FTEK on Nasdaq

FUEL TECH, INC.

American industrial and commercial fans and blowers and air purifing equip company.

Price unavailable

Last updated Oct 18, 2026.

Overview

Compare with MFRI, CECO ENVIRONMENTAL CORP or Donaldson Company, or pick any stock.

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

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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 margin3
-13.8%Operating margin3
-8.7%Net margin3
6.1%Revenue growth, 20253
-5.8%Return on equity3

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$17.8M367%up 28% from 2024
  2. Air Pollution Control$8.9M333%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$21.0M379%up 18% from 2024
  2. Pacific Rim and Other Geographical Areas$2.4M39%up 41% from 2024
  3. Europe$2.2M38%up 4% from 2024
  4. Americas$707.0K33%down 23% from 2024
  5. ZA$318.0K31%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.3 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.3

Financial statements

Revenue456783$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 profit456783$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 income456783-$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 income456783-$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.3

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

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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. Aug 19, 2026New chief executive Ramesh Nuggihalli becomes CEO11
  2. Apr 1, 2015New chief executive Vincent J. Arnone becomes CEO12
  3. Jun 3, 2010New chief executive Douglas G. Bailey becomes CEO13
  4. Mar 17, 2006New chief executive Johnny F. Norris Jr. becomes CEO14

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 three years, summarized. The full record is on SEC EDGAR.

Insider trades and holders

Large holders

Investors who own more than 5% must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively. 8 such filings since October 2021:

  1. Oct 7, 2026SCHEDULE 13G/A
  2. Apr 6, 2026SCHEDULE 13G/A
  3. Nov 3, 2025SCHEDULE 13G/A
  4. Feb 5, 2025SCHEDULE 13G/A
  5. Feb 5, 2024SC 13G/A
  6. Jan 27, 2023SC 13G/A
  7. Feb 10, 2022SC 13G/A
  8. Jan 10, 2022SC 13G

From Forms 4 and Schedules 13D and 13G filed with the SEC.

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.

Sources

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