Fuel Tech, Inc. reported a decline in financial performance for the second quarter of 2025, with revenues of $5.558 million, down 21% from $7.042 million in the same period last year. For the first half of 2025, revenues remained relatively stable at $11.940 million compared to $11.999 million in the prior year. The decrease in quarterly revenue was primarily attributed to a significant drop in the Air Pollution Control (APC) segment, which generated $2.505 million, a 37% decrease from $3.949 million in the previous year. In contrast, the FUEL CHEM segment showed resilience, with revenues of $3.053 million, slightly down from $3.093 million, but up 42% for the six-month period, reflecting increased operational demand and the addition of a new customer account.
The company's operating loss for the second quarter was $1.308 million, compared to a loss of $0.715 million in the same quarter of 2024. The net loss for the quarter was $0.689 million, or $(0.02) per share, compared to a net loss of $0.421 million, or $(0.01) per share, in the prior year. Fuel Tech's total assets decreased to $47.003 million from $48.797 million at the end of 2024, while stockholders' equity also fell to $40.664 million from $41.955 million. The company reported a cash and cash equivalents balance of $10.589 million, an increase from $8.510 million at the end of 2024.
Operationally, Fuel Tech's APC segment backlog increased to $7.811 million as of June 30, 2025, up from $6.175 million at the end of 2024, indicating ongoing project commitments despite the revenue decline. The company continues to focus on expanding its product offerings, particularly in the water and wastewater treatment markets, and is investing in new technologies such as the DGI® Dissolved Gas Infusion Systems. The company’s workforce remains stable, and it is actively pursuing additional market opportunities to enhance its financial outlook.
Looking ahead, Fuel Tech's management expressed optimism regarding future growth, citing a strong sales pipeline estimated between $75 million and $100 million. The company is committed to maintaining cost control measures and expects that these efforts, combined with new business opportunities, will lead to improved financial performance. Fuel Tech's strategic focus on operational efficiency and market expansion is expected to support its long-term growth objectives, despite the challenges faced in the current fiscal period.
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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