Arq, Inc. ARQ
Arq, Inc., together with its consolidated subsidiaries ("Arq", the "Company," "we," "us", or "our") is an environmental technology company principally engaged in the sale of consumable air, water, and soil treatment solutions, primarily based on activated carbon ("AC"). Our proprietary AC products enable customers to reduce air, water, and soil contaminants, including mercury, per - and polyfluoroalkyl substances ("PFAS") and other pollutants, to meet the challenges of existing and pending air quality and water regulations. We manufacture and sell AC and other chemicals used to capture and remove impurities, contaminants and pollutants for the coal-fired power generation, industrial, water treatment, and water and soil remediation markets, which we collectively refer to as the advanced purification technologies ("APT") market.
Valuation FY2025 figures against the last close
Where the revenue comes from as reported in the latest 10-K
Revenue by geography
- United States
- Canada
| Region | FY2025 | FY2024 |
|---|---|---|
| United States | $111.4M | $101.1M |
| Canada | $8.9M | $7.9M |
As the company reported it, from the “Segment Reporting - Schedule of Revenue from External Customers Attributed by country (Details)” note of its latest 10-K. Every figure here has been checked against the total revenue the same filing reported. Regions are the filer's own and are not mapped onto a standard list — one company's “Americas” and another's “United States” are different areas, and making them look comparable would mean making at least one of them wrong. Slices under 1% are folded into “Other”.
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $120.3M | $109.0M | $99.2M | $103.0M | $100.3M | $67.4M | $70.1M | $23.9M | $45.4M | $50.6M |
| Cost of revenue | $86.8M | $69.5M | $67.3M | — | — | — | — | — | $3.4M | $1.7M |
| Gross profit | $33.5M | $39.4M | $31.9M | — | — | — | — | — | $41.9M | $48.9M |
| R&D | $7.3M | $4.0M | $3.3M | $2.1M | $400.0K | $1.0M | $200.0K | — | $157.0K | -$648.0K |
| SG&A | $22.6M | $28.7M | $34.1M | $8.1M | $7.1M | $8.2M | $8.1M | $4.2M | $4.0M | $3.7M |
| Total operating expenses | $86.5M | $41.4M | $45.2M | $115.1M | $95.4M | $108.3M | $85.0M | $30.3M | $49.5M | $66.7M |
| Operating income | -$53.0M | -$2.0M | -$13.3M | -$12.1M | $4.9M | -$41.0M | -$14.9M | -$6.4M | -$4.1M | -$16.1M |
| Interest expense | $2.4M | $3.3M | $3.0M | $336.0K | $1.5M | $3.9M | $7.2M | $2.2M | $3.0M | $5.1M |
| Pre-tax income | -$52.6M | -$5.3M | -$12.1M | -$8.7M | $76.1M | -$13.8M | $47.5M | $45.9M | $52.0M | $36.7M |
| Income tax | $12.0K | $164.0K | $153.0K | $209.0K | $15.7M | $6.5M | $12.0M | $10.4M | $24.2M | $60.9M |
| Net income | -$52.6M | -$5.1M | -$12.2M | -$8.9M | $60.4M | -$20.3M | $35.5M | $35.5M | $27.9M | $97.7M |
| EPS, basic | -1.27 | -0.14 | -0.42 | -0.48 | 3.31 | -1.12 | 1.96 | 1.78 | 1.30 | 4.40 |
| EPS, diluted | -1.27 | -0.14 | -0.42 | -0.48 | 3.27 | -1.12 | 1.93 | 1.76 | 1.29 | 4.34 |
| Shares, diluted (wtd. avg.) | 41.5M | 36.1M | 29.1M | 18.5M | 18.5M | 18.0M | 18.4M | 20.0M | 21.4M | 22.2M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $6.6M | $13.5M | $54.2M | $76.4M | $88.8M | $35.9M | $17.1M | $23.8M | $30.7M | $26.9M |
| Receivables | $15.0M | $14.9M | $16.2M | $13.9M | $12.6M | $13.1M | $7.4M | $9.6M | $1.1M | $4.1M |
| Inventory | $15.9M | $19.3M | $19.7M | $17.8M | $7.8M | $9.9M | $15.5M | $21.8M | $74.0K | $16.0K |
| Total current assets | $43.9M | $52.4M | $86.5M | $105.7M | $108.4M | $62.0M | $47.0M | $59.8M | $36.9M | $38.9M |
| Property, plant and equipment | — | — | — | — | — | — | — | $42.7M | $410.0K | $735.0K |
| Other intangibles | $570.0K | $7.6M | $7.9M | $847.0K | $1.2M | $2.0M | $4.2M | $4.8M | $805.0K | $696.0K |
| Total assets | $230.6M | $284.4M | $235.5M | $181.2M | $185.4M | $146.7M | $173.8M | $159.7M | $82.6M | $107.3M |
| Accounts payable | $15.3M | $21.0M | $14.6M | $16.1M | $16.5M | $7.8M | $8.0M | $6.2M | $1.0M | $1.9M |
| Short-term debt | $20.0M | $15.5M | $2.7M | $1.1M | $1.0M | $18.4M | $23.9M | $24.1M | — | $0 |
| Total current liabilities | $42.3M | $44.7M | $23.0M | $23.9M | $22.6M | $42.5M | $39.3M | $40.7M | $6.9M | $23.7M |
| Long-term debt | $8.5M | $9.4M | $18.3M | $3.5M | $3.2M | $5.4M | $20.4M | $50.1M | $0 | — |
| Total liabilities | $62.6M | $67.1M | $57.1M | $41.2M | $38.1M | $61.5M | $65.5M | $91.7M | $9.2M | $31.1M |
| Retained earnings | $13.8M | $66.4M | $71.5M | $83.9M | $92.9M | $32.5M | $57.3M | $12.9M | -$15.5M | -$43.4M |
| Total equity | $168.0M | $217.3M | $178.4M | $140.0M | $147.3M | $85.2M | $108.3M | $67.9M | $73.5M | $76.2M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$2.7M | $10.5M | -$16.7M | -$6.1M | $26.0M | $54.0M | $62.3M | -$9.9M | -$11.7M | -$18.3M |
| Depreciation and amortisation | $11.7M | $8.6M | $10.5M | $6.4M | $7.9M | $8.5M | $7.4M | $723.0K | $789.0K | $979.0K |
| Stock-based compensation | $3.4M | $2.7M | $2.6M | $2.0M | $1.9M | $2.5M | $2.0M | $2.5M | $2.2M | $2.9M |
| Capital expenditure | $8.6M | $85.2M | $27.5M | $8.9M | $6.2M | $6.7M | $7.9M | $467.0K | $428.0K | $289.0K |
| Investing cash flow | -$8.2M | -$85.1M | -$28.5M | -$4.6M | $44.4M | -$7.5M | -$13.2M | -$16.5M | $48.4M | $39.9M |
| Financing cash flow | $3.7M | $42.7M | $22.9M | -$1.7M | -$17.5M | -$27.7M | -$55.7M | $19.5M | -$32.9M | -$15.7M |
| Dividends paid | — | — | $0 | $45.0K | $93.0K | $5.0M | $18.3M | $20.2M | $15.7M | $0 |
| Buybacks | — | — | — | — | $0 | $159.0K | $5.8M | $25.3M | $16.4M | $0 |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001515156-26-000052.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $50.6M | $45.4M | $23.9M | $70.1M | $67.4M | $100.3M | $103.0M | $99.2M | $109.0M | $120.3M |
| Gross profit | $48.9M | $41.9M | — | — | — | — | — | $31.9M | $39.4M | $33.5M |
| Net income | $97.7M | $27.9M | $35.5M | $35.5M | -$20.3M | $60.4M | -$8.9M | -$12.2M | -$5.1M | -$52.6M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Officer or director change Item 5.02
- Officer or director change Item 5.02
- Officer or director change Item 5.02
- Officer or director change Item 5.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Officer or director change Item 5.02
- Other event Item 8.01
- Results announced Item 2.02
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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