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Birchtech
(BCHT)
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Rating:51Neutral
Price Target:
$2.00
▲(70.94% Upside)
Action:Reiterated
Date:09/16/26
The score is primarily held back by weak financial performance: ongoing losses and meaningful cash burn despite strong revenue growth and currently low leverage. Technicals provide moderate support with a short-term uptrend, but stretched momentum and a still-bearish 200-day trend add risk. Valuation is constrained by loss-making results (negative P/E). The earnings call adds cautious upside from improved liquidity, IP milestones, and a defined H2 2026 commercial plan, but near-term losses and judgment/commercialization uncertainty temper confidence.
Positive Factors
Revenue growth and product expansion
Strong revenue growth, together with the first recognition of water treatment sales, indicates broader customer and product traction. If management converts new water activity into recurring business while expanding air supply sales, the company could build a more diversified and durable revenue base.
Negative Factors
Persistent losses and cash burn
The business is not yet self-funding: operating and free cash flow remain negative while net losses continue. Ongoing cash consumption can reduce the runway available for commercialization and make future progress increasingly dependent on successful revenue conversion or additional financing.
Read all positive and negative factors
Positive Factors
Negative Factors
Revenue growth and product expansion
Strong revenue growth, together with the first recognition of water treatment sales, indicates broader customer and product traction. If management converts new water activity into recurring business while expanding air supply sales, the company could build a more diversified and durable revenue base.
Read all positive factors
Birchtech (BCHT) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$46.30M
Dividend YieldN/A
Average Volume (3M)78.06K
Price to Earnings (P/E)―
Beta (1Y)0.34
Revenue Growth13.08%
EPS Growth39.68%
CountryUS
Employees15
SectorIndustrials
Sector Strength72
IndustryIndustrial - Pollution & Treatment Controls
Share Statistics
EPS (TTM)-0.16
Shares Outstanding26,305,965
10 Day Avg. Volume99,456
30 Day Avg. Volume78,059
Financial Highlights & Ratios
PEG Ratio0.33
Price to Book (P/B)-42.24
Price to Sales (P/S)4.11
P/FCF Ratio-99.30
Enterprise Value/Market Cap<0.01
Enterprise Value/Revenue<0.01
Enterprise Value/Gross Profit<0.01
Enterprise Value/Ebitda>-0.01
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusN/A
Number of Analyst Covering0
EPS Forecast (FY)-0.18
Revenue Forecast (FY)$19.90M
Birchtech Business Overview & Revenue Model
Company Description
Birchtech Corp. operates as an environmental technology and services company, specializing in crafting and delivering innovative solutions for the energy sector, both within the United States and globally. A core offering includes its advanced mer...
Birchtech Earnings Call Summary
Earnings Call Date:Aug 13, 2026
(Q2-2026)
| % Change Since: |
Next Earnings Date:Nov 16, 2026
Earnings Call Sentiment Neutral
The call balanced meaningful strategic and operational progress (decisive IP resolution, a stronger cash position, product launches and a significant carbon rejuvenation technical milestone) against near‑term financial headwinds (widening net loss, larger adjusted EBITDA loss, and elevated one‑time and operating expenses). The company shows improved liquidity and a clearer commercial roadmap for water, but commercialization and judgment collectability remain conditional and the current operating results reflect elevated investment and legal costs.Positive Updates
Patent Victory and Strengthened IP Protection
All remaining IPR challenges to Birchtech's SEA technologies were resolved in June; prior petitions dismissed/removed or resolved and parties barred from further challenges. Seven years of enforcement yielded approximately $37 million in license fees and settlements to date, reinforcing IP moat and commercial positioning.
Negative Updates
Widening Net Loss and Margin Pressure
Net loss widened to $3.0 million (−$0.11 per share) in Q2 2026 from $1.5 million (−$0.08) in Q2 2025 (≈+100% loss increase). Gross profit remained ~$1.0 million despite higher revenues, indicating margin compression (gross margin ~27%).
Read all updates
Q2-2026 Updates
Positive
Negative
Patent Victory and Strengthened IP Protection
All remaining IPR challenges to Birchtech's SEA technologies were resolved in June; prior petitions dismissed/removed or resolved and parties barred from further challenges. Seven years of enforcement yielded approximately $37 million in license fees and settlements to date, reinforcing IP moat and commercial positioning.
Read all positive updates
Company Guidance
Management guided that they expect air product‑supply revenues to increase starting in H2 2026 (anticipating 2026 air supply to be meaningfully higher than 2025) and that cash from the mature air business will be redeployed to scale the water division, advance offtake agreements and bring a carbon‑rejuvenation facility online (material updates expected in Q3 and potentially by end‑September, with some offtake work hoped to convert to revenue by year‑end); Q2 results were $3.8M revenue (air $3.4M), ~27% gross margin and $1.0M gross profit, SG&A $2.1M, R&D $0.6M, other expenses $1.4M, net loss $3.0M ($0.11/share), Adjusted EBITDA loss $1.9M, cash $11.8M and no debt as of June 30, 2026, liabilities include a $7.3M profit‑share payable upon collection of a $78M+ final judgment (post‑judgment interest accruing), the company has received ~ $37M in license fees/settlements to date, and the SEA‑IX resin line targets an estimated $200M+ addressable market.Birchtech Financial Statement Overview
Summary
Income Statement
34
Negative
Balance Sheet
56
Neutral
Cash Flow
28
Negative
| Breakdown | TTM | Mar 2026 | Mar 2025 | Mar 2024 | Mar 2023 | Mar 2022 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 19.18M | 17.63M | 17.41M | 17.63M | 21.62M | 13.01M |
| Gross Profit | 7.39M | 7.22M | 7.10M | 5.45M | 7.02M | 5.07M |
| EBITDA | -2.28M | -2.55M | -10.58M | 7.76M | 561.78K | -112.96K |
| Net Income | -4.17M | -3.03M | -10.80M | 5.67M | -1.58M | -3.63M |
Balance Sheet | ||||||
| Total Assets | 19.41M | 9.24M | 10.26M | 28.31M | 9.34M | 8.13M |
| Cash, Cash Equivalents and Short-Term Investments | 11.84M | 2.25M | 3.46M | 20.94M | 1.50M | 1.39M |
| Total Debt | 238.98K | 263.49K | 306.22K | 11.23M | 9.94M | 12.54M |
| Total Liabilities | 11.26M | 10.95M | 9.07M | 28.25M | 16.76M | 18.37M |
| Stockholders Equity | 8.15M | -1.71M | 1.19M | 60.35K | -7.42M | -10.24M |
Cash Flow | ||||||
| Free Cash Flow | -3.85M | -729.41K | -4.91M | 19.23M | 60.26K | 195.00K |
| Operating Cash Flow | -3.71M | -700.11K | -4.11M | 19.23M | 70.99K | 205.98K |
| Investing Cash Flow | -135.22K | -29.30K | -809.43K | 0.00 | -10.73K | -10.97K |
| Financing Cash Flow | 14.23M | -481.25K | -12.57M | 209.50K | 55.66K | 602.28K |
Birchtech Technical Analysis
Positive
1.17
Price Trends
1.43
Positive
1.61
Positive
2.32
Negative
Market Momentum
0.06
Negative
73.91
Negative
92.59
Negative
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For BCHT, the sentiment is Positive. The current price of 1.17 is below the 20-day moving average (MA) of 1.34, below the 50-day MA of 1.43, and below the 200-day MA of 2.32, indicating a neutral trend. The MACD of 0.06 indicates Negative momentum. The RSI at 73.91 is Negative, neither overbought nor oversold. The STOCH value of 92.59 is Negative, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Positive sentiment for BCHT.
Birchtech Risk Analysis
Birchtech disclosed 18 risk factors in its most recent earnings report. Birchtech reported the most risks in the "Finance & Corporate" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 0 New Risks
Birchtech Peers Comparison
UnderperformOutperform
Sector (63)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
71 Outperform | $356.80M | 23.86 | 8.25% | ― | -14.95% | -31.61% | |
63 Neutral | $10.79B | 15.43 | 7.44% | 2.01% | 2.89% | -14.66% | |
53 Neutral | $4.07B | -119.42 | -3.60% | 2.96% | 37.64% | -145.85% | |
53 Neutral | $54.94M | -15.66 | -8.88% | ― | 8.89% | -6.47% | |
51 Neutral | $46.30M | -10.89 | -101.27% | ― | 13.08% | 39.68% | |
48 Neutral | $26.21M | -4.19 | -58.08% | ― | 82.74% | 17.79% | |
47 Neutral | $22.97M | -0.82 | -68.70% | ― | -0.17% | 37.55% |
* Industrials Sector Average
BCHT
Birchtech
1.76
-1.79
-50.42%
CECO
Ceco Environmental
69.48
18.95
37.50%
ERII
Energy Recovery
6.99
-7.96
-53.24%
FTEK
Fuel Tech
1.76
-1.65
-48.39%
CLIR
ClearSign Combustion
3.85
-4.53
-54.04%
LIQT
LiqTech International
0.70
-1.78
-71.90%
Birchtech Corporate Events
Business Operations and StrategyExecutive/Board ChangesRegulatory Filings and ComplianceShareholder Meetings
Birchtech Shareholders Approve Governance Changes and Share Reduction
Positive
Jul 28, 2026
Birchtech Corp. stockholders approved several corporate governance measures at the company’s 2026 Annual Meeting, held on July 23, 2026. These measures included the re-election of four directors and ratification of Rosenberg Rich Baker Berma...
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.