What changed in this filing

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Item 1. Financial Statements

2026-08-04 compared with 2026-05-05 · 120 added, 101 removed, 400 unchanged (36% of the section changed)

51 unchanged sentences

Three Months Ended

Six Months Ended

$ 6,485 $ 5,558 $ 12,565 $ 11,940

1 unchanged sentence

Cost of sales

3,810 3,029 7,246 6,452

Selling, general and administrative

3,594 3,347 7,310 6,688

Research and development

646 490 1,170 1,060

8,050 6,866 15,726 14,200

Operating loss

1 unchanged sentence

Interest income

Other expense, net

266 537 506 816

Other income, net

Loss before income taxes

( 1,220 ) ( 685 ) ( 2,576 ) ( 1,424 )

Income tax benefit

Income tax expense

( 10 ) ( 4 ) ( 9 ) ( 4 )

$ ( 1,230 ) $ ( 689 ) $ ( 2,585 ) $ ( 1,428 )

Net loss per common share:

11 unchanged sentences

Three Months Ended

Six Months Ended

$ ( 1,230 ) $ ( 689 ) $ ( 2,585 ) $ ( 1,428 )

1 unchanged sentence

Foreign currency translation adjustments

10 11 ( 33 ) 146

Comprehensive loss

4 unchanged sentences

(Unaudited)(in thousands of dollars or shares, as appropriate)

The following summarizes the changes in total stockholders' equity for the three months ended March 31, 2025:

The following summarizes the changes in total stockholders' equity for the three and six months ended June 30, 2025:

Comprehensive

Balance at December 31, 2024

30,708 $ 317 $ 165,295 $ ( 119,472 ) $ ( 1,915 ) $ 76 $ ( 2,346 ) $ 41,955

— — — ( 739 ) — — — ( 739 )

Foreign currency translation adjustments

— — — — 135 — — 135

Stock compensation expense

— — 110 — — — — 110

Common shares issued upon vesting of restricted stock units

85 1 — — — — — 1

Taxes paid on behalf of equity award participants

( 24 ) — — — — — ( 24 ) ( 24 )

Balance at March 31, 2025

30,769 $ 318 $ 165,405 $ ( 120,211 ) $ ( 1,780 ) $ 76 $ ( 2,370 ) $ 41,438

The following summarizes the changes in total stockholders' equity for the three months ended March 31, 2026:

Foreign currency translation adjustments

Stock compensation expense

Common shares issued upon vesting of restricted stock units

Taxes paid on behalf of equity award participants

Balance at June 30, 2025

The following summarizes the changes in total stockholders' equity for the three and six months ended June 30, 2026:

Comprehensive

Balance at December 31, 2025

31,074 $ 322 $ 165,616 $ ( 121,796 ) $ ( 1,718 ) $ 76 $ ( 2,568 ) $ 39,932

— — — ( 1,355 ) — — — ( 1,355 )

Foreign currency translation adjustments

— — — — ( 43 ) — — ( 43 )

Stock compensation expense

— — 56 — — — — 56

Common shares issued upon vesting of restricted stock units

109 1 ( 1 ) — — — — —

Taxes paid on behalf of equity award participants

( 26 ) — — — — — ( 34 ) ( 34 )

Balance at March 31, 2026

31,157 $ 323 $ 165,671 $ ( 123,151 ) $ ( 1,761 ) $ 76 $ ( 2,602 ) $ 38,556

Foreign currency translation adjustments

Stock compensation expense

Common shares issued upon vesting of restricted stock units

Taxes paid on behalf of equity award participants

Balance at June 30, 2026

See notes to condensed consolidated financial statements.

2 unchanged sentences

(in thousands)

Three Months Ended

Six Months Ended

Operating Activities

$ ( 1,355 ) $ ( 739 )

Adjustments to reconcile net loss to net cash (used in) provided by operating activities:

Non-cash interest income on held-to-maturity securities

Interest income on held-to-maturity securities, net of premium amortization and discount accretion

Provision for credit losses, net of recoveries

2 unchanged sentences

Accounts receivable

Employee retention credit receivable

Prepaid expenses, other current assets and other non-current assets

Accounts payable

( 1,095 ) ( 1,340 )

Accrued liabilities and other non-current liabilities

( 183 ) ( 249 )

Net cash (used in) provided by operating activities

( 847 ) 1,508

Investing Activities

Purchases of equipment and patents

( 322 ) ( 65 )

Purchases of debt securities

( 6,092 ) ( 993 )

Maturities of debt securities

Net cash (used in) provided by investing activities

( 1,914 ) 1,692

Financing Activities

Taxes paid on behalf of equity award participants

( 34 ) ( 24 )

Net cash used in financing activities

( 34 ) ( 24 )

Effect of exchange rate fluctuations on cash

Net (decrease) increase in cash and cash equivalents

( 2,830 ) 3,311

Cash and cash equivalents at beginning of period

Cash and cash equivalents at end of period

$ 9,109 $ 11,821

See notes to condensed consolidated financial statements.

1 unchanged sentence

NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS

March 31, 2026

June 30, 2026

(in thousands, except share and per-share data)

16 unchanged sentences

All significant intercompany transactions and balances have been eliminated.

The results of operations for the three months ended March 31, 2026 are not necessarily indicative of the results to be expected for the full year ending December 31, 2026 .

The results of operations for the three and six months ended June 30, 2026 are not necessarily indicative of the results to be expected for the full year ending December 31, 2026 .

For further information, refer to the audited consolidated financial statements and footnotes thereto included in Fuel Tech’s Annual Report on Form 10 -K for the year ended December 31, 2025 as filed with the Securities and Exchange Commission.

4 unchanged sentences

A portion of the funds invested are restricted as collateral under the Investment Collateral Security agreement (see Note 10 ).

At March 31, 2026 , the amount of funds collateralized under the Investment Collateral Security agreement is $ 2,798 relating to existing standby letters of credit that is comprised of $ 2,746 with varying maturity dates that expire no later than March 31, 2027 and $ 52 with a latest maturity date of October 8, 2028.

At June 30, 2026 , the amount of funds collateralized under the Investment Collateral Security agreement is $ 2,574 relating to existing standby letters of credit that is comprised of $ 2,250 with varying maturity dates that expire no later than June 30, 2027 and $ 324 with a latest maturity date of October 8, 2028.

We consider all highly liquid debt investments with original maturities from the date of purchase of three months or less as cash equivalents.

12 unchanged sentences

Held-to-maturity debt securities:

March 31, 2026

June 30, 2026

December 31, 2025

4 unchanged sentences

$ 21,929 $ 20,009

The following table provides the amortized cost and fair value of debt securities by maturities at March 31, 2026 :

The following table provides the amortized cost and fair value of debt securities by maturities at June 30, 2026 :

Amortized Cost

4 unchanged sentences

Inventories consist primarily of equipment constructed for resale and spare parts and are stated at the lower of cost or net realizable value, using the weighted-average cost method.

At March 31, 2026 and December 31, 2025 , inventory included equipment constructed for resale of $ 176 and spare parts, net of reserves, of $ 188 and $ 197 , respectively.

At June 30, 2026 and December 31, 2025 , inventory included equipment constructed for resale of $ 176 and spare parts, net of reserves, of $ 182 and $ 197 , respectively.

Usage is recorded in cost of sales in the period that parts were issued to a project, used to service equipment, or sold to customers.

Equipment constructed for resale that is in process is recorded in Other assets.

In process equipment for inventory recorded as Other assets was $ 52 and $ 53 as of March 31, 2026 and December 31, 2025 , respectively.

In process equipment for inventory recorded as Other assets was $ 52 and $ 53 as of June 30, 2026 and December 31, 2025 , respectively.

In ventories are periodically evaluated to identify obsolete or otherwise impaired parts and are written off when management determines usage is not probable.

14 unchanged sentences

(Write-offs) / Recoveries

At March 31, 2026

At June 30, 2026

Disaggregated Revenue by Product Technology

1 unchanged sentence

Three Months Ended

Six Months Ended

Air Pollution Control

Technology solutions

$ 2,078 $ 1,644 $ 2,833 $ 2,216

417 425 811 675

Ancillary revenue

290 436 745 917

Total Air Pollution Control technology revenues

2,785 2,505 4,389 3,808

FUEL CHEM technology solutions

3,700 3,053 8,176 8,132

Total Revenues

3 unchanged sentences

Three Months Ended

Six Months Ended

United States

2 unchanged sentences

Latin America

189 65 375 413

305 707 698 1,184

14 156 14 194

76 188 330 348

Total Foreign Revenues

584 1,116 1,417 2,139

Total Revenues

3 unchanged sentences

Three Months Ended

Six Months Ended

Products transferred at a point in time

1 unchanged sentence

Products and services transferred over time

2,078 1,644 2,833 2,216

Total Revenues

5 unchanged sentences

These assets are reported on the Condensed Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period.

At March 31, 2026 , December 31, 2025 , and December 31, 2024 , contract assets for APC technology projects were approximately $ 974 , $ 887 , and $ 2,075 , respectively, and are included in accounts receivable on the Condensed Consolidated Balance Sheets.

At June 30, 2026 , December 31, 2025 , and December 31, 2024 , contract assets for APC technology projects were approximately $ 1,223 , $ 887 , and $ 2,075 , respectively, and are included in accounts receivable on the Condensed Consolidated Balance Sheets.

The Company will periodically bill in advance of costs incurred before revenue is recognized, resulting in contract liabilities.

These liabilities are reported on the Condensed Consolidated Balance Sheets on a contract-by-contract basis at the end of each reporting period.

Contract liabilities were $ 1,066 , $ 1,026 , and $ 721 at March 31, 2026 , December 31, 2025 , and December 31, 2024 , respectively, and are included in other accrued liabilities on the Condensed Consolidated Balance Sheets.

Changes in the contract asset and liability balances during the three -month period ended March 31, 2026 were not materially impacted by any other items other than amounts billed and revenue recognized as described previously.

Revenue recognized that was included in the contract liability balance at the beginning of the period was $ 452 and $ 372 for the three months ended March 31, 2026 and 2025 , respectively.

As of March 31, 2026 and December 31, 2025 , we had no construction contracts in progress that were identified as a loss contract.

Contract liabilities were $ 960 , $ 1,026 , and $ 721 at June 30, 2026 , December 31, 2025 , and December 31, 2024 , respectively, and are included in other accrued liabilities on the Condensed Consolidated Balance Sheets.

Changes in the contract asset and liability balances during the six -month period ended June 30, 2026 were not materially impacted by any other items other than amounts billed and revenue recognized as described previously.

Revenue recognized that was included in the contract liability balance at the beginning of the period was $ 155 and $ 607 for the three and six months ended June 30, 2026 , respectively, and $ 171 and $ 543 for the three and six months ended June 30, 2025 , respectively, which represented revenue from progress towards completion of our APC technology contracts.

As of June 30, 2026 and December 31, 2025 , we had no construction contracts in progress that were identified as a loss contract.

Remaining Performance Obligations

Remaining performance obligations represents the transaction price of APC technology booked orders for which work has not been performed.

As of March 31, 2026 , the aggregate amount of the transaction price allocated to remaining performance obligations was $ 6,923 .

As of June 30, 2026 , the aggregate amount of the transaction price allocated to remaining performance obligations was $ 14,308 .

The Company expects to recognize revenue on approximately $ 10,489 of the remaining performance obligations over the next 12 months with the remaining recognized thereafter.

1 unchanged sentence

The components of accounts receivable are as follows:

March 31, 2026

June 30, 2026

December 31, 2025

10 unchanged sentences

This action was part of Fuel Tech’s ongoing operational improvement initiatives designed to prioritize resource allocation, reduce costs, and drive profitability for the Company on a global basis.

The transition associated with the suspension of the APC business which has taken place through March 31, 2026 includes staff rationalization and reduction, supplier and partner engagement, and the monetization of certain assets.

The transition associated with the suspension of the APC business which has taken place through June 30, 2026 includes staff rationalization and reduction, supplier and partner engagement, and the monetization of certain assets.

The remaining transition activities include the execution of the activities to satisfy the requirements for the remaining APC projects in China (with a backlog totaling approximately $ 3 ) and those related to subsidiary closure.

The following table presents our revenues and net loss for the three months ended March 31, 2026 and 2025 in China as follows:

The following table presents our revenues and net loss for the three and six months ended June 30, 2026 and 2025 in China as follows:

Three Months Ended

Six Months Ended

Total revenues

( 13 ) ( 18 )

The following table presents net assets in China as of March 31, 2026 and December 31, 2025 :

March 31, 2026

The following table presents net assets in China as of June 30, 2026 and December 31, 2025 :

June 30, 2026

December 31, 2025

6 unchanged sentences

Three Months Ended

Six Months Ended

Foreign currency translation

Balance at beginning of period

$ ( 1,718 ) $ ( 1,915 )

Other comprehensive income (loss):

1 unchanged sentence

Total accumulated other comprehensive loss

$ ( 1,761 ) $ ( 1,780 )

In all periods presented, there were no tax impacts related to rate changes and no amounts were reclassified to earnings.

Treasury Stock

Common stock held in treasury totaled 1,233,052 and 1,206,741 with a cost of $ 2,602 and $ 2,568 at March 31, 2026 and December 31, 2025 , respectively.

Common stock held in treasury totaled 1,240,838 and 1,206,741 with a cost of $ 2,613 and $ 2,568 at June 30, 2026 and December 31, 2025 , respectively.

These shares were withheld from employees to settle personal tax withholding obligations that arose as a result of restricted stock units that vested.

3 unchanged sentences

Out-of-money stock options and warrants are excluded from diluted earnings per share because they are unlikely to be exercised and would be anti- dilutive if they were exercised.

For the three months ended March 31, 2026 and 2025 , basic earnings per share is equal to diluted earnings per share because all outstanding stock awards, warrants, and convertible loan notes are considered anti-dilutive during periods of net loss.

The following table sets forth the weighted-average shares used in calculating the earnings per share for the three months ended March 31, 2026 and 2025 :

For the three and six months ended June 30, 2026 and 2025 , basic earnings per share is equal to diluted earnings per share because all outstanding stock awards, warrants, and convertible loan notes are considered anti-dilutive during periods of net loss.

The following table sets forth the weighted-average shares used in calculating the earnings per share for the three and six months ended June 30, 2026 and 2025 :

Three Months Ended

Six Months Ended

Basic weighted-average shares

3 unchanged sentences

31,181,000 30,868,000 31,137,000 30,796,000

For the three months ended March 31, 2026 and 2025 , Fuel Tech had weighted-average outstanding equity awards of 27,000 and 135,900 , respectively, and warrants of 2,850,000 in both periods, which were antidilutive or represent out-of-the-money options for the purpose of the calculation of diluted earnings per share.

For the three months ended March 31, 2026 and 2025 , Fuel Tech had incremental equity awards of 159,300 and 322,700 , respectively, that were excluded from the computation of diluted earnings per share as the inclusion of such would have been anti-dilutive due to a net loss in the period.

For the three and six months ended June 30, 2026 , Fuel Tech had weighted-average outstanding equity awards of 27,900 and 66,200 , respectively, and warrants of 2,850,000 in both periods, which were antidilutive or represent out-of-the-money options for the purpose of the calculation of diluted earnings per share.

For the three and six months ended June 30, 2026 , Fuel Tech had incremental equity awards of 92,800 and 114,800 , respectively, that were excluded from the computation of diluted earnings per share as the inclusion of such would have been anti-dilutive due to a net loss in the period.

These equity awards could potentially dilute basic earnings per share in future years.

For the three and six months ended June 30, 2025 , Fuel Tech had weighted-average outstanding equity awards of 36,800 and 71,300 , respectively, and warrants of 2,850,000 in both periods, which were antidilutive or represent out-of-the-money options for the purpose of the calculation of diluted earnings per share.

For the three and six months ended June 30, 2025 , Fuel Tech had incremental equity awards of 316,100 and 467,100 , respectively, that were excluded from the computation of diluted earnings per share as the inclusion of such would have been anti-dilutive due to a net loss in the period.

These equity awards could potentially dilute basic earnings per share in future years.

Stock-Based Compensation

5 unchanged sentences

There are a maximum of 3,118,570 shares that may be issued or reserved for awards to participants under the Incentive Plans.

As of March 31, 2026 , Fuel Tech had 3,120,297 shares available for issuance under the Incentive Plans.

We did not record any excess tax benefits within income tax expense for the three months ended March 31, 2026 and 2025 .

Given the Company has a full valuation allowance on its deferred tax assets, there were no excess tax benefits to record for the three months ended March 31, 2026 and 2025 .

As of June 30, 2026 , Fuel Tech had 3,039,233 shares available for issuance under the Incentive Plans.

We did not record any excess tax benefits within income tax expense for the three and six months ended June 30, 2026 and 2025 .

Given the Company has a full valuation allowance on its deferred tax assets, there were no excess tax benefits to record for the three and six months ended June 30, 2026 and 2025 .

In addition, we account for forfeitures of awards based on an estimate of the number of awards expected to be forfeited and adjust the estimate when it is no longer probable that the employee will fulfill the service condition.

Stock-based compensation is included in selling, general, and administrative costs in our Condensed Consolidated Statements of Operations.

The components of stock-based compensation for the three months ended March 31, 2026 and 2025 were as follows:

The components of stock-based compensation for the three and six months ended June 30, 2026 and 2025 were as follows:

Three Months Ended

Six Months Ended

Stock options and restricted stock units, net of forfeitures

$ 42 $ 102 $ 98 $ 212

After-tax effect of stock-based compensation

$ 42 $ 102 $ 98 $ 212

Stock Options

9 unchanged sentences

and ( 3 ) expected life of the option – an estimate based on historical experience including the effect of employee terminations.

Stock option activity for Fuel Tech’s Incentive Plans for the three months ended March 31, 2026 was as follows:

Stock option activity for Fuel Tech’s Incentive Plans for the six months ended June 30, 2026 was as follows:

Weighted- Average

3 unchanged sentences

Expired or forfeited

Outstanding on March 31, 2026

( 27,000 ) 1.58

Exercisable on March 31, 2026

Outstanding on June 30, 2026

44,000 $ 0.96 1.44 $ 55

As of March 31, 2026 , there was no unrecognized compensation cost related to non-vested stock options granted under the Incentive Plans.

Exercisable on June 30, 2026

44,000 $ 0.96 1.44 $ 55

As of June 30, 2026 , there was no unrecognized compensation cost related to non-vested stock options granted under the Incentive Plans.

Restricted Stock Units

10 unchanged sentences

All RSUs are valued at the date of grant based on the closing price of the Company’s common stock on the grant date.

At March 31, 2026 , there is $ 608 of unrecognized compensation cost related to all non-vested share-based compensation arrangements granted under the Incentive Plan.

At June 30, 2026 , there is $ 632 of unrecognized compensation cost related to all non-vested share-based compensation arrangements granted under the Incentive Plan.

That cost is expected to be recognized over the remaining requisite service period of 1.75 yea rs.

A summary of restricted stock unit activity for the three months ended March 31, 2026 is as follows:

A summary of restricted stock unit activity for the six months ended June 30, 2026 is as follows:

Weighted Average

3 unchanged sentences

( 425,100 ) 1.02

Unvested restricted stock units at March 31, 2026

Unvested restricted stock units at June 30, 2026

623,523 $ 1.08

The fair value of restricted stock that vested during the three -month period ended March 31, 2026 was $ 125 .

The fair value of restricted stock that vested during the six -month period ended June 30, 2026 was $ 228 .

Deferred Directors Fees

2 unchanged sentences

In accordance with Accounting Standards Codification (ASC) 718, Fuel Tech accounts for these awards as equity awards as opposed to liability awards.

During the three -month periods ended March 31, 2026 and 2025 , Fuel Tech recorded no stock-based compensation expense under the Deferred Plan.

The following table summarizes information about warrants outstanding and exercisable at March 31, 2026 :

Exercise Price Number Outstanding/Exercisable Weighted Average Remaining Life in Years Weighted Average Exercise Price

$5.10 2,500,000 0.37 $ 5.10

$6.45 350,000 0.37 $ 6.45

During the six -month periods ended June 30, 2026 and 2025 , Fuel Tech recorded no stock-based compensation expense under the Deferred Plan.

The following table summarizes information about warrants outstanding and exercisable at June 30, 2026 :

Exercise Price

Number Outstanding/Exercisable

Weighted Average Remaining Life in Years

Weighted Average Exercise Price

Debt Financing

2 unchanged sentences

There are no financial covenants set forth in the Investment Collateral Security agreement.

At March 31, 2026 , the Company had outstanding standby letters of credit totaling approximately $ 1,866 under the Investment Collateral Security agreement.

At March 31, 2026 , the investments held as collateral totaled $ 2,798 .

At June 30, 2026 , the Company had outstanding standby letters of credit totaling approximately $ 1,716 under the Investment Collateral Security agreement.

At June 30, 2026 , the investments held as collateral totaled $ 2,574 .

Fuel Tech is committed to reimbursing the issuing bank for any payments made by the bank under these instruments.

19 unchanged sentences

Air Pollution

Three months ended March 31, 2026

Three months ended June 30, 2026

Control Segment

Revenues from external customers

$ 1,604 $ 4,476 $ — $ 6,080

Cost of sales

( 989 ) ( 2,447 ) — ( 3,436 )

615 2,029 — 2,644

Selling, general and administrative

— — ( 3,716 ) ( 3,716 )

Research and development

— — ( 524 ) ( 524 )

Income (loss) from operations

$ 615 $ 2,029 $ ( 4,240 ) $ ( 1,596 )

Air Pollution

Three months ended March 31, 2025

Three months ended June 30, 2025

Control Segment

Revenues from external customers

$ 1,303 $ 5,079 $ — $ 6,382

Cost of sales

( 878 ) ( 2,545 ) — ( 3,423 )

425 2,534 — 2,959

Selling, general and administrative

— — ( 3,341 ) ( 3,341 )

Research and development

— — ( 570 ) ( 570 )

Income (loss) from operations

$ 425 $ 2,534 $ ( 3,911 ) $ ( 952 )

Air Pollution

Six months ended June 30, 2026

Control Segment

Revenues from external customers

Cost of sales

Selling, general and administrative

Research and development

Income (loss) from operations

Air Pollution

Six months ended June 30, 2025

Control Segment

Revenues from external customers

Cost of sales

Selling, general and administrative

Research and development

Income (loss) from operations

Geographic Segment Financial Data

3 unchanged sentences

Three Months Ended

Six Months Ended

United States

1 unchanged sentence

584 1,116 1,417 2,139

United States

$ 6,485 $ 5,558 $ 12,565 $ 11,940

$ 44,487 $ 47,179

United States

Accrued Liabilities

The components of other accrued liabilities are as follows:

March 31, 2026

June 30, 2026

December 31, 2025

Contract liabilities (Note 3)

$ 1,066 $ 1,026

Warranty reserve (Note 13)

3 unchanged sentences

Total other accrued liabilities

$ 1,487 $ 1,634

Commitments and Contingencies

9 unchanged sentences

This approach provides an aggregate warranty accrual that is historically aligned with actual warranty claims experienced.

There was no change in the warranty liability balance included in the other accrued liabilities line of the Condensed Consolidated Balance Sheets during the three months ended March 31, 2026 and 2025 .

The warranty liability balance was $ 159 at March 31, 2026 and December 31, 2025 .

The Company’s effective tax rate is approximately ( 0.1 % ) and 0.0 % for the three -month periods ended March 31, 2026 and 2025 , respectively.

The Company's effective tax rate differs from the statutory federal tax rate of 21 % for the three -month periods ended March 31, 2026 and 2025 primarily due to a full valuation allowance recorded on our United States, China and Italy deferred tax assets since we cannot anticipate when or if we will have sufficient taxable income to utilize the deferred tax assets in the future.

There was no change in the warranty liability balance included in the other accrued liabilities line of the Condensed Consolidated Balance Sheets during the six months ended June 30, 2026 and 2025 .

The warranty liability balance was $ 159 at June 30, 2026 and December 31, 2025 .

The Company’s effective tax rate is approximately 0.3 % and 0.3 % for the six -month periods ended June 30, 2026 and 2025 , respectively.

The Company's effective tax rate differs from the statutory federal tax rate of 21 % for the six -month periods ended June 30, 2026 and 2025 primarily due to a full valuation allowance recorded on our United States, China and Italy deferred tax assets since we cannot anticipate when or if we will have sufficient taxable income to utilize the deferred tax assets in the future.

Further, our effective tax rate differs from the statutory federal tax rate due to state taxes, differences between U.S.

and foreign tax rates, foreign losses incurred with no related tax benefit, non-deductible commissions, and non-deductible meals and entertainment expenses for the three -month periods ended March 31, 2026 and 2025 .

and foreign tax rates, foreign losses incurred with no related tax benefit, non-deductible commissions, and non-deductible meals and entertainment expenses for the six -month periods ended June 30, 2026 and 2025 .

FUEL TECH, INC.

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-Q

Item 1. Financial Statements