ARQ
Arq, Inc.3.2900
-0.0100-0.3%
Dec 16, 4:00:00 PM EST
Earnings Call Transcripts
This Quarter (Q1 '26)
No earnings call transcript available yet
Last Quarter (Q4 '25)
FY Q4 '25
Reaffirms GAC commitment, PAC strength
Q&A largely reaffirmed the prepared remarks' GAC production pause for off-gas system upgrades, with Rasmus insisting issues are solvable amid persistent market undersupply and strong pricing. Analysts pressed on viability; management doubled down, citing extensive feedstock testing and no cannibalization of PAC volumes even at full GAC scale. PAC boasts excess capacity for AI-driven or weather-related demand surges. Guidance omits tariff benefits; free cash flow generation looks likely post-CapEx. Corbin alternatives advance slowly, immaterial for 2026. Investors watch the engineering review's timeline and costs.
Key Stats
Market Cap
140.46MP/E (TTM)
-Basic EPS (TTM)
-0.09Dividend Yield
0%Recent Filings
8-K
Arq eases credit covenants
Arq inked its second amendment to the revolving credit agreement on December 9, 2025, easing near-term covenants. It drops minimum liquidity to $2.0 million through January 30, 2026—then $5.0 million—while capping inventory at 50% of the loan limit and tightening account concentrations. Covenants relaxed temporarily. Lenders pocketed a confidential fee.
10-Q
Q3 FY2025 results
Arq posted Q3 revenue of $35.1M, up 1% y/y from $34.8M yet down q/q (derived) amid water purification timing shifts, while YTD sales hit $90.9M, +11% y/y on pricing and power generation demand from higher natural gas prices. Gross costs climbed 17% y/y to $25.0M on fixed GAC facility expenses, flipping operating income to a $0.8M loss from $2.0M profit; net loss of $0.7M reflects interest expense. Cash dipped to $7.0M with $8.5M restricted, $16.0M on $30M revolver (min liquidity covenant temporarily eased), operating cash near zero YTD, capex $7.8M. GAC ramp hit design snags. Litigation tests GAC facility claims. Competition from natural gas curbs coal demand.
8-K
Q3 revenue up, GAC ramps
Arq posted Q3 2025 revenue of $35.1 million, up 1% year-over-year on 7% higher PAC pricing, yet gross margin slipped to 28.8% from GAC ramp inefficiencies at Red River. Adjusted EBITDA hit $5.2 million, marking six straight positive quarters. First commercial GAC sales achieved, but nameplate capacity delayed to mid-2026. PAC powers ahead.
8-K
Q2 revenue up 13%, GAC milestone
Arq posted Q2 revenue of $28.6M, up 13% YoY on 9% higher ASP and volumes, with gross margin edging to 33.3% despite GAC startup costs. Adjusted EBITDA soared to $3.7M, fifth straight positive quarter. Red River's first GAC line is commissioned. FID for second line eyed by year-end. Cash dipped to $15.4M amid capex.
10-Q
Q2 FY2025 results
Arq posted Q2 revenue of $28.6M, up 13% y/y from $25.4M on higher volumes and pricing, yet operating loss widened slightly to $1.6M from $1.4M amid R&D ramp for GAC testing. Gross margin held firm despite cost pressures. QTD loss tracks YTD $1.9M net loss, with diluted EPS of -$0.05 matching 41.5M shares—no anti-dilution. Cash fell to $7.0M but $30M revolver supports $18.5M draw (SOFR+4.5%, min liquidity covenant); CTB loan matures 2036 at 6%. Red River GAC commissioning wrapped post-quarter. Coal dispatch fluctuates with natgas prices.
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