Xeris at H.C. Wainwright conference: growth engine widens

On Monday, 14 September 2026, Birchtech (BCHT) showcased a two-part story at the H.C. Wainwright 28th Annual Global Investment Conference: a thriving legacy air business and an expanding focus on water treatment. The Texas-based company emphasized robust growth, a strong financial position, and legal victories, while acknowledging the challenge of transforming its PFAS strategy into a commercially viable business.

Birchtech's water division, they argued, could be worth significantly more than their air operations, which management believes have a capped revenue potential of around $30 million. The company reported $3.8 million in revenue for the second quarter, with approximately $12 million in cash reserves and zero debt. A $78 million federal court judgment, now projected to be over $80 million after accounting for interest, was highlighted as a significant asset.

Birchtech aims to capitalize on the PFAS compliance market, which they estimate carries an annual cost burden of $1.5 billion across the U.S. The company anticipates near-term catalysts, including a carbon regeneration acquisition, a possible Ameren trial date, and an upcoming announcement for a first greenfield plant. Founder and CEO Rick MacPherson positioned Birchtech as a clean coal and clean water technology company, stressing their dedication to affordable contaminant control in North America.

MacPherson emphasized the significant size of the water treatment market and the company's long-term strategy to focus on more affordable solutions. The company has invested over 15 years in developing activated carbon technologies for air pollution control and is now intensifying their efforts in water treatment. MacPherson described the shift towards water treatment as central to their long-term plan, describing the potential market as "tenfold" the size of their air business.

Birchtech reported $3.8 million in second-quarter revenue, and management described their year-over-year performance as solid, with a strong balance sheet. They highlighted that the company's $36.3 million market capitalization aligns with their modest $19.18 million in revenue over the last year. Birchtech's strong financial footing supports their focus on financial discipline as they scale their water treatment operations.

The company's legal team successfully dismissed all inter partes review challenges, leaving their patents protected from further attacks. A trial date in the Ameren case is expected in the coming weeks, and management is pursuing non-litigious settlement discussions with Ameren, while prepared to go to trial if necessary. Birchtech's expansion plan hinges on proving execution before expanding further.

In the longer term, they expect the carbon regeneration facility to generate revenue by 2027 and the first greenfield plant to be operational by the end of 2024.