Quarterly ResultAug 4, 2026, 04:21 PM
Fuel Tech Names Ramesh Nuggihalli CEO; Q2 Revenue Up 17%
AI Summary
Fuel Tech, Inc. announced Ramesh Nuggihalli will succeed Vincent J. Arnone as President and CEO, effective August 10, 2026, with Arnone joining the Board. The company reported Q2 2026 consolidated revenues of $6.5 million, a 17% increase year-over-year, driven by strong performance in both FUEL CHEM and Air Pollution Control (APC) segments. Despite revenue growth, the company posted a net loss of $(1.2) million and an Adjusted EBITDA loss of $(1.2) million, with gross margin declining to 41%. Fuel Tech ended the quarter with approximately $30 million in cash, cash equivalents, and investments, and no long-term debt, while APC backlog more than doubled to $14.3 million.
Key Highlights
- Ramesh Nuggihalli appointed President and CEO, effective August 10, 2026.
- Q2 2026 consolidated revenues rose 17% to $6.5 million.
- Net loss for Q2 2026 was $(1.2) million, or $(0.04) per share.
- Adjusted EBITDA loss for Q2 2026 was $(1.2) million.
- APC segment revenue increased 11% to $2.8 million.
- FUEL CHEM segment revenue increased 21% to $3.7 million.
- APC segment backlog reached $14.3 million, more than double year-end 2025.
- Cash, cash equivalents, and investments totaled $30 million with no long-term debt.
Price Impact
More from FTEK