Pulling SEC filings + quote and writing the call…
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $55.2M | $45.2M | $56.5M | $30.5M | $22.6M | $24.3M | $26.9M | $27.1M | $25.1M | $26.7M |
| Revenue growth | — | -18.1% | 25.2% | -46.1% | -26.0% | 7.6% | 11.0% | 0.5% | -7.2% | 6.1% |
| Gross profit | $18.8M | $18.0M | $20.1M | $10.8M | $10.6M | $11.9M | $11.6M | $11.7M | $10.6M | $12.4M |
| Gross margin | 34.1% | 39.9% | 35.5% | 35.5% | 47.2% | 49.0% | 43.2% | 43.0% | 42.3% | 46.4% |
| Operating income | -$12.0M | -$7.07M | $110K | -$8.24M | -$4.34M | -$1.49M | -$1.53M | -$2.66M | -$4.70M | -$3.68M |
| Operating margin | -21.8% | -15.6% | 0.2% | -27.0% | -19.2% | -6.1% | -5.7% | -9.8% | -18.7% | -13.8% |
| Net income | -$17.4M | -$10.4M | -$28.0K | -$7.85M | -$4.28M | $54.0K | -$1.44M | -$1.54M | -$1.94M | -$2.32M |
| Net margin | -31.5% | -23.1% | -0.0% | -25.8% | -19.0% | 0.2% | -5.4% | -5.7% | -7.7% | -8.7% |
| EPS (diluted) | -$0.74 | -$0.44 | $0.00 | -$0.32 | -$0.17 | $0.00 | -$0.05 | -$0.05 | -$0.06 | -$0.08 |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$2.74M | -$3.57M | $4.93M | -$3.39M | -$2.71M | $761K | -$4.14M | $696K | -$3.43M | $3.02M |
| Capital expenditures | $940K | $492K | $570K | $550K | $247K | $84.0K | $206K | $418K | $378K | $674K |
| Free cash flow | -$3.68M | -$4.06M | $4.36M | -$3.94M | -$2.95M | $677K | -$4.34M | $278K | -$3.81M | $2.34M |
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & equivalents | $11.8M | $8.37M | $12.0M | $10.9M | $10.6M | $35.9M | $23.3M | $17.6M | $8.51M | $11.9M |
| Total assets | $57.8M | $50.5M | $51.7M | $31.6M | $30.1M | $50.0M | $50.1M | $50.4M | $48.8M | $47.2M |
| Total liabilities | $14.4M | $16.3M | $17.7M | $5.43M | $7.77M | $3.77M | $5.28M | $6.67M | $6.84M | $7.25M |
| Long-term debt | — | — | — | — | $1.56M | $0.00 | — | — | — | — |
| Shareholders' equity | $42.7M | $34.2M | $34.1M | $26.2M | $22.3M | $46.2M | $44.8M | $43.7M | $42.0M | $39.9M |
| Retained earnings | -$92.2M | -$103M | -$102M | -$102M | -$115M | -$115M | -$116M | -$118M | -$119M | -$122M |
| Shares (wtd avg diluted) | 23.4M | 23.9M | 24.2M | 24.2M | 24.7M | 29.7M | 30.3M | 30.3M | 30.6M | 30.9M |
Every figure is extracted from FUEL TECH, INC.’s annual reports as filed with the SEC (XBRL company facts) — no third-party estimates. Fiscal years are labeled by period end; filers occasionally re-tag concepts, so a sparse cell means the company didn’t report that concept for that year. Free cash flow = operating cash flow − capital expenditures.
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