This Small Cap Is Done Talking About Its Buyback and Ready to Start Buying

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Wednesday, September 9, 2026

Share repurchase programs send a stronger message when they're backed by cash rather than debt. By buying shares in the open market, a company shrinks its outstanding count and raises the ownership stake represented by every remaining share. The distinction that matters, though, is whether management merely holds an authorization to repurchase stock or has announced that purchases are actually about to begin.

Shares of Birchtech Corp. (NYSE American: BCHT) (TSX: BCHT) are climbing Wednesday after the specialty activated carbon company announced it will begin purchasing shares under its previously authorized $5.0 million repurchase program. Birchtech expects purchases may commence on or after September 14 and continue through December 31, 2026, unless completed, suspended, or discontinued earlier.

The company's board originally authorized the program in March 2025. Shares may now be repurchased from time to time through open-market transactions on the NYSE American at prevailing prices, subject to legal and regulatory requirements.

The number of shares purchased, along with the timing and price of each transaction, will depend on market conditions, Birchtech's share price, and other considerations. The company is not obligated to buy any particular number of shares.

Birchtech intends to fund any repurchases from available cash. As of June 30, 2026, the company reported $11.8 million in cash and no debt, giving it room to return capital while continuing to invest in scaling its operating businesses.

"Commencing this program reflects the confidence of our Board and management team in the durability of our business and in the value we are building across both of our platforms," said Richard MacPherson, President and Chief Executive Officer. He pointed to the company's secured patent estate, a substantial final judgment it continues to pursue, and the progression of its water business from validation toward commercial deployment, adding that management intends to act "opportunistically and with discipline."

Birchtech develops specialty activated carbon technologies for air and water treatment. Its patented SEA sorbent products capture mercury emissions from coal-fired power plants, while its water purification platform targets contaminants in potable water and industrial wastewater.

That emerging water business includes technologies designed to remove perfluoroalkyl and polyfluoroalkyl substances, commonly known as PFAS or "forever chemicals." These persistent compounds have become a growing treatment challenge for municipal water systems and industrial operators, and Birchtech is applying its activated carbon expertise to a novel approach for pulling them out of the water supply.

The start of purchases converts a board authorization that has sat on the shelf for 18 months into an active capital-return program, though the ultimate size of the buyback remains up to management and the market.

Shares of BCHT are up 5.9% to $1.26 on the NYSE American, while the company's TSX-listed shares have advanced 5.5% to C$1.73 in Wednesday trading.

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