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BCHT on NYSE

Birchtech Corp.

In its 2026 annual report the company says: “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.”4 It is headquartered in Corsicana, United States.2 Its shares trade on NYSE under the symbol BCHT.2

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Last updated Oct 21, 2026.

Overview

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  • TickerBCHT on NYSE2
  • IndustryMeasuring & Controlling Devices, NEC2
  • HeadquartersCorsicana, United States2
  • Incorporated inDE3
  • Business address1810 Jester Drive, Corsicana, Tx 751093
  • Filer categoryNon-accelerated filer, Smaller reporting company3
  • Legal formCorporation2
  • LEI5299002L7VCQITU0A1132
  • StatusActive2
  • LEI statusIssued and current2
  • Registered addressc/o NORTHWEST REGISTERED AGENT SERVICE, INC. 8 THE GREEN, STE B, 19901 Dover, United States2
  • Registered withDivision of Corporations, Department of State, 41598672

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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.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

42.0%Gross margin5
-17.2%Operating margin5
-17.2%Net margin5
1.3%Revenue growth, 20255
-$729.4KFree cash flow5

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Product Revenue brought in 69% of the revenue Birchtech Corp. broke down this way in fiscal 2025.

  1. Product Revenue$14.2M569%down 2% from 2024
  2. License Revenue$3.2M515%up 13% from 2024
  3. License$3.1M515%up 13% from 2024
  4. Equipment Revenue$140.8K51%up 75% from 2024
  5. Demonstrations & Consulting revenue$93.2K50%up 159% from 2024
Products and services by year
Products and services20242025
Product Revenue$14.5M$14.2M
License Revenue$2.8M$3.2M
License$2.8M$3.1M
Equipment Revenue$80.3K$140.8K
Demonstrations & Consulting revenue$36.0K$93.2K

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue49¢$10.2M
  • Research and development9¢$1.8M
  • Selling, general and admin41¢$8.6M
  • Interest0¢$13.7K
  • Income tax0¢$70.0K

Out of $17.6M in revenue.5 The company lost money this year.

Financial statements

Revenue6789105$17.6M in 2025+54% since 2019
0$10.0M$20.0M$30.0M2019: $11.4M$11.4M20192020: $8.2M$8.2M2020−29%2021: $13.0M$13.0M2021+59%2022: $21.6M$21.6M2022+66%2023: $17.6M$17.6M2023−18%2024: $17.4M$17.4M2024−1%2025: $17.6M$17.6M2025+1%
Gross profit9105$7.4M in 2025+5% since 2022
0$2.0M$4.0M$6.0M$8.0M2022: $7.0M$7.0M20222023: $5.5M$5.5M2023−22%2024: $7.1M$7.1M2024+30%2025: $7.4M$7.4M2025+4%
Operating income9105-$3.0M in 2025
-$10.0M-$7.5M-$5.0M-$2.5M0$2.5M2022: $904.0K$904.0K20222023: -$9.0M-$9.0M20232024: -$7.2M-$7.2M2024−20%2025: -$3.0M-$3.0M2025−58%
Net income6789105-$3.0M in 2025−50% since 2019
-$15.0M-$10.0M-$5.0M0$5.0M$10.0M2019: -$6.1M-$6.1M20192020: -$5.8M-$5.8M2020−4%2021: -$3.6M-$3.6M2021−38%2022: -$1.6M-$1.6M2022−56%2023: $5.7M$5.7M20232024: -$10.8M-$10.8M20242025: -$3.0M-$3.0M2025−72%

Every line of the income statement as filed: the last 2 fiscal years, latest first.5

Period ending2025-12-312024-12-31
Product revenue$14.2M$14.5M
License revenue$3.2M$2.8M
Other revenue$233.9K$116.3K
Revenues$17.6M$17.4M
Cost of sales-$10.2M-$10.3M
Gross profit$7.4M$7.1M
Impairment loss-$50.0K-$43.0K
Research and development expenses-$1.8M$0
Selling, general and administrative expenses (related party of $450,000 and $1,116,064)-$8.6M-$14.2M
Total operating expenses-$10.4M-$14.3M
Operating loss-$3.0M-$7.2M
Interest expense (related party of $nil and $245,724)-$13.7K-$267.5K
Loss on change in fair value of profit share and unsecured note$5.9K-$4.0M
Interest income$82.1K$293.5K
Total other (expense) income$74.4K-$3.9M
Loss before provision for income taxes-$3.0M-$11.1M
Income tax benefit (expense)-$70.0K$289.2K
Net loss-$3.0M-$10.8M
Basic and diluted net loss per share-$0.16-$0.57
Basic19.3M shares19.1M shares
Diluted19.3M shares19.1M shares

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Corporate structure

Birchtech Corp. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Birchtech Corp.

  • Birchtech Corp. Corsicana, Texas, United States

Built from parent and subsidiary links from GLEIF, the Global Legal Entity Identifier Foundation (CC0); major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Birchtech Corp. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation$2.9M5 Dec 31, 2025$2.9M5 Dec 31, 2024+1.0%
Accumulated depreciation$2.2M5 Dec 31, 2025$2.0M5 Dec 31, 2024+6.7%
Property and equipment, net$2.2M5 Dec 31, 2025$2.4M5 Dec 31, 2024−6.7%
Operating-lease assets (leased space)$259.0K5 Dec 31, 2025$305.1K5 Dec 31, 2024−15.1%

Intangibles and goodwill

ItemLatestA year beforeChange
Finite-lived intangibles, gross$3.1M5 Dec 31, 2025$3.1M5 Dec 31, 20240%
Accumulated amortization-$1.8M5 Dec 31, 2025-$1.6M5 Dec 31, 2024−13.0%
Finite-lived intangibles, net$1.3M5 Dec 31, 2025$1.5M5 Dec 31, 2024−13.6%

Inventory

ItemLatestA year beforeChange
Inventory, total$448.1K5 Dec 31, 2025$621.8K5 Dec 31, 2024−27.9%

Properties, in its own words

We lease a warehouse in Corsicana, Texas, consisting of approximately 20,000 square feet, which we have leased since December 2019 and which we use for manufacturing and distribution of our products. Such lease in Corsicana, Texas expires March 31, 2029.

Since August 2024, we have leased laboratory space in Grand Forks, North Dakota, and since November 2024, we have leased additional laboratory space in State College, Pennsylvania. Each lease has a three-year term, with an option to extend for an additional term of three years. Such laboratories are used for research and development and will be able to offer other services such as carbon activation, thermal reactivation, and regeneration, contaminant analysis and carbon evaluations and recommendations.

Item 2 of the 10-K filed Mar 31, 2026.4

Leadership

Who has led Birchtech Corp., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Johnny F. Norris Jr.2011
  2. R. Alan Kelley2013–2014
  3. Richard Macpherson2015–now

Chair

  1. Johnny F. Norris Jr.2013–2014
  2. Christopher Greenberg2015–2024

President

  1. Kathryn M. Queen2006
  2. R. Alan Kelley2011–2014
  3. Richard Macpherson2015–now

Chief financial officer

  1. William B. Horne2006–2007
  2. Richard H. Gross2011–2019
  3. Jami L. Satterthwaite2021–2022
  4. Gregory R. Powell2023
  5. Fiona Fitzmaurice2023–2024
  6. Michael David Mioska2026–now
2010201520202025
Board members and other officers (22)

Former names

  • Midwest Energy Emissions Corp.Jul 20, 2011 to Aug 12, 20243
  • China Youth Media, Inc.Oct 16, 2008 to Oct 6, 20113
  • DIGICORP, INC.Mar 31, 2008 to Sep 25, 20083
  • DIGICORPAug 9, 2001 to Mar 31, 20083

Timeline

  1. Jul 28, 20268-K Change to shareholders' rights; Bylaws or fiscal year changed; Shareholder vote44
  2. May 12, 20268-K Executive or director change45
  3. May 6, 20268-K Executive or director change46
  4. Apr 13, 20268-K Director nominations; Other events47
  5. Mar 17, 20268-K Other events48
  6. Feb 27, 20268-K Entered a material agreement; Other events49
  7. Jan 5, 20268-K Other events50
  8. Dec 29, 20258-K Change to shareholders' rights; Bylaws or fiscal year changed51
  9. Jun 20, 20258-K Executive or director change52
  10. Mar 31, 20258-K Earlier financial statements no longer reliable53
  11. Mar 4, 20258-K Results of operations54
  12. Jan 6, 20258-K Shareholder vote55
  13. Jun 1, 2015New chief executive Richard Macpherson becomes CEO13
  14. Dec 20, 2013New chief executive R. Alan Kelley becomes CEO14
  15. Jul 5, 2011New chief executive Johnny F. Norris Jr. becomes CEO15
  16. May 30, 2006Founded Birchtech Corp. is founded2

Calendar

Coming up

  1. Nov 12, 2026Reports results for the quarter ending Sep/202656

When it reported results

  1. Mar 4, 2025Reported quarterly or annual results54
  2. Mar 4, 2024Reported quarterly or annual results57
  3. Apr 20, 2023Reported quarterly or annual results58
  4. Jan 18, 2023Reported quarterly or annual results59
  5. Mar 10, 2022Reported quarterly or annual results60
  6. Feb 17, 2022Reported quarterly or annual results61
  7. Nov 5, 2021Reported quarterly or annual results62

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

162 filings to the SEC since October 2021: 5 annual reports, 16 quarterly reports, 47 major events, 58 insider forms, 2 large holders, 34 other. The latest 20:

  1. Oct 5, 2026SCHEDULE 13G EDGAR
  2. Aug 13, 202610-Q EDGAR
  3. Jul 28, 20268-K EDGAR
  4. Jun 24, 2026ARS EDGAR
  5. Jun 24, 2026DEF 14A EDGAR
  6. Jun 8, 2026PRE 14A EDGAR
  7. May 13, 202610-Q EDGAR
  8. May 12, 20268-K/A EDGAR
  9. May 6, 20268-K EDGAR
  10. May 6, 20263 PRIMARY DOCUMENT EDGAR
  11. Apr 13, 20268-K EDGAR
  12. Mar 31, 202610-K EDGAR
  13. Mar 17, 20268-K EDGAR
  14. Mar 2, 20264 PRIMARY DOCUMENT EDGAR
  15. Feb 27, 20268-K EDGAR
  16. Feb 27, 2026424B4 EDGAR
  17. Feb 25, 2026CERT NYSE AMERICAN CERTIFICATION EDGAR
  18. Feb 17, 2026EFFECT EDGAR
  19. Feb 12, 2026CORRESP EDGAR
  20. Feb 12, 2026CORRESP EDGAR

The 162 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

2 open-market trades by officers, directors and large owners since October 2021: 2 buys and 0 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Feb 27, 2026MacPherson RichardPresident and CEOBuy312,500$2.40$750.0KForm 4
Sep 2, 2022Greenberg ChristopherChairman of the BoardBuy10,000$0.24$2.4KForm 4

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2025Richard MacPherson71$1.0M$1.1M65
2025James Trettel57$600.0K$622.1K65
2025John Pavlish67$500.0K$523.1K65
2024President and Chief Executive Officerand Director$879.8K$2.9M65
2024Chief Operating Officer$552.5K$1.3M65
2024Senior VicePresident$488.6K$1.1M65

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 27. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
Heartland Advisors Inc1,000,000$2.0M0.1%No change
Vanguard Capital Management LLC721,182$1.5M0.0%New
Ancora Advisors LLC700,244$1.4M0.0%+271,558
Chapin Davis, Inc.686,693$1.4M0.2%No change
Aristides Capital LLC425,000$871.2K0.2%No change
White Pine Capital LLC330,154$676.8K0.2%−310,904
Geode Capital Management, LLC139,192$285.3K0.0%New
Vanguard Fiduciary Trust Co103,667$212.5K0.0%New
BlackRock, Inc.71,250$146.1K0.0%New
ARS Investment Partners, LLC64,200$131.6K0.0%+13,100
Sigma Planning Corp52,412$107.4K0.0%No change
Diametric Capital, LP52,954$104.7K0.0%+11,269
Northern Trust Corp47,555$97.5K0.0%New
Citadel Advisors LLC41,385$84.8K0.0%−9,609
Crewe Advisors LLC35,600$73.0K0.0%+19,000
Corient Private Wealth LP21,544$44.2K0.0%New
UBS Group AG15,513$31.8K0.0%+8,207
Waters Parkerson & Co., LLC13,000$26.6K0.0%No change
Cibc World Market Inc.10,607$21.7K0.0%No change
Smartleaf Asset Management LLC9,091$18.6K0.0%No change
National Bank Of Canada /fi/4,882$12.0K0.0%+83
Persistent Asset Partners Ltd3,094$6.1K0.0%New
Morgan Stanley2,500$5.1K0.0%No change
Royal Bank Of Canada506$1.0K0.0%New
Caitong International Asset Management Co., Ltd10$200.0%+1

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How Birchtech Corp. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARBirchtech Corp.1
  • CIK0000728385
  • Employer ID (EIN)87-03982714
  • Filer statusAccelerated filer not an emerging growth company; a smaller reporting company; not a shell company4
  • Incorporated inDelaware4
  • Fiscal year endsDecember 311
  • Industry code (SIC)3829 Measuring & Controlling Devices, NEC1
  • SEC reviewing officeOffice of Industrial Applications and Services, Division of Corporation Finance1
  • Business address1810 Jester Drive, Corsicana, TX 751091
  • Phone614-505-61151
  • Shares outstanding26,305,966 as of Aug 13, 202612
  • Public float$51.3M as of Jun 30, 20254
  • AuditorRosenberg Rich Baker Berman, P.A., Somerset, New Jersey PCAOB ID 89; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceAug 9, 20011
  • Filings807 in all: 4 (322), 8-K (157), 10-Q (56), 3 (32), NT 10-Q (24), UPLOAD (20), 10QSB (19), CORRESP (19)1
    All 43 form types

    10-K (18), NT 10-K (14), SC 13D/A (14), D (12), DEF 14A (11), 4/A (9), 10KSB (7), 8-K/A (7), 10-Q/A (6), PRE 14A (6), ARS (5), SC 13D (5), 10-K/A (4), SC 13G/A (4), 5 (3), D/A (3), S-1 (3), SC 13G (3), DEF 14C (2), DEFA14A (2), EFFECT (2), PRE 14C (2), REGDEX (2), S-1/A (2), SC 14F1 (2), 10KSB/A (1), 10SB12G (1), 3/A (1), 424B3 (1), 424B4 (1), 8-A12B (1), CERT (1), DRS (1), RW (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (10-K) Mar 31, 2026
    Quarterly report (10-Q) Aug 13, 2026
    Proxy statement (DEF 14A) Jun 24, 2026
    Latest 8-K (8-K) Jul 28, 2026

Securities registered for trading

ClassSymbolExchange
Common Stock, par value $0.001BCHTNYSE

From the cover page of the 10-K filed Mar 31, 2026 (Section 12(b) of the Exchange Act).4

Risk factors and legal proceedings

The risks Birchtech Corp. names in Item 1A of its 10-K filed Mar 31, 2026: 41 risks under these headings, as written.4

  • Risks Related to Our Company
  • Demand for our mercury emissions services and products is largely driven by coal consumption by North American electricity power generating plants. Any significant changes that diminish the use of coal as a primary fuel source for electricity production may adversely affect our business.
  • The risks associated with technological change may make our products and services less marketable.
  • Our industry is highly competitive. If we are unable to compete effectively with competitors having greater resources than we do, our financial results could be adversely affected.
  • We may not be able to successfully protect our intellectual property rights.
  • We may not be successful in patent litigation.
  • We are currently subject to inter partes review proceedings that could adversely affect the enforceability of our patent rights.
  • We depend on third-party suppliers for materials needed to implement our technologies; availability of raw materials and volatility in price could impact our results of operations.
  • We are dependent on key customers and suppliers. A significant adverse change in such relationships could adversely impact our results of operations and financial condition.
  • We rely on a small number of key employees. The loss of more than one of these employees could disrupt our operations and future growth.
  • Our lack of diversification increases the risk of an investment in the Company.
  • Low gas prices can negatively impact our results of operations; mild weather could also have corresponding effects on the demand for coal.
The other 30 risks
  • Our insurance coverage may not be adequate to protect us from all business risks.
  • Litigation resulting from disputes with customers may result in substantial costs, liabilities, and loss of revenues.
  • Revenues are generated under contracts or blanket purchase orders that must be renegotiated periodically.
  • Business interruptions could significantly disrupt our operations and could have a material adverse impact on us.
  • Any disruptions to our information technology systems or breaches of our network security could interrupt our operations, compromise our reputation, and expose us to and costly response measures and could have a material adverse effect on our business operations.
  • Maintaining and improving our financial controls may divert management’s attention and increase costs.
  • Liquidity risk could impair our ability to fund operations and jeopardize our financial condition.
  • Our management has discretion in the use of our available funds.
  • Our Board of Directors concluded in 2025 that we needed to restate previously issued financial statements as a result of a change in accounting for a certain license agreement.
  • Risks Related to Regulation
  • Any significant changes in environmental regulations related to mercury emissions and potable water treatment could have a major impact on us.
  • Since being enacted, the MATS Rule has been subject to legal challenges and modifications which may continue.
  • Uncertainty of and variability in international environmental regulations could restrict our ability to expand outside of the United States.
  • Risks Related to our Common Stock
  • Trading activity for our common stock has varied, and, at times, been limited.
  • Our stock price may be volatile, which could result in substantial losses to investors and litigation.
  • Shares of common stock eligible for future sale may have adverse effects on our share price.
  • We do not anticipate paying any cash dividends on our capital stock in the foreseeable future.
  • We may need additional capital in the future, which may not be available on acceptable terms or at all, to continue investing in our business and to finance acquisitions and other strategic transactions.
  • Our indemnification obligations to directors and officers could be costly to us and may discourage lawsuits against them, potentially limiting stockholder rights and remedies.
  • If our common stock becomes characterized as a “penny stock” again under SEC rules, it may be more difficult to resell our common stock.
  • If we cannot satisfy the continued listing requirements of the NYSE American and/or the TSX, our common stock may be delisted from the NYSE American and/or the TSX, which could negatively impact the price of our common stock and your ability to sell them.
  • Potential future sales pursuant to Rule 144 may depress the price of our common stock.
  • Our Chief Executive Officer has the ability to significantly influence all matters submitted to our stockholders for approval.
  • Delaware law, our Certificate of Incorporation and Bylaws contain certain provisions, including anti-takeover provisions, that limit the ability of stockholders to take certain actions and could delay or discourage takeover attempts that stockholders may consider favorable.
  • If we fail to comply with the standards for continued listing on the NYSE American, this could negatively impact the price of our common stock and your ability to sell your shares of common stock.
  • Even though we effected the 1-for-5 reverse stock split of our common stock, we cannot assure you that the market price of our common stock will remain high enough for such reverse stock split to have the intended effect of complying with the NYSE American’s minimum price requirement.
  • If securities or industry analysts do not publish research or publish inaccurate or unfavorable research about our business, our stock price and trading volume could decline.
  • Techniques employed by short sellers may drive down the market price of our common stock.
  • We may be subject to securities litigation, which is expensive and could divert our management’s attention.
  • There is no assurance that an investment in our common stock will earn any positive return.
  • The reverse stock split could cause our stock price to decline relative to its value before the split and decrease the liquidity of shares of our common stock.

Legal proceedings

We have commenced multiple patent infringement lawsuits to enforce our proprietary two-part SEA® process for mercury removal from coal-fired power plants. These actions, filed between 2019 and 2025, target various operators of coal-fired power plants and refined coal producers whom we allege have willfully infringed our patent rights. We are seeking damages, injunctive relief, and other remedies in each of these proceedings.

Delaware District Court Action

In July 2019, we initiated patent litigation against various defendants in the U.S. District Court for the District of Delaware, which included (i) Vistra Energy Corp., AEP Generation Resources Inc., NRG Energy, Inc., Talen Energy Corporation, and certain of their respective affiliated entities, all of which are owners and/or operators of coal-fired power plants in the United States, and (ii) Arthur J. Gallagher & Co., DTE REF Holdings, LLC, CERT Coal Holdings LLC, Chem-Mod LLC, and certain of their respective affiliated entities, and additional named and unnamed defendants, all of which operated or were involved in operations of refined coal facilities in the United States.

Between July 2020 and January 2021, we entered into agreements with each of the four major utility defendants, which included certain monetary arrangements and pursuant to which we dismissed all claims brought against each of them and their affiliates.

The opening of Item 3, Legal Proceedings.4

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