Birchtech Corp.
BCHT · Measuring & Controlling Devices, NEC · 26.3M shares · -54%/yr ↓ buyback · EDGAR filings ↗
Reference price $2.40 · est. market cap ~$63M — last insider purchase, 2026-02-27 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D44Loss-making mercury-emissions/activated-carbon micro-cap with weak liquidity and regulatory headwinds.
Strengths
- $57.1M patent-infringement jury verdict (collection uncertain) and PFAS/water optionality
- Established mercury-capture IP and customer relationships
Risks
- Operating/net margins ~ -17%, negative FCF, interest coverage deeply negative (6.4th pct)
- Current ratio 0.47 (8.3rd pct) and MATS rollback erodes core demand; ROE 1.76 is a low-equity artifact
Notable findings
- No interest coverageInterest coverage -221.63 (cannot cover interest)
- Net lossNet loss (net margin -17.2%)
- Cash burnNegative free cash flow (-0.7M)
- Exec changeRecent 8-K item 5.02 8-K ↗
- Weak liquidityCurrent ratio 0.47 (<1)
- Insider buyingInsider buying — 1 open-market buy(s) by 1 insider(s) (~$750,000, last 6mo) Form 4 ↗
- Buying back stockNet buyback — share count -54%/yr over 2y
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Gross margin
42.0%
Operating margin
-17.2%
Net margin
-17.2%
Return on equity
176.5%
Return on assets
-32.8%
Revenue growth (QoQ)
11.9%
Interest coverage
-221.6×
Current ratio
0.5×
Free cash flow
-$729K
Tangible book value
-$3M
Stock comp / revenue
0.7%
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-02-27 | MacPherson Richard | Buy | 312K | $2.40 |
| 2025-12-12 | Kaye David M | Option exercise | 250K | $0.58 |
| 2025-12-12 | Kaye David M | Tax withheld | 155K | $0.93 |
| 2025-12-12 | MacPherson Richard | Option exercise | 500K | $0.58 |
| 2025-12-12 | MacPherson Richard | Tax withheld | 310K | $0.93 |
| 2025-12-11 | Pavlish John | Option exercise | 300K | $0.58 |
| 2025-12-11 | Pavlish John | Tax withheld | 191K | $0.91 |
| 2025-06-20 | Pavlish John | Option exercise | 500K | $0.19 |
| 2025-06-20 | Pavlish John | Tax withheld | 181K | $0.52 |
| 2025-06-20 | MacPherson Richard | Option exercise | 500K | $0.19 |
| 2025-06-20 | MacPherson Richard | Tax withheld | 181K | $0.52 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-05-12 | Exec/director changeExhibits | filing ↗ |
| 2026-05-06 | Exec/director changeExhibits | filing ↗ |
| 2026-04-13 | 5.08OtherExhibits | filing ↗ |
| 2026-03-17 | OtherExhibits | filing ↗ |
| 2026-02-27 | Material agreementOtherExhibits | filing ↗ |
| 2026-01-05 | OtherExhibits | filing ↗ |
| 2025-12-29 | 3.035.03Exhibits | filing ↗ |
| 2025-06-20 | Exec/director changeExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 10-Q | 2026-05-13 | 2026-03-31 | 0001477932-26-003054 ↗ |
| 8-K/A | 2026-05-12 | 2026-05-01 | 0001477932-26-002995 ↗ |
| 8-K | 2026-05-06 | 2026-05-01 | 0001477932-26-002802 ↗ |
| 8-K | 2026-04-13 | 2026-04-10 | 0001477932-26-002165 ↗ |
| 10-K | 2026-03-31 | 2025-12-31 | 0001477932-26-001835 ↗ |
| 8-K | 2026-03-17 | 2026-03-17 | 0001104659-26-029450 ↗ |
| 8-K | 2026-02-27 | 2026-02-25 | 0001104659-26-021534 ↗ |
| 8-K | 2026-01-05 | 2025-12-29 | 0001477932-26-000031 ↗ |
| 8-K | 2025-12-29 | 2025-12-23 | 0001477932-25-009214 ↗ |
| 10-Q | 2025-11-13 | 2025-09-30 | 0001477932-25-008185 ↗ |
| 10-Q | 2025-08-14 | 2025-06-30 | 0001477932-25-005905 ↗ |
| 8-K | 2025-06-20 | 2025-06-13 | 0001477932-25-004727 ↗ |