Birchtech (BCHT) AI Stock Analysis

• Market Cap: $67.90M
• Dividend Yield: N/A
• Average Volume (3M): 342.31K
• Price to Earnings (P/E): ―
• Beta (1Y): 0.48
• Revenue Growth: N/A
• EPS Growth: N/A
• Country: US
• Employees: 12
• Sector: Industrials
• Sector Strength: 72
• Industry: Industrial - Pollution & Treatment Controls
• EPS (TTM): 0.05
• Shares Outstanding: 19,455,967
• 10 Day Avg. Volume: 776,429
• 30 Day Avg. Volume: 342,308
• PEG Ratio: 0.08
• Price to Book (P/B): 203.88
• Price to Sales (P/S): 0.00001
• P/FCF Ratio: -4.94
• Enterprise Value/Market Cap: -20.99
• Enterprise Value/Revenue: -0.10
• Enterprise Value/Gross Profit: >-0.01
• Enterprise Value/Ebitda: -1.79
• 1Y Price Target: $3.00
• Price Target Upside: -13.04% Downside
• Rating Consensus: Moderate Buy
• Number of Analyst Covering: 1
• EPS Forecast (FY): N/A
• Revenue Forecast (FY): N/A

• Rating: 47 Neutral
• Price Target: $4.00 ▲(15.94% Upside)

The score is held down primarily by weak financial performance—negative profitability, significant cash burn, and deeply negative equity. Technicals are roughly neutral without strong momentum, and valuation is constrained by losses and no indicated dividend support. A favorable patent judgment provides a meaningful positive offset but does not outweigh the balance-sheet and cash-flow risks.

Positive Factors

Patent judgment strengthens IP

The $78.4M final judgment is a durable change: it legally affirms core patents, improves negotiating leverage versus competitors, and creates a potential non-operating cash inflow or licensing leverage that can materially strengthen the company’s competitive moat and strategic options.

Sharp TTM revenue growth

A 224% TTM revenue increase signals meaningful commercial traction and market acceptance of products or services. If sustainable, this revenue expansion provides a base to absorb SG&A, scale operations, and improve long-term margin leverage as fixed costs are spread across higher sales.

Healthy gross margins

A ~47% gross margin indicates underlying unit economics that can support profitability if operating costs are controlled. Durable product-level margins suggest pricing power or cost advantage that can enable future operating leverage as revenue scales and fixed overhead is optimized.

Negative Factors

Negative profitability and volatility

Persistently negative net and EBITDA margins, combined with volatile historical results, undermine the company’s ability to self-fund growth and create uncertainty for planning. Ongoing losses limit reinvestment capacity and make sustained profit recovery a material execution risk.

Material operating cash burn

Material negative operating and free cash flow indicate the business currently consumes cash to operate. This durable cash burn raises funding dependency, increases dilution and refinancing risk, and constrains the company’s ability to invest in growth without external capital.

Deeply negative stockholders' equity

A deeply negative equity base reflects accumulated losses or write-downs and materially weakens the capital cushion. This structural solvency concern restricts borrowing capacity, complicates covenant metrics, and elevates the probability of distress or costly recapitalization needs.

Birchtech Business Overview & Revenue Model

Company Description

Birchtech Corp., an environmental services and technology company, engages in developing and delivering solutions to the power industry in the United States and internationally. It provides mercury capture solutions. Its Sorbent Enhancement Additive (SEA) technology offers total mercury control with solutions based on a thorough scientific understanding of actual and probable interactions involved in mercury capture in coal-fired flue gas. The company is also involved in the extraction and processing of rare earth elements. In addition, it provides water purification solutions that focus on PFAS/PFOS removal from potable water. Birchtech Corp. was formerly known as Midwest Energy Emissions Corp. and changed its name to Birchtech Corp. in October 2024. The company is headquartered in Corsicana, Texas.

How the Company Makes Money

Birchtech Financial Statement Overview

Summary

Despite sharp TTM revenue growth (+224%) and solid gross margin (~47%), profitability is weak (negative net and EBITDA margins), results have been volatile, operating/free cash flow are materially negative, and stockholders’ equity has turned deeply negative—raising solvency and funding-risk concerns.

Income Statement

TTM (Trailing-Twelve-Months) revenue surged sharply (+224%), but profitability remains weak: net margin is negative (about -7%) and EBITDA margin is also negative. Results have been highly volatile over time—2023 showed strong positive net margin, followed by steep losses in 2024 and continued losses in TTM—reducing confidence in earnings quality and sustainability despite solid gross margins (~47% in TTM).

Balance Sheet

The balance sheet is strained, with stockholders’ equity turning deeply negative in TTM, which is a major solvency red flag and makes leverage ratios less meaningful (debt-to-equity flips negative). While total debt is not extremely large versus total assets in TTM, the negative equity position suggests accumulated losses and/or write-downs have materially weakened the capital base compared with prior annual periods that included positive equity (2024).

Cash Flow

Cash generation is a key weakness. TTM (Trailing-Twelve-Months) operating cash flow and free cash flow are both materially negative, and free cash flow declined further versus the prior period. While free cash flow is roughly in line with net losses (i.e., losses are not purely “paper” profits), the ongoing cash burn heightens funding risk—especially given the weakened equity position.

Breakdown	TTM	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020
Income Statement
Total Revenue	13.84B	17.41T	17.94M	21.62M	13.01M	8.16M
Gross Profit	7.11T	7.10T	5.77M	7.02M	5.07M	2.72M
EBITDA	795.77M	-10.58M	8.00M	561.78K	-113.00K	-2.44M
Net Income	-757.20M	-10.80M	5.90M	-1.58M	-3.63M	-5.83M
Balance Sheet
Total Assets	10.14B	10.26M	27.47M	9.34M	8.13M	7.38M
Cash, Cash Equivalents and Short-Term Investments	1.77B	34.56M	20.94M	1.50M	1.39M	591.02K
Total Debt	274.77M	3.06M	11.23M	9.94M	12.54M	15.39M
Total Liabilities	11.28B	90.69M	28.25M	16.76M	18.37M	20.58M
Stockholders Equity	-1.14M	1.19M	-782.90K	-7.42M	-10.24M	-13.20M
Cash Flow
Free Cash Flow	-1.74B	-49.15M	19.23M	60.26K	195.00K	-1.24M
Operating Cash Flow	-1.71B	-41.05M	19.23M	70.99K	205.98K	-1.24M
Investing Cash Flow	-21.39M	-8.09M	0.00	-10.73K	-10.97K	42.50K
Financing Cash Flow	0.00	-125.69M	209.50K	55.66K	602.28K	288.31K

Birchtech Peers Comparison

Name	Overall Rating	Market Cap	P/E Ratio	ROE	Dividend Yield	Revenue Growth	EPS Growth
Sector *	63 Neutral	$10.79B	15.43	7.44%	2.01%	2.89%	-14.66%

Birchtech Corporate Events

Birchtech Wins Final Judgment in Patent Infringement Case

On December 29, 2025, the U.S. District Court for the District of Delaware entered a final judgment in favor of Birchtech Corp. in its patent infringement lawsuit against the remaining CERT defendants, concluding a case that had previously produced a jury verdict for the company on March 1, 2024. The court awarded Birchtech $78.4 million in damages including pre-judgment interest, denied the defendants’ motions on implied license and infringement liability, granted Birchtech’s request for pre- and post-judgment interest, and rejected its bid for enhanced damages, solidifying a significant financial and legal victory that reinforces the company’s intellectual property position against competitors.

The most recent analyst rating on (BCHTD) stock is a Buy with a $3.00 price target. To see the full list of analyst forecasts on Birchtech stock, see the BCHTD Stock Forecast page.