Birchtech Q3 2026: Product Revenue Up 15.7%, Water Treatment Expansion and $78M Judgment Appeal

Birchtech reported third quarter 2026 results with product revenue up 15.7% year over year to $5.5 million, driven by stronger demand in its mercury emissions business and initial sales to the water treatment market. Total revenue fell to $5.5 million from $7.4 million because the prior-year quarter included $2.6 million in one-time licensing fees. The company posted a net loss of $0.3 million and adjusted EBITDA of negative $0.5 million, while ending the quarter with $10.8 million in cash and no debt. On the legal side, Birchtech filed an appellee brief with the Federal Circuit asking it to affirm a roughly $78 million judgment against the CERT defendants, with post-judgment interest still accruing. On the operational side, the company signed a supply agreement for high-grade granular activated carbon to serve water treatment customers starting in early 2027, and continues work on a Carbon Rejuvenation reactivation facility that could give utilities a lower-cost alternative to replacing spent carbon used for PFAS removal. The main story is the shift from licensing revenue toward recurring product sales, plus the push into water treatment. The mercury business still depends on coal plant utilization, while the water business is early stage and small, with 2,000 tons per year planned initially. The appeal outcome and the ability to convert former SEA technology users into long-term supply customers will determine whether this growth narrative holds.