
• Minor pointNine-month research and development expenses increased to $1.941 million from $1.510 million.
• Minor pointNine-month interest income declined to $753,000 from $1.127 million.
• Minor pointStockholders’ equity declined to $37.151 million at September 30, from $39.932 million at December 31, 2025.

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Market Reaction – FTEK

$1.38 – $1.50 Day Range

$46.83M Mkt Cap at Last Price

On Nov 3, the day this news came out, the latest delayed price for FTEK is 5.63% above the previous close. Our momentum scanner has recorded 2 alerts for this stock so far that day. The latest delayed price is $1.50.

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Key Figures

Consolidated revenue: $8.7 million, up 16% from $7.5 million Consolidated gross margin: 45%, down from 49% APC gross margin: 40%, down from 47% +4 more

Consolidated revenue

$8.7 million, up 16% from $7.5 million

Q3 2026 versus Q3 2025

Consolidated gross margin

45%, down from 49%

Q3 2026 versus Q3 2025

APC gross margin

40%, down from 47%

Q3 2026 versus Q3 2025

Net loss

$(267,000), or $(0.01) per share

Q3 2026, versus net income of $303,000 or $0.01 per share

Adjusted EBITDA

Loss of $(249,000)

Q3 2026, versus Adjusted EBITDA of $228,000

APC backlog

$16.6 million

At September 30, 2026; $14.3 million at June 30, 2026

Recently awarded APC contracts

$3.3 million

Not included in backlog at September 30, 2026

Previous Earnings Reports

3 past events · Latest: Aug 04

Same Type 3 events

1. Aug 04

   Q2 earnings

   24h Move

   -5.2%

   Revenue grew, but gross margin declined and net loss widened year over year.

2. May 05

   Q1 earnings

   24h Move

   -13.2%

   Revenue declined year over year and the company reported a net loss.

3. Nov 04

   Q3 earnings

   24h Move

   -12.7%

   Revenue declined year over year, while gross margin expanded and the company reported net income.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Key Terms

adjusted ebitda, sg&a, nox, computational fluid dynamics

4 terms

adjusted ebitda financial

"Adjusted EBITDA loss was $(249,000) in Q3 2026"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

sg&a financial

"SG&A expenses for Q3 2026 were $3.7 million"

SG&A stands for Selling, General, and Administrative expenses. It includes the costs a company spends on selling products, running the business day-to-day, and managing staff, like advertising, rent, and salaries. These expenses matter because they affect how much profit a company can make from its sales.

nox technical

"leader in nitrogen oxide (NOx) reduction and particulate control technologies"

NOx are gases made of nitrogen and oxygen produced when fuels burn, commonly called nitrogen oxides; think of the smoky exhaust from a car or a power plant but in gas form. Investors care because NOx emissions trigger regulatory limits, cleanup costs, fines or permit requirements and can affect a company’s operating costs, legal risks and reputation—similar to how a leaking roof can lead to expensive repairs and lower property value.

computational fluid dynamics technical

"Computational Fluid Dynamics modeling capabilities"

A computer-based method for creating virtual models of how liquids and gases move and interact with objects, like a digital wind tunnel that predicts airflow, water flow or blood flow around designs. Investors care because it lets companies test and improve products, cut costly physical prototypes, and spot problems earlier—which can speed development, reduce R&D costs and lower the risk that a product or design will fail in the real world.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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WARRENVILLE, Ill., Nov. 03, 2026 (GLOBE NEWSWIRE) -- Fuel Tech, Inc. (NASDAQ: FTEK), a technology company using advanced engineering processes to provide emissions control systems and water treatment technologies in utility and industrial applications, today reported financial results for the third quarter ended September 30, 2026 and outlined a framework designed to support sustainable growth and value creation.

“Higher third quarter sales and continued backlog growth reflect the demand for our services and our progress in converting promising opportunities into new awards,” said Ramesh Nuggihalli, President and Chief Executive Officer. “This momentum underscores the relevance of our technology portfolio to customers’ evolving environmental and operational priorities and improves our visibility into future performance. Our strong financial position provides the resources and flexibility to drive long-term our growth.”

He continued, “Since joining Fuel Tech in August, I have developed a strong appreciation for the quality of our people, the breadth and value of our technology portfolio, our global reach and the attractive markets we serve. Our focus now is to convert these strengths into sustainable, above-market growth. We intend to pursue organic growth initiatives by deepening Fuel Tech’s presence in our core markets and pursuing burgeoning power infrastructure opportunities that support data center and AI infrastructure construction, as well as water and wastewater treatment. We are also focused on select M&A through a holistic, bottom-up strategy which identifies opportunities that strengthen our product portfolio and expand our channel presence.  

“This is an active and ongoing process that will take time to fully implement, but the direction is clear. We are aligning our resources behind the opportunities where Fuel Tech can create the greatest value while establishing the strategic priorities and operating disciplines needed to drive more consistent financial performance and sustainable long-term value for our shareholders.”

Third Quarter 2026 (“Q3 2026”) Results Overview
All comparisons are to the third quarter ended September 30, 2025 unless otherwise stated.

Consolidated revenues for Q3 2026 rose 16% to $8.7 million from $7.5 million, driven by a 38% increase in revenues at the Company’s Air Pollution Control (“APC”) segment attributable to a significantly higher backlog during 2026 and progress on existing contracts. FUEL CHEM segment revenues rose by 3%.

Consolidated gross margin for Q3 2026 declined to 45% of revenues from 49% of revenues. APC gross margin declined to 40% from 47% due to changes in project and product mix. FUEL CHEM gross margin was 49% compared to 50%.

SG&A expenses for Q3 2026 were $3.7 million, or 42% of revenues, compared to $3.2 million, or 43% of revenues, reflecting higher employee related costs and professional fees, including a non-recurring expense of approximately $175,000 related to the CEO transition.

Interest income for Q3 2026 was $247,000 compared to $311,000.

Net loss in Q3 2026 was $(267,000), or $(0.01) per share, compared to net income of $303,000, or $0.01 per share.

Adjusted EBITDA loss was $(249,000) in Q3 2026 compared to an Adjusted EBITDA of $228,000.

Consolidated APC segment backlog at September 30, 2026 was $16.6 million compared to $14.3 million at June 30, 2026 and $7.0 million at December 31, 2025. Backlog at September 30, 2026 did not include the recently awarded APC contracts valued at $3.3 million.

Financial Condition

As of September 30, 2026, cash and cash equivalents were $6.8 million, short-term investments were $11.0 million, and long-term investments totaled $10.0 million. Stockholders’ equity as of September 30, 2026 was $37.2 million, or $1.19 per share, and the Company had no debt.

Conference Call

Management will host a conference call on Wednesday, November 4, 2026 at 10:00 am ET / 9:00 am CT to discuss the results and business activities. Interested parties may participate in the call by dialing:

• (877) 423-9820 (Domestic) or
• (201) 493-6749 (International)
  
  

The conference call will also be accessible via the Upcoming Events section of the Company’s web site at www.ftek.com. Following management’s opening remarks, there will be a question-and-answer session.

About Fuel Tech

Fuel Tech develops and commercializes state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment, and advanced engineering services. These technologies enable customers to operate in a cost-effective and environmentally sustainable manner. Fuel Tech is a leader in nitrogen oxide (NOx) reduction and particulate control technologies, and its solutions have been installed on over 2,100 utility, industrial and municipal units worldwide. The Company’s chemical technologies improve the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling slagging, fouling, corrosion and opacity. This includes Fuel Tech’s advanced TIFI^® Targeted In-Furnace Injection™ technology which offers an innovative solution to fireside treatment on boilers using coal, oil or biomass. Water treatment technologies include DGI^® Dissolved Gas Infusion Systems which utilize a patented saturator and a patent-pending channel injector to deliver supersaturated oxygen solutions and other gas-water combinations to target process applications or environmental issues. This infusion process has a variety of applications in the water and wastewater industries, including remediation, aeration, biological treatment and wastewater odor management. Many of Fuel Tech’s products and services rely heavily on the Company’s exceptional Computational Fluid Dynamics modeling capabilities, which are enhanced by internally developed, high-end visualization software. For more information, visit Fuel Tech’s web site at ftek.com.

NOTE REGARDING FORWARD-LOOKING STATEMENTS

This press release contains “forward-looking statements” as defined in Section 21E of the Securities Exchange Act of 1934, as amended, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and reflect Fuel Tech’s current expectations regarding future growth, results of operations, cash flows, performance and business prospects, and opportunities, as well as assumptions made by, and information currently available to, our management. Fuel Tech has tried to identify forward-looking statements by using words such as “anticipate,” “believe,” “plan,” “expect,” “estimate,” “intend,” “will,” and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on information currently available to Fuel Tech and are subject to various risks, uncertainties, and other factors, including, but not limited to, those discussed in Fuel Tech’s Annual Report on Form 10-K in Item 1A under the caption “Risk Factors,” and subsequent filings under the Securities Exchange Act of 1934, as amended, which could cause Fuel Tech’s actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Fuel Tech undertakes no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances or for any other reason. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those detailed in Fuel Tech’s filings with the Securities and Exchange Commission.

CONTACT:
Devin Sullivan
Managing Director 
The Equity Group Inc.
Devin.Sullivan@theequitygroup.com

Conor Rodriguez
Associate
Conor.Rodriguez@theequitygroup.com

FUEL TECH, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (in thousands, except share and per-share data)
	September 30,				December 31,
	2026				2025
ASSETS
Current assets:
Cash and cash equivalents	$	6,830			$	11,939
Short-term investments		11,000				12,942
Accounts receivable, less current expected credit loss of $107 and $108, respectively		5,891				5,355
Inventories, net		382				373
Prepaid expenses and other current assets		899				1,335
Total current assets		25,002				31,944
Property and equipment, net of accumulated depreciation of $17,748 and $19,433, respectively		4,688				4,739
Goodwill		2,116				2,116
Other intangible assets, net of accumulated amortization of $622 and $561, respectively		587				646
Right-of-use operating lease assets, net		480				536
Long-term investments		9,950				6,991
Other assets		208				207
Total assets	$	43,031			$	47,179
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable		3,009			$	3,242
Accrued liabilities:
Operating lease liabilities - current		101				89
Employee compensation		744				1,308
Other accrued liabilities		1,124				1,634
Total current liabilities		4,978				6,273
Operating lease liabilities - non-current		421				491
Deferred income taxes, net		187				187
Other liabilities		294				296
Total liabilities		5,880				7,247
Stockholders’ equity:
Common stock, $.01 par value, 40,000,000 shares authorized, 32,457,627 and 32,281,179 shares issued, and 31,216,789 and 31,074,438 shares outstanding, respectively		324				322
Additional paid-in capital		165,775				165,616
Accumulated deficit		(124,648	)			(121,796	)
Accumulated other comprehensive loss		(1,763	)			(1,718	)
Nil coupon perpetual loan notes		76				76
Treasury stock, at cost		(2,613	)			(2,568	)
Total stockholders’ equity		37,151				39,932
Total liabilities and stockholders’ equity	$	43,031			$	47,179
See notes to condensed consolidated financial statements.

FUEL TECH, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (in thousands, except share and per-share data)
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2026				2025				2026				2025
Revenues	$	8,676			$	7,490			$	21,241			$	19,430
Costs and expenses:
Cost of sales		4,771				3,829				12,017				10,281
Selling, general and administrative		3,657				3,207				10,967				9,895
Research and development		771				450				1,941				1,510
		9,199				7,486				24,925				21,686
Operating (loss) income		(523	)			4				(3,684	)			(2,256	)
Interest income		247				311				753				1,127
Other income (expense), net		9				(5	)			88				15
(Loss) income before income taxes		(267	)			310				(2,843	)			(1,114	)
Income tax expense		—				(7	)			(9	)			(11	)
Net (loss) income	$	(267	)		$	303			$	(2,852	)		$	(1,125	)
Net (loss) income per common share:
Basic net (loss) income per common share	$	(0.01	)		$	0.01			$	(0.09	)		$	(0.04	)
Diluted net (loss) income per common share	$	(0.01	)		$	0.01			$	(0.09	)		$	(0.04	)
Weighted-average number of common shares outstanding:
Basic		31,217,000				31,074,000				31,164,000				30,890,000
Diluted		31,217,000				31,293,000				31,164,000				30,890,000
See notes to condensed consolidated financial statements.

FUEL TECH, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) (Unaudited) (in thousands)
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2026				2025				2026				2025
Net (loss) income	$	(267	)		$	303			$	(2,852	)		$	(1,125	)
Other comprehensive income (loss):
Foreign currency translation adjustments		(12	)			(14	)			(45	)			132
Comprehensive (loss) income	$	(279	)		$	289			$	(2,897	)		$	(993	)
See notes to condensed consolidated financial statements.

FUEL TECH, INC. CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (in thousands)
	Nine Months Ended
	September 30,
	2026				2025
Operating Activities
Net loss	$	(2,852	)		$	(1,125	)
Adjustments to reconcile net loss to net cash (used in) provided by operating activities:
Depreciation		537				490
Amortization		62				27
Loss on disposal of equipment		15				—
Interest income on held-to-maturity securities, net of premium amortization and discount accretion		81				(91	)
Provision for credit losses, net of recoveries		(1	)			—
Stock-based compensation, net of forfeitures		161				269
Changes in operating assets and liabilities:
Accounts receivable		(556	)			3,066
Employee retention credit receivable		—				1,677
Inventory		(9	)			(4	)
Prepaid expenses, other current assets and other non-current assets		429				318
Accounts payable		(226	)			(560	)
Accrued liabilities and other non-current liabilities		(1,051	)			516
Net cash (used in) provided by operating activities		(3,410	)			4,583
Investing Activities
Purchases of equipment and patents		(505	)			(231	)
Purchases of debt securities		(12,102	)			(10,004	)
Maturities of debt securities		11,000				11,000
Net cash (used in) provided by investing activities		(1,607	)			765
Financing Activities
Taxes paid on behalf of equity award participants		(45	)			(222	)
Net cash used in financing activities		(45	)			(222	)
Effect of exchange rate fluctuations on cash		(47	)			41
Net (decrease) increase in cash and cash equivalents		(5,109	)			5,167
Cash and cash equivalents at beginning of period		11,939				8,510
Cash and cash equivalents at end of period	$	6,830			$	13,677
See notes to condensed consolidated financial statements.

FUEL TECH, INC. Segment Data- Reporting Segments (Unaudited) (in thousands)
Information about reporting segment net sales and gross margin from operations is provided below:
Three months ended September 30, 2026	Air Pollution Control Segment				FUEL CHEM Segment				Other				Total
Revenues from external customers	$	3,746			$	4,930			$	—			$	8,676
Cost of sales		(2,246	)			(2,525	)			—				(4,771	)
Gross margin		1,500				2,405				—				3,905
Selling, general and administrative		—				—				(3,657	)			(3,657	)
Research and development		—				—				(771	)			(771	)
Income (loss) from operations	$	1,500			$	2,405			$	(4,428	)		$	(523	)

Three months ended September 30, 2025	Air Pollution Control Segment				FUEL CHEM Segment				Other				Total
Revenues from external customers	$	2,707			$	4,783			$	—			$	7,490
Cost of sales		(1,428	)			(2,401	)			—				(3,829	)
Gross margin		1,279				2,382				—				3,661
Selling, general and administrative		—				—				(3,207	)			(3,207	)
Research and development		—				—				(450	)			(450	)
Income (loss) from operations	$	1,279			$	2,382			$	(3,657	)		$	4

Nine months ended September 30, 2026	Air Pollution Control Segment				FUEL CHEM Segment				Other				Total
Revenues from external customers	$	8,135			$	13,106			$	—			$	21,241
Cost of sales		(5,010	)			(7,007	)			—				(12,017	)
Gross margin		3,125				6,099				—				9,224
Selling, general and administrative		—				—				(10,967	)			(10,967	)
Research and development		—				—				(1,941	)			(1,941	)
Income (loss) from operations	$	3,125			$	6,099			$	(12,908	)		$	(3,684	)

Nine months ended September 30, 2025	Air Pollution Control Segment				FUEL CHEM Segment				Other				Total
Revenues from external customers	$	6,515			$	12,915			$	—			$	19,430
Cost of sales		(3,713	)			(6,568	)			—				(10,281	)
Gross margin		2,802				6,347				—				9,149
Selling, general and administrative		—				—				(9,895	)			(9,895	)
Research and development		—				—				(1,510	)			(1,510	)
Income (loss) from operations	$	2,802			$	6,347			$	(11,405	)		$	(2,256	)

FUEL TECH, INC. Geographic Segment Financial Data (Unaudited) (in thousands)
Information concerning our operations by geographic area is provided below. Revenues are attributed to countries based on the location of the end-user. Assets are those directly associated with operations of the geographic area.
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2026				2025				2026				2025
Revenues:
United States	$	7,490			$	5,626			$	18,638			$	15,427
Foreign		1,186				1,864				2,603				4,003
	$	8,676			$	7,490			$	21,241			$	19,430

	September 30,				December 31,
	2026				2025
Assets:
United States	$	40,654			$	44,345
Foreign		2,377				2,834
	$	43,031			$	47,179

FUEL TECH, INC. RECONCILIATION OF GAAP NET LOSS TO EBITDA AND ADJUSTED EBITDA (Unaudited) (in thousands)
	Three Months Ended								Nine Months Ended
	September 30,								September 30,
	2026				2025				2026				2025
Net Loss	$	(267	)		$	303			$	(2,852	)		$	(1,125	)
Interest income		(247	)			(311	)			(753	)			(1,127	)
Income tax expense		-				7				9				11
Depreciation expense		184				163				537				490
Amortization expense		18				9				62				27
EBITDA		(312	)			171				(2,997	)			(1,724	)
Stock compensation expense		63				57				161				269
Adjusted EBITDA	$	(249	)		$	228			$	(2,836	)		$	(1,455	)

Adjusted EBITDA

To supplement the Company's consolidated financial statements presented in accordance with generally accepted accounting principles in the United States (GAAP), the Company has provided an Adjusted EBITDA disclosure as a measure of financial performance. Adjusted EBITDA is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation expense, amortization expense, and stock compensation expense. The Company's reference to these non-GAAP measures should be considered in addition to results prepared in accordance with GAAP standards, but are not a substitute for, or superior to, GAAP results.

Adjusted EBITDA is provided to enhance investors' overall understanding of the Company's current financial performance and ability to generate cash flow, which we believe is a meaningful measure for our investor and analyst communities. In many cases non-GAAP financial measures are utilized by these individuals to evaluate Company performance and ultimately determine a reasonable valuation for our common stock. A reconciliation of Adjusted EBITDA to the nearest GAAP measure of net income (loss) has been included in the above financial table.

FAQ

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Fuel Tech’s third-quarter 2026 revenue and earnings?

Fuel Tech reported $8.7 million revenue and a $267,000 net loss, or $0.01 per share. Revenue increased 16% from $7.5 million a year earlier, while earnings moved from net income of $303,000, or $0.01 per share, to a loss.

How much APC backlog did Fuel Tech report at September 30, 2026?

Fuel Tech’s Air Pollution Control backlog was $16.6 million at September 30, 2026. That compares with $14.3 million at June 30, 2026 and $7.0 million at December 31, 2025. The September balance excluded recently awarded APC contracts valued at $3.3 million.

What drove Fuel Tech’s higher third-quarter 2026 administrative expenses?

Higher employee-related costs and professional fees drove the increase in selling, general and administrative expenses. These expenses included a non-recurring expense of approximately $175,000 related to the CEO transition. They represented 42% of revenue, compared with 43% a year earlier.