Earnings Releases·Nov 3, 2026, 4:31 PM ET

Fuel Tech — Q3 2026 Earnings Summary

Consolidated revenues rose 16% year-over-year to $8.7 million, driven by a 38% surge in the APC segment, though the company reported a net loss of $267,000 compared to net income of $303,000 in the prior year.
Gross margin declined to 45% from 49% due to project mix changes in the APC segment, while SG&A expenses increased to $3.7 million, impacted by a non-recurring $175,000 CEO transition cost.
The APC segment backlog grew to $16.6 million as of September 30, 2026, up from $14.3 million in June, excluding an additional $3.3 million in recently awarded contracts.
Management outlined a strategic focus on data center, AI infrastructure, and water treatment opportunities, pursuing organic growth and select M&A to expand product portfolios.
The company maintains a strong balance sheet with $27.8 million in total cash and investments and no debt, though it faces ongoing challenges in implementing its multi-year strategic plan.