Arq, Inc.

arq.com

What Do They Do?

Sells activated carbon and chemical products for removing contaminants from air, water and soil to coal-fired utilities, industrial companies, and water-treatment and remediation customers.

How Do They Make Money?

Utility, industrial, and water-treatment customers buy activated-carbon and chemical products; sales are counted when goods are accepted, and invoices are generally due 30 to 45 days after billing.

FY2025 revenue

Who Are Their Customers?

Sells consumables primarily through its internal sales group, generally under customer contracts lasting one to five years.

Do Revenues Turn Into Profits?

No. It lost $52.6M in FY2025.

Operating income, FY2025

−44% of revenue

▲ +2603% (Loss) vs FY2024 (−$2M, −2%)

Net income, FY2025

−44% of revenue

▲ +930% (Loss) vs FY2024 (−$5.1M, −5%)

Free cash flow, FY2025

−9% of revenue

▼ −85% (Loss) vs FY2024 (−$74.7M, −69%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +5%; vs $28.6M in Q2 FY2025
Net income: ▼ −69% (Loss); vs −$2.4M in Q2 FY2025

Aug 10, 2026 Reaffirmed full-year revenue and adjusted EBITDA guidance Reaffirmed revenue guidance of $120-125 million and adjusted EBITDA guidance of $17-20 million.
May 27, 2026 Appointed a new chief financial officer

Growing. Revenue grew 20% in 4 years, from $100.3M in FY2021 to $120.3M in FY2025, about 5% a year.

Who Do They Compete With?

Competes with Norit Americas and Calgon Carbon

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