Filing Flows › Fuel Tech (FTEK) › Q1 2025
Fuel Tech (FTEK) Q1 2025 earnings results (first quarter 2025)
10-Q filed May 12, 2025
Fuel Tech (FTEK) reported revenue of $6.4M for the first quarter 2025 (Q1 2025), +29% from a year earlier and +21% from the quarter before. Operating margin was -14.9%, net loss $739K (11.6% of revenue).
Fuel Tech, Q1 2025: revenue $6.4M (+29% year over year), operating margin -14.9%, net loss $739K, operating cash flow $1.5M. The chart follows the revenue to costs, profit and cash.
| Q1 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $6.4M | +21% | +29% |
| Operating profit | −$952K | — | — |
| Net earnings | −$739K | — | — |
| Operating cash flow | $1.5M | — | — |
| Free cash flow | $1.4M | — | — |
What changed
Revenue was $6.4M in Q1 2025, up 29% year over year and up 21% from the previous quarter. FUEL CHEM was the largest line at 80% of revenue. FUEL CHEM added $2.4M year over year (up 92%), 171% of the total change. Air Pollution Control declined 44%.
Gross margin was 46.4%, up 5.4 points from a year earlier. Operating costs exceeded revenue by $1.0M, an operating margin of -14.9%. Operating expenses grew 5% against revenue growth of 29%. The fastest-growing cost line was Research & development (+52%). The quarter ended with a net loss of $739K, narrower than the previous quarter's $1.9M loss. Non-operating items added $213K, -29% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $1.5M. Non-cash charges added back $164K of depreciation and $110K of share-based compensation. Working capital and other items added $2.0M. Capital expenditures of $65K left free cash flow of $1.4M.
Questions
What was Fuel Tech's revenue in the first quarter 2025?
Fuel Tech (FTEK) reported revenue of $6.4M for the first quarter 2025 (Q1 2025), +29% from a year earlier and +21% from the quarter before.
Was Fuel Tech profitable in the first quarter 2025?
Operating loss was $952K (-14.9% of revenue) and net loss $739K.
Source: Fuel Tech 10-Q on SEC EDGAR.