Fuel Tech (FTEK) risk factors, FY2025 10-K

Fuel Tech's FY2025 10-K, filed Mar 03, 2026, lists 16 risk factors in 3 groups. Against the prior year's 17: 1 dropped, 3 substantially reworded.

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Risk factors listed
163 groups
New this year
0vs 17 last year
Dropped
1since the prior 10-K
Substantially reworded
3of those kept
Section length
4k wordsItem 1A

What the changes say

  • 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.

What changed since the prior 10-K

Dropped

  • DroppedRISKS RELATED TO OUR INDUSTRY

    Geopolitical and Unexpected Events May Impact New or Existing Projects and Prices and Availability of Raw Materials, Energy and Other Materials

Reworded

  • 69% rewrittenRISKS RELATED TO OUR INDUSTRY

    Our Business Is Dependent on Continuing Air Pollution Control Regulations and Enforcement

    Retained core wording warning that repeal or lax enforcement of NOx and particulate regulations or anti-coal rules will harm operations.

  • 40% rewrittenRISKS RELATED TO OUR PRODUCTS AND PRICING

    Our Customer Base Is Highly Concentrated

    Top five customers generated 58% of net revenues and the largest customer 21% in 2025, up from 49% and 16% in 2024, with all five tied to the FUEL CHEM segment.

  • 23% rewrittenRISKS RELATED TO OUR PRODUCTS AND PRICING

    Customers May Cancel or Delay Projects

    Minor phrasing reordering regarding backlog fluctuations and long-term revenue recognition timing.

All 16 risk factors

Headings as the filing states them, in filing order.

RISKS RELATED TO OUR PRODUCTS AND PRICING

  1. 01Our Product Portfolio Lacks Diversification
  2. 02We Face Substantial Competition
  3. 03Our Dependence Upon Fixed-price Contracts Could Adversely Affect our Operating Results
  4. 04Customers May Cancel or Delay Projects23% rewritten
  5. 05Our Operating Results May Be Adversely Affected by Product Pricing
  6. 06Our Customer Base Is Highly Concentrated40% rewritten

RISKS RELATED TO OUR BUSINESS

  1. 07Our Financial Performance May Vary Significantly From Period to Period
  2. 08Our Manufacturing Operations Are Dependent on Third-party Suppliers
  3. 09Our Use of Subcontractors Could Potentially Harm our Profitability and Business Reputation
  4. 10We Rely on Several Key Employees Whose Absence or Loss Could Disrupt our Operations or Be Adverse to our Business
  5. 11Increasing Costs for Manufactured Components May Adversely Affect our Profitability
  6. 12We May Not Be Able to Successfully Protect our Patents and Proprietary Rights
  7. 13Our Results May Be Affected By Foreign Operations
  8. 14We May Not Be Able to Purchase Raw Materials on Commercially Advantageous Terms

RISKS RELATED TO OUR INDUSTRY

  1. 15Demand for Our APC and FUEL CHEM Products is Affected by External Market Factors
  2. 16Our Business Is Dependent on Continuing Air Pollution Control Regulations and Enforcement69% rewritten

Other Fuel Tech 10-Ks

  • 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

About this page

The headings are the filing's own. The one-line readings and the overview are automated and can be wrong: read Item 1A of the 10-K for the exact wording.