Birchtech Corp
birchtech.comWhat Do They Do?
Sells mercury-capture products to coal-fired power plants and develops activated-carbon water-treatment technologies for drinking water and industrial wastewater.
10-K for FY2025, filed Mar 31, 2026We provide mercury capture solutions for coal-fired power plants driven by our patented two-part SEA® process using a powerful combination…View ↗
In April 2024, we announced the introduction of our new water treatment business to address the growing potable (drinking) water market…View ↗
Initially, we intend to focus our marketing efforts on municipalities that have limited resources and engineering experience and offer…View ↗
While the initial focus for our water treatment technologies will be on the potable water market, we expect that our technologies will also…View ↗
How Do They Make Money?
Customers pay for mercury-capture products when they are transferred to them; Birchtech also earns license revenue by licensing its patents for use at power plants.
10-K for FY2025, filed Mar 31, 2026
-
10-K for FY2025, filed Mar 31, 2026
FY2025 revenue by product or service ↗
$17.6M
-
10-K for FY2025, filed Mar 31, 2026
$17.6M ↗
| Segment | Share | Revenue | How money arrives |
|---|---|---|---|
|
Product Revenue
Sold outright
10-K for FY2025, filed Mar 31, 2026 |
81%
FY2022: 95%
|
Product Revenue, FY2025
$14.2M Sources
|
Sold outright |
|
License revenue
Licensed
10-K for FY2025, filed Mar 31, 2026 |
18%
FY2022: 3.0%
|
License revenue, FY2025
$3.2M Sources
|
Licensed |
|
Demonstrations & Consulting revenue
|
0.5%
FY2022: 0.5%
|
Demonstrations & Consulting revenue, FY2025
$93.2K Sources
|
|
|
Equipment Revenue
Sold outright
|
0.8%
FY2022: 1.0%
|
Equipment Revenue, FY2025
$140.8K Sources
|
Sold outright |
Who Are Their Customers?
Coal-fired power plants use the company's mercury-capture systems and buy its products. Birchtech is also targeting municipalities and industrial utilities with water-treatment carbon, testing, and consulting.
10-K for FY2025, filed Mar 31, 2026In the U.S. market, our success depends, in part, on the success of demonstrations performed with utility customers and the resulting…View ↗
As of December 31, 2025, there were 16 EGUs in the U.S. that use our SEA® technologies and buy product from us.View ↗
Initially, we intend to focus our marketing efforts on municipalities that have limited resources and engineering experience and offer…View ↗
While the initial focus for our water treatment technologies will be on the potable water market, we expect that our technologies will also…View ↗
10-K for FY2025, filed Mar 31, 2026
For the year ended December 31, 2025, three customers represented 29%, 11%, and 9% of the Company’s revenues, and for the year ended…View ↗
Do Revenues Turn Into Profits?
No. It lost $3M in FY2025.
10-K for FY2025, filed Mar 31, 2026
−$3MView ↗
10-K for FY2025, filed Mar 31, 2026
−$3MView ↗
10-K for FY2025, filed Mar 31, 2026
−$729.4KView ↗
How Are They Changing?
- Net income
-
Sources
10-Q for Q2 FY2026, filed Aug 13, 2026
−$3MView ↗
- ▲ +96% (Loss)
- vs −$1.5M in Q2 FY2025
10-Q for Q2 FY2026, filed Aug 13, 2026
Open tableView ↗
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May 6, 2026
Birchtech appointed a new chief financial officer
Fiona Fitzmaurice left, and Michael Mioska was appointed CFO.
Sources
8-K, filed May 6, 2026
On May 1, 2026, Fiona Fitzmaurice ceased serving as Chief Financial Officer of Birchtech Corp. (the “Company”) following notice from the…View ↗
Growing. Revenue grew 35% in 4 years, from $13M in FY2021 to $17.6M in FY2025, about 8% a year.
Water treatment expansion
The earlier report centers on mercury-removal technologies for the power industry; the latest report adds a water-treatment business developing activated-carbon solutions for drinking water and industrial wastewater.
10-K for FY2022, filed May 15, 2023 10-K for FY2025, filed Mar 31, 2026
Who Do They Compete With?
Competes with Arq, Norit Activated Carbon, Calgon Carbon, and Nalco
10-K for FY2025, filed Mar 31, 2026We operate in highly competitive industries that are characterized by a diverse range of participants, including companies that operate in…View ↗
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