Birchtech (BCHT) Q4 2025 earnings summary

Executive summary

• Completed uplisting to NYSE American in February 2026, raising $16.6 million and expanding the investor base.

• Secured a $78 million patent infringement judgment, with collection efforts underway and post-judgment interest accruing, though the judgment is under appeal.

• Transitioned from legal enforcement to commercial partnerships, converting prior infringers into long-term licensees and supply customers.

• Water business moved from development to commercial stage, booking first $0.9 million in purchase orders and launching new products and partnerships.

• Launched SEA-IX™ nuclear-grade ion exchange resins and expanded collaborations with engineering firms and utilities.

Financial highlights

• Q4 2025 revenues were $3.8 million, down from $5.6 million in Q4 2024 due to a one-time $2.5 million license payment in the prior year.

• Product revenues grew 19.8% year-over-year to $3.6 million.

• Gross profit was $1.2 million (31% margin), down from $3.3 million (60% margin) in Q4 2024, reflecting the absence of the prior year’s one-time license fee.

• SG&A expenses decreased 42% to $2 million, mainly due to lower legal fees.

• Net loss narrowed to $0.6 million ($0.03/share) from $1.3 million ($0.07/share) year-over-year.

Outlook and guidance

• Priorities include collecting the $78 million judgment, expanding recurring supply customers, growing water treatment solutions, and scaling Carbon Rejuvenation™ facilities.

• Air business expected to exceed $20 million in revenue for 2026, driven by growth in product supply to licensed utilities.

• Additional $10 million annual supply opportunity if remaining infringers are converted to clients.

• Water business targeting offtake agreements and expansion of rejuvenation facilities, with anticipated substantial growth in 2026.

• Management expects sustained growth and long-term value creation, leveraging a strengthened balance sheet and broader investor access.