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Canadian Halal Investor.

Screened October 1, 2026 · TSX: BCHT · Q2 2026 results

PASS

Is Birchtech Corp. (BCHT) halal?

Birchtech Corp. (TSX: BCHT) is a specialty activated carbon technology company — patented sorbents for mercury emissions capture from coal-fired power plants, PFAS water treatment, and a "Carbon Rejuvenation" thermal reactivation process. The business passes the business gate with no haram segments identified. Interest-bearing debt of ~$0.24M at June 30, 2026 is ~0.6% of a ~$38.4M market cap, far under the ~33% AAOIFI ceiling. Interest income is ~3.1% of revenue (passes); cash of ~$11.8M (~30.9% of market cap) passes. Result: PASS on all gates. Data from Q2 2026 results, screened October 1, 2026.

The two-gate Shariah screen

Every screener on this site runs the same two gates: first, the business must be halal (no conventional insurance, banking, alcohol, gambling, weapons manufacturing, and the like); second, the financial ratios must clear (debt under roughly 33% of market cap, non-compliant income under roughly 5%).

Gate one: the business — passes

Birchtech (formerly Midwest Energy Emissions Corp., renamed October 2024) develops and delivers patented specialty activated carbon products: mercury emissions control sorbents sold to the power industry (Q2 2026 product revenue $3.47M), plus a growing water-treatment business targeting PFAS removal ("other revenues" of ~$324k in Q2 2026 were demonstrations, consulting and services revenue, and equipment sales per the Q2 2026 10-Q notes). No banking/insurance, alcohol, gambling, weapons, pork, or conventional-finance activities are disclosed in filings or press releases — no haram segments identified. The business gate passes. (Corporate notes: listed on the TSX since November 12, 2024 and on the NYSE American since February 2026; ~$16.4M equity raise in February–March 2026; ~$78M patent-litigation judgment awarded in 2026 with post-judgment interest accruing, appeal pending; $5M share repurchase program authorized through December 31, 2026.)

Gate two: the ratios — all pass

All three gates pass — business, debt, and income — so this screener gives a PASS.

What other screeners say

The bottom line

This screener gives Birchtech Corp. (TSX: BCHT) a PASS. The specialty activated carbon business passes the business gate with no haram segments, interest-bearing debt is ~0.6% of market cap, and interest income is ~3.1% of revenue. The one gate to watch is cash at ~30.9% of market cap — under the ~33% ceiling, but a raise or price drop could push it over. Snapshot dated October 1, 2026; re-checked quarterly after earnings.

Sources

Related screeners

Frequently asked questions

Is Birchtech (BCHT) halal?

Our screener gives Birchtech Corp. a PASS screening result. The business — specialty activated carbon technologies for sustainable air and water treatment (mercury emissions capture sorbents, PFAS water treatment, and thermal carbon reactivation) — passes the business gate with no haram segments identified. Interest-bearing debt of ~$0.24M (operating leases only, no borrowings) is ~0.6% of a ~$38.4M market cap, far under the ~33% AAOIFI ceiling. Interest income of $115,928 in Q2 2026 is ~3.1% of revenue (passes); cash of ~$11.8M is ~30.9% of market cap (passes).

How does Birchtech pass the debt screen?

At June 30, 2026 Birchtech carried no borrowings at all — its only interest-bearing obligations were operating lease liabilities of ~$239k ($55,338 current + $183,644 non-current). Against 26,305,966 shares at $1.4585 (~$38.4M market cap, October 1, 2026), that is ~0.6%, far under the ~33% ceiling. The related-party profit-share liability of ~$7.35M is a fair-value contingent obligation, not interest-bearing debt, and is excluded per our methodology. The company was debt-free after repaying $13.1M in 2024.

Do Birchtech's other ratios pass?

Yes. Interest income is a separately disclosed line: $115,928 for the three months ended June 30, 2026 against $3,790,652 of revenue — about 3.1%, under the ~5% ceiling. Cash and cash equivalents of ~$11.8M at June 30, 2026 are ~30.9% of market cap, under the ~33% cash-plus-securities ceiling (note: it is the closest gate, just ~2 points of margin). The business passes the business gate with no haram segments identified. All three gates pass, so the result is PASS.

What do Zoya, Musaffa and ShariaPortfolio say about Birchtech?

As of October 1, 2026: BCHT appears on Zoya's public halal stocks list page (zoya.finance/stocks), so Zoya's database covers the ticker, though Zoya's per-stock ratings are app-gated and no public rating could be verified; Musaffa publishes per-stock pages for TSX tickers under the .CA pattern, but musaffa.com/stock/BCHT.CA/ returns a 404 and site search returns zero results, so Musaffa does not cover it; ShariaPortfolio has no public per-stock screener database. Our screener reports its own figure-by-figure analysis above.

What could change Birchtech's result?

The PASS hinges on the cash gate: ~30.9% of market cap is under the ~33% ceiling but has only ~2 points of margin, so a falling share price or further cash build-up (e.g. another equity raise) could push it over and flip the result to FAIL. The company also carries a ~$78M litigation judgment award with post-judgment interest accruing — if collected and held as cash or interest-bearing deposits, it would materially change the ratios. Re-screen quarterly after earnings.

Screened with our two-gate Shariah screening methodology (business-activity gate, then AAOIFI-style financial ratios).