Mission Statement, Vision, & Core Values of Fuel Tech, Inc. (FTEK)

You're looking at Fuel Tech, Inc. (FTEK), a company that just delivered a net income of $0.3 million in Q3 2025, proving that environmental responsibility can defintely translate into profitability, but the market still forecasts a full-year 2025 revenue of around $28.87 million, which signals a tight margin for error in their strategic execution. How does a technology company focused on emissions control and water treatment maintain its edge and grow its $9.5 million Air Pollution Control (APC) backlog in a rapidly shifting energy landscape? We need to understand the foundational principles-the Mission, Vision, and Core Values-that guide their technology development and business strategy. What is the real-world impact of their commitment to a cleaner, more energy-efficient, sustainable environment on your investment thesis?

Fuel Tech, Inc. (FTEK) Overview

If you're looking at the environmental technology space, you need to understand that Fuel Tech, Inc. is not a new player; they are a seasoned technology company focused on making industrial combustion cleaner and more efficient. The direct takeaway here is that while overall revenue saw a slight dip in the last quarter due to project timing, the company is profitable, has zero debt, and their core chemical technology business is on track for its best year since 2022.

Fuel Tech was incorporated back in 1987 as Fuel-Tech N.V., eventually domesticating to the United States in 2006 and setting up their corporate headquarters in Warrenville, Illinois. Their business is built on advanced engineering processes to provide emissions control systems and water treatment technologies, primarily for utility and industrial applications. They are a leader in the Air Pollution Control (APC) and Chemical Technologies industries, helping customers meet stringent environmental regulations and reduce operating costs.

Their product portfolio centers around two key segments: Air Pollution Control (APC) and FUEL CHEM. APC includes proprietary technologies like NOxOUT for nitrogen oxide (NOx) reduction, which has been installed on over 1,300 units worldwide, and their newer DGI (Dissolved Gas Infusion) systems for water and wastewater treatment. The FUEL CHEM segment uses custom-designed chemical applications to improve combustion unit efficiency, tackling issues like slagging and corrosion. For the full year 2025, management projects Fuel Tech's total consolidated revenue to be approximately $27 million, representing an 8% increase over 2024.

• Founded in 1981, incorporated in 1987.
• Core products: NOxOUT, FUEL CHEM, and DGI systems.
• Projected 2025 total revenue: approximately $27 million.

Here's the quick math on their recent performance: the company is maintaining a rock-solid balance sheet with $33.8 million in cash and investments and, crucially, no debt as of September 30, 2025. That financial strength gives them real flexibility to pursue new market opportunities.

Q3 2025 Financial Highlights: Profitability and Margin Expansion

The third quarter of 2025 showed that Fuel Tech is operating profitably and improving its gross margin, even with a slight revenue headwind in one segment. Consolidated revenues for Q3 2025 were $7.5 million, a small decline from the $7.9 million reported in the same quarter last year, which was mainly due to the timing of project execution in the APC segment.

But look closer at the profitability. The consolidated gross margin expanded significantly to 48.9% in Q3 2025, up from 43.4% a year ago, reflecting higher margins in both the APC and FUEL CHEM segments. This margin expansion is a defintely positive sign of operational efficiency. Net income for the quarter was $0.3 million, or $0.01 per share, a clear improvement over the $0.08 million reported in Q3 2024.

The Chemical Technologies business, anchored by the FUEL CHEM segment, is the real growth engine right now. FUEL CHEM revenue increased to $4.8 million in Q3 2025, up from $4.6 million in the prior year period, driven by increased operation dispatch at legacy accounts. Management raised their guidance, now expecting the FUEL CHEM segment's full-year 2025 revenue to reach between $16.5 million and $17 million, which would mark its highest level since 2022. What this estimate hides is the potential from new business, like the six-month commercially-priced demonstration program for a new U.S. FUEL CHEM customer, which has an estimated annual revenue potential of $2.5 million to $3.0 million.

The APC segment is also building momentum, despite the quarterly revenue dip. Fuel Tech announced $3.2 million in new APC awards during the quarter and increased the APC backlog to $9.5 million as of September 30, 2025. Plus, the strategic acquisition of complementary APC intellectual property from Wahlco, Inc. for $350,000 will strengthen their global offerings and competitive position.

Fuel Tech's Leadership in Environmental Technology

Fuel Tech is a leader in the global market for environmental technology, particularly in emissions control and water treatment. The company is actively pursuing new opportunities in the power generation sector, especially to support the growing data center market. They have a sales pipeline of $80 million to $100 million in bids for projects involving their Selective Catalytic Reduction (SCR) technology, which is essential for emissions control in data center power generation.

Their proprietary technologies, including the NOxOUT and HERT Selective Non-Catalytic Reduction (SNCR) systems, and their ASCR Advanced SCR systems, have established them as a key player in nitrogen oxide (NOx) reduction. They have a proven track record, with their solutions installed on over 1,300 utility, industrial, and municipal units worldwide. This global footprint and deep technical expertise are why they are consistently seen as a leader in their niche.

To really understand the drivers behind this success and who is betting on their continued growth, you should check out Exploring Fuel Tech, Inc. (FTEK) Investor Profile: Who's Buying and Why?

Fuel Tech, Inc. (FTEK) Mission Statement

You need to know exactly what drives a company before you commit capital, and a mission statement is the best place to start. Fuel Tech, Inc.'s mission is a clear two-part mandate that guides their technology deployment and their financial strategy. It's not corporate fluff; it's a commitment to both environmental impact and shareholder return, which is key in the utility and industrial sectors.

The mission statement is: We provide our customers innovative solutions to produce and use clean, efficient energy by applying advanced technologies through engineering excellence and our knowledge of complex combustion and reacting flow processes. We create long-term value for our employees and our stockholders, and for the communities in which we do business, through our continued pursuit of innovation and growth. This statement is the foundation for their long-term goals, particularly their Vision of achieving A cleaner, more energy-efficient, sustainable environment to benefit the world's present and future generations. You can see how this all fits together by looking at the company's full history and operations at Fuel Tech, Inc. (FTEK): History, Ownership, Mission, How It Works & Makes Money.

Core Component 1: Innovative Solutions and Engineering Excellence

The first core component focuses on the product and service delivery-the 'what' and 'how' of their business. It's about using advanced technologies and engineering excellence to deliver clean, efficient energy solutions. This isn't just a promise; it's the bedrock of their two operating segments: Air Pollution Control (APC) and FUEL CHEM.

To be fair, the APC segment revenue was down in the third quarter of 2025 due to project timing, but the underlying demand is strong. Here's the quick math on their product quality commitment:

• APC Backlog: Increased to $9.5 million at September 30, 2025. That's up over 20% from the prior quarter, showing customer confidence in their project execution.
• Global Reach: Fuel Tech has installed solutions on over 1,300 utility, industrial, and municipal units worldwide. That's a defintely impressive operational footprint.
• Margin Strength: The consolidated gross margin expanded to 48.9% in Q3 2025, up from 43.4% a year earlier. This margin expansion, even on slightly lower revenue, shows improved operational efficiency and strong pricing power for their specialized engineering.

Their commitment to quality is also evident in their core value: Be Accountable for Quality work.... Always. They know that poor execution on a Selective Catalytic Reduction (SCR) system means a lost customer, so they embed quality into their APC segment's $9.5 million backlog.

Core Component 2: Creating Long-Term Value Through Innovation and Growth

The second part of the mission is all about the stakeholders: employees, stockholders, and the community. It's the financial and social contract. They aim to create long-term value through continued pursuit of innovation and growth. This is where the rubber meets the road for investors.

Their Q3 2025 financial results show they are executing on this value creation. They reported a net income of $0.3 million in Q3 2025, a significant improvement from the prior year. Plus, the balance sheet is rock-solid: they ended Q3 2025 with $33.8 million in total cash and investments and zero debt.

Innovation is directly tied to future growth, and they are moving into new markets. For example, the new commercially-priced six-month FUEL CHEM demonstration with a new U.S. customer has an estimated annual revenue potential of $2.5 million to $3.0 million if it runs full-time. This is a concrete example of pursuing growth that leverages their core competency in chemical injection technology. They are also actively looking at new opportunities in AI-related data centers, which require significant cooling and process optimization, showing they are not stuck in legacy markets.

What this estimate hides, of course, is the execution risk on that new revenue, but the strong financial position gives them the runway to pursue these opportunities. That's why one of their key values is Be Creative and Innovative and Open-Minded....affect Change. It's a mandate for the whole team to look beyond the current utility market for new revenue streams.

Commitment to High-Quality Products and Services

Fuel Tech's commitment to quality isn't just a value; it's a necessity in the highly regulated emissions control space. Their Air Pollution Control (APC) technologies, like the Selective Non-Catalytic Reduction (SNCR) systems, are designed to reduce nitrogen oxide ($\text{NO}_{\text{x}}$) emissions, a major pollutant. They rely heavily on Computational Fluid Dynamics (CFD) modeling, which is essentially using software to simulate complex combustion processes before a single piece of equipment is installed.

This commitment to precision modeling is what allows them to guarantee performance. The FUEL CHEM segment, which focuses on optimizing combustion efficiency and controlling slagging (ash buildup), is projected to have its full-year 2025 segment revenues reach their highest levels since 2022. This projected revenue growth is a direct result of customers trusting the quality and reliability of their chemical-injection programs to improve boiler heat rate and reduce operating costs. You can't get that kind of repeat and expanding business without delivering a consistently high-quality product and service.

Next step: CEO Arnone and the executive team need to deliver on the projected full-year 2025 FUEL CHEM revenue targets to cement this mission-to-performance alignment.

Fuel Tech, Inc. (FTEK) Vision Statement

You're looking for the core drivers behind Fuel Tech, Inc.'s strategy, and the vision statement cuts right to the chase: it's a clear commitment to environmental and operational excellence. The company's vision is a single, powerful sentence: A cleaner, more energy-efficient, sustainable environment to benefit the world's present and future generations. This isn't just marketing fluff; it maps directly to their two main business segments-Air Pollution Control (APC) and FUEL CHEM®-and their emerging Dissolved Gas Infusion (DGI®) water technology.

The vision breaks down into three actionable pillars, and the company's 2025 performance shows how they are executing on each one. For instance, ending Q3 2025 with a strong financial position of $33.8 million in cash and investments, and no debt, gives them the capital to pursue these long-term goals. That's a defintely solid foundation for a growth-oriented environmental technology firm.

Pillar 1: A Cleaner Environment (Air Pollution Control)

The first part of the vision-A cleaner environment-is the bread and butter of their Air Pollution Control (APC) segment. This is about reducing harmful emissions, primarily nitrogen oxides ($\text{NO}_{\text{x}}$), from utility and industrial applications. The APC business is a capital projects segment, so its revenue can be lumpy, but the backlog shows consistent demand for their solutions.

Here's the quick math on their near-term opportunity: The APC backlog stood at $9.5 million as of September 30, 2025, a solid jump from the $7.8 million at the end of June 2025. This increase, fueled by new awards in the U.S., Europe, and Southeast Asia, signals that global industrial players are still investing in cleaner operations. The company recently expanded its APC portfolio with a small, strategic acquisition of intellectual property from Wahlco, Inc. for $350,000, which should drive accretive aftermarket revenues.

• Reduce $\text{NO}_{\text{x}}$ and particulate matter.
• Grow APC backlog to secure future revenue.
• Acquire IP to expand aftermarket services.

Pillar 2: More Energy-Efficient (Process Optimization)

The second pillar, more energy-efficient, is where the proprietary FUEL CHEM® chemical technology programs shine. These programs use a process called Targeted In-Furnace Injection™ (TIFI®) to address issues like slagging, fouling, and corrosion in boilers. By keeping the boiler cleaner, the customer uses less fuel to generate the same amount of power, which is the definition of improved efficiency.

The FUEL CHEM segment is their steady performer. Revenue for this segment rose to $4.8 million in Q3 2025, up from $4.6 million in the prior year, and management expects full-year 2025 segment revenues to hit their highest levels since 2022. Plus, a new six-month commercial demonstration program for a U.S. coal-fired unit commenced in October 2025, with an estimated annual revenue potential of $2.5 million to $3.0 million if adopted full-time. That's a clear, quantifiable path to near-term growth.

Pillar 3: Sustainable Environment and Future Generations (Water Technologies)

The final pillar-a sustainable environment to benefit the world's present and future generations-is the most forward-looking, and it's where their emerging water treatment technologies fit in. The company is actively developing its Dissolved Gas Infusion (DGI®) technology, which precisely manages dissolved oxygen levels in water.

This technology is currently undergoing an extended demonstration at a Western U.S. fish hatchery, expected to continue until the second quarter of 2026. While not yet a major revenue driver, this move into water treatment is a strategic pivot, diversifying their offerings beyond traditional combustion control into a massive, growing market for sustainable water management. It shows they are thinking past utility stacks and into broader environmental solutions. If you want a deeper dive into the company's financial profile, you should be Exploring Fuel Tech, Inc. (FTEK) Investor Profile: Who's Buying and Why?

Mission Statement: The Execution Roadmap

The Mission Statement is the practical guide for how they achieve their vision. It states they provide innovative solutions to produce and use clean, efficient energy by applying advanced technologies through engineering excellence and knowledge of complex combustion and reacting flow processes. This is the process. The second part is the result: We create long-term value for our employees and our stockholders... through our continued pursuit of innovation and growth.

The Q3 2025 net income of $303,000 is small, but it shows the company can operate profitably while pursuing innovation. This is critical for creating that long-term stockholder value. The core of the mission is their proprietary technologies, like the $\text{NO}_{\text{x}}$OUT® and HERT™ urea injection systems, which are all grounded in deep computational fluid dynamics (CFD) modeling capabilities.

Core Values: The Cultural Compass

A company's values tell you how they plan to execute their mission and vision. Fuel Tech's values focus on customer success, innovation, and accountability. They are the internal guardrails.

• Determine our Customers' criteria for success and we will know our criteria for success.
• Be Creative and Innovative and Open-Minded... affect Change.
• Work with Passion and Dedication... strive for Excellence.
• Be Accountable for Quality work... Always.

The emphasis on knowing the customer's success criteria is a smart, pragmatic approach. It means their sales and engineering teams aren't just selling a product; they are selling a specific, measurable outcome, whether that's meeting a $\text{NO}_{\text{x}}$ limit or achieving a certain boiler heat rate. This customer-centric focus is what keeps the FUEL CHEM segment's gross margin high, expanding to 49.8% in Q3 2025. That's a strong margin, and it reflects the value they deliver through precision engineering.

Fuel Tech, Inc. (FTEK) Core Values

You're looking for the bedrock of Fuel Tech, Inc.'s (FTEK) operations-the principles that drive their financial and operational decisions. This isn't just corporate boilerplate; for a technology company focused on air pollution control, their values directly map to market opportunity and risk management. Fuel Tech's commitment to a 'cleaner, more energy-efficient, sustainable environment' is the core vision, and their values are the roadmap to delivering on that promise, which is crucial for their long-term value creation for stockholders.

The company's financial health reflects this focus: as of September 30, 2025, they maintained a very strong balance sheet with $33.8 million in cash and investments and zero debt, which gives them the flexibility to invest in these core values. Here's the quick math: that capital position is what allows them to pursue strategic acquisitions and new technology demonstrations without stressing the operating budget.

Customer Success and Excellence

The first value is clear: Determine our Customers' criteria for success and we will know our criteria for success. This isn't about simply selling a product; it's about aligning their Air Pollution Control (APC) and FUEL CHEM® solutions with client profitability and compliance. When your customer wins, you win. It's defintely a simple but powerful driver for recurring revenue.

• APC Backlog Growth: The consolidated APC segment backlog rose to $9.5 million at September 30, 2025, up from $6.2 million at the start of the year, showing strong customer confidence and future revenue visibility.
• New Order Momentum: In the first quarter of 2025 alone, their APC business secured $5.6 million in new orders from both new and existing U.S. and international customers.
• FUEL CHEM Performance: The FUEL CHEM segment revenue increased to $4.8 million in Q3 2025, up from $4.6 million in the prior year period, primarily due to increased operation dispatch at legacy accounts-a direct result of providing solutions that keep their clients' combustion units running efficiently.

This focus on excellence translates directly into better margins; Q3 2025 consolidated gross margin expanded to 48.9% of revenues, up from 43.4% in the prior year, reflecting higher margins across both business segments.

Innovation and Affecting Change

A technology company must live by the value: Be Creative and Innovative and Open-Minded....affect Change. Fuel Tech is in a constantly evolving regulatory environment, so continuous innovation-Enhance Knowledge, Learning and Development-is the only way to stay ahead of the curve. They need to be able to model and solve complex combustion and reacting flow processes, which is where their advanced engineering services come in. You can see their commitment to innovation in their strategic moves this year.

• Strategic IP Acquisition: Fuel Tech acquired complementary APC intellectual property from Wahlco, Inc. for $350,000 in Q4 2025, which immediately expands their APC solutions portfolio and is expected to drive accretive aftermarket revenues.
• New Technology Demonstration: They launched a commercially priced six-month demonstration of their FUEL CHEM technology at a new U.S. coal-fired unit. This program has an estimated annual revenue potential of $2.5 million to $3.0 million once fully commercialized.
• Advanced Modeling: Their proprietary Computational Fluid Dynamics (CFD) modeling capabilities, enhanced by internally developed visualization software, are essential to designing customized, effective emissions control systems for clients.

The push for innovation is what positions them for the future, especially as they pursue opportunities like providing Selective Catalytic Reduction (SCR) technology to meet the emissions control requirements for the rising demand from data centers in the U.S.

Health, Safety, and Environment

The value Without Health and Safety, we have nothing is paramount in heavy industry, but for Fuel Tech, it extends to the broader environment. Their entire business model is built on reducing air pollution-specifically nitrogen oxide (NOx) and particulate matter-to enable customers to operate in an environmentally sustainable manner. Their mission is to provide innovative solutions to produce and use clean, efficient energy.

• Global Impact: Fuel Tech's solutions have been installed on over 1,300 utility, industrial, and municipal units worldwide, directly contributing to cleaner air by reducing pollutants.
• Focus on Core Technologies: Their core business revolves around technologies like NOxOUT® and HERT™ SNCR systems and the TIFI® Targeted In-Furnace Injection™ programs, all designed to meet stringent global emission protocols.

This environmental commitment isn't just altruistic; it's a strong business driver, as global regulations continue to tighten. The company's Q3 2025 net income of $0.3 million shows they can operate profitably while delivering on their environmental mission. You can dive deeper into the operational history and financial structure that supports these values here: Fuel Tech, Inc. (FTEK): History, Ownership, Mission, How It Works & Makes Money.