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GrowthTurtle

Data Science PhD & IEEE Fellow, Ex-Two Sigma

12 Jul, 15:18Latest

Fuel Tech has a default edge in NOx compliance, the line item nearly every new US power permit hinges on, after 35 years selling retrofit NOx control. Every boiler is custom, so the incumbent with installed-base data wins and nobody scales in overnight. It has $26M TTM revenue at a 46% gross margin, 1.2x EV/sales and $21M net cash. But it is a loss-making micro-cap with revenue down 5% and heavy project concentration, and new gas plants could spec full SCR packages and skip retrofit specialists. x.com

FTEK

6 Jul, 10:58

Fuel Tech is the uncrowded pure play on keeping US fossil plants permitted, because retrofitting NOx control on a live boiler is bespoke work few firms still bid, and plants running longer keep calling the same specialists, a list it has been on since the 1980s. It has $26 million of trailing revenue, a 46% gross margin and about $21 million of net cash on a $58 million market cap. Risks: it loses money, revenue fell 5%, and one slipped project can dent a quarter. x.com

FTEK

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