Birchtech (BCHT) Noble Capital Markets Virtual Equity Investor Conference summary

Financial position and outlook

• Q2 revenue was $3.8 million; balance sheet held approximately $12 million, with zero debt after repayment and a $16 million raise in February.

• A $78 million-plus final judgment is earning interest; collection is expected in 2027 after the appeal process concludes.

• No capital raise is needed now, and no future equity raises are expected; management cited cash on hand and potential debt financing for facility buildouts.

• Core air operations are expected to become profitable as the water business scales; management expects quarter-over-quarter growth after the new facility starts operating in January 2027.

Air business and litigation

• Air product sales increased in Q1 and Q2, with positive Q3 growth expected; multimillion-dollar license receipts in 2024 were not repeated in 2025, offsetting product growth.

• Patent challenges have ended; a trial with Ameren is expected in early 2027, while management prefers a negotiated supplier relationship and remains confident in its trial prospects.

• The Delaware judgment remains under appeal; after appeals are exhausted, collection efforts are expected to proceed, with a further Supreme Court appeal considered highly unlikely.

• Additional air product growth may follow 2025 settlements, though contract renewals depend on utility RFPs; a substantial Ameren claim is planned based on plant capacity factors.

Water commercialization and market

• Water treatment generated $1 million in initial purchase orders; the planned first facility has $12 million-$15 million in annual capacity and is targeted to start in January 2027.

• The facility is expected to ramp through 2027, reaching its stated annual capacity by year-end; timing and quarterly output depend on closing the acquisition and completing the retrofit.

• Spent-carbon rejuvenation is designed to restore efficacy up to 100%, and enhanced granular activated carbon and ion-exchange products are planned for market in 2027.

• Ion-exchange opportunity is estimated at $300 million-$450 million: $200 million-$280 million in water utilities, $50 million-$70 million in nuclear power, and $40 million-$60 million annually in coal and gas power.

• Planned rejuvenation facilities are expected to handle about $250 million of material annually by 2030; the broader annual water market was cited at $1.5 billion.