Fuel Tech, Inc. (FTEK)

Fuel Tech Balance Sheet

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

Assets

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Cash & Equivalents	6.83	11.94	8.51	17.58	23.33	35.89
Short-Term Investments	11	12.94	10.18	12.14	2.98	-
Cash & Short-Term Investments	17.83	24.88	18.69	29.71	26.31	35.89
Cash Growth	-31.05%	33.10%	-37.09%	12.94%	-26.70%	237.34%
Accounts Receivable	5.89	5.27	7.34	6.47	7.58	3.18
Other Receivables	-	0.08	2.02	0.26	0.15	0.08
Receivables	5.89	5.36	9.37	6.73	7.73	3.26
Inventory	0.38	0.37	0.4	0.44	0.39	0.35
Prepaid Expenses	0.9	1.34	1.16	1.44	1.4	1.02
Restricted Cash	-	-	-	-	-	0.89
Other Current Assets	-	-	-	-	-	0.06
Total Current Assets	25	31.94	29.62	38.32	35.83	41.47
Property, Plant & Equipment	5.17	5.28	5.67	5.15	4.63	4.85
Long-Term Investments	9.95	6.99	10.88	3.66	6.36	-
Goodwill	2.12	2.12	2.12	2.12	2.12	2.12
Other Intangible Assets	0.59	0.65	0.33	0.36	0.4	0.45
Other Long-Term Assets	0.21	0.21	0.19	0.78	0.79	1.09
Total Assets	43.03	47.18	48.8	50.39	50.12	49.97

Liabilities

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Accounts Payable	3.01	3.24	2.92	2.42	2.71	1.56
Accrued Expenses	1.87	1.67	1.62	1.65	1.33	1
Current Portion of Leases	0.1	0.09	0.08	0.08	0.13	0.11
Current Unearned Revenue	-	1.12	1.08	1.38	0.45	0.39
Other Current Liabilities	-	0.16	0.16	0.16	0.16	0.16
Total Current Liabilities	4.98	6.27	5.86	5.69	4.77	3.22
Long-Term Leases	0.42	0.49	0.55	0.53	0.07	0.12
Long-Term Deferred Tax Liabilities	0.19	0.19	0.18	0.17	0.18	0.14
Other Long-Term Liabilities	0.29	0.3	0.26	0.28	0.27	0.29
Total Liabilities	5.88	7.25	6.84	6.67	5.28	3.77

Shareholders' Equity

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Common Stock	0.32	0.32	0.32	0.31	0.31	0.31
Additional Paid-In Capital	165.78	165.62	165.3	164.85	164.42	164.2
Retained Earnings	-124.65	-121.8	-119.47	-117.53	-115.99	-114.55
Treasury Stock	-2.61	-2.57	-2.35	-2.25	-2.25	-2.23
Comprehensive Income & Other	-1.69	-1.64	-1.84	-1.67	-1.65	-1.53
Shareholders' Equity	37.15	39.93	41.96	43.71	44.84	46.2
Total Liabilities & Equity	43.03	47.18	48.8	50.39	50.12	49.97

Additional Metrics

Fiscal Year	TTM	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Sep 30, 2026	Dec 31, 2025	Dec 31, 2024	Dec 31, 2023	Dec 31, 2022	Dec 31, 2021
Total Debt	0.52	0.58	0.63	0.61	0.19	0.24
Net Cash (Debt)	17.31	24.3	18.07	29.1	26.12	35.66
Net Cash Growth	-31.48%	34.49%	-37.91%	11.42%	-26.75%	309.96%
Net Cash Per Share	0.56	0.79	0.59	0.96	0.86	1.20
Filing Date Shares Outstanding	31.22	30.71	30.71	30.39	30.3	30.26
Total Common Shares Outstanding	31.22	31.07	30.71	30.39	30.3	30.26
Working Capital	20.02	25.67	23.76	32.63	31.06	38.24
Book Value Per Share	1.19	1.28	1.36	1.44	1.48	1.52
Tangible Book Value	34.45	37.17	39.51	41.24	42.33	43.64
Tangible Book Value Per Share	1.10	1.19	1.28	1.35	1.39	1.44
Land	-	1.05	1.05	1.05	1.05	1.05
Buildings	-	6.65	6.63	6.61	6.58	6.58
Machinery	-	16.45	16.36	15.49	15.34	15.23
Construction In Progress	-	0.02	0	0.1	0.03	-
Order Backlog	-	7.05	6.18	7.46	8.2	9.1

SEC Filings: 10-K · 10-Q

Data Source: S&P Global Market Intelligence Last updated: Nov 3, 2026

Financial data is provided by S&P Global Market Intelligence and updates within hours after each earnings release, which is every three months for this company.

Update frequency:

Quarterly

Last checked:

Nov 7, 2026

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