Fuel Tech, Inc. (NASDAQ:FTEK)

Fuel Tech, Inc. (NASDAQ:FTEK) ($0.96; $29.5 market cap) announced Q1 2025 results:

• Q1 sales of $6.4 million vs. $5.0 million in the prior year
• Q1 GAAP EPS of $(0.02) vs. $0.01 in the prior year
• Backlog rose 66% to $10.3 million, highest since 2022
• Pursuing contracts in data center emissions control markets

Management Commentary:

 “We are very pleased with our first quarter performance, reinforcing our belief that 2025 will be a year of growth for our Company,” said Vincent J. Arnone, President and CEO…

…We are also participating in larger domestic contract opportunities to support emissions control requirements for the development of data centers, utilizing our SCR and ULTRA® technologies.”

In our March 6, 2025 research note and last week's open forum event we highlighted comments from the company’s earnings call discussing data center demand. We will jump on today’s conference call at 10 AM EST to see if the company expands on comments in the press release about the contract opportunities. 

Fuel Tech, Inc. develops and provides technologies for air pollution control, combustion efficiency, water treatment, and engineering services, offering solutions to reduce emissions, optimize boiler performance, and treat industrial water across various energy and industrial markets.