Fuel Tech (FTEK)
NASDAQ:FTEK
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Fuel Tech
(NASDAQ:FTEK)
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Rating:57Neutral
Price Target:
$1.50
▲(17.19% Upside)
Action:Reiterated
Date:05/09/26
The score is held back primarily by persistent operating losses and inconsistent free cash flow despite a strong, low-debt balance sheet. Technicals are modestly supportive in the near term (above key short/intermediate moving averages with positive MACD). The latest earnings call added upside via bookings/backlog expansion and a large pipeline, but timing-dependent execution and worsening near-term profitability keep the overall score in the mid-range.
Positive Factors
Conservative Balance Sheet
A strong cash/investment position (~$30.6M) and no long-term debt provide lasting financial flexibility to fund project execution, absorb timing delays, and invest in R&D or small M&A. This reduces solvency risk and gives management runway to convert pipeline without relying on external financing.
Negative Factors
Persistent Unprofitability
Sustained operating losses and negative margins indicate structural profitability issues; even with decent gross margins, operating costs and SG&A keep the company loss-making. Over time this erodes ROE, limits reinvestment capacity, and forces reliance on cash reserves unless margins improve.
Read all positive and negative factors
Positive Factors
Negative Factors
Conservative Balance Sheet
A strong cash/investment position (~$30.6M) and no long-term debt provide lasting financial flexibility to fund project execution, absorb timing delays, and invest in R&D or small M&A. This reduces solvency risk and gives management runway to convert pipeline without relying on external financing.
Read all positive factors
Fuel Tech Key Performance Indicators (KPIs)
Any
Revenue by Geography
Breaks down sales across regions (U.S., Europe, Asia, etc.), revealing where Fuel Tech is strongest, where growth is accelerating or slowing, and how exposed the business is to local regulatory or market risks; useful for judging diversification and regional growth potential.
Breaks down sales across regions (U.S., Europe, Asia, etc.), revealing where Fuel Tech is strongest, where growth is accelerating or slowing, and how exposed the business is to local regulatory or market risks; useful for judging diversification and regional growth potential.
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The Fly
The FlyFuel Tech (FTEK) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$45.50M
Dividend YieldN/A
Average Volume (3M)326.68K
Price to Earnings (P/E)―
Beta (1Y)0.85
Revenue Growth-0.69%
EPS Growth1.97%
CountryUS
Employees72
SectorIndustrials
Sector Strength72
IndustryIndustrial - Pollution & Treatment Controls
Share Statistics
EPS (TTM)-0.09
Shares Outstanding31,165,249
10 Day Avg. Volume216,379
30 Day Avg. Volume326,679
Financial Highlights & Ratios
PEG Ratio-1.15
Price to Book (P/B)1.21
Price to Sales (P/S)1.81
P/FCF Ratio20.61
Enterprise Value/Market Cap0.81
Enterprise Value/Revenue1.39
Enterprise Value/Gross Profit3.04
Enterprise Value/Ebitda-11.13
Forecast
1Y Price Target
$4.00Price Target Upside212.50% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.07
Revenue Forecast (FY)$29.86M
Fuel Tech Business Overview & Revenue Model
Company Description
Fuel Tech, Inc. provides boiler optimization, efficiency improvement, and air pollution reduction and control solutions to utility and industrial customers worldwide. It operates through two segments, Air Pollution Control Technology and FUEL CHEM...
How the Company Makes Money
Fuel Tech makes money primarily by selling and delivering engineered air pollution control and combustion/process optimization solutions and related services to industrial and utility customers. Revenue is generated from (1) equipment and system s...
Fuel Tech Earnings Call Summary
Earnings Call Date:May 05, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 11, 2026
Earnings Call Sentiment Neutral
The call contained a mix of encouraging forward-looking developments — notably material APC contract awards (~$10M), a significantly expanded data center pipeline ($75M–$100M), improved APC revenue and margin, positive DGI demonstrations, and a strong balance sheet with ~$30.6M in cash and investments and no long-term debt — alongside near-term operational and financial headwinds including a small consolidated revenue decline (Q1 revenue -4.7%), larger net and operating losses, higher SG&A as a percent of revenue, and dependency on demonstration conversions and longer project execution timelines that push substantial revenue into 2027. Management is optimistic about 2026 overall but many upside items remain timing-dependent.Positive Updates
Large APC Contract Awards (~$10M) and Backlog Expansion
Announced multiple Air Pollution Control (APC) contracts valued at approximately $10 million, anchored by an SCR integration for 2 new GE Vernova turbines for a large Midwest municipal utility. Management says these awards more than doubled pro forma APC backlog to approximately $17 million (largest backlog since 2018).
Negative Updates
Consolidated Revenue Decline (Q1 2026 vs Q1 2025)
Consolidated revenue declined to $6.1 million from $6.4 million year-over-year, a decrease of approximately 4.7%, driven by a decline in the FUEL CHEM segment that offset APC gains.
Read all updates
Q1-2026 Updates
Positive
Negative
Large APC Contract Awards (~$10M) and Backlog Expansion
Announced multiple Air Pollution Control (APC) contracts valued at approximately $10 million, anchored by an SCR integration for 2 new GE Vernova turbines for a large Midwest municipal utility. Management says these awards more than doubled pro forma APC backlog to approximately $17 million (largest backlog since 2018).
Read all positive updates
Company Guidance
The company guided that 2026 revenues should exceed 2025, with FUEL CHEM “approximating” 2025 levels and APC expected to exceed 2025 performance; management noted $10 million of new APC bookings that have more than doubled a pro forma APC backlog to roughly $17 million (March 31 backlog was $6.9M, with about $6M expected to be recognized in the next 12 months), while the larger data‑center pipeline is roughly $75–$100 million across 8–10 projects (project scopes range from 2–5 to 30–40 NOx units at approximately $1M–$3M per unit); exclusive of data centers, near‑term APC opportunities are $8–$10M with $3–$5M expected to close by the end of Q2/early Q3; management emphasized the large new APC award will drive most of its revenue in 2027 and that the 2026 APC outlook excludes any specific data center awards; lastly, they reiterated financial guidance items including SG&A for 2026 of $14–$15M, continued R&D investment (Q1 R&D was $524k), and a strong balance sheet with $30.6M cash and investments, ~31.2M shares outstanding (cash/share ~$0.98) and no long‑term debt.Fuel Tech Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
78
Positive
Cash Flow
46
Neutral
| Breakdown | TTM | Dec 2025 | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 26.38M | 26.68M | 25.13M | 27.08M | 26.94M | 24.26M |
| Gross Profit | 12.07M | 12.38M | 10.62M | 11.66M | 11.64M | 11.90M |
| EBITDA | -3.29M | -2.98M | -1.41M | -1.11M | -931.00K | 828.00K |
| Net Income | -2.94M | -2.32M | -1.94M | -1.54M | -1.44M | 54.00K |
Balance Sheet | ||||||
| Total Assets | 44.49M | 47.18M | 48.80M | 50.39M | 50.12M | 49.97M |
| Cash, Cash Equivalents and Short-Term Investments | 21.58M | 24.88M | 18.69M | 29.71M | 26.31M | 35.89M |
| Total Debt | 557.00K | 580.00K | 625.00K | 614.00K | 191.00K | 235.00K |
| Total Liabilities | 5.93M | 7.25M | 6.84M | 6.67M | 5.28M | 3.77M |
| Stockholders Equity | 38.56M | 39.93M | 41.95M | 43.71M | 44.84M | 46.20M |
Cash Flow | ||||||
| Free Cash Flow | -234.00K | 2.34M | -3.81M | 278.00K | -4.34M | 677.00K |
| Operating Cash Flow | 661.00K | 3.02M | -3.43M | 696.00K | -4.14M | 761.00K |
| Investing Cash Flow | -3.06M | 545.00K | -5.44M | -6.44M | -9.48M | -84.00K |
| Financing Cash Flow | -232.00K | -222.00K | -95.00K | 42.00K | -17.00K | 23.98M |
Fuel Tech Technical Analysis
Negative
1.28
Price Trends
1.37
Positive
1.40
Positive
1.97
Negative
Market Momentum
0.02
Positive
50.34
Neutral
54.12
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FTEK, the sentiment is Negative. The current price of 1.28 is below the 20-day moving average (MA) of 1.50, below the 50-day MA of 1.37, and below the 200-day MA of 1.97, indicating a neutral trend. The MACD of 0.02 indicates Positive momentum. The RSI at 50.34 is Neutral, neither overbought nor oversold. The STOCH value of 54.12 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FTEK.
Fuel Tech Risk Analysis
Fuel Tech disclosed 21 risk factors in its most recent earnings report. Fuel Tech reported the most risks in the "Production" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Fuel Tech Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
57 Neutral | $45.50M | -7.00 | -7.34% | ― | -0.69% | 1.97% | |
51 Neutral | $8.60M | 8.06 | 3.61% | ― | -13.77% | -78.34% | |
50 Neutral | $18.80M | -1.74 | -73.79% | ― | 6.94% | 38.10% | |
47 Neutral | $26.52M | -2.80 | -53.54% | ― | 73.54% | 17.08% | |
47 Neutral | $17.29M | -3.48 | -108.76% | ― | -30.33% | -24.91% | |
42 Neutral | $41.11M | -2.71 | -338.76% | ― | ― | ― |
* Industrials Sector Average
FTEK
Fuel Tech
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Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.