Midwest Energy Emissions Corp. ( (BCHT) ) has released its Q3 earnings. Here is a breakdown of the information Midwest Energy Emissions Corp. presented to its investors.
Birchtech Corp., formerly known as Midwest Energy Emissions Corp., operates in the technology sector focusing on the development and commercialization of mercury emission control technologies for coal-fired power plants across the United States and Canada. The company recently changed its name, reflecting a strategic shift or rebranding effort.
In its latest quarterly report, Birchtech Corp. reported a net loss of $470,236 for the three months ending September 30, 2024, compared to a loss of $827,502 in the same period the previous year. This quarter’s results show a continued struggle with revenue pressures and increased operating expenses, despite efforts to reduce liabilities.
Key financial metrics reveal that revenues decreased to $5.2 million from $6.7 million year-over-year in the third quarter, while cost of sales also dropped, resulting in a gross profit of $1.6 million. However, operating expenses surged significantly to $2.7 million, nearly offsetting gross profits and leading to an operating loss. Additionally, the company completed significant debt restructuring, reducing its unsecured note payable by $12.3 million, which positively impacted its financial standing.
Looking ahead, Birchtech Corp.’s management remains cautious but optimistic about its financial health, supported by a cash position of $4.4 million and a working capital of $3.6 million. The recent debt restructuring and a continued focus on core technologies could provide some financial flexibility to navigate future market challenges.
