Fuel Tech Inc (NASDAQ: FTEK) is an air pollution control and fuel treatment technology company that sells emissions reduction systems and chemical programs to electric power plants and industrial combustion sources. Revenue comes from two segments: Air Pollution Control (APC), which generates project-based income from the engineering, supply, and installation of NOx reduction systems sold primarily on fixed-price contracts, and FUEL CHEM, which generates recurring chemical program revenue from ongoing treatment programs at coal, biomass, and heavy fuel oil-fired facilities. APC backlog stood at $7,047 thousand as of year-end FY2025. FUEL CHEM segment revenues grew in FY2025 driven by increased order regularity from legacy customers and a full year of contribution from a new commercial program added in the second half of FY2024. APC revenues declined in FY2025 due to customer-driven project delays. The company has never paid a cash dividend and reinvests earnings into operations. CEO Vincent J. Arnone signed the FY2025 10-K filed March 3, 2026.

Revenue model

Two revenue streams: (1) APC segment, project-based fixed-price contracts for NOx emission control system engineering and installation; (2) FUEL CHEM segment, recurring chemical treatment programs using proprietary TIFI Targeted In-Furnace Injection technology sold to power plants on an ongoing basis.

Products and services

NOxOUT SNCR systems for NOx reduction; ASCR Advanced Selective Catalytic Reduction systems; SCR systems including Ammonia Injection Grids (AIG), catalyst reactor vessels, and SCR catalyst; ULTRA urea-to-ammonia conversion technology; FUEL CHEM programs using TIFI Targeted In-Furnace Injection for slagging, fouling, corrosion, and SO3 control; Dissolved Gas Infusion (DGI) technology; Computational Fluid Dynamics (CFD) modeling; GSG Graduated Straightening Grid flow corrective devices; catalyst management and AIG tuning services.

Customers and end markets

Electric power plants burning coal, biomass, and heavy fuel oil; industrial combustion sources including boilers, incinerators, kilns, reformers, turbines, and engines firing coal, natural gas, oil, and process gases. Key market driver for FUEL CHEM is continued coal use, which accounted for approximately 17% of U.S. electricity generation and roughly 33% of global electricity generation in 2025. Principal coal markets include Powder River Basin coal users and high-sulfur coal plants with SCR and flue gas desulfurization systems. Mexican state power generation using indigenous high-sulfur fuel oil is a noted FUEL CHEM market.

Value-chain role

Technology developer, system designer, and project contractor for emissions control equipment. Sells both capital systems (APC) and ongoing chemical consumable programs (FUEL CHEM). Provides post-installation services including start-up, maintenance support, catalyst management, and CFD consulting.

Geographic exposure

U.S. domestic market is the primary base. International operations referenced, including customers in Mexico and global SCR services. Specific revenue split by geography is not disclosed in the excerpts.

Source: SEC 10-K, filed 2026-03-03

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