Birchtech Corp. (BCHT)

From the record

Birchtech Corp.'s filings since 2017 show 23 warning events of 3 kinds: a warning not to rely on past financial statements (8-K item 4.02, 2 times, the latest 2025-03-31); an auditor change (8-K item 4.01, 4 times, the latest 2023-09-14); a late-report notice (Form NT 10-K or NT 10-Q, 17 times, the latest 2024-04-01) (its current reports).

From the record

Birchtech Corp.'s 10 filed years say what it did: revenue went from $32 million in fiscal 2016 to $18 million in fiscal 2025, down 6.5% a year; it rose in 3 of 9 years; the deepest fall was 75% from fiscal 2016 to fiscal 2020; net income was positive in 1 of 10 of those years (its annual reports).

From the record

Over the 3 fiscal years to 2025-12-31, Birchtech Corp.'s diluted share count grew about 2.4% a year, and dividends and buybacks returned about 0% of its operating cash flow over 3 years (its filed statements). Its officers and directors filed 0 sales and 1 purchase of their own stock on the open market in the year to 2026-09-30, buying about $750 thousand (their Form 4 filings).

From the record

Return on equity: in the fiscal year ended 2025-12-31, Birchtech Corp.'s shareholders' equity was below zero, so the profit on it is not read, and gross profitability: its products earned about 80 cents per dollar of everything the company owns. Leverage: it owed about 119 cents per dollar of assets, and net share issuance: its share count grew 1.3% over the year (the filed statements).

From the record

Birchtech Corp.'s standing among 11 graded names in its industry family: revenue of $18 million in fiscal 2025 ranks in the bottom 23% by size; a net margin of -17.2% ranks in the bottom 32%; revenue growth of -6.6% a year over the last 3 filed years ranks in the bottom 15% (its annual reports).

From the record

Birchtech Corp.'s leadership, from its insiders' filings and its current reports: the chief executive on the record is Macpherson, Richard (President and CEO, as filed), filing under that title since 2015-06-01, 11.5 years (top 15% of its family); the 4 officers and directors filing in the last fifteen months have been on the record a median of 13.7 years (top 5%); 4 officer or director changes were reported on Form 8-K since 2023-11-13, against the 4 people in charge now (bottom 5%; fewer changes for each person reads higher) (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.

From the record

Birchtech Corp.'s room to grow, from the newest filed statements (fiscal 2025): cash of $2 million against no long-term debt tagged leaves 24.3% of its assets as net cash, top 23% of its family; cash from operations less capital spending is -4.1% of revenue (bottom 45%); a gross margin of 42% (bottom 17%); research spending of 10.2% of revenue (bottom 35%) (its annual report).

From the record

Birchtech Corp.'s growth drivers, from the filed years to fiscal 2025: revenue grew -6.6% a year over the last three filed years against -6.5% over all 10, slowing (top 35% of its family); the newest year grew 1.3% (bottom 41%); research spending grew 19.4% a year (top 5%); capital spending grew 39.8% a year (top 14%) (its annual reports). Birchtech Corp. reported 4 product lines in fiscal 2025: Product Revenue at $14 million (81%), License Revenue at $3 million (18%), Equipment Revenue at $141 thousand (1%), and 1 more; 3 of 4 grew against the year before (its annual report).

From the record

Birchtech Corp.'s newest year against its own record: revenue of $18 million in fiscal 2025 came in 12.9% above the $16 million its prior three years' pace pointed to (top 28% of its family); net income of $3 million against a prior three-year average of $2 million (bottom 25%); a net margin of -17.2% against -12.4% before (bottom 25%) (its annual reports).