Fuel Tech Plans Early 2027 Board Presentation of Growth and M&A Strategy

Fuel Tech plans to present its growth strategy and a mergers-and-acquisitions playbook to its board early in 2027, as it evaluates expansion in industrial and water markets and selective acquisitions.

President and CEO Ramesh Nuggihalli outlined the work during Fuel Tech’s third-quarter earnings call Wednesday, Nov. 4, which began at 10 a.m. ET (15:00 UTC). He described an ongoing planning process involving a cross-functional employee team and external advisers. “We expect to complete this work and present it to the Board early next year,” Nuggihalli said. He did not give a more specific date for the presentation.

The review covers growth in diversified industrial markets and water and wastewater applications, as well as selective acquisitions that could add products or channel capabilities. Fuel Tech is also examining commercial execution as part of the broader strategy process. No acquisition target or deal size was identified, and no transaction timetable was disclosed.

Fuel Tech serves utilities and industrial customers with emissions-control technology, process optimization, water treatment and engineering services.

The company’s current backlog was about $20 million on Oct. 26, after it announced about $3.3 million in air-pollution-control contract amendments. Its air-pollution-control backlog stood at $16.6 million as of Sept. 30, excluding recently awarded contracts. The figures reflect different dates and inclusions.

For the quarter ended Sept. 30, revenue was $8.676 million, compared with $7.490 million a year earlier. Fuel Tech had a net loss of $267,000, compared with net income of $303,000 in the same quarter last year. Nuggihalli expects the company to complete the planning process and present its strategy to the board early next year.