Logo

ARQ

Arq, Inc.

ARQ

Arq, Inc. • NASDAQ
$3.72 ▲ 0.81% (+0.03)
Market Cap $158.82 M
52w High $7.89
52w Low $3.27
Dividend Yield 0%
P/E -41.33
Volume 133.58K
Outstanding Shares 42.69M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $35.074M ▲ $10.948M ▼ $-653K ▲ -1.862% ▲ $-0.02 ▲ $3.692M ▲
Q2-2025 $28.584M ▲ $11.073M ▲ $-2.133M ▼ -7.462% ▼ $-0.051 ▼ $946K ▼
Q1-2025 $27.247M ▲ $9.253M ▼ $203K ▲ 0.745% ▲ $0.005 ▲ $3.108M ▲
Q4-2024 $27.04M ▼ $9.391M ▼ $-1.339M ▼ -4.952% ▼ $-0.035 ▼ $1.802M ▼
Q3-2024 $34.774M $11.407M $1.617M 4.65% $0.045 $5.139M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $7.026M ▲ $277.946M ▼ $60.792M ▼ $217.154M ▲
Q2-2025 $6.957M ▲ $284.541M ▲ $67.773M ▲ $216.768M ▼
Q1-2025 $6.336M ▼ $283.671M ▼ $65.498M ▼ $218.173M ▲
Q4-2024 $13.516M ▼ $284.368M ▲ $67.092M ▲ $217.276M ▼
Q3-2024 $48.662M $279.965M $61.849M $218.116M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-653K ▲ $5.304M ▲ $-2.317M ▼ $-2.918M ▼ $69K ▼ $3.1M ▲
Q2-2025 $-2.133M ▼ $527K ▲ $-1.932M ▲ $2.026M ▲ $621K ▲ $-1.352M ▲
Q1-2025 $203K ▲ $-5.803M ▼ $-3.598M ▲ $1.969M ▼ $-7.432M ▲ $-4.844M ▲
Q4-2024 $-1.339M ▼ $5.209M ▼ $-42.974M ▼ $2.62M ▼ $-35.145M ▼ $-37.751M ▼
Q3-2024 $1.617M $7.819M $-13.376M $25.74M $20.184M $-5.625M

Five-Year Company Overview

Income Statement

Income Statement Arq is still very small in terms of sales, but revenue has been steadily edging higher over the past few years. Gross profit has improved as well, suggesting the core business is slowly becoming more efficient. However, earnings at the bottom line are still inconsistent: the company has mostly posted small losses, with one standout profitable year. Overall, Arq appears to be operating near break-even, with progress on margins but not yet a stable, recurring level of profit. This leaves the income statement in a “transition” phase rather than a mature, predictable one.

Balance Sheet

Balance Sheet The balance sheet shows a compact company with a modest asset base and a relatively light debt load. Shareholder equity has been building over time, which is a positive sign that the capital base is strengthening. At the same time, cash levels have come down from earlier years, so the cushion is thinner than it used to be, even if the overall financial structure does not look heavily strained. The picture is of a small, growing industrial player that is funding expansion while attempting to keep leverage in check.

Cash Flow

Cash Flow Arq’s cash flows reflect a business investing for growth. Cash from day‑to‑day operations has hovered around breakeven, occasionally positive and occasionally negative, indicating the core activities are not yet a consistent cash engine. Free cash flow has been negative in recent years mainly because the company is spending on new facilities and equipment. Earlier, when investment was lower, free cash flow was positive. This shift suggests Arq is in an investment-heavy phase where management is prioritizing capacity and product build‑out over short‑term cash generation.

Competitive Edge

Competitive Edge Arq operates in pollution control and environmental treatment, a space benefiting from tightening regulations on air and water quality. Its main edge is its vertically integrated model: it controls raw materials, processing technology, and product output, which can translate into lower costs, better supply security, and more consistent quality. Using coal waste as a feedstock also gives it a sustainability and cost narrative that many rivals cannot easily copy. On the other hand, Arq remains a relatively small player in markets that include larger, well-funded competitors, so scale, customer adoption, and execution will be crucial to sustaining this advantage.

Innovation and R&D

Innovation and R&D Innovation sits at the core of Arq’s story. The company has built its business around proprietary technology that turns coal waste into high-value carbon products, protected by a growing patent portfolio. It is pushing into higher-value categories like granular activated carbon for water treatment, alongside a mix of air-emission, soil, and groundwater remediation products. Arq is also experimenting with new uses, such as additives for asphalt and solutions for biogas purification. This steady pipeline of specialized products, backed by intellectual property and process know‑how, gives Arq a clear technology identity, though it still needs to demonstrate large-scale commercial traction.

Summary

Arq is an early-stage environmental technology company that is beginning to translate its ideas into a real business, but it is not yet a fully proven profit generator. Financially, revenue and margins are moving in the right direction, while earnings and cash flow remain uneven due to ongoing investment. The balance sheet is modest but not overly burdened with debt, suggesting some flexibility to keep building. Strategically, the company’s vertical integration, waste-to-value approach, and patent-protected technologies position it well in regulatory-driven markets like water and air purification. The main uncertainties are scale-up, execution, and the pace at which new products and facilities can turn regulatory and sustainability tailwinds into durable, recurring earnings and cash flows.

NEWS

November 11, 2025 · 9:11 AM UTC

Argo's Oil Update

Read more

November 5, 2025 · 4:33 PM UTC

Arq Reports Third Quarter 2025 Results

Read more

November 3, 2025 · 8:11 AM UTC

Argo Increases Its Uranium Mineral Claim Position in the Athabasca Basin, Saskatchewan

Read more

October 7, 2025 · 7:30 AM UTC

Arq Schedules Third Quarter 2025 Earnings Conference Call

Read more

September 22, 2025 · 8:10 AM UTC

Argo Permits Rottenstone and Dreaver Lake in Saskatchewan

Read more