Birchtech Corp. BCHT

Technology SIC 3829 - Measuring & Controlling Devices, NEC NAICS Manufacturing › Computer and Electronic Product Manufacturing › Navigational, Measuring, Electromedical, and Control Instruments Manufacturing › Other Measuring and Controlling Device Manufacturing derived NYSE

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.

Last close 1.13 2026-10-23
Market cap $29.7M 2026-06-30 share count
52-week range 1.11 - 2.59

Valuation FY2025 figures against the last close

P/S1.7x
P/E—
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS-0.16

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 —-0.110.06-0.02——————
EPS, diluted -0.16-0.570.06-0.02—-0.07-0.08-0.06-0.03-0.34
Shares, diluted (wtd. avg.) 19.3M19.1M97.5M90.0M———76.1M75.1M50.6M

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
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.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -20M 0 20M 40M Revenue, FY2016: 32.3M Gross profit, FY2016: 9.3M Net income, FY2016: -15.6M Revenue, FY2017: 27.5M Gross profit, FY2017: 8.5M Net income, FY2017: -2.9M Revenue, FY2018: 12.3M Gross profit, FY2018: 3.1M Net income, FY2018: -4.8M Revenue, FY2019: 11.4M Gross profit, FY2019: 3.1M Net income, FY2019: -6.1M Revenue, FY2020: 8.2M Gross profit, FY2020: 2.7M Net income, FY2020: -5.8M Revenue, FY2021: 13M Gross profit, FY2021: 5.1M Net income, FY2021: -3.6M Revenue, FY2022: 21.6M Gross profit, FY2022: 7M Net income, FY2022: -1.6M Revenue, FY2023: 17.6M Gross profit, FY2023: 5.5M Net income, FY2023: 5.7M Revenue, FY2024: 17.4M Gross profit, FY2024: 7.1M Net income, FY2024: -10.8M Revenue, FY2025: 17.6M Gross profit, FY2025: 7.4M Net income, FY2025: -3M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $32.3M $27.5M $12.3M $11.4M $8.2M $13.0M $21.6M $17.6M $17.4M $17.6M
Gross profit $9.3M $8.5M $3.1M $3.1M $2.7M $5.1M $7.0M $5.5M $7.1M $7.4M
Net income -$15.6M -$2.9M -$4.8M -$6.1M -$5.8M -$3.6M -$1.6M $5.7M -$10.8M -$3.0M

Recent filings and events

  • Shareholder rights changed The terms attaching to the shares themselves have changed. Item 3.03
  • Charter or fiscal year changed A change to the company's governing documents, or to when its year ends. Item 5.03
  • Shareholder vote The results of the annual meeting or a special vote. Item 5.07
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
  • Officer or director change Item 5.02
  • Director nominations Dates and mechanics for shareholders proposing directors. Item 5.08
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Other event Item 8.01
  • Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
  • Other event Item 8.01
  • Other event Item 8.01

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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