v3.25.3

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Sep. 30, 2025	Dec. 31, 2024
Current assets:
Cash and cash equivalents	$ 13,677	$ 8,510
Short-term investments	12,183	10,184
Accounts receivable, less current expected credit loss of $108 and $106, respectively	4,828	9,368
Inventories, net	402	397
Prepaid expenses and other current assets	864	1,160
Total current assets	31,954	29,619
Property and equipment, net of accumulated depreciation of $19,312 and $18,958, respectively	4,820	5,084
Goodwill	2,116	2,116
Other intangible assets, net of accumulated amortization of $552 and $525, respectively	306	327
Right-of-use operating lease assets, net	558	585
Long-term investments	7,969	10,875
Other assets	190	191
Total assets	47,913	48,797
Current liabilities:
Accounts payable	2,402	2,915
Accrued liabilities:
Operating lease liabilities - current	87	77
Employee compensation	748	1,248
Other accrued liabilities	2,674	1,615
Total current liabilities	5,911	5,855
Operating lease liabilities - non-current	514	548
Deferred income taxes, net	176	176
Other liabilities	303	263
Total liabilities	6,904	6,842
Stockholders’ equity:
Common stock, $.01 par value, 40,000,000 shares authorized, 32,281,179 and 31,767,329 shares issued, and 31,074,438 and 30,708,273 shares outstanding, respectively	322	317
Additional paid-in capital	165,559	165,295
Accumulated deficit	(120,597)	(119,472)
Accumulated other comprehensive loss	(1,783)	(1,915)
Nil coupon perpetual loan notes	76	76
Treasury stock, at cost	(2,568)	(2,346)
Total stockholders’ equity	41,009	41,955
Total liabilities and stockholders’ equity	$ 47,913	$ 48,797

Carrying value as of the balance sheet date of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Used to reflect the current portion of the liabilities (due within one year or within the normal operating cycle if longer).

FUEL TECH, INC. 10-Q