Revenue remains highly volatile, contracting 4.7% in 2026Q1 despite maintaining a relatively stable average gross margin of approximately 44% over the last ten quarters.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 26.38M | 26.68M | 25.13M | 27.08M | 26.94M | 24.26M | 22.55M | 30.47M | 56.53M | 45.17M | 55.16M | 73.66M | 79.02M | 109.34M | 97.64M | 93.67M | 81.8M | 71.4M | 81.07M | 80.3M | 75.11M | 52.93M | 30.83M | 35.74M | 32.63M | 17.67M | 21.91M | 33.3M | 25.9M | 100K | 200K |
| Revenue Growth % | -0.69% | 6.14% | -7.19% | 0.52% | 11.05% | 7.59% | -25.99% | -46.11% | 25.17% | -18.12% | -25.12% | -6.77% | -27.73% | 11.98% | 4.24% | 14.52% | 14.56% | -11.94% | 0.97% | 6.9% | 41.92% | 71.67% | -13.72% | 9.53% | 84.63% | -19.33% | -34.22% | 28.57% | 25800% | -50% | 0% |
| Cost of Goods Sold | 14.31M | 14.29M | 14.51M | 15.43M | 15.3M | 12.36M | 11.91M | 19.64M | 36.47M | 27.14M | 36.37M | 45.11M | 43.89M | 62.52M | 56.9M | 49.86M | 46.82M | 42.44M | 44.34M | 42.47M | 38.43M | 27.12M | 16.57M | 21.79M | 18.23M | 9M | 10.77M | 18M | 14M | 0 | 0 |
| COGS % of Revenue | - | 53.58% | 57.73% | 56.96% | 56.78% | 50.96% | 52.82% | 64.45% | 64.51% | 60.1% | 65.93% | 61.23% | 55.54% | 57.18% | 58.27% | 53.23% | 57.24% | 59.45% | 54.7% | 52.89% | 51.16% | 51.24% | 53.73% | 60.97% | 55.88% | 50.91% | 49.18% | 54.05% | 54.05% | - | - |
| Gross Profit | 12.07M | 12.38M | 10.62M | 11.66M | 11.64M | 11.9M | 10.64M | 10.83M | 20.06M | 18.02M | 18.79M | 28.56M | 35.13M | 46.82M | 40.74M | 43.81M | 34.97M | 28.95M | 36.73M | 37.83M | 36.69M | 25.81M | 14.27M | 13.95M | 14.39M | 8.68M | 11.13M | 15.3M | 11.9M | 100K | 200K |
| Gross Margin % | 45.76% | 46.42% | 42.27% | 43.04% | 43.22% | 49.04% | 47.18% | 35.55% | 35.49% | 39.9% | 34.07% | 38.77% | 44.46% | 42.82% | 41.73% | 46.77% | 42.76% | 40.55% | 45.3% | 47.11% | 48.84% | 48.76% | 46.27% | 39.03% | 44.12% | 49.09% | 50.82% | 45.95% | 45.95% | 100% | 100% |
| Gross Profit Growth % | - | 16.57% | -8.86% | 0.11% | -2.14% | 11.84% | -1.77% | -46.02% | 11.33% | -4.11% | -34.19% | -18.71% | -24.97% | 14.9% | -7% | 25.27% | 20.8% | -21.17% | -2.9% | 3.11% | 42.14% | 80.92% | 2.29% | -3.11% | 65.92% | -22.06% | -27.24% | 28.57% | 11800% | -50% | 0% |
| Operating Expenses | 16.39M | 16.06M | 15.32M | 14.31M | 13.17M | 13.39M | 14.97M | 19.07M | 19.64M | 22M | 30.12M | 35.39M | 36.89M | 38.82M | 35.55M | 34.16M | 31.04M | 32.03M | 30.11M | 27.09M | 25.95M | 18.63M | 14.02M | 12.95M | 11.69M | 9.87M | 9.76M | 10.5M | 9.3M | 2.6M | 1.5M |
| OpEx % of Revenue | - | 60.22% | 60.98% | 52.86% | 48.88% | 55.18% | 66.4% | 62.59% | 34.73% | 48.72% | 54.6% | 48.04% | 46.69% | 35.5% | 36.4% | 36.47% | 37.94% | 44.87% | 37.14% | 33.73% | 34.55% | 35.19% | 45.46% | 36.23% | 35.82% | 55.87% | 44.55% | 31.53% | 35.91% | 2600% | 750% |
| Selling, General & Admin | 14.43M | 14.05M | 13.76M | 12.8M | 12.28M | 12.05M | 13.6M | 17.19M | 18.56M | 20.93M | 25.56M | 31.12M | 35.43M | 36.38M | 32.68M | 33.45M | 30.86M | 32.27M | 28.01M | 24.95M | 23.9M | 17.41M | 12.78M | 11.66M | 10.23M | 8.71M | 7.93M | 8.9M | 7.9M | 2.6M | 1.5M |
| SG&A % of Revenue | - | 52.67% | 54.75% | 47.28% | 45.56% | 49.69% | 60.31% | 56.43% | 32.84% | 46.35% | 46.34% | 42.24% | 44.84% | 33.27% | 33.47% | 35.71% | 37.72% | 45.2% | 34.55% | 31.07% | 31.82% | 32.9% | 41.43% | 32.63% | 31.36% | 49.28% | 36.22% | 26.73% | 30.5% | 2600% | 750% |
| Research & Development | 1.97M | 2.01M | 1.56M | 1.51M | 895K | 1.33M | 1.18M | 1.13M | 1.07M | 1.07M | 4.55M | 4.27M | 1.46M | 2.44M | 2.86M | 1.47M | 948K | 542K | 2.1M | 2.14M | 2.05M | 1.21M | 1.24M | 1.29M | 1.46M | 1.17M | 843K | 800K | 1M | 0 | 0 |
| R&D % of Revenue | - | 7.55% | 6.22% | 5.58% | 3.32% | 5.49% | 5.22% | 3.7% | 1.9% | 2.37% | 8.25% | 5.8% | 1.85% | 2.23% | 2.93% | 1.57% | 1.16% | 0.76% | 2.59% | 2.66% | 2.73% | 2.29% | 4.03% | 3.6% | 4.46% | 6.59% | 3.85% | 2.4% | 3.86% | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 197K | 752K | 2K | -60K | 0 | 0 | 0 | -137K | -107K | -758K | -768K | -781K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 983K | 800K | 400K | 0 | 0 |
| Operating Income | -4.33M | -3.68M | -4.7M | -2.66M | -1.53M | -1.49M | -4.34M | -8.24M | 110K | -7.07M | -14.82M | -8.26M | -25.16M | 8M | 5.2M | 9.65M | 3.94M | -3.08M | 6.62M | 10.74M | 10.73M | 7.18M | 249K | 1M | 2.71M | -1.2M | 1.37M | 4.8M | 2.6M | -2.5M | -1.3M |
| Operating Margin % | -16.4% | -13.8% | -18.71% | -9.81% | -5.67% | -6.14% | -19.23% | -27.05% | 0.19% | -15.64% | -26.87% | -11.21% | -31.85% | 7.32% | 5.33% | 10.3% | 4.81% | -4.32% | 8.16% | 13.37% | 14.29% | 13.58% | 0.81% | 2.8% | 8.3% | -6.77% | 6.26% | 14.41% | 10.04% | -2500% | -650% |
| Operating Income Growth % | - | 21.71% | -76.9% | -74.07% | -2.55% | 65.66% | 47.38% | -7590.91% | 101.56% | 52.34% | -79.53% | 67.19% | -414.54% | 53.85% | -46.11% | 145.09% | 227.78% | -146.56% | -38.38% | 0.06% | 49.38% | 2785.54% | -75.12% | -63.04% | 326.23% | -187.24% | -71.42% | 84.62% | 204% | -92.31% | 59.38% |
| EBITDA | -3.8M | -2.98M | -4.24M | -2.32M | -1.09M | -748K | -3.49M | -7.24M | 957K | -5.54M | -11.32M | -4.05M | -20.86M | 11.01M | 8.29M | 13.37M | 8.02M | 2.03M | 9.61M | 13.21M | 12.81M | 8.88M | 1.61M | 2.11M | 3.65M | -53K | 2.35M | 5.6M | 3M | -2.3M | -700K |
| EBITDA Margin % | -14.4% | -11.18% | -16.88% | -8.55% | -4.03% | -3.08% | -15.47% | -23.78% | 1.69% | -12.26% | -20.53% | -5.5% | -26.4% | 10.07% | 8.49% | 14.27% | 9.8% | 2.84% | 11.85% | 16.45% | 17.06% | 16.77% | 5.23% | 5.91% | 11.19% | -0.3% | 10.75% | 16.82% | 11.58% | -2300% | -350% |
| EBITDA Growth % | -10.92% | 29.7% | -83.16% | -113.06% | -45.32% | 78.55% | 51.85% | -856.95% | 117.28% | 51.09% | -179.47% | 80.57% | -289.37% | 32.87% | -38% | 66.74% | 295.56% | -78.91% | -27.23% | 3.08% | 44.31% | 451.09% | -23.76% | -42.13% | 6988.68% | -102.25% | -57.95% | 86.67% | 230.43% | -228.57% | 80.56% |
| D&A (Non-Cash Add-back) | 526K | 699K | 460K | 342K | 440K | 741K | 848K | 996K | 847K | 1.53M | 3.5M | 4.21M | 4.31M | 3.01M | 3.09M | 3.72M | 4.08M | 5.11M | 2.99M | 2.47M | 2.08M | 1.69M | 1.36M | 1.11M | 943K | 1.14M | 983K | 800K | 400K | 200K | 600K |
| EBIT | -4.02M | -3.68M | -1.87M | -1.45M | -1.37M | 87K | -4.22M | -7.49M | 427K | -3.98M | -8.52M | -5.77M | -25.68M | 8M | 5.17M | 9.4M | 3.83M | -3.29M | 6.74M | 10.74M | 10.73M | 7.16M | 136K | 1M | 2.71M | -1.2M | 1.37M | 4.8M | 2.6M | -2.5M | -1.4M |
| Net Interest Income | 1.14M | 1.42M | 1.25M | 1.28M | 185K | -13K | -4K | 41K | 6K | 10K | 25K | -6K | -96K | 2K | -15K | -113K | -132K | -88K | 606K | 1.61M | 1.01M | 0 | 0 | -25K | -136K | -245K | -354K | 0 | -200K | 0 | 0 |
| Interest Income | 1.38M | 1.42M | 1.25M | 1.3M | 202K | 6K | 0 | 41K | 6K | 10K | 25K | 21K | 29K | 58K | 78K | 35K | 11K | 32K | 741K | 1.63M | 1.01M | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Interest Expense | 0 | 0 | 0 | 21K | 17K | 19K | 4K | 0 | 0 | 0 | 0 | 27K | 125K | 56K | 93K | 148K | 143K | 120K | 135K | 24K | 0 | 0 | 0 | 25K | 136K | 245K | 354K | 0 | 200K | 0 | 0 |
| Other Income/Expense | 1.4M | 1.37M | 2.84M | 1.19M | 139K | 1.56M | 115K | 403K | 8K | -50K | -3.7M | -366K | -640K | -135K | -122K | -392K | -251K | -329K | 770K | 1.69M | 1.03M | 14K | 30K | 119K | 199K | -550K | -603K | -500K | -700K | -200K | -500K |
| Pretax Income | -2.93M | -2.31M | -1.87M | -1.47M | -1.39M | 68K | -4.22M | -7.84M | 118K | -7.12M | -15.72M | -8.62M | -25.8M | 7.87M | 5.08M | 9.26M | 3.69M | -3.41M | 7M | 12.43M | 11.77M | 7.17M | 166K | 1.12M | 2.91M | -1.75M | 769K | 4.3M | 1.9M | -2.7M | -1.9M |
| Pretax Margin % | -11.09% | -8.66% | -7.42% | -5.42% | -5.15% | 0.28% | -18.72% | -25.72% | 0.21% | -15.75% | -28.51% | -11.71% | -32.66% | 7.19% | 5.2% | 9.88% | 4.51% | -4.78% | 8.63% | 15.48% | 15.67% | 13.54% | 0.54% | 3.13% | 8.91% | -9.89% | 3.51% | 12.91% | 7.34% | -2700% | -950% |
| Income Tax | 14K | 15K | 77K | 69K | 54K | 14K | 57K | 14K | 33K | -46K | 1.66M | 3.76M | -8.08M | 2.76M | 2.3M | 3.11M | 1.93M | -1.1M | 3.4M | 5.19M | 4.94M | -419K | -1.41M | 0 | -150K | -114K | 957K | 1.3M | 1.4M | -100K | -100K |
| Effective Tax Rate % | -0.48% | -0.65% | -4.13% | -4.7% | -3.89% | 20.59% | -1.35% | -0.18% | 27.97% | 0.65% | -10.58% | -43.57% | 31.31% | 35.14% | 45.33% | 33.59% | 52.44% | 32.38% | 48.52% | 41.73% | 42% | -5.84% | -846.99% | 0% | -5.16% | 6.53% | 124.45% | 30.23% | 73.68% | 3.7% | 5.26% |
| Net Income | -2.94M | -2.32M | -1.94M | -1.54M | -1.44M | 54K | -4.28M | -7.85M | -28K | -10.98M | -17.39M | -12.38M | -17.73M | 5.1M | 2.78M | 6.15M | 1.75M | -2.31M | 3.6M | 7.24M | 6.83M | 7.59M | 1.57M | 1.12M | 3.06M | -1.63M | 415K | 3M | 500K | -2.6M | -1.8M |
| Net Margin % | -11.15% | -8.71% | -7.73% | -5.68% | -5.35% | 0.22% | -18.97% | -25.77% | -0.05% | -24.32% | -31.52% | -16.81% | -22.43% | 4.67% | 2.84% | 6.56% | 2.14% | -3.23% | 4.44% | 9.02% | 9.09% | 14.34% | 5.1% | 3.13% | 9.37% | -9.24% | 1.89% | 9.01% | 1.93% | -2600% | -900% |
| Net Income Growth % | 0.78% | -19.61% | -26.33% | -6.66% | -2770.37% | 101.26% | 45.52% | -27942.86% | 99.75% | 36.84% | -40.45% | 30.16% | -447.48% | 83.75% | -54.85% | 250.71% | 176.02% | -164.02% | -50.27% | 6.11% | -10.04% | 382.7% | 40.36% | -63.36% | 287.2% | -493.49% | -86.17% | 500% | 119.23% | -44.44% | 37.93% |
| Net Income (Continuing) | -2.94M | -2.32M | -1.94M | -1.54M | -1.44M | 54K | -4.28M | -7.85M | 85K | -6.54M | -14.59M | -9.55M | -17.73M | 5.1M | 2.78M | 6.15M | 1.75M | -2.31M | 3.36M | 7.24M | 6.83M | 7.59M | 1.57M | 1.12M | 3.06M | -1.63M | 415K | 3M | 500K | -2.6M | -1.8M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | -1K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.09 | -0.08 | -0.06 | -0.05 | -0.05 | 0.00 | -0.17 | -0.32 | -0.00 | -0.44 | -0.74 | -0.54 | -0.78 | 0.23 | 0.12 | 0.25 | 0.07 | -0.10 | 0.14 | 0.29 | 0.28 | 0.33 | 0.07 | 0.05 | 0.14 | -0.09 | 0.02 | 0.16 | 0.03 | -0.21 | -0.15 |
| EPS Growth % | 5.59% | -18.08% | -25.44% | -6.51% | - | 101.04% | 46.58% | - | 99.73% | 40.85% | -37.04% | 30.77% | -439.13% | 91.67% | -52% | 257.14% | 170% | -171.43% | -51.72% | 3.57% | -15.15% | 371.43% | 40% | -64.29% | 259.45% | -539% | -87.5% | 433.33% | 114.29% | -40% | 34.78% |
| EPS (Basic) | - | -0.08 | -0.06 | -0.05 | -0.05 | 0.00 | -0.17 | -0.32 | -0.00 | -0.44 | -0.74 | -0.54 | -0.78 | 0.23 | 0.12 | 0.26 | 0.07 | -0.10 | 0.14 | 0.33 | 0.32 | 0.38 | 0.08 | 0.06 | 0.16 | -0.09 | 0.02 | 0.17 | 0.03 | -0.21 | -0.15 |
| Diluted Shares Outstanding | 31.09M | 30.94M | 30.57M | 30.35M | 30.29M | 29.69M | 24.69M | 24.2M | 24.16M | 23.87M | 23.36M | 23.1M | 22.78M | 22.58M | 23.54M | 24.63M | 24.41M | 24.15M | 24.59M | 24.72M | 24.19M | 23.07M | 22.16M | 22.41M | 22.44M | 18.59M | 19.62M | 19.34M | 17.44M | 12.38M | 12M |
| Basic Shares Outstanding | 31.09M | 30.94M | 30.57M | 30.35M | 30.29M | 29.59M | 24.69M | 24.2M | 24.16M | 23.87M | 23.36M | 23.1M | 22.78M | 22.29M | 22.71M | 24.09M | 24.21M | 24.15M | 23.61M | 22.28M | 21.49M | 20.04M | 19.52M | 19.64M | 19.35M | 18.59M | 18.4M | 17.75M | 15.68M | 12.38M | 12M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Coal plant retirement acceleration
According to quarterly financial disclosures, Fuel Tech's revenue exhibits significant volatility, with a 4.7% year-over-year contraction in 2026Q1 following a 37.2% surge in 2025Q4, highlighting the lumpy, project-based nature of its Air Pollution Control segment that complicates long-term growth forecasting for investors.
The erratic top-line performance suggests that the company remains heavily reliant on the timing of large-scale environmental compliance projects rather than a steady stream of recurring revenue. This lack of consistent growth trajectory warrants caution, as the underlying demand for legacy combustion-related services appears increasingly susceptible to the secular decline of coal-fired power generation.
As reported in recent income statements, Fuel Tech maintains a robust gross margin profile, averaging approximately 44% over the last ten quarters, which suggests that its proprietary chemical formulations and specialized engineering services retain significant pricing power despite the company's relatively small operational footprint.
While the gross margin remains a bright spot, the inability to translate this efficiency into positive operating income indicates that the company has yet to achieve the necessary scale to cover its fixed overhead. Investors should monitor whether the shift toward new verticals like water treatment can eventually leverage this high-margin base to drive sustainable profitability.
Based on the provided income statement data, Fuel Tech's operating expenses frequently exceed gross profit, resulting in persistent operating losses that demonstrate a lack of meaningful operating leverage as the company struggles to align its cost structure with fluctuating project-based revenue streams.
The recurring nature of SG&A costs, which often hover near $3.3M to $4.2M per quarter, creates a high break-even threshold that the current revenue base fails to consistently clear. This structural imbalance suggests that management may need to pursue more aggressive cost rationalization or a significant revenue pivot to avoid continued erosion of shareholder value.
Analysis of the company's financial history reveals that Fuel Tech has struggled to generate consistent net income, with earnings frequently oscillating between minor profits and significant losses, which may indicate that the core business model is fundamentally challenged by the shrinking addressable market for coal-related technologies.
Short-sellers would likely focus on the persistent negative operating margins and the reliance on non-operating items to occasionally bolster the bottom line. The company's attempt to diversify into water treatment appears to be a defensive maneuver, and investors should remain skeptical until these new initiatives demonstrate a clear path to replacing the declining legacy revenue.
Quick answers to the most common questions about buying FTEK stock.
For fiscal year 2025, Fuel Tech, Inc. (FTEK) reported total revenue of $26.7M. This represents a 13238.5% increase compared to $0.2M in 1996.
Fuel Tech, Inc. (FTEK) reported a net loss of $2.3M for the fiscal year ending 2025.
Fuel Tech, Inc. (FTEK) reported an operating income of $-3.7M, resulting in an operating profit margin of -13.8%. This margin reflects the operational efficiency of the business before interest and taxes.
Fuel Tech, Inc. (FTEK) generated $12.4M in gross profit for the year, representing a gross profit margin of 46.4%. This demonstrates the company's core pricing power and production efficiency.