{"url_path":"/sec/bcht/10-q/2026/cover-page","section_key":"cover-page","section_title":"Cover Page","topic":"sec","document":{"doc_type":"10-Q","doc_date":"2026-05-13","source_url":"https://www.sec.gov/Archives/edgar/data/728385/0001477932-26-003054-index.html","accession_number":"0001477932-26-003054","cik":"0000728385","ticker":"BCHT","issuer_name":"Birchtech Corp.","edgar_url":"https://www.sec.gov/Archives/edgar/data/728385/0001477932-26-003054-index.html","primary_entity_key":"0000728385","primary_entity_name":"Birchtech 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STATES**\n\n**SECURITIES AND EXCHANGE COMMISSION**\n\n**WASHINGTON, DC 20549**\n\n \n\n**FORM 10-Q**\n\n \n\nQUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE\n\nSECURITIES EXCHANGE ACT OF 1934\n\n \n\n**For the quarterly period ended March 31, 2026**\n\n \n\nCommission file number **000-33067**\n\n \n\n**BIRCHTECH CORP.**\n\n(Exact name of Registrant as Specified in its Charter)\n\n \n\n**Delaware**\n\n \n\n**87-0398271**\n\n(State or other jurisdiction of\n\nincorporation or organization)\n\n \n\n(I.R.S. Employer\n\nIdentification No.)\n\n \n\n**1810 Jester Drive**\n\n**Corsicana, Texas**\n\n \n\n**75109**\n\n(Address of principal Executive offices)\n\n \n\n(Zip Code)\n\n \n\n**(614) 505-6115**\n\n(Registrant’s Telephone Number, Including Area Code)\n\n \n\n**Not applicable**\n\n(Former Name, Former Address and Former Fiscal Year, if Changed Since Last Report)\n\n \n\nSecurities registered pursuant to Section 12(b) of the Act:\n\n \n\nTitle of each class\n\n \n\nTrading Symbol(s)\n\n \n\nName of each exchange on which registered\n\nCommon Stock, par value $0.001\n\n \n\nBCHT\n\n \n\nNYSE American LLC\n\n \n\nIndicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐\n\n \n\nIndicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definition of “large accelerated filer”, “accelerated filer”, “smaller reporting company” and “emerging growth company” in Rule 12b-2 of the Exchange Act.\n\n \n\nLarge accelerated filer\n\n☐\n\nAccelerated filer\n\n☐\n\nNon-accelerated filer\n\n☒\n\nSmaller reporting company\n\n☒\n\n \n\n \n\nEmerging growth company\n\n☐\n\n \n\nIf an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐\n\n \n\nIndicate by check mark whether the registrant is a shell company (as defined by Rule 12b-2 of the Exchange Act). Yes ☐ No ☒\n\n \n\nState the number of shares outstanding of each of the Issuer’s classes of common stock, as of the latest practicable date: Common, $0.001 par value per share, 26,305,966 outstanding as of May 13, 2026.\n\n \n\n \n\n \n\n \n\n**BIRCHTECH CORP.**\n\n \n\n**TABLE OF CONTENTS**\n\n \n\n \n\n \n\n \n\n**Page**\n\n \n\n**PART I ‑ FINANCIAL INFORMATION**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n[Item 1.](#i1)\n\n[Financial Statements.](#i1)\n\n \n\n4\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n[Condensed Consolidated Balance Sheets as of March 31, 2026 (Unaudited) and December 31, 2025](#bs)\n\n \n\n4\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n[Condensed Consolidated Statements of Operations for the Three Months Ended March 31, 2026 and 2025 (Unaudited)](#so)\n\n \n\n5\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n[Condensed Consolidated Statements of Changes in Stockholders’ Equity (Deficit) for the Three Months Ended March 31, 2026 and 2025 (Unaudited)](#eq)\n\n \n\n6\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n[Condensed Consolidated Statements of Cash Flows for the Three Months Ended March 31, 2026 and 2025 (Unaudited)](#cf)\n\n \n\n7\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n[Notes to Condensed Consolidated Financial Statements (Unaudited)](#notes)\n\n \n\n8\n\n \n\n \n\n \n\n \n\n \n\n \n\n[Item 2.](#i2)\n\n[Management’s Discussion and Analysis of Financial Condition and Results of Operations.](#i2)\n\n \n\n26\n\n \n\n[Item 3.](#i3)\n\n[Quantitative and Qualitative Disclosures About Market Risk.](#i3)\n\n \n\n33\n\n \n\n[Item 4.](#i4)\n\n[Controls and Procedures.](#i4)\n\n \n\n33\n\n \n\n \n\n \n\n \n\n \n\n \n\n**PART II - OTHER INFORMATION**\n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n \n\n[Item 1.](#it1)\n\n[Legal Proceedings.](#it1)\n\n \n\n34\n\n \n\n[Item 1A.](#it1a)\n\n[Risk Factors.](#it1a)\n\n \n\n34\n\n \n\n[Item 2.](#it2)\n\n[Unregistered Sales of Equity Securities and Use of Proceeds.](#it2)\n\n \n\n34\n\n \n\n[Item 3.](#it3)\n\n[Default upon Senior Securities.](#it3)\n\n \n\n35\n\n \n\n[Item 4.](#it4)\n\n[Mine Safety Disclosures.](#it4)\n\n \n\n35\n\n \n\n[Item 5.](#it5)\n\n[Other Information.](#it5)\n\n \n\n35\n\n \n\n[Item 6.](#it6)\n\n[Exhibits.](#it6)\n\n \n\n35\n\n \n\n \n\n \n\n \n\n \n\n \n\n**SIGNATURES**\n\n \n\n36\n\n \n\n \n\n \n\n2\n\n*Table of Contents*\n\n \n\n**FORWARD-LOOKING STATEMENTS**\n\n \n\nThis Quarterly Report on Form 10-Q contains “forward-looking statements” that are made pursuant to the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995 or applicable Canadian securities laws (collectively, “forward-looking statements”). Forward-looking statements reflect management’s current expectations regarding our future growth, results of operations, cash flows, performance and business prospects, and opportunities, as well as assumptions made by, and information currently available to, our management. 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. These statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements. Such risks include, without limitation, the following:\n\n \n\n \n\n·\n\nchanges in general economic and business conditions;\n\n \n\n·\n\nrisks related to our industry, including regulatory changes and competitive pressures;\n\n \n\n·\n\nthe loss of major customers;\n\n \n\n·\n\ndependence and availability and retention of key suppliers;\n\n \n\n·\n\nrisks related to advancement in technologies;\n\n \n\n·\n\nlack of diversification in our business;\n\n \n\n·\n\nrisks related to intellectual property, including the ability to protect intellectual property and the success of any patent litigation;\n\n \n\n·\n\nchanges in demand for coal as a fuel source for electricity production;\n\n \n\n·\n\ndevelopment and growth of our new technologies, particularly in the water treatment market;\n\n \n\n·\n\nability to retain key personnel;\n\n \n\n·\n\nthe potential that dividends may never be declared;\n\n \n\n·\n\nvaried, and, at times, limited trading activity for our common stock;\n\n \n\n·\n\nvolatility in our stock price; and\n\n \n\n·\n\nother factors described in the section entitled “*Risk Factors*” in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 filed on March 31, 2026 with the U.S. Securities and Exchange Commission, and in other filings with the Securities and Exchange Commission or Canadian securities regulators.\n\n \n\nFurther, any forward-looking statement speaks only as of the date on which it is made, and we undertake no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for us to predict which factors will arise. In addition, we cannot assess the impact of each factor on our business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements. We qualify all of the information presented in this report, and particularly our forward-looking statements, by these cautionary statements.\n\n \n\nExcept to the extent required by applicable laws or rules, we undertake no obligation to publicly update or revise any forward-looking statement, whether written or oral, that may be made from time to time, whether as a result of new information, future events or otherwise.\n\n \n\n \n\n3\n\n*Table of Contents*\n\n \n\n** PART I – FINANCIAL INFORMATION**"}