Fuel Tech, Inc
Fuel Tech, Inc. develops proprietary technologies that help power and industrial plants reduce air emissions, optimize combustion, and treat water. Its core offerings center on NOx reduction, air pollution control, and the FUEL CHEM program, which is used to control slagging, fouling, corrosion, and sulfur-related issues in boilers and furnaces.
Fiscal year 2025 · change from previous year
Development 2020–2025
Business
Share of revenueNOx reduction, particulate control, flue gas conditioning and related emissions-control systems for boilers and industrial units.
Chemical and modeling-based boiler treatment programs that reduce slagging, fouling, corrosion and SO3-related operating issues.
Customers
Fuel Tech sells mainly to utility and industrial power-generation customers that need to comply with emissions rules or improve boiler reliability and efficiency. Its FUEL CHEM business also serves coal-, oil-, biomass- and waste-to-energy-fired facilities, including plants in pulp and paper, university and district heating markets. Customer concentration is high, with a small number of accounts contributing a large share of revenue.
Buys APC and FUEL CHEM solutions to meet emissions rules and improve plant uptime and efficiency.
Buys boiler optimization and pollution-control technologies to reduce operating disruptions and environmental impact.
Uses FUEL CHEM and APC products to manage slagging, fouling, SO3 and NOx issues in coal units.
Uses targeted chemical and emissions-control programs to improve combustion performance and emissions compliance.
Buys specialized combustion-treatment programs for smaller-scale boilers and furnaces.
Strategy
Management is focused on preserving liquidity, reducing expenses and restructuring operations while supporting the base APC and FUEL CHEM businesses. Growth depends on converting backlog, winning new FUEL CHEM customers, and extending the life of fossil-fuel-fired assets that still need emissions and boiler-performance solutions.
Recent losses and revenue volatility require a leaner operating structure to fund the business.
The segment has shown stronger demand and can offset weakness in APC project timing.
Patents and specialized know-how are central to differentiation against chemical and engineering competitors.
Geography
Q1/2026Fuel Tech is headquartered in Warrenville, Illinois and operates as a U.S.-domiciled company with a small European employee base. Its technologies are installed worldwide, with APC backlog split between U.S. domestic and international projects, and FUEL CHEM programs deployed across North America, Europe and the Pacific Rim. The business remains exposed to coal-heavy power markets such as the U.S., China, India and Mexico, where emissions and fuel-quality issues support demand.
Share of the revenue the company reports by geography.
Risks
Fuel Tech is exposed to customer concentration, project timing risk and the structural decline of coal-fired generation over time. Its results also depend on regulatory demand for emissions control, the pace of energy transition, and the ability to protect proprietary technologies against competitors and cyber threats.
- Energy transition / coal declineImpact: HighLikelihood: High
A large part of demand depends on continued fossil-fuel use, especially coal-fired generation.
Exposure: Power-sector decarbonization and fuel switching
- Customer concentrationImpact: HighLikelihood: Medium
Five customers represented about 58% of 2025 revenue, so a single loss can materially affect results.
Exposure: Largest customer was about 21% of net revenues in 2025
- Project timing and backlog conversionImpact: MediumLikelihood: Medium
APC revenue is driven by contract execution timing and award delays, creating quarter-to-quarter volatility.
Exposure: APC backlog and revenue can shift with customer-driven delays
- Technology and patent protectionImpact: MediumLikelihood: Low
The business relies on proprietary processes and patents to defend differentiation and pricing.
Exposure - CybersecurityImpact: Medium
A cyber incident could disrupt systems, damage reputation and trigger remediation or legal costs.
Exposure
Accounting
Judgemental itemsAPC contracts and project execution timing can move revenue between periods and affect comparability.
Impact: Quarterly and annual revenue volatility
The FUEL CHEM reporting unit is tested using DCF assumptions that are sensitive to growth and margin forecasts.
Impact: Potential non-cash impairment charges
Field equipment and other assets may need write-downs if expected cash flows weaken.
Impact: Non-cash charges and lower asset values
Management uses valuation models with assumptions about markets, share, prices and costs.
Impact: Reported asset values and impairment conclusions
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Last updated: 24/09/2026