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Think of Birchtech as:

• A Donaldson Company specializing in advanced environmental purification for industrial air and water.
• A smaller, emerging MP Materials in the rare earth elements space.

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• Mercury Capture Solutions: Birchtech offers environmental solutions, specifically mercury capture technology, to the power industry.
• Rare Earth Element Extraction and Processing: The company is involved in the extraction and subsequent processing of rare earth elements.
• Water Purification Solutions: Birchtech provides solutions for purifying water, with a specific focus on removing PFAS/PFOS contaminants from potable water.

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Birchtech Corp. (BCHT) primarily sells its solutions and technologies to other companies and organizations (B2B/B2G).

While specific customer names are not provided in the company description, its major customers belong to the following categories of industries and organizations:

• The Power Industry: Birchtech provides mercury capture solutions and Sorbent Enhancement Additive (SEA) technology, specifically for "coal-fired flue gas." This indicates their primary customers are power generation companies and utilities.
• Industries Utilizing Rare Earth Elements: Given Birchtech's involvement in the "extraction and processing of rare earth elements," another category of customers would be companies that require or process these elements for various applications (e.g., electronics, magnets, defense).
• Municipalities, Utilities, and Industrial Clients Requiring Water Purification: For its "water purification solutions that focus on PFAS/PFOS removal from potable water," customers would typically be municipal water treatment facilities, other utilities, or industrial clients managing their water quality.

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Richard MacPherson, President and CEO
Richard MacPherson has over 30 years of executive experience across various industries in North America. He founded the company, then known as Midwest Energy Emissions Corp., in 2008 to commercialize its Sorbent Enhancement Additive (SEA®) technologies, originally developed by the DOE and EERC. As President and CEO since 2016, he oversees the expansion, development, and commercialization of Birchtech's proprietary emissions control technologies within the fossil-fueled energy sector, as well as water purification solutions. Mr. MacPherson also successfully led the growth in enterprise value in previous senior management roles.

Fiona Fitzmaurice, Chief Financial Officer
Fiona Fitzmaurice is an ACCA chartered certified accountant with more than 15 years of experience in accounting and financial control for both private and publicly listed companies, including those on the TSX Venture Exchange. She has extensive experience as a CFO for exploration companies and has been involved in numerous private placements, prospectus filings, flow-through financings, and corporate audits. Ms. Fitzmaurice has served as CFO for several companies, including Exploits Discovery Corp., Digicann Ventures Inc., Provenance Gold Corp., Pedro Resources Ltd., and MacDonald Mines Exploration Ltd..

John Pavlish, Senior Vice President, Chief Technology Officer
John Pavlish possesses over 20 years of experience related to mercury and is recognized as an international expert in the field. His expertise includes research, technical consultation, and the development of mercury control technologies, particularly for coal combustion and gasification systems. Mr. Pavlish is an inventor of numerous patented mercury control technologies and has experience in their development and testing for commercial application. He also has power plant experience, having worked for Black & Veatch as a Unit Leader/System Engineer.

Dr. David Mazyck, Executive Director of Innovation and Commercialization
Dr. David Mazyck earned his Ph.D. in Environmental Engineering from Penn State University, specializing in activated carbon and reactivation technologies. He served as a Professor of Environmental Engineering Sciences at the University of Florida (UF) for over 20 years, holding various administrative positions. In his role at Birchtech, Dr. Mazyck oversees the company's technology development for water treatment and directs the commercialization activities for its water business.

Jim Trettel, Vice President - Operations
Jim Trettel has 25 years of experience in the dry bulk material-handling industry. His background includes project management and engineering responsibilities for numerous multimillion-dollar turnkey contracts. Mr. Trettel has also managed day-to-day operations for 14 years as the Vice President of a sales, systems, and engineering organization focused on bulk material handling. He has extensive field experience with systems operating across a wide range of industrial sectors, including coal-fired utilities.

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Here are the key risks to Birchtech Corp.'s business:

1. Financial Vulnerabilities and Liquidity Concerns

   Birchtech Corp. faces significant financial challenges, as indicated by various metrics. The company has a Piotroski F-Score of 3, suggesting poor business operations, and exhibits liquidity constraints with a current ratio of 0.55 and a quick ratio of 0.5. A negative debt-to-equity ratio of -0.24 further points to potential financial instability. Additionally, an Altman Z-Score of -6.49 places the company in a "distress zone," implying a high risk of bankruptcy within two years. Birchtech also struggles with profitability, reporting a net margin of -19.46% and an operating margin of -9.04% on revenues of $19.4 million. The company also has negative shareholders' equity and a highly volatile share price.

2. Uncertainty and Delays in Patent Judgment Collection

   While Birchtech was awarded a substantial $78 million federal court judgment in a patent infringement case related to its mercury capture technology in December 2025, the collection of this amount is subject to uncertainty. The defendants have filed an appeal, which could significantly delay or potentially alter the ultimate receipt of these funds. This ongoing legal process and the appeal introduce considerable risk, especially given the judgment amount exceeds the company's current market capitalization and is critical to its financial health.

3. Dependence on Environmental Regulations and Policy Changes

   A significant portion of Birchtech's business, particularly its mercury capture solutions for the power industry and its water purification solutions focusing on PFAS/PFOS removal, is directly dependent on environmental regulations and evolving environmental policies. Changes, or a lack of changes, in these regulations could materially impact the demand for Birchtech's technologies and services. For example, any loosening of emissions standards or slower adoption of new water quality standards could reduce the market for their offerings.

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The global transition away from coal-fired power generation presents a clear emerging threat to Birchtech's mercury capture solutions business. As countries and utilities increasingly pivot to renewable energy sources and phase out coal plants, the demand for technology designed for mercury control in coal-fired flue gas will diminish significantly over time.

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Birchtech (symbol: BCHT) operates in several addressable markets related to environmental services and technology.

• Mercury Capture Solutions: The global mercury removal market was valued at approximately USD 1.785 billion in 2024 and is projected to reach USD 2.732 billion by 2035, growing at a Compound Annual Growth Rate (CAGR) of 3.95% between 2025 and 2035. Another report estimates the global mercury removal adsorbents market at USD 1.7 billion in 2026, projected to reach USD 2.7 billion by 2035 with a CAGR of around 5.4%. The power generation industry accounts for a significant portion of this market, holding a 45% share in the activated carbon mercury control market. North America currently holds a substantial share of the mercury removal market, with Asia-Pacific expected to see significant growth.
• Rare Earth Elements Extraction and Processing: The global rare earth elements market was valued at USD 5.81 billion in 2024 and is expected to grow to USD 10.80 billion by 2030, with a CAGR of 10.72%. This market includes the exploration, extraction, processing, and commercialization of these elements. Another estimate placed the global rare earth elements market size at USD 3.95 billion in 2024, projected to reach USD 6.28 billion by 2030, with a CAGR of 8.6% from 2025 to 2030. Asia-Pacific was the dominant region in 2024, holding over 86% of the revenue share, with China being the largest producer and consumer. However, North America is actively exploring alternative mining options.
• Water Purification Solutions (PFAS/PFOS Removal): The global PFAS treatment market size was estimated at USD 2,081.9 million in 2024 and is projected to reach USD 3,859.4 million by 2033, growing at a CAGR of 7.2% from 2025 to 2033. Similarly, the global PFAS filtration market size was valued at approximately USD 2.00 billion in 2024 and is projected to reach USD 3.97 billion by 2034, with a CAGR of roughly 7.10% between 2025 and 2034. The market is driven by increasing environmental regulations, public awareness of health risks, and the need for water and soil remediation. North America dominated the global PFAS treatment market in 2024 with a 40.4% market share and is expected to lead the global PFAS filtration market during the forecast period due to stringent regulations and advanced infrastructure. The point-of-exit PFAS treatment systems market, relevant for potable water, was valued at USD 517.47 million globally in 2024 and is projected to grow at a CAGR of 6.6% from 2025 to 2034.

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Here are the expected drivers of future revenue growth for Birchtech (symbol: BCHT) over the next 2-3 years:

1. Expansion of Clean Air Business (Mercury Capture Solutions): Birchtech anticipates significant growth in its mercury capture solutions business, driven by new customer acquisitions and an increasing number of licensing agreements for its Sorbent Enhancement Additive (SEA) technology. The company projects its air business revenue to reach at least $23 million in 2025, with an annual revenue run rate potential of $40 million by the end of 2026. This growth is further supported by the current administration's stance on coal-fired power generation and stringent environmental regulations for emissions control, which encourages utilities to adopt effective mercury reduction technologies. Birchtech expects to convert current technology adopters, including those currently infringing on its patents, into direct product supply customers and licensees, which is a key component of their growth strategy.
2. Commercialization and Growth of Water Purification Solutions (PFAS/PFOS Removal): Birchtech has strategically expanded into the water treatment market, focusing on solutions for the removal of "forever chemicals" like PFAS and PFOS. This segment represents a significant long-term growth opportunity, with revenues expected to commence in the latter half of 2025 and contribute substantially in 2026 and beyond. The company has already secured initial purchase orders, including a $900,000 order in October 2025 from a large mid-Atlantic power utility for PFAS wastewater filtration. Ongoing pilot programs with municipal and institutional entities, such as public universities, are expected to translate into long-term carbon supply contracts starting in 2027. New EPA regulations for PFAS in drinking water are a major catalyst for the demand for these solutions.
3. Intellectual Property Enforcement and Licensing Revenue: Birchtech continues to benefit from its robust intellectual property portfolio through active enforcement and licensing. The company has secured significant financial gains from patent infringement cases, including a $78 million federal court judgment and approximately $37 million in license fees and settlements since 2020. This ongoing strategy of pursuing litigation against infringing entities is expected to drive further revenue growth by converting these users into legitimate licensees or direct supply customers.
4. Development and Commercialization of GAC Rejuvenation Facilities: Birchtech plans to begin construction of its first Granular Activated Carbon (GAC) rejuvenation facility in 2026, with an anticipated operational date by late 2027. This facility will enable the thermal rejuvenation of spent GAC, effectively destroying PFAS contaminants and allowing for the reuse of the carbon. This initiative is designed to establish a vertically integrated supply-and-service model, offering customers a lower-cost and more environmentally sustainable solution, thereby creating a new source of recurring revenue for Birchtech.

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Share Repurchases

• Birchtech Corp. authorized a share repurchase program in March 2025, allowing the company to purchase up to $5.0 million of its common stock. This program is anticipated to begin in the second half of 2025 and does not have an expiration date.
• Prior to its name change, Midwest Energy Emissions Corp.'s CEO had plans to utilize proceeds from a legal settlement to exercise an option to buy back 7 million shares at $0.50 per share.

Share Issuance

• In February 2026, Birchtech completed a public offering of 6.25 million shares of common stock at $2.40 per share, generating approximately $15 million in gross proceeds. Underwriters were granted a 30-day option to purchase up to an additional 937,500 shares.
• The net proceeds from the February 2026 public offering are intended for continuing operating expenses, working capital, and general corporate purposes.
• Birchtech executed a 1-for-5 reverse stock split in December 2025, aimed at enhancing the stock's marketability and institutional positioning.

Inbound Investments

• Midwest Energy Emissions Corp. (now Birchtech) secured a $57 million judgment in March 2024 from a patent infringement lawsuit, with additional settlements from other parties estimated at $30-40 million.
• A federal court entered a $78 million judgment in a patent case in December 2025. The company has also received approximately $37 million in license fees and settlements since 2020.

Capital Expenditures

• In the last 12 months, Birchtech's capital expenditures were approximately $130,803.
• Annual capital expenditures were -$809.4K in 2024, $0 in 2023, -$10.7K in 2022, and -$11.0K in 2021.
• Birchtech plans to initiate the construction of its first Granular Activated Carbon (GAC) rejuvenation facility in 2026, with an expected operational date in late 2027, focusing on expanding its water treatment business.