Fuel Tech Inc
ftek.comWhat Do They Do?
Provides chemical-injection programs that help power plants and industrial facilities manage boiler deposits and corrosion, plus pollution-control systems for utility, industrial and waste-combustion operators.
10-K for FY2025, filed Mar 3, 2026Our FUEL CHEM technologies revolve around the unique application of chemical injection programs which improve the efficiency, reliability…View ↗
The FUEL CHEM® technology segment revolves around the unique application of specialty chemicals to improve the efficiency, reliability and…View ↗
Central to the FUEL CHEM approach is the introduction of chemical reagents, such as magnesium hydroxide, to combustion units via in-body…View ↗
ProductsView ↗
SCR Systems and Services: Our SCR systems control NOx emissions from industrial and utility sources including boilers, incinerators, kilns…View ↗
How Do They Make Money?
FUEL CHEM customers buy chemical products that are billed when shipped or delivered. Air Pollution Control projects are billed through progress payments tied to work milestones, while ancillary goods and services are billed on delivery or completion.
10-K for FY2025, filed Mar 3, 2026Revenues from the sale of chemical products are recognized when control transfers to customer upon shipment or delivery of the product…View ↗
Fuel Tech’s APC contracts are typically eight to twenty months in length. A typical contract will have three or four critical operational…View ↗
Fuel Tech’s APC product line also includes ancillary revenue for post contractual goods and services. Revenue associated with these…View ↗
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10-K for FY2025, filed Mar 3, 2026
FY2025 revenue by reportable segment ↗
$26.7M
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10-K for FY2025, filed Mar 3, 2026
$26.7M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Air Pollution Control
|
33%
FY2022: 39%
|
Air Pollution Control, FY2025
$8.9M Sources
|
|
|
FUEL CHEM
Sold outright
10-K for FY2025, filed Mar 3, 2026 |
67%
FY2022: 61%
|
FUEL CHEM, FY2025
$17.8M Sources
|
Sold outright |
|
Other Operating Segment
|
0.0%
FY2022: 0.0%
|
Other Operating Segment, FY2025
$0 Sources
|
Who Are Their Customers?
Utility and industrial power-generation facilities buy FUEL CHEM programs through Fuel Tech’s direct sales force and agents; APC products are sold through its direct sales force and third-party sales agents.
10-K for FY2025, filed Mar 3, 2026
Do Revenues Turn Into Profits?
Not on paper. It lost $2.3M in FY2025, but brought in more cash than it spent: $2.3M of free cash flow.
10-K for FY2025, filed Mar 3, 2026
−$3.7MView ↗
10-K for FY2025, filed Mar 3, 2026
−$2.3MView ↗
10-K for FY2025, filed Mar 3, 2026
$2.3MView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 4, 2026
−$1.2MView ↗
- ▲ +79% (Loss)
- vs −$689K in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 4, 2026
Open tableView ↗
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Sep 2, 2026
Vincent J. Arnone resigns as chairman; Sharon L. Jones succeeds him
Arnone remains a board member; Jones, an existing independent director, becomes chair.
Sources
8-K, filed Sep 2, 2026
Effective as of August 27, 2026, Vincent J. Arnone notified Fuel Tech, Inc. (the “Company”) of his decision to resign from his position as…View ↗
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Aug 4, 2026
Vincent J. Arnone resigns as CEO; Ramesh Nuggihalli is appointed
Arnone also resigns as president, and Nuggihalli is appointed CEO and president.
Sources
8-K, filed Aug 4, 2026
Effective as of July 31, 2026 , Vincent J. Arnone notified Fuel Tech, Inc. (the “Company”) of his decision to retire and resign from his…View ↗
Growing. Revenue grew 10% in 4 years, from $24.3M in FY2021 to $26.7M in FY2025, about 2% a year.
Who Do They Compete With?
Competes with Babcock Power, Babcock & Wilcox, CECO Environmental, Mitsubishi, Yara, Southern Environmental, Chemithon, Imerys, Environmental Energy Services, and SUEZ Water Technologies
10-K for FY2025, filed Mar 3, 2026The SCR process is an effective and proven method of control for removal of NOx up to 90%. SCR systems have a high capital cost of $300+/kW…View ↗
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