FUEL TECH, INC.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $26.7M | $25.1M | $27.1M | $26.9M | $24.3M |
| Cost of revenue | $14.3M | $14.5M | $15.4M | $15.3M | $12.4M |
| Gross profit | $12.4M | $10.6M | $11.7M | $11.6M | $11.9M |
| Selling, general & administrative | $14.1M | $13.8M | $12.8M | $12.3M | $12.1M |
| Research and development | $2.0M | $1.6M | $1.5M | $895,000 | $1.3M |
| Operating income | -$3.7M | -$4.7M | -$2.7M | -$1.5M | -$1.5M |
| Interest expense | — | $0 | $21,000 | $17,000 | $19,000 |
| Pretax income | -$2.3M | -$1.9M | -$1.5M | -$1.4M | $68,000 |
| Income tax expense | $15,000 | $77,000 | $69,000 | $54,000 | $14,000 |
| Net income | -$2.3M | -$1.9M | -$1.5M | -$1.4M | $54,000 |
| Balance Sheet | |||||
| Cash and equivalents | $11.9M | $8.5M | $17.6M | $23.3M | $35.9M |
| Current assets | $31.9M | $29.6M | $38.3M | $35.8M | $41.5M |
| Total assets | $47.2M | $48.8M | $50.4M | $50.1M | $50.0M |
| Current liabilities | $6.3M | $5.9M | $5.7M | $4.8M | $3.2M |
| Total liabilities | $7.2M | $6.8M | $6.7M | $5.3M | $3.8M |
| Stockholders' equity | $39.9M | $42.0M | $43.7M | $44.8M | $46.2M |
| Cash Flow Statement | |||||
| Cash from operations | $3.0M | -$3.4M | $696,000 | -$4.1M | $761,000 |
| Depreciation and amortization | $663,000 | $403,000 | $281,000 | $352,000 | $584,000 |
| Stock-based compensation | $326,000 | $446,000 | $389,000 | $224,000 | $82,000 |
| Capital expenditure | $674,000 | $378,000 | $418,000 | $206,000 | $84,000 |
| Free cash flow | $2.3M | -$3.8M | $278,000 | -$4.3M | $677,000 |
| Share repurchases | $222,000 | $95,000 | $0 | $17,000 | $52,000 |
| Impairments | $0 | $0 | $0 | $0 | $0 |
Shares outstanding 31.2M · Free float 90.3%
Annual filing data through FY ended December 31, 2025; float as of July 11, 2026.