Fuel Tech Inc. reported its financial results for the first quarter ended March 31, 2025, with consolidated revenues rising 29% to $6.4 million from $5.0 million in Q1 2024. This increase was driven by a substantial 92% rise in FUEL CHEM segment revenue, reaching $5.1 million, up from $2.6 million the previous year. The company's gross margin expanded to 46.4%, compared to 40.9% in Q1 2024, primarily due to the improved performance of the FUEL CHEM segment. Despite the increase in revenues, Fuel Tech Inc. recorded a net loss of $739,000 for Q1 2025, compared to a larger net loss in the previous year. The company's backlog also saw a significant increase, rising 66% to $10.3 million, marking the highest quarterly backlog since 2022. Fuel Tech Inc. reported having $31.2 million in cash, cash equivalents, and investments, with no long-term debt as of March 31, 2025. The company expressed optimism for continued strong performance from the FUEL CHEM segment throughout the remainder of the year.
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