Filing Flows › Fuel Tech (FTEK) › Q2 2025
Fuel Tech (FTEK) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 5, 2025
Fuel Tech (FTEK) reported revenue of $5.6M for the second quarter 2025 (Q2 2025), -21% from a year earlier and -13% from the quarter before. Operating margin was -23.5%, net loss $689K (12.4% of revenue).
Fuel Tech, Q2 2025: revenue $5.6M (-21% year over year), operating margin -23.5%, net loss $689K, operating cash flow −$21K. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $5.6M | -13% | -21% |
| Operating profit | −$1.3M | — | — |
| Net earnings | −$689K | — | — |
| Operating cash flow | −$21K | -101% | — |
What changed
Revenue was $5.6M in Q2 2025, down 21% year over year and down 13% from the previous quarter. FUEL CHEM was the largest line at 55% of revenue. Air Pollution Control lost $1.4M year over year (down 37%), 97% of the total change.
Gross margin was 45.5%, up 3.6 points from a year earlier. Operating costs exceeded revenue by $1.3M, an operating margin of -23.5%. Operating expenses grew 5% against a revenue fall of 21%. The fastest-growing cost line was Research & development (+16%). The quarter ended with a net loss of $689K, narrower than the previous quarter's $739K loss. Non-operating items added $623K, -91% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was −$21K. Non-cash charges added back $163K of depreciation and $102K of share-based compensation. Working capital and other items added $403K. Capital expenditures of $36K exceeded it, leaving free cash flow of −$57K.
Questions
What was Fuel Tech's revenue in the second quarter 2025?
Fuel Tech (FTEK) reported revenue of $5.6M for the second quarter 2025 (Q2 2025), -21% from a year earlier and -13% from the quarter before.
Was Fuel Tech profitable in the second quarter 2025?
Operating loss was $1.3M (-23.5% of revenue) and net loss $689K.
Source: Fuel Tech 10-Q on SEC EDGAR.