Fuel Tech reports Q3 net income $303k, APC backlog up to $9.5M; acquires Wahlco IP for $350k

FUEL TECH, INC.

2025-Q3 EPS reported -$0.04 revenue$19,430,000

Q3 revenue $7.5M (vs $7.9M); net income $303k ($0.01/sh) vs $80k ($0.00) YoY.
Consolidated gross margin 48.9% (vs 43.4%); Adjusted EBITDA $228k vs -$35k.
APC backlog $9.5M at Sep 30, up from $7.8M at Jun 30 and $6.2M at Dec 31, 2024.
Cash/investments $33.8M, no debt; FUEL CHEM revenue rose to $4.8M.
Post-quarter: bought Wahlco IP for $350k; new FUEL CHEM demo with $2.5-3M annual potential.

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