Fuel Tech (FTEK) H.C. Wainwright 27th Annual Global Investment Conference summary

Company overview and business segments

• Focuses on air pollution control, chemical technologies for slag removal, and a developing dissolved gas infusion (DGI) business.

• Over 1,300 systems installed globally, with operations in the U.S. and Europe.

• DGI is pre-revenue but undergoing demonstrations in aquaculture and other water treatment markets.

Financial performance and outlook

• Revenue for 2025 targeted at $28–$29 million, up from 2024 and 2023.

• $31 million in cash, no debt, and an effective backlog exceeding $10 million, the highest in 3–4 years.

• Gross margins stable at 46%; SG&A stable year over year.

• Four consecutive years of cash flow break-even; aiming for operating income and positive cash flow.

Market drivers and growth opportunities

• Largest sales pipeline in a decade, driven by new power generation and data center build-outs.

• Data center growth expected to increase power demand by 50% by 2027 and 165% by 2030.

• Extension of coal-fired unit life due to power demand supports chemical technology segment.

• No new regulatory drivers expected; current administration pulling back on some regulations.