フューエル・テック（FTEK）2026年第3四半期決算説明会：売上高16%増、受注残高が拡大

要点

• Fuel Techの2026年第3四半期の売上高は、大気汚染防止（APC）部門の38%の増収とFUEL CHEM部門の3%の増収に支えられ、前年同期比16%増の870万ドルとなりました。
• 粗利益率は、主にAPCのプロジェクトおよび製品ミックスが悪化したことにより、前年同期の49%から45%に低下しました。
• 同社は前年同期の30万3,000ドルの純利益（1株あたり0.01ドル）に対し、26万7,000ドルの純損失（1株あたり0.01ドル）を計上しました。調整後EBITDAは、前年同期の22万8,000ドルの黒字から24万9,000ドルの赤字に転じました。
• 四半期末時点の受注残高は1,660万ドルに達し、2026年6月30日時点から230万ドル増加しました。最近受注した330万ドルのAPC案件を含めると、プロフォーマ受注残高は約2,000万ドルとなります。
• Fuel Techの当四半期末時点の現金および投資残高は2,780万ドルで、無負債、株主資本は3,720万ドル（1株あたり1.19ドル）でした。
• 経営陣は、中核市場での成長、営業執行力の強化、コスト規律、ターゲットを絞った買収に重点を置いた全社戦略を策定しています。この計画は来年初めに取締役会へ提出される予定です。

主要財務データ

販売管理費（SG&A）は、主に人件費関連費用や専門サービス費用の増加により45万ドル増加しました。これには、8月にラメシュ・ヌギハリ（Ramesh Nuggihalli）氏がCEOに就任したことに伴う約17万5,000ドルの一時的費用が含まれます。

事業および業績動向

APC部門は受注残高が改善傾向にある中で当期を迎え、産業用、電力、データセンター用途全体で機会を追求しています。経営陣は、最近のAPC受注について、顧客がFuel Tech製品の差別化された価値を評価している証左であり、プレミアム価格の設定を後押しする可能性があると述べています。

FUEL CHEM部門は、既存顧客および顧客トライアルから引き続き成果を上げています。同事業の売上高は、発電所の稼働率および電力網への給電量と引き続き強い相関関係があります。

DGI水処理技術プラットフォームは、水処理および養殖分野において現場実証から商業的導入段階へと進展しています。Fuel Techはターゲット顧客と協働し、パイロットプログラムの商用化に取り組んでいます。

ただし経営陣は、養殖分野でのDGI導入が想定より遅れていることを認めました。同社は水処理セグメントのR&D支出を見直しており、より迅速な導入が期待できる養殖以外の用途も評価しています。

Fuel Techはさらに、プロセスのノウハウを社内に維持しつつ、より厳格なリソース配分、サプライチェーン機能の強化、そして必要に応じたアウトソーシングを活用することで、プロジェクト執行力を向上させる方針です。その目的は、納期短縮、粗利益率の改善、顧客体験の向上にあります。

経営陣の見通し

経営陣は、四半期業績が案件中心のAPC事業と高粗利益率のFUEL CHEM事業の構成比に引き続き左右されるものの、全体的な利益率は安定的に推移するか向上すると見込んでいます。

同社は、一時的費用や戦略・業務改善関連の支出による変動はあるものの、年内の残りの期間における販売管理費は当四半期および前年同期の水準と概ね同水準で推移すると見込んでいます。

Fuel Techは、持続可能で利益を伴う成長から逆算して必要な売上高、粗利益率、投資、および能力を割り出す「目標成果アプローチ」を用いて2027年度の予算を策定しています。予算策定には進行中の大型プロジェクト入札も考慮されますが、経営陣は2027年の定量的な予測数値を明らかにしていません。

同社は来年初めに、取締役会での承認に向けた戦略立案プロセスとM&Aプレイブックを完成させる予定です。買収の可能性については、製品、市場、販売チャネル、ビジネスモデルの補完性に加え、戦略的適合性、財務的リターン、統合の実現可能性を評価します。

リスクと注目すべき点

• 粗利益率は、APCのプロジェクト、製品、およびFUEL CHEMの売上構成によって変動する可能性があります。
• FUEL CHEMの需要は、顧客であるプラントの稼働率や発電活動に連動しています。
• 養殖分野におけるDGIの商業化は、経営陣の想定よりも進展が遅れています。
• 顧客でのパイロット展開、進行中の入札、および大型プロジェクト案件の売上化には、引き続き不確実性が伴います。
• 人件費や専門サービス費用の増加が販売管理費を押し上げた一方、粗利益率の悪化が第3四半期の調整後EBITDA赤字化の要因となりました。
• 経営陣によると、戦略面および業務面の改革には時間を要し、より一貫した営業執行力とコスト管理にかかっています。

アナリスト質疑応答の要約

電力需要と中核事業：経営陣は、電力インフラへの継続的な投資が、APCの排出ガス制御システムとFUEL CHEMの効率化ソリューションの両方に機会をもたらすはずだと述べました。追加の発電容量が開発され、従来の化石燃料プラントの稼働率が高まるにつれて、これらの事業が恩恵を受けると予想しています。

価格設定と粗利益率：最近のAPC案件の受注は、顧客が競合他社と比較してFuel Techの提案を評価した結果として獲得されました。経営陣はこれらの案件獲得を、差別化が図られておりプレミアム価格の設定が可能であることの証左と見ています。それでも、報告される利益率は事業構成により引き続き変動します。

M&Aの優先事項：Fuel Techは、買収候補企業を選定する前に、まず製品、市場、ビジネスモデルにおける補完領域を特定しています。経営陣は、より正式な独立型サービスとして展開できる有力な分野として、サービスおよび長期サービス契約を挙げました。取引にあたっては、1株あたり利益の増加効果（アクレッション）、実行要件、シナジー、および統合能力が評価されます。

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経営陣による説明

Operator

Greetings, and welcome to the Fuel Tech, Inc. 2026 Third Quarter Financial Results Conference Call and webcast. [Operator Instructions] As a reminder, this conference is being recorded. It is now my pleasure to introduce your host, Devin Sullivan, Managing Director of the Equity Group. Thank you. You may begin.

Devin Sullivan

Thank you very much. Good morning, everyone, and thank you for joining us today for Fuel Tech's 2026 Third Quarter Financial Results Conference Call. Yesterday, after the close, we issued a press release, a copy of which is available at the company's website, www.ftek.com. Our speaker for today will be Ramesh Nuggihalli, President and Chief Executive Officer. Ellen Albrecht, the company's Chief Financial Officer, will also be on today's call to answer questions. After prepared remarks, we will open the call for questions from our analysts and investors.

Before turning things over to Ramesh, I'd like to remind everyone that matters discussed on this call, except for historical information, are forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, as amended, which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, and reflect Fuel Tech's current expectations regarding growth, results of operations, cash flows, performance and business prospects and opportunities as well as assumptions made by and information currently available to our company's management.

Fuel Tech has tried to identify forward-looking statements by using words such as anticipate, believe, plan, expect, estimate, intend, will and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. These statements are based on information currently available to Fuel Tech and are subject to various risks, uncertainties and other factors, including, but not limited to, those discussed in Fuel Tech's annual report on Form 10-K under Item 1A under the caption of Risk Factors and subsequent filings under the Securities Exchange Act of 1934 as amended, which could cause Fuel Tech's actual growth, results of operations, financial condition, cash flows, performance and business prospects and opportunities to differ materially from those expressed in or implied by these statements.

Fuel Tech undertakes no obligation to update such factors or to publicly announce the results of any forward-looking statements contained herein to reflect future events, developments or changed circumstances or for any other reason. Investors are cautioned that all forward-looking statements involve risks and uncertainties, including those detailed in the company's filings with the SEC.

With that said, I'd now like to turn the call over to Ramesh Nuggihalli. Ramesh, please go ahead.

Ramesh Nuggihalli

Thank you, Devin. Good morning, and thank you all for joining today's call. I'm joined this morning by our Chief Financial Officer, Ellen Albrecht. We issued our financial results after the close yesterday afternoon. Rather than repeat the numbers, I'll take a moment to provide some highlights. However, my focus this morning is more on our priorities that lie ahead.

Third quarter 2026 revenues increased 16% to $8.7 million, driven by 38% growth in the Air Pollution Control segment and a 3% increase in FUEL CHEM revenues. Consolidated gross margin declined to 45% from 49%, primarily reflecting lower APC gross margin due to project and product mix. Our operating expenses rose to [indiscernible]. In addition to higher cost of sales, SG&A expenses increased by $450,000. This was largely due to higher employee-related costs and professional fees, including a nonrecurring expense of about $175,000 related to my appointment as CEO in August. Net loss for the quarter was $267,000 or $0.01 per share compared to net income of $303,000 or $0.01 per share in the prior year quarter. Adjusted EBITDA was a loss of $249,000 compared to positive adjusted EBITDA of $228,000.

Backlog continued to improve, and we ended the quarter with backlog of $16.6 million, a $2.3 million improvement from June 30, 2026. Including our recent APC contract award of $3.3 million, pro forma backlog as of today is approximately $20 million. Finally, we ended the quarter with $27.8 million in cash and investments, no debt and stockholders' equity of $37.2 million or $1.19 per share.

Since joining Fuel Tech in August, I have spent significant amount of time listening and learning. I have met with colleagues and investors, engaged with Board members and visited with a number of our partners and vendors. Those conversations have validated why I chose to join Fuel Tech and reinforced several important conclusions. We have talented, motivated people, technically capable teams, innovative technology that solves some of our customers' toughest environmental challenges, a global footprint and exposure to attractive growth-oriented end markets. We also operate in an industry with real purpose. Whether we are reducing pollutants, improving industrial process efficiency or treating water, we help customers operate more efficiently while supporting their environmental goals.

As reflected in our Q3 results, our air pollution control business is building on a multiyear high backlog and pursuing expanding opportunities in industrial, power and data center applications. FUEL CHEM continues to demonstrate the value of its technology through strong performance at established accounts and promising customer trials. And DGI, an emerging technology platform serving the water and wastewater industry, is advancing from successful field demonstrations towards broader commercial adoption in water treatment and aquaculture. We are continuing our conversation with a set of targeted customers to convert pilot programs to commercial offerings. We have a solid foundation in technologies that serve growing end markets, which excites me. The opportunity now is to capitalize on these great strengths, drive more consistent commercial execution and deliver sustainable above-market growth and profitability.

We are going back to the basics and developing a holistic strategy for the company consisting of organic and inorganic growth initiatives. This strategy will be designed to extend our expertise in solving customers' toughest environmental challenges by strengthening our core businesses, applying our project management and engineering capabilities to expand into growing adjacent markets and deploying our strong balance sheet to pursue targeted acquisitions that offer clear synergies and fill gaps in our product portfolio, channel capabilities or both. Our approach is built around 3 interconnected priorities: strengthening our core markets, building a more sales and commercially driven organization and maintaining cost discipline.

The opportunities associated with the build-out of data centers are significant, and we continue to believe that Fuel Tech can play an important role in helping customers meet the emission control requirements of power infrastructure supporting this growth. At the same time, we continue to see significant untapped opportunities in our traditional markets and recognize that capturing them all requires a more focused, coordinated approach to market development and customer engagement. To support this effort, we are aligning resources and strengthening accountability for sales growth across the organization with the goal of implementing these changes on a cost-neutral basis.

We have launched a strategic planning process with a cross-functional team of employees, and we have engaged external advisers with whom I have worked in the past to broaden our thinking on growth in both our served and unserved markets. Together, we are testing past assumptions, mapping adjacent growth markets and developing a focused executable plan that leverages our technical expertise to drive growth, differentiate our customer value proposition and create shareholder value. We expect to complete this work and present it to the Board early next year. Internally, we talk about not only achieving growth leadership, but also cost leadership, appropriately allocating our resources, both human and capital, to create the foundation for our capital deployment program.

With respect to growth, we are focusing on markets and applications where our technical expertise, broad IP portfolio provide a genuine advantage. These include expanding our footprint from power to diversified industrial, where we can leverage our product offering in mitigating various pollutants, expanding the CHEM tech business from core fossil power applications to industrial and potentially water applications. And finally, looking at our Water Technology business holistically and evaluating our options to go beyond aquaculture to other larger segments of the water market. We will become more systematic and proactive in how we identify opportunities, engage customers, articulate value, price our offerings and convert our pipeline into revenue, which are all part of being a commercially savvy company.

We also see an opportunity to become a better operating company by allocating our internal resources, whether it be R&D or engineering, to projects and initiatives that will lead to improved commercial offerings and enhance productivity with the goal of expanding our margin profile. We are reviewing R&D spending in our water segment with our internal team and external partners to ensure our investment is focused on the most promising path to commercialization. While our DGI technology is advanced and patent protected, adoption in aquaculture has been slower than anticipated. As part of this review, we are evaluating applications beyond aquaculture where we may be able to leverage our existing technology and development investment to achieve faster market adoption.

Our goal is to allocate R&D resources more effectively and improve the return on the investment we have already made. While our investment in this segment is modest, every dollar matters. And this review reflects the discipline we are applying across all segments to maximize the return on our invested capital. We will evaluate all types of business models, including outsourcing, to increase speed of delivery while keeping the process knowledge in-house and strengthening our supply chain team, all in an effort to enhance margin during project execution and improve the customer experience. When it comes to both commercial and operational excellence, we are taking a disciplined approach to refining our internal operating mechanism, differentiating our offerings and improving processes and commercial approach where needed rather than reinventing them for every customer.

As a complement to our organic growth initiatives, we will selectively pursue M&A opportunities that strengthen our competitive position and expand our long-term growth potential. Our focus will be on businesses that add complementary technologies and products, broaden our channel capabilities or both, by enhancing our ability to serve new customers in attractive markets. As we build out our enterprise-level strategy, we will create an M&A playbook where we implement processes to evaluate each opportunity against rigorous strategic and financial criteria with an emphasis on value creation and focus on successful integration. Equally important, we will prioritize opportunities where we bring operational synergies, ensuring we have the resources and capabilities to capture the expected benefits without disrupting execution across our existing businesses.

Strategy determines where we are going. Our operating rhythm determines how we get there. To execute more consistently and profitably, we will implement an operating system that focuses on delivering consistent results with measurable metrics. We will strengthen our talent base with more focus and investment on commercial resources, institute rigorous processes for managing our business to set goals and objectives, evaluate all new and existing R&D programs against clearly defined deliverables and time lines and build a set of metrics and KPIs that will help the company achieve its stated goals.

As we enter the final quarter of the fiscal year, our immediate responsibility is establishing a measurable and accountable path towards delivering on our commitment and while continuing to lay the foundation for the future. For the balance of the year, our priorities are clear: complete the strategy planning process and the M&A playbook and prepare to review and seek approval with the Board early next year; build an achievable but appropriately ambitious 2027 budget, factoring in some of the megaprojects bidding that are ongoing; continue engagement with our customers, partners, vendors to showcase our capabilities, drive new sales opportunities and encourage actions on outstanding bids; establish the operating rhythm, performance metrics, business review processes that will build a culture of accountability, improve core business processes and remove waste that limit speed, effectiveness and profitability.

As we develop the 2027 plan, we will use a right-to-left approach. We will begin with the outcome we need to achieve sustainable and profitable growth and work backwards to identify the revenue, margins, investment, capabilities and actions required to deliver it. Our budget, resource allocation and individual objectives must align with that outcome. I remain highly encouraged by Fuel Tech's people, technical depth, technology portfolio and market opportunity. This transformation will take time, but the direction is clear. Fuel Tech will focus on the markets where we can lead, compete where we have a differentiated advantage and build the operating discipline needed to deliver more consistent long-term growth, profitability and shareholder value.

With that, I will return the call back to the operator to open the floor for questions.

Operator

[Operator Instructions] Our first question comes from Amit Dayal with H.C. Wainwright.

質疑応答

Amit Dayal

So, Ramesh, just touching on some of the things you highlighted, especially on the growth side. So with growth for energy sort of now part of the macro picture, can we expect the APC and FUEL CHEM business to be a beneficiary of higher plant utilizations, et cetera? Or are customers already running at full capacity and revenue should be expected to be sort of more stable rather than growing in an accelerated fashion?

Ramesh Nuggihalli

Let me take a step back and paint a picture on the power side. We all read the same newspaper, the sustainability of the economy and the growth that's needed for the nation needs to be backed by the infrastructure. All the investment, the CapEx that's going on today, it is not going to happen unless we have the electrons or the power of electricity to power them.

If you look at the projections that the nation has made in terms of all the things that needs to get built, to the power that's required, we are way behind. If you look at a country like China, it's got 2x the capacity of what we have just to sustain that economy. So if you look at our own needs, the power sector, it is going to continue to grow, irrespective of how the AI infrastructure is going to get built. And as the power sector gets built, we will have an opportunity to participate in that. All the emission controls and even some of the efficiency improvements in the traditional fossil power plant, that is going to be a positive momentum for both our APC and the chemical technology business.

Amit Dayal

Okay. Understood. And then, just moving on to the operational side. I know margins have historically fluctuated between 45%, 50%. Is that still the case? Or because of this demand, are you in a position to maybe get better pricing on the margin front? And then on the SG&A side, is this Q3 level sort of what we should be expecting going forward outside of the onetime type expenses?

Ramesh Nuggihalli

So let me touch on the pricing and the margin fluctuation, and then I'm going to hand over to Ellen to talk a little bit on the SG&A and how these things have played out in the past. The mixture between project heavy versus our traditional FUEL CHEM business has some impact on the variations of the gross margin, and it kind of keeps changing. But as we continue to see the momentum building up, the recent projects that we won on the air pollution control side, these are projects that are coming back where the customer has taken some time, evaluated our bids, compared it against other people, and then they came back and placed an order.

That goes to tell there is ability to have premium pricing because we bring something unique to the table. So that kind of for me, checked the box on our uniqueness when it comes to the project side. The chemical technology side kind of varies depending on the timing and how they are putting the power to the grid and how much of the plant is being utilized for which it is directly correlated to the chemicals that we supply. But overall, the margin is going to be stable or growing. I'm going to hand it over to Ellen as well. She's got some thoughts based on some historical perspective.

Ellen Albrecht

So just on our overall product segment, we will continue to try and maintain or improve our margins per your earlier discussion. On the OpEx side, from an SG&A perspective, we do expect our SG&A in line with current quarter and prior year given irrespective of any onetime charges that we are taking just as we continue to work on our strategy and just some overall operational improvements throughout the remainder of the year.

Amit Dayal

Understood. Maybe just last question, I guess, on the M&A side, I know it's early, Ramesh, but obviously, you have that mandate to see if you can find any attractive acquisitions. What segments are you looking at? Is it going to be sort of around products you already have right now? Or could you be entering new markets through these types of transactions? Any color on what your thought process is for, on the M&A front?

Ramesh Nuggihalli

We're looking at it systematically. M&A doesn't happen on its own. We have a team that's working out the strategy for the whole company. And as we are continuing to work on that strategy, we are identifying product gaps. We're identifying market gaps, channel gap, business models that are going to enhance the capabilities that we already have. That is paired up with another smaller team because of the confidential nature, where we're methodically and systematically going and identifying potential targets that could fill the gap.

And then, the third leg of the stool for me is to what's the right approach for some of those transactions. It's the size and what do we bring to the table, how accretive and where do we make a difference, our ability to execute and if it's auction, win the auction or if it is an exclusive negotiation to get closer to them and then bring the synergies, integrate them and grow profitably. So they're all going hand in hand. And it's not one thing, but it's clearly, we are starting with the product gap. Next is the market gaps. And then the third one is the business model gap.

And the third one is also very important for us because as we continue to grow and think smart about where do we want to deploy our capital, there are areas where we know we can be a clear winner. For example, you're looking at service as an offering. Today, it's a little bit informal within our portfolio, but that could be a self-standing business with the right kind of focus. Below the radar screen, we won't be competing with the big boys in this. But certainly, we can carve ourselves out a good business franchise and bring in some target that can help us. And when we go into conversation like offering long-term service contract. That is something that customers are asking. We're doing it informally, but that's a business model discussion. So we're having some really good conversation. And when it comes together, the strategy and the M&A playbook, for me, it is a strategic approach to inorganic growth as opposed to we just want to go acquire some companies.

Operator

[Operator Instructions] We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Ramesh for closing comments.

Ramesh Nuggihalli

Thank you all for joining us and for your thoughtful questions. I appreciate the opportunity to introduce our strategy, discuss our priorities and continue our dialogue with investors. Our focus is now on execution, advancing our organic growth initiatives, managing costs with discipline and evaluating outside opportunity to strengthen the business. We recognize that earning your confidence will depend on delivering results and communicating candidly about both our progress and our challenge. On behalf of our entire team, thank you for your interest in the company. We look forward to updating you on our progress in the next quarter.

Operator

This concludes today's teleconference. You may disconnect your lines at this time. Thank you for your participation, and have a wonderful day.