Fuel Tech (FTEK) presented its growth outlook at the H.C. Wainwright 28th Annual Global Investment Conference on Sept. 14, 2026. President and CEO Ramesh Nuggihalli emphasized that the board’s single directive is "growth" and described the company as "a house of engineering" and "a house of products."
The company, which has operated for four decades, expects full‑year revenue to exceed $26.5 million, up from the $27.3 million recorded over the last twelve months. Backlog stands at roughly $20 million, the highest level in four to five years, and the air‑pollution‑control segment has booked about $15 million with an additional $5‑7 million expected by quarter‑end. The segment’s long‑cycle projects target removal of 90% of SOx, NOx and CO from gas turbine and engine exhausts, and its overall funnel exceeds $150 million.
Fuel Tech’s balance sheet remains strong, with a current ratio of 5.1 and a debt‑to‑equity ratio of 0.01. Gross profit margin in the Chemical Technologies segment averaged nearly 45% over the LTM period. The company holds 32 patents and operates in more than 37 countries with a workforce of about 80 employees, 35‑50 of whom hold advanced degrees, including five PhDs focused on emissions modeling.
Growth will be pursued through small acquisitions, targeting firms with roughly $2 million in EBITDA. Nuggihalli cited his four‑year tenure at CECO Environmental, where revenue doubled from $300 million to $600 million and the stock rose from $5 to over $35, as a benchmark for transformation.
Fuel Tech’s stock traded at $1.765, up $0.035 (2.02%) in the session, having gained 38% over the past six months but fallen 52% over the past year. The company noted that gas‑turbine manufacturers’ order books are fully booked through 2031, with extensions to 2035, supporting a favorable market backdrop for its air‑pollution‑control offerings.
Nuggihalli concluded that the firm will continue to chase the "funnel" of high‑margin projects while leveraging its engineering expertise across its three segments: Air Pollution Control, Chemical Technologies and an early‑stage Water Technology business aimed at aquaculture and potential wastewater applications.
