Birchtech Reports Third Quarter 2024 Financial Results
Birchtech Corp. (BCHT) has released its Q3 2024 financial results, reporting revenues of $5.2 million against total costs of $6.0 million, resulting in a net loss of $0.47 million. The company maintains a stable financial position with $4.4 million cash on hand and working capital of $3.6 million. A significant milestone was the repayment of remaining principal balance to AC Midwest Energy, leaving only non-recourse profit share liability. The company is focusing on expanding into new markets, particularly in potable water treatment, while maintaining its core business in mercury emissions capture technologies.
Birchtech Corp. (BCHT) ha pubblicato i suoi risultati finanziari per il terzo trimestre 2024, riportando entrate di 5,2 milioni di dollari a fronte di costi totali di 6,0 milioni di dollari, il che ha comportato una perdita netta di 0,47 milioni di dollari. L'azienda mantiene una posizione finanziaria stabile con 4,4 milioni di dollari di liquidità disponibile e un capitale circolante di 3,6 milioni di dollari. Un traguardo significativo è stato il rimborso del saldo principale residuo ad AC Midwest Energy, lasciando solo un'obbligazione di compartecipazione ai profitti senza ricorso. L'azienda si sta concentrando sull'espansione in nuovi mercati, in particolare nel trattamento dell'acqua potabile, mantenendo il suo core business nelle tecnologie di cattura delle emissioni di mercurio.
Birchtech Corp. (BCHT) ha publicado sus resultados financieros del tercer trimestre de 2024, reportando ingresos de 5,2 millones de dólares frente a costos totales de 6,0 millones de dólares, lo que resultó en una pérdida neta de 0,47 millones de dólares. La compañía mantiene una posición financiera estable con 4,4 millones de dólares en efectivo disponible y un capital de trabajo de 3,6 millones de dólares. Un hito significativo fue el reembolso del saldo principal restante a AC Midwest Energy, dejando solo una responsabilidad de participación en ganancias sin recurso. La empresa se está enfocando en expandirse a nuevos mercados, particularmente en el tratamiento de agua potable, mientras mantiene su negocio principal en tecnologías de captura de emisiones de mercurio.
Birchtech Corp. (BCHT)는 2024년 3분기 재무 결과를 발표하며 520만 달러의 매출에 대해 총 비용이 600만 달러에 달했다고 보고하였고, 그 결과 47만 달러의 순손실이 발생하였습니다. 이 회사는 440만 달러의 현금 보유와 360만 달러의 운영 자본을 바탕으로 안정적인 재무 상태를 유지하고 있습니다. 주요 이정표로는 AC Midwest Energy에 남은 원금 잔액을 상환하여 이제 비재무적 이익 공유 책임만 남긴 것이 있습니다. 이 회사는 특히 음용수 처리 분야에서 새로운 시장으로의 확장을 집중하고 있으며, 수은 배출 포집 기술에서 핵심 비즈니스를 유지하고 있습니다.
Birchtech Corp. (BCHT) a publié ses résultats financiers pour le troisième trimestre 2024, rapportant des revenus de 5,2 millions de dollars contre des coûts totaux de 6,0 millions de dollars, entraînant une perte nette de 0,47 million de dollars. L'entreprise maintient une position financière stable avec 4,4 millions de dollars de liquidités disponibles et un fonds de roulement de 3,6 millions de dollars. Un jalon important a été le remboursement du solde du capital restant à AC Midwest Energy, ne laissant qu'une obligation de partage des bénéfices sans recours. L'entreprise se concentre sur l'expansion vers de nouveaux marchés, en particulier dans le traitement de l'eau potable, tout en maintenant son activité principale dans les technologies de capture des émissions de mercure.
Birchtech Corp. (BCHT) hat seine Finanzzahlen für das dritte Quartal 2024 veröffentlicht und berichtet von Umsätzen in Höhe von 5,2 Millionen Dollar bei Gesamtkosten von 6,0 Millionen Dollar, was zu einem Nettoverlust von 0,47 Millionen Dollar geführt hat. Das Unternehmen hält eine stabile finanzielle Position mit 4,4 Millionen Dollar Bargeld und einem Working Capital von 3,6 Millionen Dollar. Ein bedeutender Meilenstein war die Tilgung des verbleibenden Hauptbetrags an AC Midwest Energy, wodurch nur noch eine nicht rückforderbare Gewinnbeteiligungsverpflichtung besteht. Das Unternehmen konzentriert sich darauf, in neue Märkte zu expandieren, insbesondere im Bereich der Trinkwasseraufbereitung, während es sein Kerngeschäft in der Technik zur Erfassung von Quecksilberemissionen beibehält.
- Strong liquidity position with $4.4M cash on hand
- Healthy working capital of $3.6M
- 1.9:1 current assets to liabilities ratio
- Complete repayment of AC Midwest Energy debt
- Q3 2024 net loss of $0.47M
- Operating expenses ($6.0M) exceed revenue ($5.2M)
Corsicana, Texas--(Newsfile Corp. - November 14, 2024) - 8:07 AM ET - Birchtech Corp. (TSX: BCHT) (OTCQB: BCHT) ("Birchtech" or the "Company"), a leading environmental technologies firm, has reported financial results for the third quarter ended September 30, 2024. The Company reports the following highlights for the period ended September 30, 2024:
Q3 Financial Summary Highlights (USD):
- Cash on hand of
$4.4 million - Working capital of
$3.6 million - 1.9 to 1 ratio of current assets to current liabilities
- Revenues of
$5.2 million for Q3 2024 - Total costs and expenses of
$6.0 million for Q3 2024 - Net loss of
$0.47 million for Q3 2024 - Repayment of remaining principal balance due to AC Midwest Energy on its unsecured note, leaving only non-recourse profit share liability outstanding
Additional information can be found in the Company's Form 10-Q for the quarterly period ended September 30, 2024, filed with the Securities and Exchange Commission on November 14, 2024.
"As we reach the final months of 2024, we remain in a stable, strong financial position in support of our launch into new markets in the near term," stated Richard MacPherson, CEO of Birchtech Corp. "The repayment of our debt to our primary financial partner was a significant achievement during these last few months. Removing all major debt allows for further investment in our company's growth as we work to establish potentially industry disrupting technologies that provide significant benefit to the potable water treatment sector.
"Through our ongoing patent protection efforts, we expect to see additional license agreements from discussions with current defendants that our now underway. Our core business in mercury emissions capture technologies remains a consistent foundation as we continue in our efforts to establish positive business relationships across the power industry.
"Moving into 2025, with this team of industry renown experts and excellent support staff and operational improvements, our future is expected to be punctuated by transitional corporate growth," concluded MacPherson.
About Birchtech Corp.
Birchtech Corp. (TSX: BCHT) (OTCQB: BCHT), formerly Midwest Energy Emissions Corp., is an environmental technology firm that promotes cleaner water and air with highly effective, affordable, and sustainable business solutions. Birchtech's separate operating divisions each offer innovative, efficient technologies addressing critical industry concerns. With over 40 patents, the Company's ME2C Environmental division has provided patented SEA® sorbent technologies for mercury emissions capture to the coal-fired utility sector since 2008. WE2C Environmental is focused on developing new, disruptive technologies for PFAS/PFOS removal from potable (drinking) water. New and innovative water purification technologies are under development to meet the growing demand for sustainable water solutions worldwide. Learn more at http://www.birchtech.com.
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 statements relating to expected developments and growth in Birchtech's business. 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.
Media Inquiries:
Sandi Scott
Tunheim
Direct: 651-208-4582
sscott@tunheim.com
Investor Relations:
ir@birchtech.com
ir@me2cenvironmental.com
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/229847
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