Birchtech (BCHT) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues rose 32% year-over-year to $4.24 million, driven by growth in water treatment and air business segments, with product sales up and licensing revenue down.

• Completed uplisting to NYSE American and raised $16.44 million in gross proceeds, significantly strengthening liquidity and expanding the investor base.

• Advanced enforcement of a $78 million patent infringement judgment, with collection efforts underway and post-judgment interest accruing, though realization remains uncertain due to ongoing appeals.

• Launched SEA-IX nuclear-grade ion exchange resin, securing $1 million in initial orders and expanding the water solutions portfolio.

• Appointed Michael Mioska as CFO in May 2026 to support growth and M&A activities.

Financial highlights

• Product sales increased to $4.19 million from $2.68 million year-over-year, while licensing revenue dropped to $0 from $525,000.

• Gross profit rose to $1.4 million from $1.2 million, with gross margin at approximately 33%.

• Net loss narrowed to $1.3 million ($0.06 per share) from $1.7 million ($0.09 per share) year-over-year.

• Adjusted EBITDA loss improved to $(1.0) million from $(1.2) million.

• Cash balance at March 31, 2026 was $14.7 million, up from $2.2 million at year-end 2025, with no debt.

Outlook and guidance

• Plans to collect on the $78 million judgment, convert more licensed utilities to recurring product supply, and advance offtake agreements for the first carbon rejuvenation facility.

• Expects continued revenue growth in both air and water segments, with activated carbon sales comprising a larger share of total revenue.

• Anticipates the water business, especially R&D and rejuvenation, to become a profit center in 2026.

• Management expects sufficient liquidity for at least the next twelve months, supported by offering proceeds and anticipated revenues.

• Positioned to capture growth in the water treatment sector, leveraging new laboratory investments and regulatory tailwinds.