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
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.
Others in SIC 2890
| Ticker | Company | Market cap | P/E | Revenue growth |
|---|---|---|---|---|
| ESI | Element Solutions Inc | $8.77B | 45.6x | 3.8% |
| CBT | CABOT CORP | $4.21B | 13.5x | -7.0% |
| WDFC | WD 40 CO | $2.79B | 31.0x | 5.0% |
| FTK | FLOTEK INDUSTRIES INC/CN/ | $852.6M | 28.0x | 26.9% |
| ASPI | ASP Isotopes Inc. | $643.9M | — | 475.5% |
| OEC | Orion S.A. | $344.2M | — | -3.8% |
| FSI | FLEXIBLE SOLUTIONS INTERNATIONAL INC | $73.6M | 96.0x | 0.7% |
| ZTEK | Zentek Ltd. | — | — | — |