Fuel Tech Income Statement

Financials in millions USD. Fiscal year is January - December.

Millions USD. Fiscal year is Jan - Dec.

Fiscal Year	TTM	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020
Period Ending	Sep '25 Sep 30, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021	Dec '20 Dec 31, 2020
Revenue	24.71	25.13	27.08	26.94	24.26	22.55
Revenue Growth (YoY)	-5.66%	-7.19%	0.52%	11.05%	7.59%	-25.99%
Cost of Revenue	13.33	14.51	15.43	15.3	12.36	14.5
Gross Profit	11.38	10.62	11.66	11.64	11.9	8.05
Selling, General & Admin	13.84	13.76	12.8	12.28	12.06	13.6
Research & Development	1.92	1.56	1.51	0.9	1.33	1.18
Operating Expenses	15.76	15.33	14.31	13.17	13.39	14.78
Operating Income	-4.37	-4.7	-2.66	-1.53	-1.49	-6.73
Interest Expense	-	-	-0.02	-0.02	-0.02	-0
Interest & Investment Income	1.41	1.25	1.3	0.2	0.01	-
Currency Exchange Gain (Loss)	0.02	-	-	-	-	-
Other Non Operating Income (Expenses)	0.01	-0.09	-0.09	-0.05	0	0.12
EBT Excluding Unusual Items	-2.94	-3.54	-1.47	-1.39	-1.5	-6.61
Asset Writedown	-	-	-	-	-	-0.2
Other Unusual Items	-	1.68	-	-	1.57	-
Pretax Income	-2.94	-1.87	-1.47	-1.39	0.07	-4.22
Income Tax Expense	0.07	0.08	0.07	0.05	0.01	0.06
Earnings From Continuing Operations	-3.01	-1.94	-1.54	-1.44	0.05	-4.28
Net Income	-3.01	-1.94	-1.54	-1.44	0.05	-4.28
Net Income to Common	-3.01	-1.94	-1.54	-1.44	0.05	-4.28
Shares Outstanding (Basic)	31	31	30	30	30	25
Shares Outstanding (Diluted)	31	31	30	30	30	25
Shares Change (YoY)	1.16%	0.74%	0.19%	2.00%	20.26%	2.02%
EPS (Basic)	-0.10	-0.06	-0.05	-0.05	0.00	-0.17
EPS (Diluted)	-0.10	-0.06	-0.05	-0.05	0.00	-0.17
Free Cash Flow	2.64	-3.81	0.28	-4.35	0.68	-2.95
Free Cash Flow Per Share	0.09	-0.13	0.01	-0.14	0.02	-0.12
Gross Margin	46.06%	42.27%	43.04%	43.22%	49.04%	35.69%
Operating Margin	-17.69%	-18.71%	-9.81%	-5.67%	-6.14%	-29.84%
Profit Margin	-12.17%	-7.73%	-5.68%	-5.35%	0.22%	-18.97%
Free Cash Flow Margin	10.69%	-15.16%	1.03%	-16.13%	2.79%	-13.10%
EBITDA	-3.69	-4.24	-2.32	-1.09	-0.75	-5.88
EBITDA Margin	-14.91%	-16.88%	-8.55%	-4.04%	-3.08%	-26.07%
D&A For EBITDA	0.69	0.46	0.34	0.44	0.74	0.85
EBIT	-4.37	-4.7	-2.66	-1.53	-1.49	-6.73
EBIT Margin	-17.69%	-18.71%	-9.81%	-5.67%	-6.14%	-29.84%
Effective Tax Rate	-	-	-	-	20.59%	-

Source: S&P Global Market Intelligence. Standard template. Financial Sources.