BCHT Birchtech Corp.

Overview and Growth

In fiscal 2025, Birchtech Corp. recorded $17.63M of revenue, net loss of $3.03M, and an operating cash outflow of $700.11K. At $17.63M, the top line establishes the operating scale supporting the company’s profit and cash-flow profile. Compared with $17.41M in fiscal 2024, revenue recorded a 1.3% year-over-year increase. Diluted earnings per share were -$0.16, translating the period’s attributable earnings into the amount reported for each diluted share. Total assets stood at $9.24M, showing the scale of resources supporting revenue, earnings, liquidity, and financing. The revenue-to-assets relationship was 1.91x, showing the sales generated relative to the resources carried on the balance sheet.

Profitability

After reported cost of revenue, the company retained $7.40M as gross profit before recognizing operating expenses and other items. The gross-profit relationship equaled 42.0% of revenue, quantifying the portion retained before operating expenses were recognized. The company recorded an operating loss of $3.03M after the reported operating expense base. Relative to revenue, the operating deficit measured 17.2%, showing the shortfall after operating costs. The company ended the period with a net loss of $3.03M, extending the operating result through all remaining items. Net margin was -17.2%, reflecting a loss equal to 17.2% of reported revenue. The company reported negative EBITDA of $2.89M, adding a pre-interest, tax, depreciation, and amortization view of the operating shortfall. The pretax result was a loss of $2.96M, establishing the deficit before tax effects. Pretax margin was -16.8%, reflecting a pre-tax loss equal to 16.8% of revenue. Income tax expense totaled $70.05K, providing the reported tax component that separates pretax and after-tax earnings. The loss-to-assets relationship was 32.8%, placing the bottom-line deficit against the company’s resource base. Compared with a $10.80M net loss in fiscal 2024, the current loss improved to $3.03M.

Liquidity and Capital Structure

At period end, the $9.24M asset base was financed through $10.95M of liabilities and -$1.71M of equity. With total equity at -$1.71M, the company carried a negative book-capital position, increasing its reliance on liabilities and future earnings. The near-term balance sheet paired $5.00M of current assets with $10.74M of current liabilities at the reporting date. The current ratio was 0.47x; current liabilities exceeded current assets, leaving a short-term liquidity deficit. The company held $2.25M in cash and equivalents, a narrower liquidity measure than total current assets. Cash and equivalents represented 20.9% of current liabilities, showing the portion of near-term obligations matched by reported cash alone. Equity equaled -18.6% of assets, showing the shareholder-capital layer within the company’s balance sheet. Liabilities represented 118.6% of total assets, quantifying the liability-funded share of the company’s resource base. The cash-to-assets relationship was 24.3%, comparing reported cash and equivalents with the full positive asset balance. Compared with $10.26M in fiscal 2024, the current asset base moved 10.0% and finished lower. Reported equity changed 243.9% from $1.19M in fiscal 2024, placing the current capital base lower year over year. Compared with $3.46M in fiscal 2024, the current cash balance moved 35.0% and finished lower.

Cash Flow and Earnings Quality

Operating activities used $700.11K of cash, resulting in an operating cash outflow for the year. Capital spending of $29.30K added to the period’s operating cash use, reinforcing the overall cash deficit after investment for the year. Negative free cash flow was $729.41K, leaving a cash deficit after capital spending and reducing financial flexibility. The free-cash-flow deficit equaled 4.1% of revenue, showing the post-investment cash shortfall relative to sales. The free-cash-flow deficit equaled 7.9% of total assets, placing the cash shortfall against the company’s resource base.

Based on the annual report for the fiscal year ending Dec 31, 2025. Analysis generated Oct 21, 2026.