Fuel Tech’s APC Revenue Rises 23%, $10M Awards Lift Backlog, $1.4M Loss
Fuel Tech’s Q1 APC revenue rose 23% to $1.6 M while FUEL CHEM revenue fell to $4.5 M, resulting in consolidated revenue of $6.1 M (down 5%) and a $1.4 M net loss. The company held $30.6 M in cash, was debt-free, and won $10 M in APC awards, boosting proforma backlog to highest since 2018.
1. Q1 2026 Financial Results
Fuel Tech reported consolidated revenues of $6.1 M for the quarter ended March 31, 2026, a 5% decline from Q1 2025. Net loss was $1.4 M, or $0.04 per share, and adjusted EBITDA loss widened to $1.3 M from $0.7 M year-over-year.
2. APC Segment Performance
APC segment revenue increased 23% to $1.6 M with gross margin expanding to 38.3% from 32.6% due to favorable project mix. The company secured approximately $10 M in new APC awards, driving its proforma backlog to the highest level since 2018.
3. Liquidity and Outlook
At March 31, cash and investments totaled $30.6 M and the balance sheet remained debt-free. Engineering work on the newly awarded SCR projects is set to begin in Q2 2026, and management expects sustained growth across APC, FUEL CHEM, and DGI divisions for full-year 2026.