Fuel Tech, Inc. reported a revenue increase of 6% for the fiscal year ending December 31, 2025, achieving total revenues of $26.7 million compared to $25.1 million in 2024. The growth was primarily driven by a significant 28% increase in the FUEL CHEM technology segment, which generated $17.8 million in revenue, up from $13.9 million the previous year. In contrast, the Air Pollution Control (APC) segment experienced a decline, with revenues falling to $8.9 million from $11.2 million, attributed to project delays and timing issues. The company reported a net loss of $2.3 million, slightly worse than the $1.9 million loss in 2024.
Fuel Tech's operational performance was marked by strategic developments, including the acquisition of certain assets from Wahlco, Inc. for $350, which included intellectual property and engineering designs. This acquisition is expected to enhance Fuel Tech's capabilities in air pollution control technologies. The company also continued to invest in research and development, with R&D expenses rising to $2.0 million from $1.6 million, focusing on new technologies, particularly in water treatment.
The company’s customer base remains concentrated, with its five largest customers accounting for approximately 58% of total revenues in 2025. This concentration poses a risk, as the loss of any significant customer could materially impact future revenues. Fuel Tech's consolidated backlog at the end of 2025 was $7.0 million, an increase from $6.2 million in 2024, indicating potential revenue recognition in the upcoming year.
Geographically, Fuel Tech's U.S. revenues increased by 18% to $21.0 million, while international revenues decreased by 23% to $5.7 million. The company noted that the decline in international sales was primarily due to project timing and execution challenges. The company continues to monitor market conditions and regulatory environments, which are critical for its APC segment, as compliance with air quality regulations drives demand for its technologies.
Looking ahead, Fuel Tech remains optimistic about its growth prospects, particularly in emerging markets and industries reliant on electric power. The company anticipates that the demand for its products will be supported by the ongoing need for emissions control technologies and the continued use of carbon-based fuels. However, it also acknowledges potential challenges, including inflationary pressures on materials and labor, which could impact profitability.
About FUEL TECH, INC.
Fuel Tech, Inc. develops proprietary technologies for air pollution control, process optimization, and water treatment. Its core offerings include NOx reduction systems, such as SCR and SNCR, and chemical injection solutions for combustion efficiency and emission compliance. Serving utility and industrial markets worldwide, the company leverages advanced engineering, modeling, and patented processes to deliver cost-effective, environmentally sustainable solutions for power generation and manufacturing industries.
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