Birchtech Corp.

Listed Company

BCHTCIK 0000728385NYSENon-AcceleratedSmaller ReportingMeasuring & Controlling Devices, NecDelawareFY ends Dec 31

Period

FY 2025

Revenue

$17.63M

Net Income

$-3.03M

Total Assets

$9.24M

Equity

$-1.71M

Shares Out

26.31M

Op. Cash Flow

$-700.1K

Business

Birchtech Corp. is a provider of specialty activated carbon technologies that deliver air and water purification solutions. The company offers patented SEA® sorbent technologies and engineered additives for mercury capture at coal-fired power plants, and is developing shaped activated carbons and sorbents for potable water treatment targeting PFAS removal, plus testing, thermal reactivation and consulting services. Its operations are organized into mercury emissions and water treatment divisions, with additional patent licensing and enforcement activities. Birchtech markets primarily in North America to utilities, municipalities and water systems, using demonstrations and direct technical support.

Summary from filing dated 2025-03-31

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Product revenue	14	14	—	—	—
License revenue	3	3	—	—	—
Other revenue	233,935	116,276	—	—	—
Revenues	18	17	18	22	13
Cost of sales	−10	−10	−12	—	—
Gross profit	7	7	5	7	—
Impairment loss	−50,000	−43,000	—	—	—
Research and development expenses	−2	0	—	—	—
Selling, general and administrative expenses (related party of $450,000 and $1,116,064)	−9	−14	−14	6	6
Total operating expenses	−10	−14	−14	6	—
Operating loss	−3	−7	−9	903,987	—
Interest expense (related party of $nil and $245,724)	−13,673	−267,458	−1	−2	3
Loss on change in fair value of profit share and unsecured note	5,926	−4	—	—	—
Interest income	82,103	293,524	79,301	—	—
Total other (expense) income	74,356	−4	15	−2	—
Loss before provision for income taxes	−3	−11	6	−2	−4
Income tax benefit (expense)	−70,050	289,156	−473,213	−18,000	−23,000
Net loss	−3	−11	—	—	—
Basic and diluted net loss per share	−0.16	−0.57	0.06	−0.02	—
Basic	19	19	94	90	—
Diluted	19	19	97	90	—

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2024 2024-11-30	FY 2023 2023-12-31	FY 2022 2022-12-31
Cash	2	3	—	21	2
Accounts receivable	2	2	—	3	3
Inventory	448,086	621,813	—	795,164	991,131
Prepaid expenses and other assets	210,408	198,185	—	183,621	267,393
Total current assets	5	6	—	25	6
Security deposits	6,615	6,615	—	5,175	10,175
Deferred offering costs	481,250	0	—	—	—
Property and equipment, net	2	2	—	2	2
Right of use asset - operating lease	258,986	305,142	94,942	10,639	51,563
Intellectual property, net	1	1	—	2	—
Total assets	9	10	—	28	9
Accounts payable and accrued expenses (related party $37,500 and $37,500 at December 31, 2025 and December 31, 2024, respectively)	4	2	—	2	—
Income tax payable	32,190	0	—	—	—
Current portion of operating lease liability	51,158	42,733	—	11,157	—
Customer credits	167,000	167,000	—	167,000	167,000
Accrued salaries	31,961	39,280	—	8,936	67,478
Profit share liability - related party	7	7	—	—	—
Total current liabilities	11	9	—	2	3
Operating lease liability, net of current portion	212,332	263,490	—	0	—
Total liabilities	11	9	—	28	17
Preferred stock, $0.001 par value: 2,000,000 shares authorized, no shares issued	0	0	—	0	0
Common stock, $0.001 par value; 150,000,000 shares authorized, 19,455,966 and 19,235,824 shares issued and outstanding as of December 31, 2025 and December 31, 2024 respectively.	19,456	19,236	—	94,360	93,088
Additional paid-in capital	74	74	—	62	61
Accumulated deficit	−76	−73	—	−62	−69
Total stockholders' equity (deficit)	−2	1	—	60,354	−7
Total liabilities and stockholders' equity (deficit)	9	10	—	28	9

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation	119,238	1	33,782	408,034	967,967
Amortization of discount of notes payable	0	241,444	—	—	—
Amortization of right to use assets	46,156	31,782	40,924	—	—
Amortization of patent rights	204,600	204,600	205,534	—	—
Depreciation expense	137,541	11,702	—	—	—
Non-cash interest income	−33,006	−57,191	—	—	—
Loss on change in fair value of profit share	−5,926	4	—	—	—
Accounts receivable	−243,403	1	—	—	—
Inventory	173,727	173,351	195,967	84,270	−515,274
Prepaid expenses and other assets	−12,223	−16,004	88,772	−59,030	−59,841
Accrued salaries	−7,319	30,344	−58,542	—	−286,277
Accounts payable and accrued liabilities	2	144,547	−1	679,124	655,755
Income tax payable	32,190	−437,821	437,821	—	—
Operating lease liability	−42,733	−31,219	—	—	—
Net cash used in operating activities	−700,110	−4	19	70,989	−205,980
Purchase of property and equipment	−29,296	−809,432	0	−10,727	−10,975
Net cash used in investing activities	−29,296	−809,432	0	−10,727	−10,975
Deferred offering costs	−481,250	0	—	—	—
Proceeds from exercise of stock options	0	17,500	209,500	58,333	126,250
Repayment of secured notes payable	0	−271,686	—	—	—
Repayment of unsecured notes payable	0	−12	—	—	—
Net cash used in financing activities	−481,250	−13	209,500	55,656	602,283
Net decrease in cash and cash equivalents	−1	−17	—	—	—
Interest	0	4,023	19,721	52,643	0
Income taxes	52,820	143,269	0	0	0
Capital from related party debt extinguishments	0	11	0	—	—
Recognition of ROU asset and operating lease liability	0	326,285	0	—	—

Filings

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