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Charah Solutions, Inc.

charah.com

No Longer Reporting

The company has not filed an annual or quarterly report since its Q1 FY2023 10-Q, filed Jun 30, 2023. Its latest SEC filing is a 15-12G from Jul 20, 2023.

The sections below describe the company as of the FY2022 annual report.

What Did They Do?

Provides coal ash management, remediation and plant-closure services to power generators, and supplementary cement materials to concrete producers.

How Did They Make Money?

Customers are billed for products when delivered and services when performed and contractually billable; construction jobs are billed as work progresses, sometimes with advance and interim payments.

FY2022 revenue

Who Were Their Customers?

Power generators hire Charah for on-site ash management, remediation and plant-closure work; concrete producers get supplementary cement materials through its MultiSource network.

Did Revenues Turn Into Profits?

No. It lost $127.8M in FY2022.

Operating income, FY2022
−37% of revenue
▼ Now a loss vs FY2021 ($10.5M, 4%)
Net income, FY2022
−44% of revenue
▲ +2099% (Loss) vs FY2021 (−$5.8M, −2%)
Free cash flow, FY2022
−28% of revenue
▲ +341% (Loss) vs FY2021 (−$18.7M, −6%)

How Were They Changing?

Since the FY2022 annual report
Latest quarter: Q1 FY2023, the three months to Mar 31, 2023
Revenue
▲ +7%
vs $66.1M in Q1 FY2022
Net income
▼ −49% (Loss)
vs −$12M in Q1 FY2022
  • Jul 20, 2023 Merger closes and Charah becomes a wholly owned subsidiary Common shareholders received $6.00 per share in cash.

Shrank. Revenue fell 60% in 4 years, from $740.5M in FY2018 to $293.2M in FY2022, about 21% a year.

Service scope The older report included nuclear and fossil outage, maintenance, and staffing services. The latest report describes remediation, coal ash and byproduct work, raw material sales, and environmental risk transfer; it also says the Allied maintenance subsidiary was sold.

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