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FTEK on Nasdaq

FUEL TECH, INC.

American industrial and commercial fans and blowers and air purifing equip company1

In its 2026 annual report the company says: “We are a leading technology company engaged in the worldwide development, commercialization and application of sustainable state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment and advanced engineering services.”3 It is headquartered in Warrenville, Illinois.1 Its shares trade on Nasdaq under the symbol FTEK.1

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Last updated Oct 21, 2026.

Overview

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  • TickerFTEK on Nasdaq1
  • IndustryIndustrial & Commercial Fans & Blowers & Air Purifing Equip1
  • HeadquartersWarrenville, Illinois1
  • Incorporated inDE2
  • Business address27601 Bella Vista Parkway, Warrenville, Il 605552
  • Filer categoryNon-accelerated filer, Smaller reporting company2

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We are a leading technology company engaged in the worldwide development, commercialization and application of sustainable state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment and advanced engineering services. These technologies enable our customers to operate efficiently in a cost-effective and environmentally sustainable manner.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

46.4%Gross margin4
-13.8%Operating margin4
-8.7%Net margin4
6.1%Revenue growth, 20254
-5.8%Return on equity4

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Business segments

Fuel Chem brought in 67% of the revenue FUEL TECH, INC. broke down this way in fiscal 2025.

  1. Fuel Chem$17.8M467%up 28% from 2024
  2. Air Pollution Control$8.9M433%down 21% from 2024
Business segments by year
Business segments20242025
Fuel Chem$13.9M$17.8M
Air Pollution Control$11.2M$8.9M

Regions

United States brought in 79% of the revenue FUEL TECH, INC. broke down this way in fiscal 2025.

  1. United States$21.0M479%up 18% from 2024
  2. Pacific Rim and Other Geographical Areas$2.4M49%up 41% from 2024
  3. Europe$2.2M48%up 4% from 2024
  4. Americas$707.0K43%down 23% from 2024
  5. ZA$318.0K41%down 88% from 2024
Regions by year
Regions20242025
United States$17.8M$21.0M
Pacific Rim and Other Geographical Areas$1.7M$2.4M
Europe$2.1M$2.2M
Americas$924.0K$707.0K
ZA$2.6M$318.0K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue47¢$14.3M
  • Research and development7¢$2.0M
  • Selling, general and admin46¢$14.1M
  • Income tax0¢$15.0K

Out of $26.7M in revenue.4 The company lost money this year.

Where each dollar of operating cash went, fiscal 2025

  • Kept or used elsewhere100¢$3.0M

Out of $3.0M of cash from operations.4

Financial statements

Revenue567894$26.7M in 2025−12% since 2019
0$10.0M$20.0M$30.0M$40.0M2019: $30.5M$30.5M20192020: $22.6M$22.6M2020−26%2021: $24.3M$24.3M2021+8%2022: $26.9M$26.9M2022+11%2023: $27.1M$27.1M2023+1%2024: $25.1M$25.1M2024−7%2025: $26.7M$26.7M2025+6%
Gross profit567894$12.4M in 2025+14% since 2019
0$5.0M$10.0M$15.0M2019: $10.8M$10.8M20192020: $10.6M$10.6M2020−2%2021: $11.9M$11.9M2021+12%2022: $11.6M$11.6M2022−2%2023: $11.7M$11.7M2023+0%2024: $10.6M$10.6M2024−9%2025: $12.4M$12.4M2025+17%
Operating income567894-$3.7M in 2025−55% since 2019
-$10.0M-$7.5M-$5.0M-$2.5M02019: -$8.2M-$8.2M20192020: -$4.3M-$4.3M2020−47%2021: -$1.5M-$1.5M2021−66%2022: -$1.5M-$1.5M2022+3%2023: -$2.7M-$2.7M2023+74%2024: -$4.7M-$4.7M2024+77%2025: -$3.7M-$3.7M2025−22%
Net income567894-$2.3M in 2025−70% since 2019
-$8.0M-$6.0M-$4.0M-$2.0M0$2.0M2019: -$7.9M-$7.9M20192020: -$4.3M-$4.3M2020−46%2021: $54.0K$54.0K20212022: -$1.4M-$1.4M20222023: -$1.5M-$1.5M2023+7%2024: -$1.9M-$1.9M2024+26%2025: -$2.3M-$2.3M2025+20%

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Revenues$26.7M$25.1M
Cost of sales$14.3M$14.5M
Selling, general and administrative$14.1M$13.8M
Research and development$2.0M$1.6M
Total costs and expenses$30.4M$29.8M
Operating income (loss) from continuing operations-$3.7M-$4.7M
Interest income$1.4M$1.3M
Other (expense) income, net-$43.0K$1.6M
Loss before income taxes-$2.3M-$1.9M
Income tax expense-$15.0K-$77.0K
Net loss-$2.3M-$1.9M
Basic net loss per common share (in dollars per share)-$0.08-$0.06
Diluted net loss per common share (in dollars per share)-$0.08-$0.06
Basic (in shares)30.9M shares30.6M shares
Diluted (in shares)30.9M shares30.6M shares

Compare FUEL TECH, INC. with another company

Corporate structure

FUEL TECH, INC. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of FUEL TECH, INC.

  • FUEL TECH, INC. Warrenville, Illinois

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What FUEL TECH, INC. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$24.2M4 Dec 31, 2025$24.0M4 Dec 31, 2024+0.5%
Accumulated depreciation$19.4M4 Dec 31, 2025$19.0M4 Dec 31, 2024+2.5%
Property and equipment, net$4.7M4 Dec 31, 2025$5.1M4 Dec 31, 2024−6.8%
Operating-lease assets (leased space)$536.0K4 Dec 31, 2025$585.0K4 Dec 31, 2024−8.4%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$11.9M4 Dec 31, 2025$8.5M4 Dec 31, 2024+40.3%
Marketable securities, current$12.9M4 Dec 31, 2025$10.2M4 Dec 31, 2024+27.1%
Long-term investments$7.0M4 Dec 31, 2025$10.9M4 Dec 31, 2024−35.7%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$2.1M4 Dec 31, 2025$2.1M4 Dec 31, 20240%
Intangible assets, net (excluding goodwill)$646.0K4 Dec 31, 2025$327.0K4 Dec 31, 2024+97.6%
Finite-lived intangibles, gross$1.2M4 Dec 31, 2025$852.0K4 Dec 31, 2024+41.7%
Accumulated amortization$561.0K4 Dec 31, 2025$525.0K4 Dec 31, 2024+6.9%
Finite-lived intangibles, net$646.0K4 Dec 31, 2025$327.0K4 Dec 31, 2024+97.6%

Inventory

ItemLatestA year beforeChange
Inventory, total$373.0K4 Dec 31, 2025$397.0K4 Dec 31, 2024−6.0%

Properties, in its own words

We own an office building in Warrenville, Illinois, which has served as our corporate headquarters since June 23, 2008. This facility, with approximately 40,000 square feet of office space, is sufficient to meet our requirements for the foreseeable future.

We also operate from leased office facilities and we do not segregate any of these leased facilities by operating business segment. The terms of the Company's primary lease arrangements as of December 31, 2025 are as follows:

The rest of Item 2

• · The Gallarate, Italy building lease, for approximately 1,335 square feet, runs through April 30, 2031. This facility serves as the operating headquarters for our European operations.

• · The Aurora, IL warehouse lease, for approximately 11,000 square feet, runs through March 31, 2031. This facility serves as an outside warehouse facility.

Item 2 of the 10-K filed Mar 3, 2026.3

Leadership

Who has led FUEL TECH, INC., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Johnny F. Norris Jr.2006–2009
  2. Douglas G. Bailey2010–2015
  3. Vincent J. Arnone2015–2026
  4. Ramesh Nuggihalli2026–now

Chair

  1. Ralph E. Bailey2006–2010
  2. Douglas G. Bailey2006–2017

President

  1. Johnny F. Norris Jr.2006
  2. Douglas G. Bailey2010–2015
  3. Vincent J. Arnone2015–2026
  4. Ramesh Nuggihalli2026–now

Chief financial officer

  1. Ellen T. Albrecht2022–now
2010201520202025
Board members and other officers (38)

Former names

  • FUEL TECH N VJun 16, 1997 to Oct 5, 20062

Timeline

  1. Sep 18, 20268-K Regulation FD disclosure55
  2. Sep 2, 20268-K Executive or director change56
  3. Aug 19, 2026New chief executive Ramesh Nuggihalli becomes CEO12
  4. Aug 4, 20268-K Executive or director change57
  5. Aug 4, 20268-K Results of operations58
  6. Jun 8, 20268-K Shareholder vote59
  7. May 5, 20268-K Results of operations60
  8. Mar 27, 20268-K Executive or director change61
  9. Mar 3, 20268-K Results of operations62
  10. Dec 12, 20258-K Executive or director change63
  11. Nov 4, 20258-K Results of operations64
  12. Aug 5, 20258-K Results of operations65
  13. Jun 10, 20258-K Shareholder vote66
  14. Apr 1, 2015New chief executive Vincent J. Arnone becomes CEO13
  15. Jun 3, 2010New chief executive Douglas G. Bailey becomes CEO14
  16. Mar 17, 2006New chief executive Johnny F. Norris Jr. becomes CEO15

Calendar

Coming up

  1. Nov 3, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported $0.01 a share, on Nov 4, 2025.67

When it reported results

  1. Aug 4, 2026Reported quarterly or annual results58
  2. May 5, 2026Reported quarterly or annual results60
  3. Mar 3, 2026Reported quarterly or annual results62
  4. Nov 4, 2025Reported quarterly or annual results64
  5. Aug 5, 2025Reported quarterly or annual results65
  6. May 12, 2025Reported quarterly or annual results68
  7. Mar 4, 2025Reported quarterly or annual results69
  8. Nov 6, 2024Reported quarterly or annual results70

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

124 filings to the SEC since October 2021: 5 annual reports, 15 quarterly reports, 48 major events, 38 insider forms, 8 large holders, 10 other. The latest 20:

  1. Oct 7, 2026SCHEDULE 13G/A EDGAR
  2. Sep 18, 20268-K EDGAR
  3. Sep 3, 20264 EDGAR
  4. Sep 2, 20268-K EDGAR
  5. Aug 19, 20263 EDGAR
  6. Aug 4, 202610-Q EDGAR
  7. Aug 4, 20268-K EDGAR
  8. Aug 4, 20268-K EDGAR
  9. Jun 8, 20268-K EDGAR
  10. Jun 5, 20264 EDGAR
  11. Jun 5, 20264 EDGAR
  12. Jun 5, 20264 EDGAR
  13. May 5, 202610-Q EDGAR
  14. May 5, 20268-K EDGAR
  15. Apr 13, 2026DEF 14A EDGAR
  16. Apr 6, 2026SCHEDULE 13G/A EDGAR
  17. Mar 27, 20268-K EDGAR
  18. Mar 27, 20264 EDGAR
  19. Mar 27, 20264 EDGAR
  20. Mar 27, 20264 EDGAR

The 124 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

17 open-market trades by officers, directors and large owners since October 2021: 16 buys and 1 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Sep 1, 2026Nuggihalli RameshPresident & CEOBuy1,471$1.36$2.0KForm 4
Mar 6, 2026ARNONE VINCENT JPresident & CEOBuy10,000$1.24$12.4KForm 4
Jun 4, 2025Jones Sharon LDirectorSale12,627$1.67$21.1KForm 4
Mar 28, 2025ARNONE VINCENT JPresident & CEOBuy15,000$1.05$15.8KForm 4
Nov 19, 2024Jones Sharon LDirectorBuy8,014$1.08$8.7KForm 4
Nov 18, 2024Jones Sharon LDirectorBuy9,800$1.05$10.3KForm 4
Nov 15, 2024Jones Sharon LDirectorBuy4,200$1.05$4.4KForm 4
Nov 14, 2024Jones Sharon LDirectorBuy7,200$1.04$7.5KForm 4
Nov 13, 2024Jones Sharon LDirectorBuy9,100$1.05$9.6KForm 4
Nov 12, 2024Jones Sharon LDirectorBuy9,500$1.02$9.7KForm 4
Sep 12, 2024Albrecht Ellen TChief Financial OfficerBuy5,000$1.01$5.0KForm 4
Sep 12, 2024ARNONE VINCENT JPresident & CEOBuy20,000$1.02$20.4KForm 4
Aug 28, 2024Jones Sharon LDirectorBuy3,293$1.01$3.3KForm 4
Aug 12, 2024Jones Sharon LDirectorBuy447$1.01$452Form 4
Aug 9, 2024ARNONE VINCENT JPresident & CEOBuy20,000$1.04$20.8KForm 4
Aug 11, 2023ARNONE VINCENT JPresident & CEOBuy15,000$1.20$18.0KForm 4
May 17, 2022ARNONE VINCENT JPresident & CEOBuy20,000$1.20$24.0KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Vincent J. Arnone$425.0K$788.3K73
2025Ellen T. Albrecht.$294.0K$484.9K73
2025William E. CummingsJr.$240.0K$447.5K73
2024President and Chief Executive Officer$425.0K$449.5K73
2024Vice PresidentChief Financial Officer and Principal Financial Officer$290.5K$369.5K73
2024Senior Vice PresidentSales$240.0K$339.7K73

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 42. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Grace & White Inc /ny1,541,307$3.4M0.5%No change
Renaissance Technologies LLC1,102,406$2.4M0.0%−305,400
Vanguard Capital Management LLC1,005,701$2.2M0.0%+17,703
Peapod Lane Capital LLC820,592$1.8M1.2%+341,750
Geode Capital Management, LLC522,983$1.2M0.0%−9,825
BlackRock, Inc.496,493$1.1M0.0%+86,129
Us Bancorp \de\304,776$673.6K0.0%No change
Two Sigma Investments, LP168,457$372.3K0.0%−69,622
Beartown Capital Management, LLC146,689$324.2K0.1%No change
Vanguard Fiduciary Trust Co133,459$294.9K0.0%+954
State Street Corp121,846$269.3K0.0%No change
Marquette Asset Management, LLC110,509$244.2K0.0%New
Jane Street Group, LLC109,483$242.0K0.0%+38,686
Thompson Davis & Co., Inc.85,800$189.6K0.1%New
Essex Investment Management Co LLC77,159$170.5K0.0%−91
Northern Trust Corp60,333$133.3K0.0%+28,898
Rothschild Wealth LLC40,000$88.4K0.0%New
Susquehanna International Group, Llp35,896$79.3K0.0%−104,196
LexAurum Advisors, LLC20,160$44.6K0.0%+6,000
Citadel Advisors LLC19,070$42.1K0.0%−202,329
Legato Capital Management LLC18,165$40.1K0.0%No change
UBS Group AG18,015$39.8K0.0%+18,014
Group One Trading LLC13,903$30.7K0.0%−26,312
Dimensional Fund Advisors LP13,428$29.1K0.0%−6,000
Scientech Research LLC11,441$25.3K0.0%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How FUEL TECH, INC. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFUEL TECH, INC.1
  • CIK0000846913
  • Employer ID (EIN)20-56575513
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inDelaware3
  • Fiscal year endsDecember 311
  • Industry code (SIC)3564 Industrial & Commercial Fans & Blowers & Air Purifing Equip1
  • SEC reviewing officeOffice of Technology, Division of Corporation Finance1
  • Business address27601 Bella Vista Parkway, Warrenville, IL 605551
  • Phone63084544311
  • Shares outstanding31,216,789 as of Jul 31, 202611
  • Public float$70.9M as of Jun 30, 20253
  • AuditorRSM US LLP, Chicago, Illinois PCAOB ID 49; no auditor attestation of internal control over financial reporting3
  • On EDGAR sinceJun 16, 19971
  • Filings1,031 in all: 4 (496), 8-K (197), 10-Q (80), 4/A (46), 3 (38), 10-K (27), DEF 14A (27), SC 13G/A (22)1
    All 39 form types

    SC 13G (15), UPLOAD (11), CORRESP (9), 8-K/A (6), DEFA14A (5), PRE 14A (5), S-8 (5), 5 (4), SCHEDULE 13G/A (4), 10-K/A (3), 10-Q/A (3), ARS (3), SC TO-C (3), DEFR14A (2), EFFECT (2), S-4/A (2), S-8 POS (2), 144 (1), 3/A (1), 424B3 (1), 5/A (1), 8-A12B (1), CT ORDER (1), D (1), NT 10-K (1), S-3 (1), S-3/A (1), S-4 (1), SC 13D (1), SC TO-I (1), SC TO-I/A (1)

  • Latest filingsAnnual report (10-K) Mar 3, 2026
    Quarterly report (10-Q) Aug 4, 2026
    Proxy statement (DEF 14A) Apr 13, 2026
    Latest 8-K (8-K) Sep 18, 2026

Securities registered for trading

ClassSymbolExchange
Common StockFTEKNASDAQ

From the cover page of the 10-K filed Mar 3, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

The risks FUEL TECH, INC. names in Item 1A of its 10-K filed Mar 3, 2026: 13 risks under these headings, as written.3

  • RISKS RELATED TO OUR PRODUCTS AND PRICING
  • Our Product Portfolio Lacks Diversification
  • We Face Substantial Competition
  • Our Dependence Upon Fixed-price Contracts Could Adversely Affect our Operating Results
  • Customers May Cancel or Delay Projects
  • Our Operating Results May Be Adversely Affected by Product Pricing
  • Our Customer Base Is Highly Concentrated
  • RISKS RELATED TO OUR BUSINESS
  • Our Financial Performance May Vary Significantly From Period to Period
  • Energy Transition
  • Our Manufacturing Operations Are Dependent on Third-party Suppliers
  • Our Use of Subcontractors Could Potentially Harm our Profitability and Business Reputation
The other 8 risks
  • Operational Execution
  • We Rely on Several Key Employees Whose Absence or Loss Could Disrupt our Operations or Be Adverse to our Business
  • Increasing Costs for Manufactured Components May Adversely Affect our Profitability
  • Cybersecurity
  • We May Not Be Able to Successfully Protect our Patents and Proprietary Rights
  • Our Results May Be Affected By Foreign Operations
  • We May Not Be Able to Purchase Raw Materials on Commercially Advantageous Terms
  • RISKS RELATED TO OUR INDUSTRY
  • Demand for Our APC and FUEL CHEM Products is Affected by External Market Factors
  • Our Business Is Dependent on Continuing Air Pollution Control Regulations and Enforcement
  • GENERAL RISK FACTORS
  • Geopolitical and Unexpected Events May Impact New or Existing Projects and Prices and Availability of Raw Materials, Energy and Other Materials

Legal proceedings

From time to time we are involved in litigation with respect to matters arising from the ordinary conduct of our business. In the opinion of management, based upon presently available information, either adequate provision for anticipated costs have been accrued or the ultimate anticipated costs will not materially affect our consolidated financial position, results of operations, or cash flows.

See Note 9 "Commitments and Contingencies" in the Notes to the Consolidated Financial Statements in this Annual Report on Form 10-K.

The opening of Item 3, Legal Proceedings.3

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