Birchtech (BCHT) Registration Filing summary

Company overview and business model

• Provides specialty activated carbon technologies for air and water purification, focusing on mercury emissions capture for coal-fired utilities and developing water purification solutions targeting PFAS chemicals.

• Operates primarily in North America, with a strong patent position and proprietary SEA® process for mercury removal.

• Recently expanded into water treatment, investing in two Design Centers for innovation and development of reactivated granular activated carbon (GAC) technologies.

• Pursues patent enforcement and licensing strategies to convert infringers into customers or licensees.

Financial performance and metrics

• 2024 revenues were $17.4M, primarily from sorbent product sales and $2.8M in licensing revenue; gross profit was $7.1M.

• Net loss for 2024 was $10.8M, compared to net income of $5.7M in 2023, mainly due to absence of legal claim income in 2024.

• As of September 30, 2025, cash was $1.8M, with a working capital deficiency of $5.0M and accumulated deficit of $75.2M.

• Adjusted EBITDA for 2024 was $(5.5)M; for the nine months ended September 30, 2025, net loss was $2.4M, an improvement over the prior year.

• Significant customer and supplier concentration, with three customers accounting for over 45% of revenues in 2024.

Use of proceeds and capital allocation

• Net proceeds of approximately $17.7M (or $20.5M if over-allotment is exercised) expected, based on an assumed offering price of $3.67 per share.

• Proceeds intended for operating expenses, working capital, and general corporate purposes.

• Management has broad discretion in capital allocation; no specific projects or acquisitions identified.