Birchtech Reports Third Quarter 2026 Financial Results

Third Quarter 2026 Product Revenues Grew 15.7% Year-over-Year to $5.5 Million; Appellee Brief Filed with the Federal Circuit in Support of the $78 Million Final Judgment; Shares Repurchased Under $5.0 Million Program

CORSICANA, Texas, Nov. 12, 2026 (GLOBE NEWSWIRE) -- Birchtech Corp. (NYSE American: BCHT) (TSX: BCHT) (“Birchtech” or the “Company”), a leader in specialty activated carbon technologies for sustainable air and water treatment, today reported financial results for the third quarter ended September 30, 2026.

Key Third Quarter 2026 & Subsequent Operational Highlights

• Filed the Company’s appellee brief with the U.S. Court of Appeals for the Federal Circuit on October 22, 2026, asking the court to affirm in full the jury’s verdict and the approximately $78 million final judgment entered in favor of Birchtech against the CERT defendants by the U.S. District Court for the District of Delaware; post-judgment interest continues to accrue while the appeal is pending.
• Commenced an initial repurchase of shares in the open market in September 2026 under the Company’s previously authorized $5.0 million share repurchase program, buying back 103,864 shares of common stock during the third quarter funded from available cash.
• Entered into an agreement with an industry partner for the supply of high-grade granular activated carbon (GAC), under which the Company expects to begin supplying water treatment customers in early 2027, starting at 2,000 tons per year; the Company believes the agreement will provide a faster, more capital-efficient route into the water treatment market without requiring capital expenditures to establish its initial supply capabilities.
• Appointed Charlie Cooper as Business Development Manager, effective October 1, 2026, to expand Birchtech’s relationships with municipalities, public service districts and utility operators, with a focus on rural and small water systems; Mr. Cooper brings 21 years of water treatment experience, including five years overseeing the West Virginia Rural Water Association’s Emerging Contaminants Program.
• Advanced the Company’s ongoing efforts to develop its first Carbon Rejuvenation® reactivation facility, which is intended to provide water utilities with a lower-cost, more sustainable alternative to replacing spent GAC with virgin media; the Company’s thermally rejuvenated GAC has demonstrated PFAS removal performance comparable to virgin carbon.
• Presented Birchtech’s air and water platforms to institutional investors at the H.C. Wainwright Global Investment Conference, Gabelli Funds’ PFAS Symposium, Noble Capital Markets’ Emerging Growth Conference, and Lake Street Capital Markets’ Best Ideas Growth Conference.
  
  

Management Commentary

Richard MacPherson, Birchtech President and Chief Executive Officer, commented: “Our third quarter results reflect the underlying strength of our core business. Product revenues grew 15.7% year-over-year to $5.5 million, driven by stronger demand in our mercury emissions business and sales to the water treatment market, while SG&A expenses declined 35% largely reflecting significantly lower legal costs associated with prior-year licensing activity. In October, we filed our appellee brief with the Federal Circuit, which details the evidence and the law supporting the jury’s findings on inducement, contributory infringement and damages and asks the court to affirm the approximately $78 million final judgment in full. The appeal does not pause the accrual of post-judgment interest, and we remain committed to collecting the judgment in full while continuing to turn former users of our patented SEA® technology into licensed, long-term product supply customers.

“In water, we continued to build the commercial foundation required to scale. Our ongoing efforts to develop our first Carbon Rejuvenation® reactivation facility advanced during the quarter, and we believe this capacity will offer utilities a more affordable and sustainable path to PFAS compliance. Our new GAC agreement with an industry partner should accelerate the growth of our water business, and give us a faster path to revenue starting in early 2027, with no capital spending on our part to establish an initial supply. Combined with the expanded capabilities of our Analytical Design Centers, which help smaller systems identify the most cost-effective path to compliance before committing capital, these steps should strengthen our ability to support utilities from initial testing through treatment and media reuse.

“Looking ahead, our priorities as we close out 2026 and move into 2027 are clear: convert licensed coal-fired utilities into recurring SEA® supply customers, advance offtake discussions with prospective utility partners for our first planned Carbon Rejuvenation® facility, and expand our presence across the water treatment market through our Design Centers. With $10.8 million in cash and no debt, we have the financial flexibility to execute on these priorities, while our air business continues to serve as a self-funding engine for the growth of our water platform,” concluded MacPherson.

Third Quarter 2026 Financial Results

Revenues totaled $5.5 million in the third quarter of 2026, as compared to $7.4 million in the same year-ago quarter. Product revenues increased 15.7% to $5.5 million, as compared to $4.7 million in the same year-ago quarter, primarily due to the mix of plants running and increased demand for coal in connection with the Company’s mercury emissions business, driven by more extreme weather conditions and higher natural gas prices. Additionally, sales were recognized for the water treatment market in 2026 compared to none in the comparable period of 2025. The change in total revenues was primarily due to $2.6 million in one-time up-front license fees recognized in the third quarter of 2025, for which there were no comparable transactions in the third quarter of 2026.

Gross profit totaled $1.6 million, or 29.9% of total revenues, as compared to $4.0 million, or 54.8% of total revenues, in the same year-ago quarter. The change in gross profit was primarily driven by a shift in revenue mix, as the Company recognized higher-margin licensing revenues in the prior-year period compared to no licensing revenues in the third quarter of 2026. The impact of the decrease in licensing revenue was partially offset by greater product sales in the third quarter of 2026 compared to the prior year period.

SG&A expenses decreased 35% to $1.8 million in the third quarter of 2026, as compared to $2.7 million in the same year-ago quarter. The decrease in expenses was primarily due to lower professional fees, as the prior-year period included significantly higher legal fees associated with licensing activities that generated revenues during that period.

R&D expenses remained approximately flat at $0.5 million in the third quarter of 2026, comparable to $0.5 million in the same year-ago quarter. R&D expenses relate to research conducted to develop water treatment products utilizing new sorbent technologies.

Net loss for the third quarter of 2026 totaled $0.3 million, or $0.01 per basic and diluted share, as compared to net income of $0.8 million, or $0.04 per basic and diluted share, in the same year-ago quarter.

Adjusted EBITDA totaled a loss of ($0.5) million for the three months ended September 30, 2026, as compared to a positive $1.0 million during the three months ended September 30, 2025.

Cash as of September 30, 2026, totaled $10.8 million, with no debt, as compared to $2.2 million as of December 31, 2025.

Third Quarter 2026 Earnings Conference Call

Management will host an investor conference call at 5:00 p.m. Eastern time today, Thursday, November 12, 2026, to discuss Birchtech's third quarter 2026 financial results and provide a corporate update. To participate, please use the following information:

Third Quarter 2026 Earnings Conference Call
Date: Thursday, November 12, 2026
Time: 5:00 p.m. Eastern time
U.S./Canada Dial-in: 1-877-407-0792
International Dial-in: 1-201-689-8263
Conference ID: 13762817
Webcast: BCHT Q3 2026 Earnings Conference Call

Please dial in at least 10 minutes before the start of the call to ensure timely participation.

A telephone playback of the call will be available through Thursday, December 3, 2026. To listen, call 1-844-512-2921 within the United States and Canada or 1-412-317-6671 when calling internationally, using replay pin number 13762817. A webcast replay will be available for one year, using the webcast link above.

About Birchtech Corp.

Birchtech Corp. (NYSE American: BCHT) (TSX: BCHT) is a leader in specialty activated carbon technologies delivering innovative solutions for air and water purification to support a cleaner, more sustainable future. The Company provides patented SEA® sorbent technologies for mercury emissions capture for the coal-fired utility sector and SEA disruptive water purification technologies with a specialization on removing contaminants, including ‘forever chemicals’ such as PFAS, from potable water and industrial wastewater. Backed by a strong intellectual property portfolio and a team of activated carbon experts, Birchtech provides cleaner air to North American communities and is applying this expertise to a novel approach in water purification. To learn more, please visit www.birchtech.com.

Non-GAAP Financial Measures

To supplement our consolidated financial statements presented in accordance with GAAP and to provide investors with additional information regarding our financial results, we consider and are including herein Adjusted EBITDA, a Non-GAAP financial measure. We view Adjusted EBITDA as an operating performance measure and, as such, we believe that the GAAP financial measure most directly comparable to it is net income (loss). We define Adjusted EBITDA as net income adjusted for interest and financing fees, income taxes, depreciation, amortization, stock-based compensation, and other non-cash income and expenses. We believe that Adjusted EBITDA provides us an important measure of operating performance because it allows management, investors, debtholders and others to evaluate and compare ongoing operating results from period to period by removing the impact of our asset base, any asset disposals or impairments, stock-based compensation and other non-cash income and expense items.

Our use of Adjusted EBITDA has limitations as an analytical tool, and this measure should not be considered in isolation or as a substitute for an analysis of our results as reported under GAAP, as the excluded items may have significant effects on our operating results and financial condition. Additionally, our measure of Adjusted EBITDA may differ from other companies’ measure of Adjusted EBITDA. When evaluating our performance, Adjusted EBITDA should be considered with other financial performance measures, including various cash flow metrics, net income and other GAAP results. In the future, we may disclose different non-GAAP financial measures in order to help our investors and others more meaningfully evaluate and compare our future results of operations to our previously reported results of operations.

The following table shows our reconciliation of net income (loss) to Adjusted EBITDA for the three months ended September 30, 2026, and 2025, respectively:

Safe Harbor Statement

With the exception of historical information contained in this press release, content herein may contain “forward-looking statements” that are made pursuant to the Safe Harbor Provisions of the U.S. Private Securities Litigation Reform Act of 1995 or forward-looking information under applicable Canadian securities laws (collectively, “forward-looking statements”). Forward-looking statements are generally identified by using words such as “anticipate,” “believe,” “plan,” “expect,” “intend,” “will,” and similar expressions, but these words are not the exclusive means of identifying forward-looking statements. Forward-looking statements in this release include, without limitation, statements relating to expected developments and growth in Birchtech’s business, the development of the Company’s Carbon Rejuvenation™ capacity, the timing, volumes, revenues and benefits expected under the agreement with an industry partner for the supply of GAC, the enforcement and collection of the Company’s final judgment, the appellate process and its outcome, the timing, and amount or likelihood of any recovery under the judgment, and the accrual and potential recovery of post-judgment interest, and the timing, amount and extent of any future repurchases of the Company’s common stock under its share repurchase program. These statements are based on management’s current expectations and are subject to uncertainty and changes in circumstances. Investors are cautioned that forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the statements made. In addition, this release contains time-sensitive information that reflects management’s best analysis only as of the date of this release. Birchtech does not undertake any obligation to publicly update or revise any forward-looking statements to reflect future events, information or circumstances that arise after the date of this release. Further information concerning issues that could materially affect financial performance or other forward-looking statements contained in this release can be found in Birchtech’s periodic filings with the Securities and Exchange Commission or Canadian securities regulators.

Investor Relations Contact:

Lucas A. Zimmerman
Managing Director
MZ Group - MZ North America
(949) 259-4987
BCHT@mzgroup.us
www.mzgroup.us

Released November 12, 2026