WARRENVILLE, Ill. , Nov. 03, 2026 (GLOBE NEWSWIRE) -- 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, 2026 and outlined a framework designed to support sustainable growth and value creation. “Higher third quarter sales and continued backlog growth reflect the demand for our services and our progress in converting promising opportunities into new awards,” said Ramesh Nuggihalli , President and Chief Executive Officer. “This momentum underscores the relevance of our technology portfolio to customers’ evolving environmental and operational priorities and improves our visibility into future performance. Our strong financial position provides the resources and flexibility to drive long-term our growth.” He continued, “Since joining Fuel Tech in August, I have developed a strong appreciation for the quality of our people, the breadth and value of our technology portfolio, our global reach and the attractive markets we serve. Our focus now is to convert these strengths into sustainable, above-market growth. We intend to pursue organic growth initiatives by deepening Fuel Tech’s presence in our core markets and pursuing burgeoning power infrastructure opportunities that support data center and AI infrastructure construction, as well as water and wastewater treatment. We are also focused on select M&A through a holistic, bottom-up strategy which identifies opportunities that strengthen our product portfolio and expand our channel presence. “This is an active and ongoing process that will take time to fully implement, but the direction is clear. We are aligning our resources behind the opportunities where Fuel Tech can create the greatest value while establishing the strategic priorities and operating disciplines needed to drive more consistent financial performance and sustainable long-term value for our shareholders.” Third Quarter 2026 (“Q3 2026”) Results Overview All comparisons are to the third quarter ended September 30, 2025 unless otherwise stated . Consolidated revenues for Q3 2026 rose 16% to $8.7 million from $7.5 million , driven by a 38% increase in revenues at the Company’s Air Pollution Control (“APC”) segment attributable to a significantly higher backlog during 2026 and progress on existing contracts. FUEL CHEM segment revenues rose by 3%. Consolidated gross margin for Q3 2026 declined to 45% of revenues from 49% of revenues. APC gross margin declined to 40% from 47% due to changes in project and product mix. FUEL CHEM gross margin was 49% compared to 50%. SG&A expenses for Q3 2026 were $3.7 million , or 42% of revenues, compared to $3.2 million , or 43% of revenues, reflecting higher employee related costs and professional fees, including a non-recurring expense of approximately $175,000 related to the CEO transition. Interest income for Q3 2026 was $247,000 compared to $311,000 . Net loss in Q3 2026 was $(267,000) , or $(0.01) per share, compared to net income of $303,000 , or $0.01 per share. Adjusted EBITDA loss was $(249,000) in Q3 2026 compared to an Adjusted EBITDA of $228,000 . Consolidated APC segment backlog at September 30, 2026 was $16.6 million compared to $14.3 million at June 30, 2026 and $7.0 million at December 31, 2025 . Backlog at September 30, 2026 did not include the recently awarded APC contracts valued at $3.3 million . Financial Condition As of September 30, 2026 , cash and cash equivalents were $6.8 million , short-term investments were $11.0 million , and long-term investments totaled $10.0 million . Stockholders’ equity as of September 30, 2026 was $37.2 million , or $1.19 per share, and the Company had no debt. Conference Call Management will host a conference call on Wednesday, November 4, 2026 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: (877) 423-9820 ( Domestic ) or (201) 493-6749 ( International ) The conference call will also be accessible via the Upcoming Events section of the Company’s web site at www.ftek.com . Following management’s opening remarks, there will be a question-and-answer session. About Fuel Tech 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 (NOx) reduction and particulate control technologies, and its solutions have been installed on over 2,100 utility, industrial and municipal units worldwide. The Company’s chemical technologies improve the efficiency, reliability, fuel flexibility, boiler heat rate, and environmental status of combustion units by controlling