Arq, Inc. (ARQ) FY2025 10-K Annual Report
Arq, Inc. (ARQ) 10-K annual report for fiscal year 2025, filed with SEC EDGAR on Mar 10, 2026. This page provides AI-powered analysis including business overview, management discussion & analysis (MD&A), risk factors, and key financial data such as revenue, net income, gross margin, operating margin, and return on equity (ROE) extracted from XBRL.
Arq, Inc. FY2025 10-K Analysis
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
- • No revenue or profitability figures disclosed in the Surety Bonds or Long Term Requirements sections
- • 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
Arq, Inc. FY2025 Key Financial MetricsXBRL
Revenue
$120M
▲ +10.4% YoY
Net Income
-$53M
▼ -929.8% YoY
Operating Margin
-44.0%
▼ -4221bp YoY
Net Margin
-43.7%
▼ -3903bp YoY
ROE
-31.3%
▼ -2897bp YoY
Total Assets
$231M
▼ -18.9% YoY
EPS (Diluted)
$-1.27
▼ -807.1% YoY
Operating Cash Flow
-$3M
▼ -126.1% YoY
Source: XBRL data from Arq, Inc. FY2025 10-K filing on SEC EDGAR. All figures in USD.
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