Fuel Tech (FTEK) Earnings: Q3 2026 Results

The quarter ended September 30, 2026 and Fuel Tech published the results on November 3, 2026. Revenue and diluted EPS are shown against Q3 2025, the same quarter a year earlier, which takes seasonal swings out of the comparison.

• Ramesh Nuggihalli joined Fuel Tech as President and Chief Executive Officer in August 2026. Q3 2026 SG&A included a non-recurring expense of about $175,000 for the CEO transition.

Source: Fuel Tech Q3 2026 results, November 3, 2026. Also in the Form 10-Q for the quarter ended September 30, 2026. Figures as reported; checked against the release on November 10, 2026.

How Fuel Tech splits revenue in its own release, under its own labels, for Q3 2026 against Q3 2025. Indented lines are parts of the line above them.

• Fuel Tech's Air Pollution Control revenue was $3.7 million in Q3 2026, up 38% from $2.7 million in Q3 2025, 43% of total revenue.
• Fuel Tech's FUEL CHEM revenue was $4.9 million in Q3 2026, up 3% from $4.8 million in Q3 2025, 57% of total revenue.

Segment lines are the figures writers cite most often, because they show where the growth in a quarter came from. Companies redraw their segments from time to time and restate the prior year to match, so a year-ago figure here can differ from the one printed a year ago. When that has happened, the note above says so.

Revenue and diluted EPS for the last 5 quarters. Each date links to that quarter's release.

GAAP revenues and diluted net (loss) income per share, each as first reported. Q4 2025 revenue is the 2025 annual figure less the first nine months; the Q4 2025 release gave $7.2 million and a $0.04 loss per share.

We do not hold a confirmed date for Fuel Tech's next report. Companies post the date on their investor relations site a few weeks ahead, usually with the time of the conference call.

Each quarter keeps its own page with the figures as reported, so a link to one stays pointed at the same numbers after the next report.

• Q3 2026 (this page), reported Nov 3, 2026

Fuel Tech reports two segments. Air Pollution Control (APC) sells NOx reduction and particulate control projects for utility and industrial boilers, and FUEL CHEM supplies chemical programs that control slagging, fouling and corrosion in combustion units. In Q3 2026 revenues rose 16% to $8.7 million: APC $3.7 million, up 38%, and FUEL CHEM $4.9 million, up 3%. (Fuel Tech Q3 2026 release, Nov 3, 2026; Fuel Tech Form 10-Q, Q3 2026, Nov 3, 2026)

Fuel Tech attributed the APC increase to a significantly higher backlog from new project awards in 2026 and progress on existing contracts. FUEL CHEM rose mainly on increased operational dispatch at legacy accounts. Revenue recognized over time, mostly APC project work, was $3.0 million, against $1.2 million a year earlier. (Fuel Tech Q3 2026 release, Nov 3, 2026; Fuel Tech Form 10-Q, Q3 2026, Nov 3, 2026)

Consolidated APC backlog was $16.6 million at September 30, 2026, against $14.3 million at June 30, 2026 and $7.0 million at December 31, 2025, and excludes recently awarded APC contracts valued at $3.3 million. Of the backlog, $14.4 million is U.S. delivered projects and $2.2 million international, and Fuel Tech expects to recognize about $13.6 million within 12 months. (Fuel Tech Q3 2026 release, Nov 3, 2026; Fuel Tech Form 10-Q, Q3 2026, Nov 3, 2026)

Revenue is mostly domestic: United States revenues were $7.5 million in Q3 2026 and foreign revenues $1.2 million, against $1.9 million a year earlier. Consolidated gross margin fell to 45% from 49%; APC margin dropped to 40% from 47% on project and product mix, and FUEL CHEM margin was 49%, against 50%, because of demonstration costs, freight and unit maintenance labor. (Fuel Tech Q3 2026 release, Nov 3, 2026; Fuel Tech Form 10-Q, Q3 2026, Nov 3, 2026)

Fuel Tech posted a net loss of $267 thousand, or $0.01 per share, in Q3 2026, against net income of $303 thousand, or $0.01 per share, a year earlier. The operating result moved to a $523 thousand loss from $4 thousand of income as SG&A rose to $3.7 million from $3.2 million on employee costs and professional fees, and research and development rose to $771 thousand from $450 thousand. (Fuel Tech Q3 2026 release, Nov 3, 2026)

Fuel Tech's non-GAAP measure is Adjusted EBITDA, which adds back interest, taxes, depreciation, amortization and stock compensation: a loss of $249 thousand in Q3 2026, against a positive $228 thousand. Interest income on its investments was $247 thousand, against $311 thousand. It reports no adjusted EPS. (Fuel Tech Q3 2026 release, Nov 3, 2026)

The share count barely moves. Basic weighted-average shares were 31,217,000, against 31,074,000, and Fuel Tech has no debt. Cash and cash equivalents were $6.8 million, short-term investments $11.0 million and long-term investments $10.0 million at September 30, 2026. (Fuel Tech Q3 2026 release, Nov 3, 2026)

Diluted EPS divides net income by the weighted average number of shares outstanding in the quarter, plus the shares that options and other equity awards could add. Buybacks shrink that count and lift EPS for the same profit; share issuance and stock awards enlarge it.

Fuel Tech gives no revenue or earnings guidance in its release. The new CEO's comments describe a strategy of organic growth in core markets, power infrastructure work tied to data center and AI construction, water and wastewater treatment, and select acquisitions. (Fuel Tech Q3 2026 release, Nov 3, 2026)

The nearest forward indicator Fuel Tech discloses is APC backlog: $16.6 million of remaining performance obligations at September 30, 2026, of which it expects to recognize about $13.6 million over the next 12 months. (Fuel Tech Form 10-Q, Q3 2026, Nov 3, 2026)

A consensus figure is the average of the models published by the analysts who cover Fuel Tech, collected by a data provider and revised up to the day of the report. A quarter that lands above it says how expectations were set as much as how the business did, and the share price on the day also reflects the guidance and the lines no consensus covers.

The consensus figures on this page are Yahoo Finance's, as pulled on the date shown. Each comes with the number of analysts behind it; the smaller that number, the more one revised estimate can move the average.

The figures below are the ones Fuel Tech's own release and filings put weight on for Q3 2026, with the latest reported value for each.

What the quarter means for a holding is a separate question from what it reported. The case for and against owning FTEK is on is FTEK a buy or a sell?, what analysts expect next is on the FTEK forecast, and what the company does is on the Fuel Tech (FTEK) stock page.

Every number on this page can be traced to a document Fuel Tech published. Checking one takes a couple of minutes, and it is worth doing before you quote a figure anywhere.

• The results release is the document linked in the source line above. Companies publish it on their investor relations site at the moment results go out, and it carries the headline tables: revenue, operating income, net income and EPS for the quarter and the year-ago quarter.
• The same release is filed with the SEC as Exhibit 99.1 to a Form 8-K under Item 2.02, usually on the day of the report. The SEC copy does not change after the fact, which makes it the safer thing to link when you cite a number.
• The quarterly report (Form 10-Q) follows within a few weeks and carries the full financial statements, the segment note and management's discussion of what changed. The fourth quarter is covered by the annual report (Form 10-K) instead.
• Restated comparisons are flagged in the notes on this page. When a company redraws its segments or changes how it adjusts EPS, it restates the year-ago column, so the year-ago figure in a new release can differ from the one printed a year ago. This page always uses the comparison in the newer release, because that is the like-for-like one.

A walk-through of every line in a release, with what each one tells you, is in how to read an earnings report.