Birchtech Corp. BCHT
We are a provider of specialty activated carbon technologies, delivering innovative solutions for air and water purification. We provide patented and proprietary technologies for mercury emissions capture to the coal-fired utility sector, and are developing disruptive water purification technologies with a specialization on forever chemicals such as PFAS and PFOS.
We provide mercury capture solutions for coal-fired power plants driven by our patented two-part SEA® process using a powerful combination of science and engineering. Our leading-edge services have been shown to achieve mercury emissions removal at a significantly lower cost and with less operational impact to coal-fired power plants than other used methods, while maintaining and/or increasing power plant output and preserving the marketability of byproducts for beneficial use. We design systems and materials tailored and formulated specifically to each customer's coal-fired units. North America is currently the largest market for our emissions technologies. The market for mercury removal from power plant emissions in the United States has largely been driven by federal regulations. The MATS rule, proposed by the EPA in May 2011 and which became effective in April 2012, is intended to reduce air emissions of heavy metals, including Hg, from all major U.S. power plants burning coal or oil, which are the leading source of non-natural mercury emissions in the U.S. Our mercury removal technologies and systems achieve mercury removal levels which meet or exceed the MATS requirements with lower cost and plant systems impacts than typical PAC or BAC sorbent injection systems. Our products have been shown to be successful across a myriad of fuel and system types, tunable to any configuration, and environmentally friendly, allowing for the recycling of fly ash for beneficial use.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $17.6M | $17.4M | $17.6M | $21.6M | $13.0M | $8.2M | $11.4M | $12.3M | $27.5M | $32.3M |
| Cost of revenue | $10.2M | $10.3M | $12.2M | $14.6M | $7.9M | $5.4M | $8.3M | $9.1M | $19.0M | $23.0M |
| Gross profit | $7.4M | $7.1M | $5.5M | $7.0M | $5.1M | $2.7M | $3.1M | $3.1M | $8.5M | $9.3M |
| R&D | $1.8M | $0 | — | — | — | — | — | — | — | — |
| SG&A | $8.6M | $14.2M | $14.2M | $6.1M | $5.9M | $5.9M | $6.4M | $5.9M | $8.5M | $7.3M |
| Total operating expenses | $10.4M | $14.3M | $14.4M | $6.1M | $16.6M | $14.0M | $17.5M | $17.1M | $29.9M | $30.3M |
| Operating income | -$3.0M | -$7.2M | -$9.0M | $904.0K | — | — | — | $2.8M | $11.1K | $2.1M |
| Interest expense | $13.7K | $267.5K | $1.4M | $1.6M | $2.8M | $41.4K | $40.8K | $2.0M | $2.2M | $4.9M |
| Pre-tax income | -$3.0M | -$11.1M | $6.1M | -$1.6M | -$3.6M | -$5.8M | -$6.1M | -$4.8M | -$2.4M | -$15.1M |
| Income tax | $70.0K | $289.2K | $473.2K | $18.0K | $23.0K | $10.0K | $14.0K | $22.2K | $540.4K | $472.7K |
| Net income | -$3.0M | -$10.8M | $5.7M | -$1.6M | -$3.6M | -$5.8M | -$6.1M | -$4.8M | -$2.9M | -$15.6M |
| EPS, basic | — | -0.11 | 0.06 | -0.02 | — | — | — | — | — | — |
| EPS, diluted | -0.16 | -0.57 | 0.06 | -0.02 | — | -0.07 | -0.08 | -0.06 | -0.03 | -0.34 |
| Shares, diluted (wtd. avg.) | $19.3M | $19.1M | $97.5M | $90.0M | — | — | — | $76.1M | $75.1M | $50.6M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $2.2M | $3.5M | $20.9M | $1.5M | $1.4M | $591.0K | $1.5M | $584.9K | $2.4M | $7.8M |
| Receivables | $2.1M | $1.8M | $3.1M | $2.8M | $1.0M | $1.1M | $1.2M | $1.6M | $2.9M | $3.6M |
| Inventory | $448.1K | $621.8K | $795.2K | $991.1K | $1.1M | $560.1K | $513.5K | $509.4K | $659.6K | $609.1K |
| Total current assets | $5.0M | $6.1M | $25.0M | $5.5M | $3.8M | $2.4M | $3.6M | $2.9M | $6.4M | $12.1M |
| Property, plant and equipment | $2.2M | $2.4M | $1.6M | $1.8M | $1.8M | $1.9M | $2.1M | $2.4M | $2.7M | $2.6M |
| Other intangibles | $1.3M | $1.5M | $1.7M | $1.9M | $2.1M | $2.3M | $2.5M | $2.7M | $2.9M | $52.9K |
| Total assets | $9.2M | $10.3M | $28.3M | $9.3M | $8.1M | $7.4M | $9.3M | $8.0M | $12.1M | $15.9M |
| Accounts payable | $2.6M | $1.1M | $1.6M | — | — | — | $1.7M | $1.9M | $1.8M | $4.4M |
| Total current liabilities | $10.7M | $8.8M | $2.2M | $3.2M | $15.5M | $3.4M | $3.9M | $2.7M | $6.6M | $6.5M |
| Total liabilities | $11.0M | $9.1M | $28.3M | $16.8M | $18.4M | $20.6M | $18.1M | $16.7M | $16.5M | $20.8M |
| Retained earnings | -$75.8M | -$72.8M | -$62.0M | -$68.7M | -$67.1M | $63.5M | -$57.7M | -$51.5M | -$46.7M | -$54.9M |
| Total equity | -$1.7M | $1.2M | $60.4K | -$7.4M | -$10.2M | -$13.2M | -$8.9M | -$8.6M | -$4.4M | -$3.7M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$700.1K | -$4.1M | $19.2M | $71.0K | -$206.0K | -$1.2M | -$1.6M | -$1.1M | -$471.7K | $3.2M |
| Depreciation and amortisation | $137.5K | $11.7K | $12.9K | $11.7K | $68.5K | $188.7K | $314.9K | $456.9K | $748.0K | $463.9K |
| Stock-based compensation | $119.2K | $1.1M | $33.8K | $408.0K | $968.0K | $1.7M | $1.8M | $490.5K | — | — |
| Capital expenditure | $29.3K | $809.4K | $0 | $10.7K | $11.0K | $0 | — | — | — | — |
| Investing cash flow | -$29.3K | -$809.4K | $0 | -$10.7K | -$11.0K | $42.5K | $30.0K | -$131.9K | -$3.3M | -$1.7M |
| Financing cash flow | -$481.2K | -$12.6M | $209.5K | $55.7K | $602.3K | $288.3K | $2.5M | -$636.2K | -$1.6M | $5.1M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001477932-26-001835.
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