Birchtech (BCHT)
:BCHT
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Birchtech
(BCHT)
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Rating:48Neutral
Price Target:
$1.50
â–¼(-28.23% Downside)
Action:Reiterated
Date:05/15/26
The score is held back primarily by weak financial performance (ongoing losses and negative TTM cash flow) and bearish longer-term technical trends (below key moving averages with negative MACD). Offsetting these, the latest earnings call was more constructive, citing strong revenue growth, improved liquidity from the equity raise, and early commercial traction—though major legal and execution uncertainties remain.
Positive Factors
Improved liquidity and low leverage
The recent $16.4M equity raise and $14.7M cash balance materially extend runway and reduce near-term financing pressure. With essentially no debt, the company has structural flexibility to fund operating needs, invest in commercialization and facility buildouts, and absorb execution timing risks without immediate refinancing.
Negative Factors
Negative and volatile cash generation
Persistent negative operating and free cash flow indicates the business still consumes capital to run operations. Historical volatility (strong 2023 cash flow then sharp declines) raises concern about the consistency of internal cash generation, requiring continued external funding until operations reliably produce positive cash flows.
Read all positive and negative factors
Positive Factors
Negative Factors
Improved liquidity and low leverage
The recent $16.4M equity raise and $14.7M cash balance materially extend runway and reduce near-term financing pressure. With essentially no debt, the company has structural flexibility to fund operating needs, invest in commercialization and facility buildouts, and absorb execution timing risks without immediate refinancing.
Read all positive factors
Birchtech (BCHT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$36.30M
Dividend YieldN/A
Average Volume (3M)342.31K
Price to Earnings (P/E)―
Beta (1Y)0.16
Revenue Growth9.23%
EPS Growth74.75%
CountryUS
Employees12
SectorIndustrials
Sector Strength72
IndustryIndustrial - Pollution & Treatment Controls
Share Statistics
EPS (TTM)-0.13
Shares Outstanding26,305,965
10 Day Avg. Volume776,429
30 Day Avg. Volume342,308
Financial Highlights & Ratios
PEG Ratio0.33
Price to Book (P/B)-42.24
Price to Sales (P/S)4.11
P/FCF Ratio-99.30
Enterprise Value/Market Cap0.60
Enterprise Value/Revenue1.17
Enterprise Value/Gross Profit2.97
Enterprise Value/Ebitda-9.22
Forecast
1Y Price Target
$15.00Price Target Upside617.70% Upside
Rating ConsensusModerate Buy
Number of Analyst Covering1
EPS Forecast (FY)-0.11
Revenue Forecast (FY)$19.60M
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 Additi...
Birchtech Earnings Call Summary
Earnings Call Date:May 13, 2026
(Q1-2026)
| % Change Since: |
Next Earnings Date:Aug 17, 2026
Earnings Call Sentiment Positive
The call presented a largely constructive operational and financial picture: strong revenue growth (+32%), a materially stronger cash position from a $16.4M capital raise and NYSE uplisting, product launches with early orders, and momentum in the water business including technical validation for carbon rejuvenation. Offsetting risks include continued net losses and negative adjusted EBITDA, reliance on uncertain collection of a $78M judgment (appeal pending), licensing revenue variability, and execution/timing risk for the rejuvenation facility and customer conversions. On balance, the positive developments (growth, cash, product traction and strategic partnerships) outweigh the near-term financial and execution risks.Positive Updates
Revenue Growth
Q1 2026 revenues of $4.2 million, up 32% from $3.2 million in Q1 2025, driven by growth in water treatment and increased product supply in the air business.
Negative Updates
Continued Net Loss and Negative Adjusted EBITDA
Company remains unprofitable in Q1 2026 with a net loss of $1.3 million and an adjusted EBITDA loss of $1.0 million, indicating ongoing path to sustained profitability is still in progress.
Read all updates
Q1-2026 Updates
Positive
Negative
Revenue Growth
Q1 2026 revenues of $4.2 million, up 32% from $3.2 million in Q1 2025, driven by growth in water treatment and increased product supply in the air business.
Read all positive updates
Company Guidance
Management's guidance focused on three priorities: collect on the approximate $78 million patent judgment, convert licensed utilities into recurring product-supply customers to grow activated carbon sales, and redeploy capital into scaling the water business (including planned GAC rejuvenation facilities and related offtake agreements — management said at least three significant utility opportunities are in process). Supporting metrics cited on the call include Q1 revenues up 32% year-over-year to $4.2 million (air revenues ~ $3.5M), gross profit $1.4M (~33% gross margin), net loss $1.3M or $0.06 per share (vs $1.7M/$0.09 prior), adjusted EBITDA loss $1.0M (vs $1.2M), cash $14.7M as of 3/31 following a $16.4M February capital raise and with no debt, ~ $1M in SEA‑IX purchase orders to date (including a $0.4M March order) against an estimated $220M addressable market, and ~$37M received historically in license fees/settlements since 2019; management expects activated carbon and water services to drive meaningful growth through 2026 and will update the market as enforcement, conversion and rejuvenation progress.Birchtech Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
45
Neutral
Cash Flow
28
Negative
| Breakdown | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|
Income Statement | |||||
| Total Revenue | 17.63M | 17.41M | 17.63M | 21.62M | 13.01M |
| Gross Profit | 7.22M | 7.10M | 5.45M | 7.02M | 5.07M |
| EBITDA | -2.59M | -6.87M | -8.49M | 1.46M | -182.20K |
| Net Income | -3.03M | -10.80M | 5.67M | -1.58M | -3.63M |
Balance Sheet | |||||
| Total Assets | 9.24M | 10.26M | 28.31M | 9.34M | 8.13M |
| Cash, Cash Equivalents and Short-Term Investments | 2.25M | 3.46M | 20.94M | 1.50M | 1.39M |
| Total Debt | 263.49K | 306.22K | 11.23M | 9.94M | 12.54M |
| Total Liabilities | 10.95M | 9.07M | 28.25M | 16.76M | 18.37M |
| Stockholders Equity | -1.71M | 1.19M | 60.35K | -7.42M | -10.24M |
Cash Flow | |||||
| Free Cash Flow | -729.41K | -4.91M | 19.23M | 60.26K | 195.00K |
| Operating Cash Flow | -700.11K | -4.11M | 19.23M | 70.99K | 205.98K |
| Investing Cash Flow | -29.30K | -809.43K | 0.00 | -10.73K | -10.97K |
| Financing Cash Flow | -481.25K | -12.57M | 209.50K | 55.66K | 602.28K |
Birchtech Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% |
* Industrials Sector Average
Performance Comparison
Birchtech Corporate Events
Shareholder Meetings
Birchtech Sets Key Deadlines for 2026 Virtual Meeting
Neutral
Apr 13, 2026
Birchtech Corp. has scheduled its 2026 Annual Meeting of Stockholders as a virtual-only event to be held on Thursday, July 23, 2026, with further details on timing, access and agenda items to come in proxy materials. The move follows the company&#...
Business Operations and StrategyPrivate Placements and Financing
Birchtech Expands Equity Through Over-Allotment Share Offering
Positive
Mar 17, 2026
On February 27, 2026, Birchtech Corp. completed a public offering of 6,250,000 shares of common stock at $2.40 per share, raising gross proceeds of $15 million under an underwriting agreement with Lake Street Capital Markets, LLC and other underwr...
Delistings and Listing ChangesPrivate Placements and Financing
Birchtech Completes NYSE American Uplisting and Equity Offering
Positive
Feb 27, 2026
On February 25, 2026, Birchtech Corp. entered into an underwriting agreement for a public offering of 6,250,000 common shares at $2.40 per share, with a 30-day option for underwriters to purchase up to 937,500 additional shares. The offering, whic...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.