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 solutions for PFAS-contaminated water.

• Operates primarily in North America, with a strong patent portfolio and ongoing enforcement actions to protect intellectual property.

• Recently expanded into water treatment, investing in two state-of-the-art Design Centers for innovation and validation of reactivated carbon technologies.

• Revenue streams include product sales, technology licensing, and consulting services for both air and water purification markets.

• Holds exclusive and non-exclusive licenses for proprietary compounds to supplement emissions control offerings.

Financial performance and metrics

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

• Net loss for 2024 was $10.8M, compared to net income of $5.7M in 2023, mainly due to the 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, reflecting operating losses and non-cash charges.

• Significant customer and supplier concentration: top three customers accounted for over 50% of revenues in 2024.

Use of proceeds and capital allocation

• Net proceeds of approximately $17.7M (or $20.5M if over-allotment is exercised) are intended for operating expenses, working capital, and general corporate purposes.

• Management has broad discretion over the use of funds, with no specific allocation to projects or debt repayment.