Birchtech Corp Financials
This page shows Birchtech Corp (BCHT) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 17 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Birchtech’s operating story is a margin-and-overhead reset, but the business still runs under a tight working-capital posture.
Revenue stayed near$17.6M across FY2023-FY2025, yet gross margin expanded to42.0% and overhead came down. That mix narrowed the operating loss without help from top-line growth, which points to cost structure repair rather than a volume-driven recovery.
The balance sheet is still doing much of the financing work: current liabilities of
Cash burn is running below the reported loss: operating cash flow was
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Birchtech Corp's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Birchtech Corp scores -9.34, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($37.6M) relative to total liabilities ($11.0M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Birchtech Corp passes 4 of 8 computable financial strength tests (1 of the nine could not be computed from available data). 2 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), both operating efficiency signals pass.
For every $1 of reported earnings, Birchtech Corp generates $0.23 in operating cash flow (-$700K OCF vs -$3.0M net income). This low ratio suggests earnings are primarily driven by accounting accruals rather than cash generation, which may not be sustainable.
Birchtech Corp earns $-221.6 in operating income for every $1 of interest expense (-$3.0M vs $14K). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
Key Financial Metrics
Earnings & Revenue
Birchtech Corp generated $17.6M in revenue in fiscal year 2025. This represents an increase of 1.3% from the prior year.
Birchtech Corp's EBITDA was -$2.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 62.4% from the prior year.
Birchtech Corp reported -$3.0M in net income in fiscal year 2025. This represents an increase of 72.0% from the prior year.
Birchtech Corp earned $-0.16 per diluted share (EPS) in fiscal year 2025. This represents an increase of 71.9% from the prior year.
Cash & Balance Sheet
Birchtech Corp generated -$729K in free cash flow in fiscal year 2025, representing cash available after capex. This represents an increase of 85.2% from the prior year.
Birchtech Corp held $2.2M in cash against $0 in long-term debt as of fiscal year 2025.
Birchtech Corp had 19M shares outstanding in fiscal year 2025. This represents an increase of 1.1% from the prior year.
Margins & Returns
Birchtech Corp's gross margin was 42.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 1.2 percentage points from the prior year.
Birchtech Corp's operating margin was -17.2% in fiscal year 2025, reflecting core business profitability. This is up 23.9 percentage points from the prior year.
Birchtech Corp's net profit margin was -17.2% in fiscal year 2025, showing the share of revenue converted to profit. This is up 44.9 percentage points from the prior year.
Capital Allocation
Birchtech Corp invested $1.8M in research and development in fiscal year 2025.
Birchtech Corp invested $29K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 96.4% from the prior year.
BCHT Income Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $4.2M+11.9% | $3.8M-48.5% | $7.4M+126.2% | $3.3M+1.0% | $3.2M-42.1% | $5.6M+6.3% | $5.2M+55.8% | $3.4M |
| Cost of Revenue | $2.9M+8.9% | $2.6M-21.2% | $3.3M+45.7% | $2.3M+15.1% | $2.0M-11.7% | $2.2M-38.3% | $3.6M+58.3% | $2.3M |
| Gross Profit | $1.4M+18.5% | $1.2M-71.1% | $4.0M+316.5% | $968K-21.6% | $1.2M-62.8% | $3.3M+108.0% | $1.6M+50.4% | $1.1M |
| R&D Expenses | $551K+17.2% | $470K-0.8% | $473K+3.9% | $455K+12.0% | $407K | $0 | $0 | $0 |
| SG&A Expenses | $2.0M+1.1% | $2.0M-28.7% | $2.7M+61.8% | $1.7M-21.8% | $2.2M-35.3% | $3.4M+24.1% | $2.7M-41.7% | $4.6M |
| Operating Income | -$1.1M+12.5% | -$1.3M-261.9% | $811K+168.4% | -$1.2M+11.7% | -$1.3M-1603.5% | -$79K+92.9% | -$1.1M+69.0% | -$3.6M |
| Interest Expense | $0-100.0% | $14K | $0 | $0-100.0% | $54-99.4% | $8K+15.1% | $7K+26.5% | $6K |
| Income Tax | $357-99.3% | $55K+8624.5% | $629+53.8% | $409-97.1% | $14K+200.7% | $5K+101.6% | -$294K-85129.8% | $346 |
| Net Income | -$1.3M-126.9% | -$593K-175.2% | $788K+151.1% | -$1.5M+8.2% | -$1.7M-25.1% | -$1.3M-193.5% | -$458K+92.6% | -$6.1M |
| EPS (Diluted) | $-0.06 | N/A | $0.01+150.0% | $-0.02+77.8% | $-0.09 | N/A | $0.00+100.0% | $-0.07 |
BCHT Balance Sheet
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $21.4M+131.6% | $9.2M-8.9% | $10.1M+18.2% | $8.6M-7.8% | $9.3M-9.4% | $10.3M-12.0% | $11.7M-21.0% | $14.7M |
| Current Assets | $17.7M+254.7% | $5.0M-17.0% | $6.0M+31.8% | $4.6M-12.1% | $5.2M-14.8% | $6.1M-19.6% | $7.6M-33.0% | $11.3M |
| Cash & Equivalents | $14.7M+556.8% | $2.2M+27.0% | $1.8M+21.6% | $1.5M-54.4% | $3.2M-7.8% | $3.5M-21.3% | $4.4M-47.9% | $8.4M |
| Inventory | $594K+32.6% | $448K-10.1% | $498K-40.0% | $831K+40.3% | $592K-4.8% | $622K-29.9% | $886K-8.1% | $965K |
| Accounts Receivable | $2.2M+6.7% | $2.1M-42.2% | $3.6M+68.1% | $2.2M+69.0% | $1.3M-29.9% | $1.8M-5.6% | $1.9M+8.2% | $1.8M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $10.2M-6.6% | $11.0M-2.9% | $11.3M+7.2% | $10.5M+8.2% | $9.7M+7.3% | $9.1M-6.9% | $9.7M-22.2% | $12.5M |
| Current Liabilities | $10.0M-6.6% | $10.7M-2.8% | $11.1M+7.5% | $10.3M+8.5% | $9.5M+7.6% | $8.8M+120.9% | $4.0M-38.6% | $6.5M |
| Long-Term Debt | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $11.2M+751.3% | -$1.7M-50.2% | -$1.1M+41.4% | -$1.9M-356.7% | -$427K-135.8% | $1.2M-52.1% | $2.5M-11.0% | $2.8M |
| Retained Earnings | -$77.1M-1.8% | -$75.8M-0.8% | -$75.2M+1.0% | -$76.0M-2.1% | -$74.4M-2.3% | -$72.8M-1.1% | -$72.0M-0.7% | -$71.5M |
BCHT Cash Flow Statement
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$2.2M-328.8% | $964K+200.2% | $321K+118.6% | -$1.7M-580.8% | -$254K+69.4% | -$830K-445.7% | -$152K+94.3% | -$2.7M |
| Capital Expenditures | $0-100.0% | $6K-17.2% | $7K+237.4% | $2K-85.1% | $14K-86.8% | $107K-83.1% | $636K+859.3% | $66K |
| Free Cash Flow | -$2.2M-330.3% | $958K+205.1% | $314K+118.1% | -$1.7M-545.7% | -$268K+71.4% | -$938K-19.0% | -$788K+71.3% | -$2.7M |
| Investing Cash Flow | $0+100.0% | -$6K+17.2% | -$7K-237.4% | -$2K+85.1% | -$14K+86.8% | -$107K+83.1% | -$636K-859.3% | -$66K |
| Financing Cash Flow | $14.7M+3156.6% | -$481K | $0 | $0 | $0 | $0+100.0% | -$3.3M | $0 |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
BCHT Financial Ratios
| Metric | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 | Q2'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 32.6%+1.8pp | 30.8%-24.0pp | 54.8%+25.0pp | 29.8%-8.6pp | 38.3%-21.3pp | 59.6%+29.1pp | 30.4%-1.1pp | 31.6% |
| Operating Margin | -27.1%+7.5pp | -34.6%-45.6pp | 11.0%+47.4pp | -36.4%+5.3pp | -41.7%-40.3pp | -1.4%+19.7pp | -21.1%+85.2pp | -106.3% |
| Net Margin | -31.7%-16.1pp | -15.7%-26.4pp | 10.7%+58.1pp | -47.4%+4.7pp | -52.1%-28.0pp | -24.1%-15.4pp | -8.7%+174.1pp | -182.9% |
| Return on Equity | -12.0% | N/A | N/A | N/A | N/A | -112.7%-94.3pp | -18.4%+201.7pp | -220.1% |
| Return on Assets | -6.3%+0.1pp | -6.4%-14.2pp | 7.8%+25.8pp | -18.0%+0.1pp | -18.1%-5.0pp | -13.1%-9.2pp | -3.9%+37.7pp | -41.7% |
| Current Ratio | 1.77+1.3 | 0.47-0.1 | 0.55+0.1 | 0.44-0.1 | 0.55-0.1 | 0.69-1.2 | 1.90+0.2 | 1.74 |
| Debt-to-Equity | 0.92 | N/A | N/A | N/A | N/A | 7.61+3.7 | 3.92-0.6 | 4.48 |
| FCF Margin | -52.0%-77.3pp | 25.3%+21.0pp | 4.3%+57.6pp | -53.3%-44.9pp | -8.3%+8.5pp | -16.9%-1.8pp | -15.0%+66.8pp | -81.8% |
Note: Shareholder equity is negative (-$1.7M), which causes debt-to-equity and return on equity ratios to appear negative or not meaningful. This can occur from accumulated losses or large share buyback programs.
Note: The current ratio is below 1.0 (0.47), indicating current liabilities exceed current assets, which may suggest potential short-term liquidity concerns.
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Frequently Asked Questions
What is Birchtech Corp's annual revenue?
Birchtech Corp (BCHT) reported $17.6M in total revenue for fiscal year 2025. This represents a 1.3% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Birchtech Corp's revenue growing?
Birchtech Corp (BCHT) revenue grew by 1.3% year-over-year, from $17.4M to $17.6M in fiscal year 2025.
Is Birchtech Corp profitable?
No, Birchtech Corp (BCHT) reported a net income of -$3.0M in fiscal year 2025, with a net profit margin of -17.2%.
What is Birchtech Corp's EBITDA?
Birchtech Corp (BCHT) had EBITDA of -$2.7M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Birchtech Corp's gross margin?
Birchtech Corp (BCHT) had a gross margin of 42.0% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Birchtech Corp's operating margin?
Birchtech Corp (BCHT) had an operating margin of -17.2% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Birchtech Corp's net profit margin?
Birchtech Corp (BCHT) had a net profit margin of -17.2% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Birchtech Corp's free cash flow?
Birchtech Corp (BCHT) generated -$729K in free cash flow during fiscal year 2025. This represents a 85.2% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Birchtech Corp's operating cash flow?
Birchtech Corp (BCHT) generated -$700K in operating cash flow during fiscal year 2025, representing cash generated from core business activities.
What are Birchtech Corp's total assets?
Birchtech Corp (BCHT) had $9.2M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Birchtech Corp's capital expenditures?
Birchtech Corp (BCHT) invested $29K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Birchtech Corp spend on research and development?
Birchtech Corp (BCHT) invested $1.8M in research and development during fiscal year 2025.
What is Birchtech Corp's current ratio?
Birchtech Corp (BCHT) had a current ratio of 0.47 as of fiscal year 2025, which is below 1.0, which may suggest potential liquidity concerns.
What is Birchtech Corp's return on assets (ROA)?
Birchtech Corp (BCHT) had a return on assets of -32.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Birchtech Corp's cash runway?
Based on fiscal year 2025 data, Birchtech Corp (BCHT) had $2.2M in cash against an annual operating cash burn of $700K. This gives an estimated cash runway of approximately 38 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
Why is Birchtech Corp's debt-to-equity ratio negative or not reported?
Birchtech Corp (BCHT) has negative shareholder equity of -$1.7M as of fiscal year 2025, so no debt-to-equity ratio is reported: dividing debt by equity that is not positive produces a number that cannot be read as leverage. This can occur when accumulated losses exceed invested capital, or after large share buyback programs. Other solvency metrics like the current ratio or interest coverage may be more informative.
What is Birchtech Corp's Altman Z-Score?
Birchtech Corp (BCHT) has an Altman Z-Score of -9.34, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Birchtech Corp's Piotroski F-Score?
Birchtech Corp (BCHT) has a Piotroski F-Score of 4 out of 8 computable signals; 1 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Birchtech Corp's earnings high quality?
Birchtech Corp (BCHT) has an earnings quality ratio of 0.23x, considered low quality (accrual-driven). This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Birchtech Corp cover its interest payments?
Birchtech Corp (BCHT) has an interest coverage ratio of -221.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Birchtech Corp?
Birchtech Corp (BCHT) scores 46 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.