Arq, Inc.

Arq, Inc. is an environmental technology company built around consumable activated carbon products used to remove contaminants from air, water, and soil. Its core products are powdered activated carbon (PAC) and granular activated carbon (GAC), which are sold into regulated end markets such as coal-fired power generation, industrial emissions control, water treatment, and remediation. The company also owns the Five Forks Mine in Louisiana, which supplies lignite feedstock for much of its production, and it acquired the Corbin, Kentucky facility and related coal-waste processing assets to expand its carbon product platform. In 2024 the company rebranded from Advanced Emissions Solutions to Arq, Inc., reflecting its broader focus on advanced purification technologies and new carbon-based applications. Recent disclosures show the business is in a transition phase, with GAC commercialization, facility optimization, and feedstock/process redesign central to its near-term execution.

−34,2 %

27,9 %

−43,7 %

+10,4 %

1.04

0.66

— Arq, Inc.
%
Activated carbon products80% PAC and GAC products used to capture mercury, PFAS, and other pollutants in regulated treatment applications.
Carbon feedstock and intermediate products10% Arq Powder and Corbin Wetcake materials used as feedstock for GAC and potential new applications.
Environmental remediation and specialty chemicals10% Other chemicals and carbon-based solutions sold into water, soil, and industrial purification markets.

Arq sells consumable treatment products to customers that need to remove mercury, PFAS, and other contaminants to...

  • Coal-fired power generationprimary

    Buys PAC and related carbon products to reduce mercury and other emissions in compliance with air-quality rules.

  • Water treatmentprimary

    Buys activated carbon to remove PFAS and other contaminants from drinking water and industrial water streams.

  • Industrial air and process treatmentsecondary

    Uses consumable carbon products for contaminant capture in manufacturing and processing operations.

  • Water and soil remediationsecondary

    Purchases carbon-based treatment materials for environmental cleanup and remediation projects.

  • Emerging specialty applicationsemerging

    Potential customers for Arq Powder in asphalt, purified coal, synthetic graphite, and other new markets.

Arq is a U.S.-based business with manufacturing and resource assets concentrated in Louisiana and Kentucky...

  • •Headquartered in the United States with Nasdaq listing in the U.S.
  • •Five Forks Mine in Saline, Louisiana supplies key lignite feedstock
  • •Corbin Facility in Kentucky processes recovered coal fines into Arq Powder
  • •Sales are primarily tied to U.S. utility, industrial, and water-treatment markets
  • •Exposure is driven by U.S. environmental regulation and domestic power dispatch
  • •No country-level revenue disclosure was provided in the excerpts

Arq’s near-term strategy is centered on stabilizing and optimizing its GAC platform while preserving liquidity...

01
Fix and optimize the GAC facilityshort-term

Commercial success depends on restoring reliable, economic GAC production at the Red River/Corbin platform.

02
Commercialize Arq Powder in new marketsmedium-term

New applications could diversify revenue and improve returns on the Corbin asset base.

03
Maintain liquidity and operating flexibilityshort-term

The company needs funding headroom while it works through facility issues and uncertain GAC ramp timing.

The most important risk is execution risk at the GAC facility, where design flaws, thermal oxidizer limitations, and...

critical

GAC facility design and production ramp failure

Commercial growth depends on solving thermal oxidizer and design issues at the Red River/Corbin platform.

Scope
GAC revenue and future expansion plans
Materiality
high
high

Customer concentration

The top three customers represented about 42% of revenue, so losing one would materially affect results.

Scope
Revenue stability and contract renewal risk
Materiality
high
high

Regulatory and demand shifts

Demand for activated carbon is tied to air-quality, water-quality, and remediation regulations.

Scope
PAC and GAC demand across end markets
Materiality
high
medium

Litigation and project execution risk

Ongoing litigation related to the original GAC facility design can delay remediation and increase costs.

Scope
Capital spending and project timing
Materiality
medium
medium

Feedstock and operating cost volatility

The business depends on coal-based raw materials and manufacturing economics that can shift with supply and energy costs.

Scope
Gross margin and production economics
Materiality
medium
Long-lived asset impairment
Large write-downs can distort year-to-year profitability
Revenue recognition on shipment
Quarterly volatility and cut-off sensitivity
Asset retirement obligations
Balance sheet liability and future cash outflow estimates
Depreciation, depletion, and accretion
EBITDA versus net income differences

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: 11/08/2026