Birchtech Corp.

Birchtech Corp. is a U.S.-based specialty activated carbon and environmental technology company focused on mercury emissions capture for coal-fired power plants and emerging water purification applications. Its core business centers on the patented SEA® process, which is used to reduce mercury emissions at lower cost and with less operational disruption than conventional sorbent injection methods. The company is also building a second growth platform in water treatment, including technologies aimed at PFAS and PFOS contamination. In 2024 and 2025, Birchtech expanded its commercialization efforts through new laboratories, design centers, and additional sales and commercialization personnel.

−16,4 %

42,0 %

−17,2 %

+1,3 %

0.47

0.42

— Birchtech Corp.
%
Mercury emissions control70% Patented SEA®-based products, systems, and services that reduce mercury emissions from coal-fired power plants.
Water treatment technologies15% Developing sorbent-based solutions for potable and industrial water treatment, including PFAS-related applications.
IP licensing10% Licensing of patents and related technology rights tied to mercury capture and other environmental applications.
Technical services and lab work5% Design center testing, contaminant analysis, carbon performance evaluations, and thermal reactivation support.

Birchtech sells primarily to coal-fired utilities and power plant operators that need mercury emissions solutions to...

  • Coal-fired utilities and power plantsprimary

    Buy mercury capture systems, sorbents, and related technical support to meet emissions rules while preserving plant performance.

  • Water utilities and industrial water operatorssecondary

    Buy or evaluate sorbent-based treatment solutions, testing, and design-center services for PFAS and other contaminants.

  • Patent licensees and litigation counterpartiessecondary

    Enter licensing agreements for use of SEA®-related patents in designated power plants or other applications.

  • Demonstration and consulting customersemerging

    Use lab services, contaminant analysis, and carbon performance evaluations to validate treatment performance before larger deployments.

Birchtech’s legacy mercury emissions business is centered in North America, which management identifies as the largest...

  • •North America is the core market for mercury emissions technologies
  • •U.S. coal-plant regulation is the main demand driver for the legacy business
  • •Water-treatment commercialization is being built from U.S. labs and design centers
  • •TSX listing adds Canadian capital-markets visibility, but operations remain U.S.-centric
  • •No country-level revenue disclosure was provided in the excerpts

Birchtech is trying to defend and monetize its legacy mercury-emissions platform while building a second growth engine...

01
Commercialize water-treatment technologiesshort-term

This is the main growth initiative and is intended to diversify the company beyond coal-related emissions control.

02
Monetize legacy mercury emissions assetsshort-term

The existing SEA® platform remains the company’s current revenue base and supports near-term cash generation.

03
Advance thermal reactivation plant commercializationmedium-term

Owning or operating reactivation capacity could improve economics and reduce dependence on third parties.

04
Strengthen liquidity through non-operating inflowsshort-term

The company has disclosed substantial doubt language and is pursuing additional cash sources to fund operations.

Birchtech’s business is exposed to customer concentration and regulatory dependence because its legacy market is tied...

high

Liquidity and going-concern pressure

Management disclosed substantial doubt and is relying on litigation proceeds, licensing revenue, and financing to fund operations.

Scope
Corporate-level funding and operating continuity
Materiality
high
high

Regulatory dependence in mercury emissions

The legacy business depends on U.S. coal-plant emissions regulation and utility compliance spending.

Scope
North America, especially U.S. coal-fired utilities
Materiality
high
medium

Water-treatment commercialization execution

The new water platform is still being developed and must prove technical and economic viability before scaling.

Scope
Design centers, labs, future reactivation plants
Materiality
high
medium

Patent and litigation monetization uncertainty

Expected cash inflows depend on legal outcomes and licensing adoption, which are not guaranteed.

Scope
IP licensing and verdict-related proceeds
Materiality
medium
Revenue recognition by stream
Affects reported revenue timing and comparability between periods
Fair value measurement of profit share liability
Can materially affect operating and net income without cash impact
R&D expense recognition
Raises reported losses during commercialization buildout
Contingent litigation proceeds
Can affect cash flow expectations and balance sheet strength

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: 11/08/2026