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Birchtech Corp Com (BCHT-3.61%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. The filing filing includes details on the company's financial performance, legal proceedings, and business operations.
The company reported revenues of approximately $17.4 million for the year ended December 31, 2024, compared to $17.6 million in the previous year. The decrease in revenues was primarily due to a reduction in product sales, although licensing revenues increased.
Cost of sales for the year was approximately $10.3 million, down from $12.2 million in the previous year. The decrease was attributed to lower product sales and reduced cost of carbon.
Birchtech reported a gross profit of approximately $7.1 million, up from $5.5 million in the previous year. The increase in gross profit was primarily due to higher licensing revenues.
Operating expenses totaled approximately $14.3 million, largely unchanged from the previous year. Selling, general, and administrative expenses were approximately $14.2 million.
The company reported an operating loss of approximately $7.2 million, compared to an operating loss of $9.0 million in the previous year.
Net loss for the year was approximately $10.8 million, compared to net income of $5.7 million in the previous year. The change was primarily due to the absence of income from legal claims in 2024, which had been significant in 2023.
Birchtech's total assets were approximately $10.3 million as of December 31, 2024, compared to $28.3 million in the previous year. The decrease in total assets was mainly due to a reduction in cash and accounts receivable.
Total liabilities were approximately $9.1 million, down from $28.3 million in the previous year. The decrease was primarily due to the repayment of outstanding debt and the modification of the terms of the profit share liability.
The company continues to focus on its mercury emissions control business and is developing new technologies for the water treatment market. It has also been involved in patent litigation to protect its intellectual property.
Birchtech identified a material weakness in its internal controls over financial reporting due to a lack of sufficient personnel and documentation. The company is taking steps to address these issues.
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 annual 10-K report dated March 31, 2025. To report an error, please email earnings@qz.com.