Filing Flows › Fuel Tech (FTEK) › Q3 2025
Fuel Tech (FTEK) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 4, 2025
Fuel Tech (FTEK) reported revenue of $7.5M for the third quarter 2025 (Q3 2025), -5% from a year earlier and +35% from the quarter before. Operating margin was 0.1%, net earnings $303K (4.0% of revenue).
Fuel Tech, Q3 2025: revenue $7.5M (-5% year over year), operating margin 0.1%, net earnings $303K, operating cash flow $3.1M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.5M | +35% | -5% |
| Gross profit | $3.7M | +45% | +7% |
| Operating profit | $4K | — | — |
| Net earnings | $303K | — | +279% |
| Operating cash flow | $3.1M | — | +252% |
| Free cash flow | $3.0M | — | +287% |
What changed
Revenue was $7.5M in Q3 2025, down 5% year over year and up 35% from the previous quarter. FUEL CHEM was the largest line at 64% of revenue. Air Pollution Control lost $517K year over year (down 16%), 143% of the total change.
Gross margin was 48.9%, up 5.5 points from a year earlier. Operating profit was $4K, a 0.1% margin (up 2.3 points year over year). Operating expenses grew 2% against a revenue fall of 5%. The fastest-growing cost line was Research & development (+25%). Net earnings were $303K, up 279% year over year. The effective tax rate was 2.3%. Non-operating items added $306K, 99% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $3.1M (up 252% year over year), 1022% of net earnings. Non-cash charges added back $163K of depreciation and $57K of share-based compensation. Working capital and other items added $2.6M. Capital expenditures of $130K left free cash flow of $3.0M.
Questions
What was Fuel Tech's revenue in the third quarter 2025?
Fuel Tech (FTEK) reported revenue of $7.5M for the third quarter 2025 (Q3 2025), -5% from a year earlier and +35% from the quarter before.
Was Fuel Tech profitable in the third quarter 2025?
Operating profit was $4K (0.1% of revenue) and net earnings $303K.
Source: Fuel Tech 10-Q on SEC EDGAR.