Fuel Tech (FTEK) Financial Statements & Analysis

Fuel Tech (FTEK) Income Statement

Fuel Tech reported revenue of $26.68M in fiscal 2025 (fiscal year ended Dec 31, 2025), up 6.1% from $25.13M a year earlier. Fuel Tech posted a net loss of $2.32M, compared with a net loss of $1.94M a year earlier. Gross margin was 46.4% and operating margin -13.8%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was $6.49M, up 16.7% from the same quarter a year earlier.

Fuel Tech Income Statement Analysis

Values in millions USD

Income Statement Balance Sheet Cash Flow Ratios

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Fuel Tech, Inc. income statement - Annual data in millions USD
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	26.68	25.13	27.08	26.94	24.26	22.55	30.47	56.54	45.17
Cost of Revenue	14.29	14.51	15.43	15.30	12.36	11.91	19.64	36.47	27.14
Gross Profit	12.38	10.62	11.66	11.64	11.90	10.64	10.83	20.06	18.02
Operating Expenses
Research & Development	2.01	1.56	1.51	0.90	1.33	1.18	1.13	1.07	1.07
Selling, General & Administrative	14.05	13.76	12.80	12.28	12.06	13.60	17.19	18.56	20.93
Operating Expenses	16.06	15.33	14.31	13.17	13.39	14.97	19.07	19.64	22.00
Operating Income	-3.68	-4.70	-2.66	-1.53	-1.49	-4.34	-8.24	0.11	-7.07
Other Income/Expense
Interest Income	1.42	1.25	1.30	0.20	0.01	0.00	0.04	0.01	0.01
Interest Expense	0.00	0.00	0.02	-0.02	0.02	0.00	0.00	0.00	0.00
Other Income/Expense	1.37	2.84	1.19	0.14	1.56	0.12	0.40	0.01	-0.05
Income
Income Before Tax	-2.31	-1.87	-1.47	-1.39	0.07	-4.22	-7.84	0.12	-7.12
Income Tax Expense	0.02	0.08	0.07	0.05	0.01	0.06	0.01	0.03	-0.05
Net Income	-2.32	-1.94	-1.54	-1.44	0.05	-4.28	-7.85	-0.03	-10.98
Net Income - Continuous Operations	-2.32	-1.94	-1.54	-1.44	0.05	-4.28	-7.85	-0.03	-10.98
Net Income - Discontinued Operations	-	-	-	-	-	-	-	-	-
EBITDA	-1.61	-1.41	-1.11	-1.09	0.83	-3.37	-6.49	1.27	-2.45
EBIT	-3.68	-4.70	-1.45	-1.53	-1.49	-6.73	-	-	-
Depreciation & Amortization	0.70	0.46	0.34	0.44	0.74	0.85	1.00	0.85	1.53
Earnings Per Share
Basic EPS	-	-	-	-	-	-	-	-	-
Diluted EPS	-	-	-	-	-	-	-	-	-
Basic Shares Outstanding	30.94	30.57	30.35	30.29	29.59	24.69	24.20	24.16	23.87
Diluted Shares Outstanding	30.94	30.57	30.35	30.29	29.69	24.69	24.20	24.16	23.87

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About Fuel Tech Financial Statements

What was Fuel Tech's revenue in fiscal 2025?

Fuel Tech reported revenue of $26.68M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was up 6.1% from $25.13M a year earlier.

Is Fuel Tech profitable?

No. Fuel Tech reported a net loss of $2.32M in fiscal 2025. In fiscal 2024 it lost $1.94M.

What is Fuel Tech's operating margin?

Fuel Tech's operating income was −$3.68M on revenue of $26.68M in fiscal 2025, an operating margin of -13.8%, compared with -18.7% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition