Is FTEK diluting shareholders?

Read three numbers together: shares outstanding over time (31.2M as of 2026-07-31), warrants that can convert into new shares (2.9M reported), and how much cash runway remains. A company short on cash with live registrations is structurally likely to issue shares.

Where do these numbers come from?

SEC EDGAR only: the XBRL company-facts API for shares, warrants and cash, and filing metadata for registrations and pricings. Every figure shows its source form, and nothing here is estimated by us beyond the arithmetic stated next to it.

Why might a warrant tranche be missing from the table?

The tranche table is built from the dimensions the company tagged in its own 10-Q or 10-K XBRL. A tranche the filer chose not to dimension does not appear, and its absence proves nothing: the exhibits remain the ground truth. Everything shown carries the filing it came from.

Dilution profile // every instrument, one screen, from SEC filings

FUEL TECH, INC. (FTEK)

CIK 846913 · all EDGAR filings →

Overall dilution risk

HIGHworst of 4 computed signals (offering ability)

= the worst band among the computed sub-ratings, no hidden weighting

Offering ability

HIGHS-3/A on file 2021-03-26

= is there a registration (S-1/S-3 family) on file without a later withdrawal

no structured fee data on the live registrations, so this is a yes/no, not a size

Overhead supply

LOWwarrants = 9% of O/S

= warrant shares outstanding divided by current shares outstanding (bands: 20% / 50%)

warrants only; converts, ATMs and equity lines are not in free structured data, so the true overhead is AT LEAST this

Historical dilution

LOW+3% O/S in 3y

= share count now vs 3 years ago (bands: 30% / 100%); a reverse split pushes this negative

Cash need

LOWoperating cash flow positive

= cash vs trailing operating burn (bands: 6mo / 24mo; positive operating CF = low)

Same rating bands the category standard uses, but free, with the formula on the chip and the gaps in the data said out loud.

Shares outstanding over time

Latest: 31.2M shares as of Jul 31, 2026 (10-Q).

Cash runway

Self-funding

generates cash

Full breakdown: cash runway tool · source filing →

Warrants

Tranche	Warrants	Exercise price	Term	Notes
Warrants Issued In Connection With Private Placement	2.5M	$5.1	—	—
the Placement Agent Warrants	350,000	$6.45	—	—

Tranches exactly as the company dimensioned them in its 10-Q filed Aug 4, 2026 →. Groupings can overlap (a “Series E and F” row is not additive with a “Series E” row), so do not sum this column. A tranche the filer did not tag is absent here, not absent from the cap table. DOWN-ROUND = the filer tagged price-protection accounting scoped to that tranche.

Warrants outstanding: 2.9M underlying shares, as reported Jun 30, 2026 (10-Q).

Balance-sheet fair value of warrants: $7.3M as of Feb 11, 2021.

Rough fully diluted estimate: 34.1M = 31.2M O/S + 2.9M warrant shares. An estimate, not a filing figure: it ignores converts, options and RSUs, and the two inputs carry different as-of dates.

Convertible notes

Convertible debt on the balance sheet: $76,000 as of Jun 30, 2026, tagged only as a company-wide total.

This filer tagged totals without per-note dimensions in its 10-Q filed Aug 4, 2026 →, so per-note terms (maturities, individual conversion prices) live in the exhibit prose and are not parsed here.

Fully diluted build-up

Shares outstanding plus every potential-share instrument the filer tagged in XBRL, each at its own as-of date. An estimate assembled from filed figures, not a filing figure itself.

Shares outstanding	31.2M	Jul 31, 2026
+ Warrants Issued In Connection With Private Placement (if exercised)	2.5M	Jun 30, 2026
+ the Placement Agent Warrants (if exercised)	350,000	Jun 30, 2026
Fully diluted estimate	34.1M	+9.1% vs O/S

Still excluded, because the filer does not tag them in countable form: employee options and RSUs, any instrument living only in exhibit prose, and instruments above missing a share count. Inputs carry different as-of dates, shown per row. Each figure traces to the tranche and note tables above and their cited filings.

Registrations and offerings

Last 12 months: 0 executed · 0 registered.

UPDATEApr 1, 2021Prospectus update — often a resale registration, not necessarily new capital424B3 →

EFFECTIVEMar 31, 2021SEC declared a registration effective — selling can beginEFFECT →

REGISTEREDMar 26, 2021S-3/A registration — capacity to sell shares, not a sale yetS-3/A →

REGISTEREDFeb 26, 2021S-3 registration — capacity to sell shares, not a sale yetS-3 →

EXECUTEDFeb 18, 2021Unregistered share sale disclosed (8-K item 3.02)8-K →

EFFECTIVEAug 16, 2006SEC declared a registration effective — selling can beginEFFECT →

Full history and shelf status: offering checker · S-3 shelf checker

Source: SEC EDGAR XBRL company facts and filing metadata, fetched live and cached briefly. Share counts are cover-page figures with their form named. Warrant tranches and convertible notes come from the dimensioned facts in the latest 10-Q/10-K instance document, exactly as the company tagged them; untagged tranches and notes are absent, not disproven. Nothing on this page is manually verified and nothing is behind a login: what free data supports is shown, what it cannot support is stated. Not investment advice.

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