Fuel Tech Inc. expects its 2026 revenue to exceed the levels recorded in 2025, supported by a growing project backlog [1].
The projection signals a pivotal growth phase for the company as it leverages new awards in its Air Pollution Control (APC) segment to scale operations.
Fuel Tech reported an APC pro forma backlog of approximately $17 million [1]. This figure follows a period of steady expansion. The company's full-year 2025 revenue reached $26.7 million [3], marking a six percent increase over the previous year [7].
Quarterly performance also showed acceleration. Consolidated revenue for the fourth quarter of 2025 was $7.2 million [2], which represented a 37 percent increase year-over-year [6]. Within the APC segment specifically, revenue for the fourth quarter of 2025 was $2.4 million [4], up from $1.8 million in the fourth quarter of 2024 [5].
Management said the positive outlook is due to a large new APC award that will drive additional revenue [1]. However, the timing of these gains varies. While the company expects 2026 revenue to outperform 2025 [1], most of the revenue from this specific large award is expected to be realized in 2027 [1].
The guidance was first provided during the Q4 2025 earnings call and was later reiterated in the Q1 2026 earnings release [2, 8].
“Fuel Tech expects its 2026 revenue to exceed 2025 levels.”
The discrepancy between the 2026 growth target and the 2027 revenue realization for the new APC award suggests that Fuel Tech is relying on a mix of smaller, immediate projects and a larger, long-term contract. While the $17 million backlog provides a safety net, the company's ability to meet 2026 targets depends on its capacity to convert existing backlog into realized revenue before the bulk of the new award hits the books in 2027.
