# EDGAR Filing Document

**Accession Number:** 0000846913
**File Stem:** 0001437749-25-033042
**Filing Date:** 2025-11
**Character Count:** 26716
**Document Hash:** 9a9081a47d678a289ec261a5e15a5549
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001437749-25-033042.hdr.sgml**: 20251104

**ACCESSION NUMBER**: 0001437749-25-033042

**CONFORMED SUBMISSION TYPE**: 8-K

**PUBLIC DOCUMENT COUNT**: 15

**CONFORMED PERIOD OF REPORT**: 20251104

**ITEM INFORMATION**: Results of Operations and Financial Condition

**ITEM INFORMATION**: Financial Statements and Exhibits

**FILED AS OF DATE**: 20251104

**DATE AS OF CHANGE**: 20251104

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** FUEL TECH, INC.
- **CENTRAL INDEX KEY:** 0000846913
- **STANDARD INDUSTRIAL CLASSIFICATION:** INDUSTRIAL & COMMERCIAL FANS & BLOWERS & AIR PURIFYING EQUIP [3564]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 205657551
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 8-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-33059
- **FILM NUMBER:** 251449732

**BUSINESS ADDRESS:**
- **STREET 1:** 27601 BELLA VISTA PARKWAY
- **CITY:** WARRENVILLE
- **STATE:** IL
- **ZIP:** 60555
- **BUSINESS PHONE:** 6308454431

**MAIL ADDRESS:**
- **STREET 1:** 27601 BELLA VISTA PARKWAY
- **CITY:** WARRENVILLE
- **STATE:** IL
- **ZIP:** 60555

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** FUEL TECH N V
- **DATE OF NAME CHANGE:** 19930510

?xml version='1.0' encoding='ASCII'? ftek20251028_8k.htm

**United States**

**Securities And Exchange Commission**

**Washington, D.C. 20549**

**FORM 8-K**

**CURRENT REPORT**

**Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934**

Date of Report (Date of earliest event reported) November 4, 2025

**FUEL TECH, INC.**

(Exact name of registrant as specified in its charter)

---

| | | |
|:---|:---|:---|
| **Delaware**<br> (State or other jurisdiction<br> of incorporation) | **001-33059**<br> (Commission<br> File Number) | **20-5657551**<br> (IRS Employer<br> Identification No.) |

---

**Fuel Tech, Inc.**

**27601 Bella Vista Parkway**

**Warrenville, IL 60555-1617**

**630-845-4500**

**(Address and telephone number of principal executive offices)**

Securities registered pursuant to Section 12(b) of the Act:

---

| | | |
|:---|:---|:---|
| Title of each class | Trading Symbol(s) | Name of each exchange on which registered |
| Common Stock | FTEK | NASDAQ |

---

**Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provision:**

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

------

**ITEM 2.02. RESULTS OF OPERATIONS AND FINANCIAL CONDITION.**

On November 4, 2025, Fuel Tech, Inc. ("Fuel Tech" or the "Registrant") issued a press release which contained, among other things, an announcement of Fuel Tech's financial results for the fiscal quarter ended September 30, 2025. A copy of the Press Release is furnished as Exhibit 99.1 to this Form 8-K.

**ITEM 9.01. FINANCIAL STATEMENTS AND EXHIBITS.**

**(a) Financial Statements of Businesses Acquired.**

None.

**(b) Pro Forma Financial Information.**

None.

**(d) Exhibits.**

**<u>Exhibit No.</u>** &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **<u>Description</u>**

99.1 [Release of Fuel Tech, Inc. dated November 4, 2025.](ex_878290.htm)

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

**SIGNATURES**

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

---

| | | |
|:---|:---|:---|
|  | **Fuel Tech, Inc.** | **Fuel Tech, Inc.** |
|  | (Registrant) | (Registrant) |
| Date: November 4, 2025 |  |  |
|  | By: | /s/ Ellen T. Albrecht |
|  |  | &nbsp;&nbsp;&nbsp; Ellen T. Albrecht |
|  |  | &nbsp;&nbsp;&nbsp;&nbsp; Vice President, Chief Financial Officer<br> &nbsp;&nbsp;&nbsp;&nbsp; and Treasurer |

---

## Exhibit 99.1

**Exhibit 99.1**

![logo001.jpg](logo001.jpg)

CONTACT: Vince Arnone President and CEO &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(630) 845-4500 Devin Sullivan Managing Director The Equity Group Inc. <u>dsullivan@theequitygroup.com</u>

**<u>FOR IMMEDIATE RELEASE</u>**

**<u>FUEL TECH REPORTS 2025 THIRD QUARTER FINANCIAL RESULTS</u>**

**WARRENVILLE, Ill., November 4, 2025** – **Fuel Tech, Inc. (NASDAQ: FTEK)**, a technology company using advanced engineering processes to provide emissions control systems and water treatment technologies in utility and industrial applications, today reported financial results for the third quarter ended September 30, 2025.

"We operated profitably in the third quarter, expanded customer relationships for our Air Pollution Control (APC) and FUEL CHEM® business segments, and increased our APC backlog by more than 20% from June 30, 2025," said Vincent J. Arnone, President and CEO. "We ended the third quarter in a very strong financial position with $33.8 million in cash and investments and no debt. Subsequent to quarter end, we expanded our APC solutions portfolio via a small strategic acquisition of complementary APC intellectual property from Wahlco, Inc., a leading environmental equipment and services company that has completed several hundred project installations worldwide over the past three decades."

**<u>Business Segment Performance</u>**

Mr. Arnone continued, "We generated improved quarter-over-quarter performance in our FUEL CHEM® business segment during the third quarter of 2025. In October, we installed equipment at a coal-fired unit for a new FUEL CHEM customer in the U.S. for a commercially-priced demonstration program that recently commenced, and is expected to run for six months. The annual revenue potential from this commercial contract is projected to be approximately $2.5 to $3.0 million based on the customer running the program full-time, with the revenue expected to generate historic FUEL CHEM gross margins. We continue to believe that FUEL CHEM's full year 2025 segment revenues will reach their highest levels since 2022."

------

"Revenues generated by our APC business declined quarter-over-quarter, due primarily to customer-driven delays and project timing. In August, we announced $3.2 million of new awards from new and existing customers in the U.S., Europe and Southeast Asia. This activity supported an increase in consolidated APC segment backlog at September 30, 2025 to $9.5 million, up from $7.8 million at June 30, 2025 and $6.2 million at December 31, 2024.

"We are continuing to pursue significant prospects offered by the rising demand for power generation in support of data centers and traditional public utility entities. We remain actively engaged with multiple bids outstanding for our SCR (Selective Catalytic Reduction) technology to address the emissions control requirements of those opportunities that will develop and be implemented in the U.S. over the next several years."

Mr. Arnone continued, "Regarding the growth and development of our Dissolved Gas Infusion (DGI®) technology, we had a very successful exhibition of DGI at the Water Environment Federation Technical Exhibition and Conference, or WEFTEC, in Chicago last month, and generated significant interest in the technology. We are continuing an extended demonstration of DGI at a fish hatchery in the Western U.S., which we expect will last until the second quarter of 2026. Our DGI system is currently performing well and is meeting customer expectations for the precise delivery of concentrated dissolved oxygen."

**<u>IP Acquisition</u>**

As referenced earlier, subsequent to the end of the third quarter, Fuel Tech acquired all of the intellectual property assets and customer-related activities of Wahlco, Inc. for total cash consideration of $350,000.

"This acquisition represents a smart, cost-effective expansion of our IP portfolio by identifying high-value assets at a modest price. The acquired technology aligns with our long-term vision to address customer APC needs on a global basis."

The acquired portfolio of assets includes technology applicable to flue gas conditioning systems; ammonia handling equipment for all size applications associated with utilities, independent power producers, oil and gas refineries, pulp and paper mills, cement plants, and steel mills; and urea to ammonia conversion technologies for nitrogen oxide reduction. Also included as part of the portfolio are customer installation and aftermarket market data, which we believe will drive accretive aftermarket revenues.

**<u>Third Quarter 2025 (</u>**<u>"</u>**<u>Q3 2025</u>**<u>"</u>**<u>) Consolidated Results Overview</u>**

***All comparisons are to the third quarter ended September 30, 2024 unless otherwise stated*.**

Consolidated revenues for Q3 2025 declined to $7.5 million from $7.9 million, mainly due to lower APC revenues resulting from the timing of project execution on current contracts, partially offset by higher FUEL CHEM revenues.

Consolidated gross margin for Q3 2025 expanded to 48.9% of revenues from 43.4% of revenues, reflecting higher APC and FUEL CHEM segment gross margins.

------

SG&A expenses of $3.2 million were consistent with the prior year period.

Interest income was flat at $0.3 million and related primarily to interest received on the held-to-maturity debt securities and money market funds.

Net income in Q3 2025 was $303,000, or $0.01 per share, compared to net income of $80,000, or $0.00 per share.

Adjusted EBITDA was $228,000 in Q3 2025 compared to an Adjusted EBITDA loss of $(35,000).

APC segment revenue decreased to $2.7 million from $3.2 million, primarily related to timing of project execution on existing contracts. Segment gross margin expanded to 47.2% from 35.0%, primarily due to product and project mix.

FUEL CHEM segment revenue rose to $4.8 million from $4.6 million, primarily due to increased operation dispatch at legacy accounts, as well as sustained business from a new customer account added midyear in 2024. Segment gross margin expanded to 49.8% from 49.2% due to an increased volume of sales activity combined with relatively flat segment administrative expenses.

**<u>Financial Condition</u>**

At September 30, 2025, cash and cash equivalents were $13.7 million, short-term investments were $12.2 million, and long-term investments totaled $8.0 million. Stockholders' equity at September 30, 2025 was $41.0 million, or $1.31 per share, and the Company had no debt.

**<u>Conference Call</u>**

Management will host a conference call on Wednesday, November 5, 2025 at 10:00 am ET / 9:00 am CT to discuss the results and business activities. Interested parties may participate in the call by dialing:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● (877) 423-9820 (*Domestic*) or

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;● (201) 493-6749 (*International*)

The conference call will also be accessible via the Upcoming Events section of the Company's web site at <u>www.ftek.com</u>. Following management's opening remarks, there will be a question-and-answer session.

------

**<u>About Fuel Tech</u>**

Fuel Tech develops and commercializes state-of-the-art proprietary technologies for air pollution control, process optimization, water treatment, and advanced engineering services. These technologies enable customers to operate in a cost-effective and environmentally sustainable manner. Fuel Tech is a leader in nitrogen oxide (NO<sub>x</sub>) reduction and particulate control technologies and its solutions have been installed on over 1,300 utility, industrial and municipal units worldwide. The Company's FUEL CHEM® technology improves the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling slagging, fouling, corrosion and opacity. Water treatment technologies include DGI® Dissolved Gas Infusion Systems which utilize a patented saturator and a patent-pending channel injector to deliver supersaturated oxygen solutions and other gas-water combinations to target process applications or environmental issues. This infusion process has a variety of applications in the water and wastewater industries, including remediation, aeration, biological treatment and wastewater odor management. Many of Fuel Tech's products and services rely heavily on the Company's exceptional Computational Fluid Dynamics modeling capabilities, which are enhanced by internally developed, high-end visualization software. For more information, visit Fuel Tech's web site at <u>www.ftek.com</u>.

**NOTE REGARDING FORWARD-LOOKING STATEMENTS**

This press release contains "forward-looking statements" as defined in Section 21E of the Securities Exchange Act of 1934, as amended, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 and reflect Fuel Tech's current expectations regarding future growth, results of operations, cash flows, performance and business prospects, and opportunities, as well as assumptions made by, and information currently available to, our management. Fuel Tech has tried to identify forward-looking statements by using words such as "anticipate," "believe," "plan," "expect," "estimate," "intend," "will," and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on information currently available to Fuel Tech and are subject to various risks, uncertainties, and other factors, including, but not limited to, those discussed in Fuel Tech's Annual Report on Form 10-K in Item 1A under the caption "Risk Factors," and subsequent filings under the Securities Exchange Act of 1934, as amended, which could cause Fuel Tech's actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in, or implied by, these statements. Fuel Tech undertakes no obligation to update such factors or to publicly announce the results of any of the forward-looking statements contained herein to reflect future events, developments, or changed circumstances or for any other reason. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those detailed in Fuel Tech's filings with the Securities and Exchange Commission.

------

**FUEL TECH, INC.**

CONDENSED CONSOLIDATED BALANCE SHEETS

(Unaudited)

(in thousands, except share and per share data)

---

| | | |
|:---|:---|:---|
|  | September 30, | December 31, |
|  | 2025 | 2024 |
| **ASSETS** |  |  |
| Current assets: |  |  |
| Cash and cash equivalents | $13677 | $8510 |
| Short-term investments | 12183 | 10184 |
| Accounts receivable, less current expected credit loss of $108 and $106, respectively | 4828 | 9368 |
| Inventories, net | 402 | 397 |
| Prepaid expenses and other current assets | 864 | 1160 |
| Total current assets | 31954 | 29619 |
| Property and equipment, net of accumulated depreciation of $19,312 and $18,958, respectively | 4820 | 5084 |
| Goodwill | 2116 | 2116 |
| Other intangible assets, net of accumulated amortization of $552 and $525, respectively | 306 | 327 |
| Right-of-use operating lease assets, net | 558 | 585 |
| Long-term investments | 7969 | 10875 |
| Other assets | 190 | 191 |
| Total assets | $47913 | $48797 |
| **LIABILITIES AND STOCKHOLDERS' EQUITY** |  |  |
| Current liabilities: |  |  |
| Accounts payable | $2402 | $2915 |
| Accrued liabilities: |  |  |
| Operating lease liabilities - current | 87 | 77 |
| Employee compensation | 748 | 1248 |
| Other accrued liabilities | 2674 | 1615 |
| Total current liabilities | 5911 | 5855 |
| Operating lease liabilities - non-current | 514 | 548 |
| Deferred income taxes, net | 176 | 176 |
| Other liabilities | 303 | 263 |
| Total liabilities | 6904 | 6842 |
| Stockholders' equity: |  |  |
| Common stock, $.01 par value, 40,000,000 shares authorized, 32,281,179 and 31,767,329 shares issued, and 31,074,438 and 30,708,273 shares outstanding, respectively | 322 | 317 |
| Additional paid-in capital | 165559 | 165295 |
| Accumulated deficit | (120597) | (119472) |
| Accumulated other comprehensive loss | (1783) | (1915) |
| Nil coupon perpetual loan notes | 76 | 76 |
| Treasury stock, at cost | (2568) | (2346) |
| Total stockholders' equity | 41009 | 41955 |
| Total liabilities and stockholders' equity | $47913 | $48797 |

---

See notes to condensed consolidated financial statements.

------

**FUEL TECH, INC.**

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)

(in thousands, except share and per share data)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | September 30, | September 30, | September 30, | September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| **Revenues** | $7490 | $7851 | $19430 | $19850 |
| **Costs and expenses:** |  |  |  |  |
| Cost of sales | 3829 | 4444 | 10281 | 11462 |
| Selling, general and administrative | 3207 | 3225 | 9895 | 9815 |
| Research and development | 450 | 361 | 1510 | 1159 |
|  | 7486 | 8030 | 21686 | 22436 |
| **Operating income (loss)** | 4 | (179) | (2256) | (2586) |
| Interest income | 311 | 323 | 1127 | 968 |
| Other (expense) income, net | (5) | (63) | 15 | 1576 |
| **Income (loss) before income taxes** | 310 | 81 | (1114) | (42) |
| Income tax expense | (7) | (1) | (11) | (18) |
| **Net income (loss)** | $303 | $80 | $(1125) | $(60) |
| **Net income (loss) per common share:** |  |  |  |  |
| **Basic net income (loss) per common share** | $0.01 | $0.00 | $(0.04) | $(0.00) |
| **Diluted net income (loss) per common share** | $0.01 | $0.00 | $(0.04) | $(0.00) |
| **Weighted-average number of common shares outstanding:** |  |  |  |  |
| Basic | 31074000 | 30708000 | 30890000 | 30526000 |
| Diluted | 31293000 | 30848000 | 30890000 | 30526000 |

---

See notes to condensed consolidated financial statements.

------

**FUEL TECH, INC.**

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(Unaudited)

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | September 30, | September 30, | September 30, | September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Net income (loss) | $303 | $80 | $(1125) | $(60) |
| Other comprehensive income (loss): |  |  |  |  |
| Foreign currency translation adjustments | (14) | 106 | 132 | (32) |
| Comprehensive income (loss) | $289 | $186 | $(993) | $(92) |

---

See notes to condensed consolidated financial statements.

------

**FUEL TECH, INC.**

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(Unaudited)

(in thousands)

---

| | | |
|:---|:---|:---|
|  | Nine Months Ended | Nine Months Ended |
|  | September 30, | September 30, |
|  | 2025 | 2024 |
| **Operating Activities** |  |  |
| Net loss | $(1125) | $(60) |
| Adjustments to reconcile net loss to net cash provided by (used in) operating activities: |  |  |
| Depreciation | 490 | 248 |
| Amortization | 27 | 42 |
| Non-cash interest income on held-to-maturity securities | (91) | (109) |
| Stock-based compensation, net of forfeitures | 269 | 337 |
| Changes in operating assets and liabilities: |  |  |
| Accounts receivable | 3066 | (845) |
| Employee retention credit receivable | 1677 | (1677) |
| Inventory | (4) | (3) |
| Prepaid expenses, other current assets and other non-current assets | 318 | 655 |
| Accounts payable | (560) | 842 |
| Accrued liabilities and other non-current liabilities | 516 | (1215) |
| Net cash provided by (used in) operating activities | 4583 | (1785) |
| **Investing Activities** |  |  |
| Purchases of equipment and patents | (231) | (316) |
| Purchases of debt securities | (10004) | (14072) |
| Maturities of debt securities | 11000 | 11000 |
| Net cash provided by (used in) investing activities | 765 | (3388) |
| **Financing Activities** |  |  |
| Taxes paid on behalf of award participants | (222) | (95) |
| Net cash used in financing activities | (222) | (95) |
| Effect of exchange rate fluctuations on cash | 41 | (36) |
| **Net increase (decrease) in cash and cash equivalents** | 5167 | (5304) |
| Cash and cash equivalents at beginning of period | 8510 | 17578 |
| **Cash and cash equivalents at end of period** | $13677 | $12274 |

---

See notes to condensed consolidated financial statements.

------

**FUEL TECH, INC.**

**Segment Data- Reporting Segments**

(Unaudited)

(in thousands)

Information about reporting segment net sales and gross margin from operations is provided below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Air Pollution | FUEL CHEM |  |  |
| Three months ended September 30, 2025 | Control Segment | Segment | Other | Total |
| Revenues from external customers | $2707 | $4783 | $— | $7490 |
| Cost of sales | (1428) | (2401) |  | (3829) |
| Gross margin | 1279 | 2382 |  | 3661 |
| Selling, general and administrative |  |  | (3207) | (3207) |
| Research and development |  |  | (450) | (450) |
| Operating income (loss) from operations | $1279 | $2382 | $(3657) | $4 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Air Pollution | FUEL CHEM |  |  |
| Three months ended September 30, 2024 | Control Segment | Segment | Other | Total |
| Revenues from external customers | $3224 | $4627 | $— | $7851 |
| Cost of sales | (2095) | (2349) |  | (4444) |
| Gross margin | 1129 | 2278 |  | 3407 |
| Selling, general and administrative |  |  | (3225) | (3225) |
| Research and development |  |  | (361) | (361) |
| Operating income (loss) from operations | $1129 | $2278 | $(3586) | $(179) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Air Pollution | FUEL CHEM |  |  |
| Nine months ended September 30, 2025 | Control Segment | Segment | Other | Total |
| Revenues from external customers | $6515 | $12915 | $— | $19430 |
| Cost of sales | (3713) | (6568) |  | (10281) |
| Gross margin | 2802 | 6347 |  | 9149 |
| Selling, general and administrative |  |  | (9895) | (9895) |
| Research and development |  |  | (1510) | (1510) |
| Operating income (loss) from operations | $2802 | $6347 | $(11405) | $(2256) |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Air Pollution | FUEL CHEM |  |  |
| Nine months ended September 30, 2024 | Control Segment | Segment | Other | Total |
| Revenues from external customers | $9491 | $10359 | $— | $19850 |
| Cost of sales | (5927) | (5535) |  | (11462) |
| Gross margin | 3564 | 4824 |  | 8388 |
| Selling, general and administrative |  |  | (9815) | (9815) |
| Research and development | $— |  | (1159) | (1159) |
| Operating income (loss) from operations | $3564 | $4824 | $(10974) | $(2586) |

---

------

**FUEL TECH, INC.**

**Geographic Segment Financial Data**

(Unaudited)

*(*in thousands)

Information concerning our operations by geographic area is provided below. Revenues are attributed to countries based on the location of the end-user. Assets are those directly associated with operations of the geographic area.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | September 30, | September 30, | September 30, | September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| Revenues: |  |  |  |  |
| United States | $5626 | $5453 | $15427 | $13519 |
| Foreign | 1864 | 2398 | 4003 | 6331 |
|  | $7490 | $7851 | $19430 | $19850 |

---

---

| | | |
|:---|:---|:---|
|  | September 30, | December 31, |
|  | 2025 | 2024 |
| Assets: |  |  |
| United States | $44917 | $44430 |
| Foreign | 2996 | 4367 |
|  | $47913 | $48797 |

---

------

**FUEL TECH, INC.**

RECONCILIATION OF GAAP NET LOSS TO EBITDA AND ADJUSTED EBITDA

(Unaudited)

(in thousands)

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | Three Months Ended | Three Months Ended | Nine Months Ended | Nine Months Ended |
|  | September 30, | September 30, | September 30, | September 30, |
|  | 2025 | 2024 | 2025 | 2024 |
| **Net income (loss)** | $303 | $80 | $(1125) | $(60) |
| Interest income | (311) | (323) | (1127) | (968) |
| Income tax expense | 7 | 1 | 11 | 18 |
| Depreciation expense | 163 | 87 | 490 | 248 |
| Amortization expense | 9 | 11 | 27 | 42 |
| **EBITDA** | 171 | (144) | (1724) | (720) |
| Stock compensation expense | 57 | 109 | 269 | 337 |
| Gain on employee retention credit |  |  |  | (1677) |
| **Adjusted EBITDA** | $228 | $(35) | $(1455) | $(2060) |

---

**Adjusted EBITDA**

To supplement the Company's consolidated financial statements presented in accordance with generally accepted accounting principles in the United States (GAAP), the Company has provided an Adjusted EBITDA disclosure as a measure of financial performance. Adjusted EBITDA is defined as net income (loss) before interest expense, income tax expense (benefit), depreciation expense, amortization expense, stock compensation expense and gain on employee retention credit. The Company's reference to these non-GAAP measures should be considered in addition to results prepared in accordance with GAAP standards, but are not a substitute for, or superior to, GAAP results.

Adjusted EBITDA is provided to enhance investors' overall understanding of the Company's current financial performance and ability to generate cash flow, which we believe is a meaningful measure for our investor and analyst communities. In many cases non-GAAP financial measures are utilized by these individuals to evaluate Company performance and ultimately determine a reasonable valuation for our common stock. A reconciliation of Adjusted EBITDA to the nearest GAAP measure of net income (loss) has been included in the above financial table.