Filing Flows › Fuel Tech (FTEK) › Q4 2025
Fuel Tech (FTEK) Q4 2025 earnings results (fourth quarter 2025)
10-K filed Mar 3, 2026
Fuel Tech (FTEK) reported revenue of $7.2M for the fourth quarter 2025 (Q4 2025), +37% from a year earlier and -3% from the quarter before. Operating margin was -19.7%, net loss $1.2M (16.5% of revenue).
Fuel Tech, Q4 2025: revenue $7.2M (+37% year over year), operating margin -19.7%, net loss $1.2M, operating cash flow −$1.6M. The chart follows the revenue to costs, profit and cash.
| Q4 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $7.2M | -3% | +37% |
| Operating profit | −$1.4M | -35725% | — |
| Net earnings | −$1.2M | -496% | — |
| Operating cash flow | −$1.6M | -151% | — |
What changed
Revenue was $7.2M in Q4 2025, up 37% year over year and down 3% from the previous quarter. FUEL CHEM was the largest line at 67% of revenue.
Gross margin was 44.6%, up 2.3 points from a year earlier. Operating costs exceeded revenue by $1.4M, an operating margin of -19.7%. Operating expenses grew 7% against revenue growth of 37%. The fastest-growing cost line was Research & development (+24%). The quarter ended with a net loss of $1.2M, after a profit of $303K the previous quarter.
Operating cash flow was −$1.6M. Non-cash charges added back $173K of depreciation and $57K of share-based compensation. Working capital and other items used $598K. Capital expenditures of $443K exceeded it, leaving free cash flow of −$2.0M.
Questions
What was Fuel Tech's revenue in the fourth quarter 2025?
Fuel Tech (FTEK) reported revenue of $7.2M for the fourth quarter 2025 (Q4 2025), +37% from a year earlier and -3% from the quarter before.
Was Fuel Tech profitable in the fourth quarter 2025?
Operating loss was $1.4M (-19.7% of revenue) and net loss $1.2M.
Source: Fuel Tech 10-K on SEC EDGAR.