Fuel Tech (FTEK) risk factors

Item 1A of every Fuel Tech, Inc. 10-K on file, and what changed from one year to the next.

FY2025 10-K risk factors
16 risks, 1 dropped, 3 reworded since the prior year. Customer concentration intensified with the top five customers generating 58% of net revenues in 2025 compared to 49% in 2024. Regulatory dependence on air pollution rules and coal usage remains a core risk.
Filed Mar 03, 2026
FY2024 10-K risk factors
17 risks. Concentrated customer base with the top five customers generating 49% of net revenues in 2024. High reliance on fixed-price contracts and demand for coal-fired power plant pollution control technologies. Operations are vulnerable to regulatory enforcement changes and third-party supplier component cost inflation.
Filed Mar 04, 2025