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Birchtech Corp Com (BCHT0.00%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in revenues to $5,236,990 from $6,747,256 in the same quarter the previous year. The decrease is attributed to a change in the mix of plants running in 2024.
Cost of sales for the quarter was $3,642,071, compared to $4,471,788 in the same quarter of the previous year. This decrease is primarily due to a reduction in sales and a decrease in the cost of carbon.
The company reported a gross profit of $1,594,919 for the quarter, compared to $2,275,468 in the previous year.
Selling, general, and administrative expenses increased to $2,702,350 from $2,459,229, primarily due to an increase in salaries, wages, and stock-based compensation.
Net loss for the quarter was $470,236, compared to a net loss of $827,502 in the previous year.
Cash used in operating activities was $3,274,785, while cash used in investing activities was $702,024.
Birchtech had a working capital of $3,604,000 as of September 30, 2024. The company believes it has sufficient working capital to fund operations for at least the next twelve months.
The filing also details the restructuring of debt with AC Midwest Energy LLC, including the repayment of secured and unsecured notes.
Birchtech does not anticipate cash dividend payments to common stockholders in the near future.
The company identified material weaknesses in its internal controls over financial reporting due to a lack of sufficient personnel and insufficient documentation.
Birchtech continues to focus on developing business opportunities in drinking water treatment technologies and remediation technologies for wastewater and coal ash.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Birchtech Corp Com quarterly 10-Q report dated November 14, 2024. To report an error, please email earnings@qz.com.