Financial Performance & Growth - Total revenue reached $35.1 million, a 1% year-over-year increase, driven by strong pricing in the foundational Powdered Activated Carbon (PAC) business[7, 12] - Adjusted EBITDA was $5.2 million, marking the 6th consecutive quarter of positive Adjusted EBITDA, though negatively impacted by low volume and early Granular Activated Carbon (GAC) ramp-up[7, 12] - PAC pricing grew by 7% year-over-year, with an approximate 15% average quarterly growth in PAC Average Sales Price (ASP) since Q2 2023, showing strong visibility in PAC contract renewals into 2026 and beyond[8] - A $25+ million Adjusted EBITDA improvement has been achieved since Q3 2023 on a trailing twelve-month basis, driven by the PAC turnaround and cost management[7] GAC Business & Strategy - Initial commercial phase GAC production and sales were achieved, with robust GAC market dynamics[7] - The company is exploring blending or replacing Corbin GAC feedstock and advancing alternative product developments for Corbin feedstock[9] - The Final Investment Decision (FID) for Phase II is now anticipated to coincide with reaching Phase I GAC nameplate capacity around mid-2026[36] Market & Regulatory Landscape - Regulations could boost municipal water market demand 3-5x from approximately 170 million lb/year, serving as a major catalyst for demand and potential supply shortages[88] - The company expects the annual GAC market to grow approximately 75% to over 700 million lbs, resulting in an approximate 370 million lbs supply shortfall by 2030[103] - Approximately 35% of the approximately 153,000 public water systems in the U S are estimated to require PFAS treatment facilities by 2030[101]

Core Insights - Arq, Inc. reported a quarterly loss of $0.02 per share, matching the Zacks Consensus Estimate, but down from earnings of $0.04 per share a year ago, indicating an earnings surprise of -200.00% [1] - The company generated revenues of $35.07 million for the quarter ended September 2025, missing the Zacks Consensus Estimate by 4.07%, but showing a slight increase from $34.77 million year-over-year [2] - Arq, Inc. shares have declined approximately 15.3% year-to-date, contrasting with the S&P 500's gain of 15.1% [3] Earnings Outlook - The future performance of Arq, Inc. stock will largely depend on management's commentary during the earnings call and the company's earnings outlook [3][4] - The current consensus EPS estimate for the upcoming quarter is $0.03 on revenues of $32.53 million, and for the current fiscal year, it is $0.01 on revenues of $124.95 million [7] Industry Context - The Chemical - Specialty industry, to which Arq, Inc. belongs, is currently ranked in the bottom 35% of over 250 Zacks industries, suggesting potential challenges for stock performance [8] - The correlation between near-term stock movements and earnings estimate revisions is significant, indicating that investors should monitor these revisions closely [5][6]

Financial Performance - Generated revenue of $35.1 million in Q3 2025, reflecting a 1% increase compared to $34.8 million in the prior year period[5] - Achieved Adjusted EBITDA of $5.2 million in Q3 2025, marking the sixth consecutive quarter of positive Adjusted EBITDA[13] - Revenue for Q3 2025 was $35,074,000, a slight increase of 0.86% compared to $34,774,000 in Q3 2024[27] - Operating loss for Q3 2025 was $839,000, compared to an operating income of $2,028,000 in Q3 2024[27] - For the three months ended September 30, 2025, the net loss was $653,000 compared to a net income of $1,617,000 for the same period in 2024[35] - EBITDA for the three months ended September 30, 2025, was $3,818,000, down from $5,060,000 in 2024, while Adjusted EBITDA was $5,168,000 compared to $5,884,000 in 2024[35] - For the trailing twelve months ended September 30, 2025, the net loss was $3,922,000, significantly higher than the net loss of $480,000 in 2024[37] - Trailing twelve months EBITDA for 2025 was $9,678,000, compared to $11,585,000 in 2024, indicating a decline in operating performance[37] - Adjusted EBITDA for the trailing twelve months ended September 30, 2025, was $16,730,000, an increase from $14,645,000 in 2024[37] Costs and Expenses - Gross margin was 28.8% in Q3 2025, down from 38.6% in the prior year period, primarily due to lower initial GAC production volumes[9] - Cost of revenue for Q3 2025 was $24,965,000, up 17.5% from $21,339,000 in Q3 2024[27] - Research and development costs rose to $2.6 million in Q3 2025, compared to $0.8 million in the prior year period, driven by pre-commencement testing of the GAC Facility[11] - Research and development expenses increased to $2,566,000 in Q3 2025, compared to $787,000 in Q3 2024, reflecting a focus on innovation[27] - GAC Facility pre-production feedstock costs amounted to $2,879,000 for the trailing twelve months, with no costs reported in 2024[37] Cash and Debt - Cash and restricted cash totaled $15.5 million as of September 30, 2025, down from $22.2 million as of December 31, 2024[15] - Total debt, including financing leases, increased to $25.9 million as of September 30, 2025, compared to $24.8 million at the end of 2024[16] - Cash and restricted cash at the end of Q3 2025 was $15,493,000, down from $57,380,000 at the beginning of the period[29] - The company reported a decrease in accounts payable and accrued expenses to $13,114,000 as of September 30, 2025, from $21,017,000 at the end of 2024[25] - Total current assets decreased to $43,927,000 as of September 30, 2025, down from $52,356,000 at the end of 2024[25] - Total liabilities decreased to $60,792,000 as of September 30, 2025, compared to $67,092,000 at the end of 2024[25] Strategic Initiatives - Initial commercial GAC production and sales were achieved at Red River, generating initial GAC revenues[5] - The company is exploring new markets for its products, including renewable natural gas and rare earth minerals, to drive future growth[21] - The company aims to provide a clearer view of underlying operating trends through the use of TTM Adjusted EBITDA, which helps in assessing the effectiveness of ongoing initiatives[32] Other Financial Metrics - Reported a net loss of $0.7 million in Q3 2025, compared to net income of $1.6 million in the prior year period[12] - Net loss for the nine months ended September 30, 2025, was $2,583,000, an improvement from a net loss of $3,770,000 in the same period of 2024[29] - Share-based compensation for the trailing twelve months was $3,053,000, slightly up from $3,023,000 in 2024[37] - The company reported a gain on insurance proceeds of $685,000 for the trailing twelve months ended September 30, 2025[37] - The company experienced a loss on extinguishment of debt amounting to $1,422,000 for the trailing twelve months, with no such loss reported in 2024[37]

Core Insights - Arq, Inc. reported a revenue of $35.1 million for Q3 2025, marking a 1% increase year-over-year, primarily driven by a 7% increase in average sales price (ASP) despite slightly lower sales volumes [5][8] - The company achieved an Adjusted EBITDA of $5.2 million, representing the sixth consecutive quarter of positive Adjusted EBITDA, although it faced non-recurring costs impacting this figure [5][15] - The initial commercial phase of Granular Activated Carbon (GAC) production and sales was successfully launched, contributing to revenue generation [5][6] Financial Highlights - Revenue for Q3 2025 totaled $35.1 million, up from $34.8 million in the prior year [8] - Gross margin decreased to 28.8% from 38.6% year-over-year, primarily due to lower GAC production volumes and higher fixed production costs [10] - The company reported a net loss of $0.7 million in Q3 2025, compared to a net income of $1.6 million in the same period last year [14] Operational Highlights - The company successfully commenced its first commercial GAC production and sales at the Red River facility, which is expected to enhance revenue streams [5][6] - GAC market dynamics remain strong, with increased demand for spot purchases and anticipated growth in contracted volumes [6] - The ramp-up of GAC Phase I production has faced challenges due to design issues, with nameplate capacity expected to be achieved around mid-2026 [6][7] Cost and Expense Management - Costs of revenue increased by approximately 17% to $25.0 million in Q3 2025, driven by higher direct labor, utilities, and equipment rental costs [9] - Selling, general, and administrative expenses decreased by 43% to $4.6 million, attributed to lower payroll and benefit costs [11] - Research and development costs rose to $2.6 million, reflecting expenses related to pre-commencement testing of the GAC facility [12] Capital Expenditures and Balance Sheet - Capital expenditures for the full year 2025 are projected to remain between $8 million and $12 million, with Q3 2025 capex totaling $2.2 million [17] - As of September 30, 2025, the company had cash and restricted cash totaling $15.5 million, down from $22.2 million at the end of 2024 [17] - Total debt increased to $25.9 million as of September 30, 2025, compared to $24.8 million at the end of 2024, primarily due to the revolving credit facility [18]

Revenue and Income - For the three months ended September 30, 2025, revenue increased to $35.1 million, a 1% increase from $34.8 million in the same period of 2024[124] - The net loss for the three months ended September 30, 2025, was $0.7 million, compared to a net income of $1.6 million in the same period of 2024[122] - Total revenue for the nine months ended September 30, 2025, was $90,905,000, an increase of $8,986,000 or 11% compared to $81,919,000 in 2024[141] - EBITDA for the nine months ended September 30, 2025, was $8,064,000, compared to $4,369,000 in 2024, reflecting improved operational performance[160] Costs and Expenses - The cost of revenue for the same period rose to $25.0 million, representing a 17% increase from $21.3 million in 2024[124] - Cost of revenue decreased to $52,279,000 in 2025 from $61,363,000 in 2024, a reduction of $9,084,000 or 17%[141] - Operating expenses totaled $31,274,000 in 2025, a slight decrease of $738,000 or 2% from $32,012,000 in 2024[144] - Research and development expenses surged to $2.6 million for the three months ended September 30, 2025, compared to $0.8 million in 2024, reflecting increased pre-production testing costs[133] - Research and development expenses rose significantly by $2,796,000 or 84% to $6,137,000 in 2025, primarily due to initial testing of the GAC Facility[149] - Selling, general and administrative expenses decreased by 43% to $4.6 million in Q3 2025 from $8.1 million in Q3 2024[128] Cash Flow and Liquidity - Cash and restricted cash decreased from $22,200,000 as of December 31, 2024, to $15,500,000 as of September 30, 2025[161] - Cash flows from operating activities were minimal at $28,000 in 2025, a decrease of $5,240,000 from $5,268,000 in 2024[162] - Cash flows used in investing activities decreased by $34.3 million for the nine months ended September 30, 2025, primarily due to a $34.4 million decrease in property, plant, and equipment additions related to the Red River Plant commissioning[163] - Cash flows provided by financing activities decreased by $39.0 million for the nine months ended September 30, 2025, mainly due to net proceeds of $42.4 million from common stock placements completed in 2024[164] - The company expects cash on hand of $7.0 million and availability under the Revolving Credit Facility to provide sufficient liquidity for operations over the next 12 months[166] Market and Product Development - The implementation of new PFAS regulations is expected to significantly increase demand for granular activated carbon (GAC) in the water purification market[121] - The company anticipates reaching GAC nameplate capacity around mid-year 2026, which will coincide with a final investment decision regarding a potential second GAC line[118] - The company anticipates ramping up to full nameplate capacity at the Red River Plant and is evaluating a potential second GAC line[175] - Future cash flows and profitability from the GAC business are expected to be significant, with ongoing efforts to contract remaining GAC product volumes[177] - The company is focused on expanding its market share for APT consumables and improving gross margins through better customer and product mix[165] Other Financial Metrics - Other income increased to $0.7 million in Q3 2025, primarily due to an insurance claim related to mining equipment[139] - The effective tax rate for the three months ended September 30, 2025, was zero, with no income tax benefit recorded due to a full valuation allowance on deferred tax assets[140] - Interest expense decreased by $521,000 or 21% to $1,905,000 in 2025, attributed to lower average interest rates[154] - Total other income improved by $517,000 or 38% to a loss of $851,000 in 2025, compared to a loss of $1,368,000 in 2024[152] Risks and Challenges - Risks include potential fluctuations in pricing for AC products and the impact of regulatory changes on demand for the company's products[176]

Core Insights - Argo Gold Inc. has expanded its uranium mineral claim position at Thunderclap in the Athabasca Basin, Saskatchewan, now covering 264 hectares with a 100% interest [1] - The company holds a total of 15,962 hectares across four uranium areas in the Athabasca Basin, which are considered prospective for uranium mineralization [1] - The Fraser Institute's Annual Survey of Mining Companies ranks Saskatchewan as the third most attractive region globally for mineral exploration and mining investment [5] Company Overview - Argo Gold is a Canadian mineral exploration and development company, also involved in oil production, and is listed on the Canadian Securities Exchange [13] - The company is well-positioned to advance mineral exploration due to its high-quality assets in a mining-friendly jurisdiction [5] Geological Context - Thunderclap is strategically located near several significant uranium mines, including McLean Lake, Rabbit Lake, and Cameco's Cigar Lake [2] - Historical drilling results in the vicinity of Thunderclap indicate promising uranium mineralization, with notable intersections of eU3O8 [3][4] - The Thunderclap Property has never been drilled-tested, suggesting high prospectivity for future exploration [4]

Core Viewpoint - Arq, Inc. will release its third quarter 2025 financial results on November 5, 2025, and will hold a conference call to discuss the results on November 6, 2025 [1][2]. Financial Results Announcement - The financial results for the period ended September 30, 2025, will be filed in the Quarterly Report on Form 10-Q [1]. - The conference call is scheduled for 8:30 a.m. Eastern Time on November 6, 2025 [1]. Conference Call Participation - Interested parties can register for the conference call via the Investor Resources section of Arq's website [2]. - The live conference call can be accessed by dialing (888) 396-8049 or +1 (416) 764-8646 [2]. Supplemental Information - A supplemental investor presentation will be available on the Company's website prior to the conference call [3]. - A replay of the conference call will be accessible shortly after the event and will expire after November 13, 2025 [3]. Company Overview - Arq, Inc. is a diversified environmental technology company focused on producing activated carbon products [4]. - The company is the only vertically integrated producer of activated carbon products in North America, providing a reliable domestic supply [4]. - Arq aims to develop innovative solutions to remove harmful chemicals and pollutants from water, land, and air [4].

Core Viewpoint - Arq, Inc. has published its 2024 Sustainability Report, highlighting its strong financial performance and commitment to environmental, social, and governance (ESG) excellence while advancing its mission of enabling a cleaner planet [1][2]. Financial Performance - In 2024, Arq achieved approximately $109 million in revenue and demonstrated consecutive quarters of positive adjusted EBITDA growth, indicating a successful year financially [2]. Environmental Leadership - The report emphasizes Arq's unique market position to capitalize on opportunities arising from new environmental regulations, particularly the EPA's 2024 PFAS drinking water standards, which require a reduction from 70 parts per trillion to 4 parts per trillion by the end of the decade [4]. - Arq anticipates a potential supply gap of 370 million pounds by 2030, positioning the company for sustained growth in activated carbon solutions [4]. Social Responsibility and People Excellence - The company maintains industry-leading safety performance with zero fatalities across all facilities and has 202 dedicated employees [5]. - Arq has implemented comprehensive wellness and professional development programs to support employee growth and expanded community engagement through volunteer initiatives and educational partnerships [5]. Governance and Transparency - The report reflects Arq's commitment to transparency and stakeholder engagement, providing detailed performance metrics and progress updates across ESG dimensions [6]. - Enhanced Board oversight of ESG initiatives is facilitated through the Nominating and Governance Committee, and the company has achieved a 100% completion rate for comprehensive ethics training among employees [5][6]. Innovation and Technology Leadership - Arq holds over 140 granted patents and patent applications in activated carbon and adjacent technologies, showcasing its strong R&D capabilities [5]. - The company has established a world-class R&D environment with comprehensive product testing across more than 100 potential applications [5]. Strategic Market Position and Outlook - Arq's diversified customer base spans municipal water treatment, industrial air purification, and renewable natural gas applications, validating its strategic approach [5]. - The company is nearing mechanical completion and has commenced initial equipment commissioning at its Red River facility, which is crucial for addressing PFAS contamination challenges [5].

Company Overview - Arq, Inc. (ARQ) shares increased by 5.1% to $7.36 in the last trading session, contrasting with a 1.7% loss over the past four weeks [1] - The price increase is attributed to improved contract terms, including growth in average selling prices and a surge in volumes [1] Earnings Expectations - Arq, Inc. is expected to report quarterly earnings of $0.02 per share, reflecting a year-over-year decline of 50% [2] - Revenue is anticipated to be $36.56 million, which is a 5.2% increase from the same quarter last year [2] Stock Performance Insights - The consensus EPS estimate for Arq, Inc. has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without earnings estimate revisions [3] - The stock currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [3] Industry Comparison - Arq, Inc. operates within the Zacks Waste Removal Services industry, where Zurn Water (ZWS) is another player [3] - Zurn Water's consensus EPS estimate is $0.4, representing a year-over-year increase of 17.7%, and it holds a Zacks Rank of 1 (Strong Buy) [4]

Core Viewpoint - Argo Gold Inc. has received mineral exploration permits for its projects in the Rottenstone Belt and Dreaver Lake Gold Project in Saskatchewan, covering a total of 27,816 hectares [1][2]. Group 1: Dreaver Lake Gold Project - The Dreaver Lake Gold Project shows weakly anomalous gold and silver in lake sediments, with a significant 10-kilometer halo of coincident gold and silver [3]. - Historical prospecting in 1968 identified quartz diorite rock associated with gold mineralization, with a notable intersection of 73.55 grams/tonne Au over 7.5 meters [3]. - An airborne survey in 1966 delineated three conductors with magnetic highs, with the highest priority target being a 1.5 km long EM conductor [3][4]. Group 2: Rottenstone Project - Argo Gold owns 100% of 26,661 hectares in the Rottenstone Belt, with historic data compilation revealing additional prospective areas for exploration [5]. - The exploration ground shows anomalous gold, silver, and copper in lake sediments, coinciding with interpreted geological features [5]. - The Fraser Institute ranked Saskatchewan third globally for mineral exploration and mining investment attractiveness, positioning Argo favorably for exploration activities [6]. Group 3: Company Overview - Argo Gold is a Canadian mineral exploration and development company, also involved in oil production, with its shares listed on multiple exchanges [8].