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Arq (ARQ) investor relations material
Arq Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2025 earnings summary6 Nov, 2025
Executive summary
Q3 2025 revenue reached $35.1 million, up 1% year-over-year, driven by a 7% increase in average selling price and strong PAC business performance, though GAC ramp-up delays and design challenges limited volumes.
Achieved first commercial production and sales of GAC at Red River, but volumes were well below capacity due to design flaws and feedstock variability; nameplate capacity now targeted for mid-2026.
Adjusted EBITDA for Q3 2025 was $5.2 million, negatively impacted by several million dollars in non-recurring GAC ramp-up costs; trailing twelve-month Adjusted EBITDA improved by over $25 million year-over-year.
Net loss for Q3 2025 was $0.7 million, compared to net income of $1.6 million in Q3 2024, mainly due to high fixed costs from initial GAC production.
Advanced alternative product development, including a non-binding MOU for purified coal and R&D in rare earth minerals and synthetic graphite, with government funding opportunities being pursued.
Financial highlights
Q3 2025 revenue: $35.1 million, up 1% year-over-year; gross margin was 28.8%, down from 38.6% in Q3 2024 due to GAC ramp-up costs and low production volumes.
Adjusted EBITDA for Q3 2025 was $5.2 million, including several million dollars in non-recurring GAC ramp-up costs; trailing twelve-month Adjusted EBITDA reached $16.7 million.
Net loss for Q3 2025 was $0.7 million; cash and restricted cash at quarter-end was $15.5 million, down from $22.2 million at year-end 2024.
SG&A expenses reduced to $4.6 million, a 43% decrease year-over-year, mainly from payroll and administrative savings; R&D costs rose to $2.6 million due to GAC ramp-up.
Total debt increased to $25.9 million as of September 30, 2025, primarily from higher revolving credit facility balances.
Outlook and guidance
GAC Phase I nameplate capacity is now expected by mid-2026, pending installation of a new thermal oxidizer; Phase II investment decision to coincide with this milestone.
Full-year 2025 CapEx forecast remains $8–$12 million, with major 2026 CapEx for the new thermal oxidizer.
PAC business expected to continue strong performance, with further price and volume improvements anticipated; gross margins for the next two quarters expected to remain similar to Q3 until GAC volumes increase.
Sufficient liquidity expected to fund operations for the next 12 months.
GAC thermal oxidizer plan and cost?
Gross margin outlook for next two quarters?
What is the strategy for feedstock diversification?
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Q4 20255 Mar, 2026
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Frequently asked questions
Arq Inc. is an environmental technology company focused on converting waste byproducts from coal and other carbon-based materials into high-value energy and industrial products. The company develops proprietary processes to create cleaner energy sources and advanced carbon products used in various applications, including fuels, specialty chemicals, and other industrial sectors. The company is headquartered in Louisville, Kentucky, and its shares are listed on the NASDAQ.
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