Fuel Tech Reports $6.08 Million Revenue in Q1 2026, Net Loss Increases

Fuel Tech, Inc. reported a revenue of $6.08 million for the first quarter of 2026, a decrease of 5% from $6.38 million in the same period of 2025. The decline was primarily attributed to a 12% drop in revenue from the FUEL CHEM segment, which generated $4.48 million compared to $5.08 million a year earlier. This decrease was influenced by seasonal maintenance outages and reduced operational demand. Conversely, the Air Pollution Control (APC) segment saw a 23% increase in revenue, rising to $1.60 million from $1.30 million, driven by the timing of project execution and an increase in ancillary revenue.

The company's net loss for the quarter was $1.36 million, compared to a loss of $739,000 in the prior year. This resulted in a basic and diluted net loss per share of $0.04, compared to a loss of $0.02 per share in the first quarter of 2025. The increase in net loss was influenced by higher selling, general, and administrative expenses, which rose to $3.72 million from $3.34 million, largely due to increased employee-related costs and professional fees.

Fuel Tech's total assets decreased to $44.49 million as of March 31, 2026, down from $47.18 million at the end of 2025. Current assets also fell to $27.15 million from $31.94 million, primarily due to a reduction in cash and cash equivalents, which decreased to $9.11 million from $11.94 million. The company's total liabilities decreased to $5.93 million from $7.25 million, reflecting a reduction in accounts payable and accrued liabilities.

In terms of operational developments, Fuel Tech's APC segment backlog stood at $6.92 million as of March 31, 2026, down from $7.05 million at the end of 2025. The company continues to focus on expanding its product offerings, particularly in the water and wastewater treatment market, and anticipates that ongoing cost control measures will help maintain operating expenditures. The company has sufficient capital resources to meet its immediate and long-term needs and expects to leverage new business opportunities to improve its financial outlook.

Looking ahead, Fuel Tech remains optimistic about its growth prospects, particularly in the APC segment, as global emissions protocols gain traction. The company plans to continue investing in technology development and anticipates that its current cash position and expected cash flows from operations will adequately support its operations for the next 12 months.