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Fuel Tech cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$1.8M in Q3 2026 · −$5.9M over twelve months

Operating cash flow−$1.7M
Capital spending−$106K
Free cash flow−$1.8M
Cash conversion cycle3 days

Analysis

In Q3 2026, Fuel Tech generated −$1.7M of operating cash flow and spent $106K on capital projects, leaving free cash flow of −$1.8M. That is $4.7M less than in Q3 2025 ($3.0M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$5.0M; the largest uses were operating cash flow ($5.0M), capital spending ($948K), other investing ($879K); the cash balance fell by $6.8M.

Operating cash flow was −$1.7M against net income of −$267K. The largest differences: receivables −$2.0M, prepaid and other assets +$247K, payables +$191K.

Its cash conversion cycle was 3 days (receivables 52 + inventory 7 − payables 56).

Free cash flow

Fuel Tech: free cash flow by quarterFuel Tech: free cash flow by quarter−$1.7MQ4 2024$1.4MQ1 2025−$57KQ2 2025$3.0MQ3 2025−$2.0MQ4 2025−$1.2MQ1 2026−$971KQ2 2026−$1.8MQ3 2026
Operating cash flow less capital spending.
Fuel Tech: operating cash flow against capital spendingFuel Tech: operating cash flow against capital spendingOperating cash flowCapital spending−$1.6M$62KQ4 2024$1.5M$65KQ1 2025−$21K$36KQ2 2025$3.1M$130KQ3 2025−$1.6M$443KQ4 2025−$847K$322KQ1 2026−$894K$77KQ2 2026−$1.7M$106KQ3 2026
Latest (Q3 2026): Operating cash flow −$1.7M, Capital spending $106K.

Capital allocation, year by year

Fuel Tech: where the cash came from (up) and went (down), by fiscal yearFuel Tech: where the cash came from (up) and went (down), by fiscal yearOperating cash flowShares issuedCapital spendingBuybacksFY2021: Operating cash flow $761KFY2021: Capital spending −$84KFY2021: Buybacks −$52K$761KFY2021FY2022: Operating cash flow −$4.1MFY2022: Capital spending −$206KFY2022: Buybacks −$17KFY2022FY2023: Operating cash flow $696KFY2023: Shares issued $42KFY2023: Capital spending −$418K$738KFY2023FY2024: Operating cash flow −$3.4MFY2024: Capital spending −$378KFY2024: Buybacks −$95KFY2024FY2025: Operating cash flow $3.0MFY2025: Capital spending −$674KFY2025: Buybacks −$222K$3.0MFY2025
Over these 5 years operating cash flow totalled −$3.1M; the largest uses were operating cash flow ($7.6M) and capital spending ($1.8M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$17.8M
Debtnone
Net cash$17.8M
Cash runway3.0 years

Fuel Tech is burning cash: its operations consume cash, a free cash flow of −$5.9M a year at the current rate against $17.8M of cash and investments: a runway of about 3.0 years before any new financing.

Where the cash came from and went

Fuel Tech: sources (+) and uses (−) of cash, Q3 2026Fuel Tech: sources (+) and uses (−) of cash, Q3 2026Operating cash flow−$1.7MOther investing$1.0MCash drawn (+) / kept (−)$790KCapital spending−$106KExchange rates−$16K
Fuel Tech: sources (+) and uses (−) of cash, TTM to Q3 2026Fuel Tech: sources (+) and uses (−) of cash, TTM to Q3 2026Cash drawn (+) / kept (−)$6.8MOperating cash flow−$5.0MCapital spending−$948KOther investing−$879KBuybacks−$45KExchange rates$2K

From profit to cash

Fuel Tech: net income to operating cash flow, Q3 2026Fuel Tech: net income to operating cash flow, Q3 2026Net income−$267KDepreciation & amortization$184KStock-based pay$63KReceivables−$2.0MInventory−$24KPayables$191KAccrued liabilities−$120KPrepaid and other assets$247KOperating cash flow−$1.7M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 2026527563
Q2 2026569596
Q1 20267010719
Q4 2025659659
Q3 202568125426
Q2 202598175659
Q1 2025106125959
Q4 2024162139381

Every quarter

QuarterOperating cash flowCapital spendingBuybacksCash drawn (+) / kept (−)Free cash flow
Q3 2026−$1.7M−$106K—$790K−$1.8M
Q2 2026−$894K−$77K−$11K$1.5M−$971K
Q1 2026−$847K−$322K−$34K$2.8M−$1.2M
Q4 2025−$1.6M−$443K—$1.7M−$2.0M
Q3 2025$3.1M−$130K—−$3.1M$3.0M
Q2 2025−$21K−$36K−$198K$1.2M−$57K
Q1 2025$1.5M−$65K−$24K−$3.3M$1.4M
Q4 2024−$1.6M−$62K—$3.8M−$1.7M

Fuel Tech: income statement and cash flow

Fuel Tech, Q3 2026: revenue $8.7M (+16% year over year), operating margin -6.0%. The chart follows the revenue to costs, profit and cash.

Fuel Tech: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.