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MARKETS / NASDAQ / ARQ
NASDAQ · MISCELLANEOUS CHEMICAL PRODUCTS · MID CAP

Arq, Inc. ARQ

14 fiscal years on record · USD · FY2025 reported · SEC filings only
$120.3M
▲ 10.4% YoY
$-52.6M
$-11.3M
In brief

What this company does

Arq, Inc. is an environmental technology company principally engaged in the sale of consumable air, water and soil treatment solutions, primarily based on activated carbon. It manufactures and sells activated carbon 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 it collectively refers to as the advanced purification technologies market. It owns the Five Forks Mine, a lignite coal mine that currently supplies the primary raw material for the manufacturing of the majority of its products. As of December 31, 2025, the company employed 202 people, of which 201 were full-time, across four facilities. Revenue from its top three customers comprised approximately 42% of its revenue for the year ended December 31, 2025. Arq's predecessor, ADA-ES, Inc., a Colorado corporation, was incorporated in 1997. In February 2023, the company acquired the subsidiaries of Arq Limited, an environmental technology company incorporated under the laws of Jersey, to secure access to additional U.S. based bituminous coal feedstock and a manufacturing facility located in Corbin, Kentucky. In February 2024, as part of a larger rebranding, the Company changed its name to Arq, Inc.

Written from the business description in Arq, Inc.'s annual report to the U.S. Securities and Exchange Commission, filed 10 March 2026. Every sentence was checked against that document before publication.

Growth
USD 120.3M
Revenue, FY2025 · full 14-year series below
Revenue $M Net income $M
FY2025 · Revenue 120.3 · Net income -52.6
50M100M-20M-40M20122014201620182020202220242025
Compound annual growth
+5.3%
+12.3%
+6.7%
−30.7%
3 yrs
5 yrs
10 yrs
15 yrs

Revenue compounded at +12.3% a year over five years.

Compound annual rates per period — left blank where that exact year isn't on file, the series crosses a loss, or (per-share rows) a split falls inside the window.

Profitability
−44 cents
lost on every revenue dollar
Operating margin Net margin
FY2025 · Operating -44.0% · Net -43.7%
50%100%150%-100%-200%20122014201620182020202220242025
ROE
FY2025 · ROE -27.3%
100%200%300%20122014201620182020202220242025

Each USD of equity lost 27 cents this year.

Cash & shareholders
returned in FY2025 · dividends + net buybacks
Free cash flow $M
FY2025 · FCF -11.3
20.0M40.0M-25.0M-50.0M20122014201620182020202220242025
Net buybacks $M Dividends $M
FY2023 · Dividends 0.0 · Net buybacks —
20M40MDividendsNet buybacks201520162017201820192020202120222023

Total assetsUSD 230.6M
EquityUSD 168.0M
CashUSD 6.6M
Gross debtUSD 28.5M
Net debtUSD 21.9M
Current ratio1.04×

Net debt stands at 13% of equity.

The 14-year record
14 fiscal years
Every figure from documents filed with the SEC · USD

EPS, diluted, dividend per share and shares outstanding are shown without shading, and a vertical line marks the year the share count changed — the series crosses a large, unexplained change in share count, so the years on either side are not on a comparable scale.

row low → row highnegative
Metric 20252024202320222021202020192018201720162015201420132012
Revenue $B0.10.10.10.10.10.10.10.00.00.10.10.00.00.0
Operating income $B−0.1−0.0−0.0−0.00.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
EBITDA $B−0.00.0−0.0−0.00.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0−0.0
Income tax $B0.0−0.00.00.00.00.00.00.00.0−0.10.00.00.00.0
Net income $B−0.1−0.0−0.0−0.00.1−0.00.00.00.00.1−0.00.0−0.0−0.0
Free cash flow $B−0.0−0.1−0.0−0.00.00.00.1−0.0−0.0−0.0−0.0−0.0−0.0−0.0
EPS, diluted $−1.27−0.14−0.42−0.483.27−1.121.931.761.294.34−1.370.06−0.78−0.65
Dividend / sh $·····0.251.001.000.750.000.00···
Payout %··−0−10−255157560−0···
ROE %−27.3−2.6−7.7−6.252.0−21.040.350.137.3381.7····
Shares out B0.040.040.030.020.020.020.020.020.020.020.020.020.02·

Slide the table for earlier years · "·" marks a figure not available in our data for that year.

Provenance
Company facts, as filed
How we verify · 0 failures in 54 reconciliationsAUDITED

Reconciled in 14 of 19 fiscal years. 32 checks could not be computed.

EPS recomputationBalance-sheet identityGross profitBalance-sheet liquiditymoeda_consistente0 failures
ActivityMiscellaneous Chemical Products
Listed onNASDAQ
Incorporated innot stated in the filings
Fiscal year endsDecember 31
SEC categorysmaller reporting company
Data on record since2012

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