0001104659-26-014131
SEC filingBirchtech Corp. (BCHT) is a provider of specialty activated carbon technologies for air and water purification, offering patented SEA® sorbent solutions for mercury emissions capture in coal-fired power plants and developing PFAS removal technologies for drinking water. The company serves North American utilities under MATS regulations, with 16 U.S. EGUs using its technology as of December 31, 2025, and is expanding into water treatment via Design Centers in Pennsylvania and North Dakota. Financials show 2024 revenues of $17.4 million (down slightly from $17.6 million in 2023), a $10.8 million net loss, $3.5 million cash at year-end, and a $72.8 million accumulated deficit, with substantial doubt about going concern due to cash burn. Birchtech is raising $13.1 million (up to $15.2 million with overallotment) by offering 4,464,286 shares at $3.36, listing on NYSE American under BCHT. Proceeds will fund operating expenses, working capital, and general corporate purposes amid patent litigation yielding $78.4 million judgment (under appeal) and new water business investments. Investment thesis centers on mercury control IP enforcement, regulatory-driven demand, and PFAS market entry, though risks include coal decline, litigation uncertainty, and liquidity constraints.