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.
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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.
