Birchtech Expands Water Treatment Platform with SEA-IX(TM) Nuclear-Grade Ion Exchange Resin Line

• Birchtech reported Q4 2025 product revenues of $3.6M, up 19.8% YoY, with total revenue at $3.8M.
• Net loss narrowed to $0.6M ($0.03 per share) from $1.3M YoY, though gross profit margin compressed to 31% due to a prior-year one-time licensing fee.
• Adjusted EBITDA was negative $1.1M, compared to negative $0.5M in Q4 2024.
• The company completed a concurrent public offering raising approximately $16.6M in gross proceeds, including full exercise of the underwriters' over-allotment option, alongside its February 2026 uplisting to NYSE American.
• A final federal court judgment of approximately $78M in a patent infringement case was secured, with collection efforts initiated despite an ongoing appeal.
• Management launched the SEA-IX nuclear-grade ion exchange resin line, citing an addressable North American market of $185M-$255M, and reported ~$1M in cumulative purchase orders.
• Additional commercial traction includes ~$0.9M in purchase orders from a mid-Atlantic utility for filtration media replacement and a collaboration with Civil & Environmental Consultants for utility water testing.

• The $78M litigation judgment and the $15M-$16.6M equity raise were already disclosed in December 2025 and February 2026, respectively. The Q4 2025 earnings release primarily confirms these prior announcements rather than introducing new catalysts.
• Financial results show expected top-line growth but persistent net losses and negative adjusted EBITDA. Gross margin compression is a notable operational headwind, though management attributes it to a non-recurring prior-year fee.
• The SEA-IX product launch and $1M in purchase orders represent early-stage commercialization. While strategically aligned with the company's water-treatment pivot, the revenue contribution remains immaterial relative to the stated $185M+ TAM.
• Overall, the release is a standard quarterly update that validates execution but does not alter the fundamental risk-reward profile. The market has already priced in the financing, the litigation win, and the product launch.

• Birchtech Corp. develops and commercializes environmental control technologies focused on air purification and water treatment.
• Flagship project: The SEA® mercury emissions capture technology, which has generated ~$37M in cumulative licensing revenue since 2020.
• Strategic pivot: Expanding into a comprehensive water-treatment platform targeting PFAS, heavy metals, and industrial wastewater compliance. Key initiatives include GAC media replacement, SEA-IX ion exchange resins, and the Carbon Rejuvenation process for spent activated carbon.
• The company is transitioning from a litigation/licensing-driven model to a commercial product and service provider, targeting ~50,000 U.S. community water systems.