Short answer
Arq, Inc. (ARQ) filed its fiscal 2025 10-K annual report with the SEC on Mar 10, 2026. It reported revenue of $120M (+10.4% year over year) and net income of −$53M.
- Top risk flagged: Regulatory risk: Ongoing compliance with environmental and operational licenses required for GAC Facility expansion at Red River Plant
FY2025 key financial metrics · XBRL
- Revenue
- $120M
- +10.4% YoY
- Net income
- −$53M
- −929.8% YoY
- Operating margin
- -44.0%
- −42.2 pp YoY
- EPS (diluted)
- −$1.27
- −807.1% YoY
- ROE
- -31.3%
- −29.0 pp YoY
- Operating cash flow
- −$3M
- −126.1% YoY
Source: XBRL data from the Arq, Inc. (ARQ) FY2025 10-K on SEC EDGAR. USD.
Arq, Inc. FY2025 10-K analysis
AI summary of each section, grounded in the filing text
Business Overview
- Core business model: Manufacture and supply consumables and products to reduce mercury emissions and pollutants linked to coal-based power generation
- New emphasis on addressing operational delays and ramp-up issues at GAC Facility leading to idling of Corbin Facility from January 1, 2026
- Strategic risk from EPA's repeal of 2024 MATS amendment on mercury emission limits, potentially decreasing demand for mercury removal products
- Revenue concentration: Top five customers accounted for approx. 50% of total revenue in 2025, top three for 42%
- Noteworthy risks in 2026 filing include intensified regulatory uncertainty, supply chain disruptions, and increased geopolitical tensions affecting raw material costs and transport logistics
Management Discussion & Analysis
- Contractual obligations total $22.3 million with $5.2 million due within 1 year, $6.3 million in 1-3 years
- Asset retirement obligations liability $4.9 million for Five Forks Mine reclamation recorded on balance sheet
- Revolving Credit Facility borrowings $19.0 million as of December 31, 2025 with uncertain repayment timing
- No forward-looking guidance, management outlook, or risk disclosures provided in this excerpt
Risk Factors
- Regulatory risk: Ongoing compliance with environmental and operational licenses required for GAC Facility expansion at Red River Plant
- Macroeconomic/supply chain risk: Supply chain constraints for bituminous coal feedstock essential for GAC production transition
- Operational risk: Design flaws at GAC Facility caused production pause and idling of Corbin Facility since Dec 2025
- Financial risk: $19.0M debt outstanding with $1.4M revolving credit availability, plus $8.4M term loan owed on Corbin Facility as of Dec 31, 2025
- Competitive/market risk: Potential delays and cost overruns at GAC Facility may hinder Arq's ability to compete in GAC product market segment
Generated from the filing text; verify against the original. How to read a 10-K
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