10-Q · May 13, 2026
Birchtech Corp. demonstrated significant year-over-year improvement in Q4 2026, with revenue rising to approximately $4.24 million from $3.22 million in Q4 2025, and an EPS loss narrowing to -$0.03 from -$0.06. The…
Earnings analysis · 10-Q
BCHT earnings analysis
Filed August 13, 2026 · Our reading of the company's report
The latest report
Birchtech reported a weaker second quarter, with revenue of $3.8 million versus $4.0 million in Q1 2026 and diluted EPS worsening to negative $0.11 from negative $0.06. The company has substantial liquidity from…
Read full summary
Birchtech reported a weaker second quarter, with revenue of $3.8 million versus $4.0 million in Q1 2026 and diluted EPS worsening to negative $0.11 from negative $0.06. The company has substantial liquidity from approximately $14.2 million of net equity-offering proceeds, but used an estimated $2.8 million by June 30, 2026. Persistent internal-control material weaknesses and ongoing operating cash requirements outweigh the funding benefit, while the filing provides no quantitative guidance.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.11
What stood out
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Revenue and EPS weakened sequentially
Second-quarter revenue was $3.8 million, down from $4.0 million in Q1 2026, while diluted EPS declined to a loss of $0.11 from a loss of $0.06.
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Meaningful equity funding secured
The February offering and partial over-allotment exercise generated approximately $14.2 million of net proceeds from 6,250,000 initial shares and 600,000 additional shares.
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Cash proceeds support operations
Through June 30, 2026, management estimated that approximately $2.8 million of the offering proceeds had been used for operating expenses, working capital and general corporate purposes.
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Capital preserved through no buybacks
No shares were repurchased during the six months ended June 30, 2026, despite an authorization allowing up to $5.0 million of common-stock repurchases.
What to watch
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Material weaknesses remain
Management concluded that disclosure controls were not effective because of two material weaknesses: insufficient personnel and insufficient written documentation or training for internal-control policies and procedures.
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Ongoing operating cash requirements
Approximately $2.8 million of the $14.2 million net offering proceeds had already been used through June 30, 2026, primarily for operating expenses, working capital and general corporate purposes, indicating continuing cash needs.
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Limited risk-factor disclosure
The company is not required to provide a formal risk-factor update because it qualifies as a smaller reporting company; consequently, material risks may not be restated in this 10-Q.
Management's outlook
The filing provides no quantitative revenue or EPS outlook. Item 1A states the Company is a smaller reporting company and is not required to provide risk factors; no forward operating guidance was disclosed.
Earlier filings 4
10-K · March 31, 2026
Birchtech is pivoting from a narrow coal-fired power plant mercury-emissions business toward a broader water-treatment platform (PFAS removal, GAC reactivation, SEA-IX resins) while continuing to enforce and monetize…
10-Q · November 13, 2025
Birchtech Corp. significantly improved its financial performance in Q3 2025, reporting revenues of $7,361,889, up 40.7% from $5,236,990 year-over-year. Gross profit increased to $4,032,251, reflecting a substantial…
10-Q · August 14, 2025
Birchtech reported quarterly revenue of $3,253,911 for the three months ended June 30, 2025, down from $3,361,433 in Q2 2024, while gross profit declined to $968,078 (gross margin ~29.8%). Operating loss narrowed…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.