olivLaw · US equity research
Arq, Inc. ARQ
Miscellaneous Chemical Products · SIC 2890 · Vertical: Miscellaneous Chemical Products (SIC 2890)
Arq is a producer of activated carbon used to purify air, water and soil, with powdered activated carbon (PAC) generating most of its revenue. In 2026 the company reaffirmed its financial guidance but paused granular activated carbon (GAC) production because of design flaws, so the progress of this line is central to its outlook. Quarterly and annual revenue are growing moderately, with figures cited in the dedicated lines.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Arq, Inc. (ARQ) stock was 1.85 USD (+0.54% on the day), with market capitalisation 81.8 m USD, dividend yield 0.00%, beta 1.29, 52-week range 1.64–6.35 USD. Latest reported quarter (Q3 2026): revenue of 38.2 m USD (+8.9% YoY), net income of 2.5 m USD, diluted EPS 0.06 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 47.0
- neutral
- Bollinger (20, 2)
- 1.66 – 2.05
- in the lower half of the band · %B 0.49 · band width 21.0%
- SMA 50 / 200
- 2.00 / 2.49
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.05 / -0.07
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −8.4% | −1.1% | −7.3 pp | — |
| 3 months | −9.8% | −0.5% | −9.3 pp | — |
| 6 months | −19.9% | +4.4% | −24.3 pp | — |
| Year to date | −43.4% | +12.3% | −55.7 pp | — |
| 1 year | −71.1% | +13.5% | −84.7 pp | +19.0% |
| 3 years | +1.1% | +76.4% | −75.3 pp | −0.5% |
| 5 years | −74.0% | +63.7% | −137.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 27.0 m | 27.2 m | 28.6 m | 35.1 m | 29.4 m | 29.1 m | 29.9 m | 38.2 m |
| Cost of revenue | 17.2 m | 17.3 m | 19.1 m | 25.0 m | 25.4 m | 19.1 m | 18.4 m | 23.0 m |
| Research & development | 709.0 k | 874.0 k | 2.7 m | 2.6 m | 1.2 m | 982.0 k | 958.0 k | 754.0 k |
| SG&A | 6.0 m | 6.1 m | 5.9 m | 4.6 m | 6.0 m | 7.4 m | 6.8 m | 7.2 m |
| Operating income | 413.0 k | 662.0 k | -1.8 m | -1.1 m | -50.5 m | -982.0 k | -68.0 k | 3.1 m |
| Depreciation & amortisation | 2.5 m | 2.2 m | 2.7 m | 4.0 m | 2.6 m | 2.6 m | 3.5 m | 4.1 m |
| Interest expense | 831.0 k | 724.0 k | 594.0 k | 587.0 k | 544.0 k | 705.0 k | 748.0 k | 771.0 k |
| Pre-tax income | -1.5 m | 203.0 k | -2.4 m | -889.0 k | -49.3 m | -842.0 k | -733.0 k | 2.5 m |
| Income tax | -194.0 k | 0 | 0 | 0 | 12.0 k | 0 | 0 | 0 |
| Net income | -1.3 m | -33.0 k | -2.4 m | -889.0 k | -49.3 m | -1.1 m | -733.0 k | 2.5 m |
| Diluted EPS | -0.03 ≈ | 0.00 | -0.06 | -0.02 | -1.18 ≈ | -0.02 | -0.02 | 0.06 |
| Operating cash flow | 5.2 m | -5.8 m | 527.0 k ≈ | 5.3 m ≈ | -2.8 m | 64.0 k | -2.7 m ≈ | 10.3 m ≈ |
| Capex | 43.0 m | 3.7 m | 1.9 m ≈ | 2.2 m ≈ | 783.0 k | 740.0 k | 1.2 m ≈ | 780.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 23.9 m | 70.1 m | 67.4 m | 100.3 m | 103.0 m | 99.2 m | 109.0 m | 120.3 m |
| Revenue YoY | −47.2% | +192.7% | −3.9% | +48.9% | +2.7% | −3.7% | +9.9% | +10.4% |
| Net income | 35.5 m | 35.5 m | -20.3 m | 60.4 m | -8.9 m | -12.2 m | -5.1 m | -52.6 m |
| Net income YoY | +27.2% | +0.2% | −157.1% | unavailable | −114.8% | unavailable | unavailable | unavailable |
| Diluted EPS | 1.76 | 1.93 | -1.12 | 3.27 | -0.48 | -0.42 | -0.14 | -1.27 |
| Diluted EPS YoY | +36.4% | +9.7% | −158.0% | unavailable | −114.7% | unavailable | unavailable | unavailable |
| net % | 148.1% | 50.7% | -30.1% | 60.2% | -8.7% | -12.3% | -4.7% | -43.7% |
| Free cash flow | -10.4 m | 54.4 m | 47.4 m | 19.8 m | -15.0 m | -44.2 m | -74.7 m | -11.3 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 6.6 m USD
- Financial debt
- 28.5 m USD
- Net debt
- 21.9 m USD
- Equity
- 168.4 m USD
- Total assets
- 231.0 m USD
- Debt / equity
- 0.17x
- Current ratio
- 1.04x
- ROE
- -27.2%
- ROA
- -20.4%
- FCF margin
- -9.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 67.4 m | 100.3 m | 103.0 m | 99.2 m | 109.0 m | 120.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Cost of revenue | — | — | — | 67.3 m | 69.5 m | 86.8 m | SEC (XBRL)· 10 Mar 2026verified |
| Gross profit | — | — | — | 31.9 m ≈ | 39.4 m ≈ | 33.5 m ≈ | SEC (XBRL)· 10 Mar 2026derived |
| Research & development | 1.0 m | 400.0 k | 2.1 m | 3.3 m | 4.1 m | 7.3 m | SEC (XBRL)· 10 Mar 2026verified |
| SG&A | — | — | — | 34.1 m | 28.7 m | 22.6 m | SEC (XBRL)· 10 Mar 2026verified |
| Operating income | -41.0 m | 4.9 m | -12.1 m | -13.3 m | -2.0 m | -53.0 m | SEC (XBRL)· 10 Mar 2026verified |
| Depreciation & amortisation | 8.5 m | 7.9 m | 6.4 m | 10.5 m | 8.6 m | 11.7 m | SEC (XBRL)· 10 Mar 2026verified |
| EBITDA | -32.4 m ≈ | 12.8 m ≈ | -5.7 m ≈ | -2.8 m ≈ | 6.6 m ≈ | -41.2 m ≈ | SEC (XBRL)· 10 Mar 2026derived |
| Interest expense | 3.9 m | 1.5 m | 336.0 k | 3.0 m | 3.3 m | 2.4 m | SEC (XBRL)· 10 Mar 2026verified |
| Pre-tax income | -13.8 m | 76.1 m | -8.7 m | -12.1 m | -5.3 m | -52.6 m | SEC (XBRL)· 10 Mar 2026verified |
| Income tax | 6.5 m | 15.7 m | 209.0 k | 153.0 k | -164.0 k | 12.0 k | SEC (XBRL)· 10 Mar 2026verified |
| Net income | -20.3 m | 60.4 m | -8.9 m | -12.2 m | -5.1 m | -52.6 m | SEC (XBRL)· 10 Mar 2026verified |
| Diluted EPS | -1.12 | 3.27 | -0.48 | -0.42 | -0.14 | -1.27 | SEC (XBRL)· 10 Mar 2026verified |
| Weighted average diluted shares | 18.0 m | 18.5 m | 18.5 m | 29.1 m | 36.1 m | 41.5 m | SEC (XBRL)· 10 Mar 2026verified |
| Dividend per share | 0.25 | — | — | — | — | — | SEC (XBRL)· 10 Mar 2021verified |
≈ computed by olivLaw from the reported lines of the same year: Revenue − Cost of revenue; Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 35.9 m | 78.8 m | 66.4 m | 45.4 m | 13.5 m | 6.6 m | SEC (XBRL)· 10 Mar 2026verified |
| Receivables | 13.1 m | 12.6 m | 13.9 m | 16.2 m | 14.9 m | 15.0 m | SEC (XBRL)· 10 Mar 2026verified |
| Inventories | 9.9 m | 7.9 m | 17.8 m | 19.7 m | 19.3 m | 15.9 m | SEC (XBRL)· 10 Mar 2026verified |
| Current assets | 62.0 m | 108.4 m | 105.7 m | 86.5 m | 52.4 m | 43.9 m | SEC (XBRL)· 10 Mar 2026verified |
| Intangibles (excl. goodwill) | 2.0 m | 1.2 m | 847.0 k | 7.9 m | 7.6 m | 570.0 k | SEC (XBRL)· 10 Mar 2026verified |
| Total assets | 146.7 m | 185.4 m | 181.2 m | 235.5 m | 284.4 m | 231.0 m | SEC (XBRL)· 10 Aug 2026verified |
| Accounts payable | 7.8 m | 10.0 m | 16.1 m | 14.6 m | 21.0 m | 15.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Short-term debt | 18.4 m | 1.0 m | 1.1 m | 2.7 m | 15.5 m | 20.0 m | SEC (XBRL)· 10 Mar 2026verified |
| Long-term debt | 5.4 m | 3.2 m | 3.5 m | 18.3 m | 9.4 m | 8.5 m | SEC (XBRL)· 10 Mar 2026verified |
| Current liabilities | 42.5 m | 22.6 m | 23.9 m | 23.0 m | 44.7 m | 42.3 m | SEC (XBRL)· 10 Mar 2026verified |
| Total liabilities | 61.5 m | 38.1 m | 41.2 m | 57.1 m | 67.1 m | 62.6 m | SEC (XBRL)· 10 Mar 2026verified |
| Equity | 85.2 m | 147.3 m | 140.0 m | 178.4 m † | 218.6 m † | 168.4 m † | SEC (XBRL)· 10 Aug 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 54.0 m | 26.0 m | -6.1 m | -16.7 m | 10.5 m | -2.7 m | SEC (XBRL)· 10 Mar 2026verified |
| Capex | 6.7 m | 6.2 m | 8.9 m | 27.5 m | 85.2 m | 8.6 m | SEC (XBRL)· 10 Mar 2026verified |
| Free cash flow | 47.4 m ≈ | 19.8 m ≈ | -15.0 m ≈ | -44.2 m ≈ | -74.7 m ≈ | -11.3 m ≈ | SEC (XBRL)· 10 Mar 2026derived |
| Investing cash flow | -7.5 m | 44.4 m | -4.6 m | -28.5 m | -85.1 m | -8.2 m | SEC (XBRL)· 10 Mar 2026verified |
| Financing cash flow | -27.7 m | -17.5 m | -1.7 m | 22.9 m | 42.7 m | 3.7 m | SEC (XBRL)· 10 Mar 2026verified |
| Dividends paid | 5.0 m | 93.0 k | 45.0 k | 0 | — | — | SEC (XBRL)· 12 Mar 2024verified |
| Share repurchases | 159.0 k | 0 | — | — | — | — | SEC (XBRL)· 08 Mar 2022verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 81.8 m USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 0.83 – 4.42 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)0.83 – 1.69 (Mid 1.15)WACC 8.2% · starting FCFF 3.7 m USD · terminal value share of EV 77%The WACC × g sensitivity gives the method's bounds; these are not probabilities.Reverse DCF: starting growth implied by the price (fading linearly to terminal growth, everything else fixed): 22.1%
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)3.29 – 4.42 (Mid 3.77)
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -19.0% | 17 (vs peers) | 24% |
| Net margin · Quality | -38.5% | 14 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 5.3% | 44 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -17.5x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 1.2x | 33 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 1.7% | 21 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet13/100 · 2/3 factors with a value
- Growth· partial44/100 · 1/2 factors with a value
- Quality16/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial21/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
ARQ, INC. (ARQ). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 120.3 m USD in 2025; YoY growth 10.4%; net margin -38.5%; ROE -25.0%.
The estimated value range is 2.06–3.05 USD per share (median of 2 methods, agreement: low); assumptions are illustrative. Against the central value of 2.46 USD, the price of 1.85 USD leaves a potential of 32.9% (value / price − 1) and a margin of safety of 24.7% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- The price is below the estimated value range
What contradicts it
- ROIC: -19.0%
- Net margin: -38.5%
- Interest coverage: -17.5x
- FCF yield: 1.7%
- The valuation methods diverge
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Miscellaneous Chemical Products (SIC 2890) · same industry (4-digit SIC) · compared with 7 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ESIElement Solutions Inc | 8.1 bn | 39.6 | 7.4% | 5.9% | +3.8% | +29% / +60% |
| CBTCabot Corp | 3.9 bn | 21.1 | 12.1% | 5.2% | −7.0% | +20% / −1% |
| WDFCWd-40 Company | 3.1 bn | 38.3 | 30.4% | 12.0% | +11.0% | +19% / −4% |
| FTKFlotek Industries Inc | 895.4 m | 25.0 | 37.8% | 13.0% | +26.9% | +73% / +685% |
| OECOrion S.A. | 331.8 m | — | -8.1% | -1.8% | −3.8% | +16% / −75% |
| ASPIASP Isotopes Inc. | 292.8 m | — | -80.9% | -380.3% | +475.5% | −69% / −1% |
| ARQArq, Inc. | 81.8 m | — | -25.0% | -38.5% | +10.4% | −71% / +1% |
| FSIFlexible Solutions International, Inc | 80.1 m | — | -8.2% | -8.8% | +0.7% | −8% / +313% |
1- and 3-year price returns: for ARQ from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Arq is a producer of activated carbon used to purify air, water and soil, with powdered activated carbon (PAC) generating most of its revenue. In 2026 the company reaffirmed its financial guidance but paused granular activated carbon (GAC) production because of design flaws, so the progress of this line is central to its outlook. Quarterly and annual revenue are growing moderately, with figures cited in the dedicated lines.
SWOT
Strengths
- The company has an integrated supply chain, with its own lignite mining, and a solid position in PAC, the line generating most revenue 13.
- Several consecutive quarters of positive Adjusted EBITDA show improving profitability of the core business 3.
- The company has experience with purification technologies used in regulated sectors, which supports its position with customers 1.
Weaknesses
Opportunities
Risks
- GAC facility defectshigh
If design issues cannot be resolved or costs rise above estimates, the growth plan could be delayed or abandoned 12.
- Liquidity and financinghigh
If additional financing cannot be obtained on acceptable terms, the company could be forced to postpone necessary investments 13.
- Debt and covenantsmedium
Breach of covenants in existing credit agreements could lead to acceleration of outstanding debt 1.
- Customer concentrationmedium
Loss of one of the main customers would have a significant effect on revenue 1.
- Leadership changeslow
Recent departures from the executive team and related costs could disrupt execution of the strategy 3.
Investment thesis
What would need to be true (bull case)
- If the PAC line keeps improving profitability and the PAC for PFAS solution proves useful, the company could grow volumes and margins without large investment.
- PFAS regulation and electricity demand could support medium-term growth in demand for Arq's products.
- Monetizing the Corbin facility could provide funds that ease pressure on liquidity.
What would break the thesis
- If the GAC facility problems are not resolved, the company could be left without an important growth line.
- If natural gas stays cheap, coal demand in power generation could fall, hurting PAC sales.
- If financing becomes more expensive or harder to obtain, the company could have to cut investment.
What to watch
- Progress of the optimization review and GAC restart costs2026
- Customer testing of PAC for PFAS and related volumes2027
- Delivery against fiscal 2026 revenue and Adjusted EBITDA guidanceQ4 2026
- Level of debt and liquidity after any new financingnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 10 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Arq, Inc. is an environmental technology company that mainly sells consumable activated-carbon solutions for treating air, water and soil, including for the reduction of mercury and PFAS 1. Its main products are powdered activated carbon (PAC) and granular activated carbon (GAC), and it owns the Five Forks Mine in Louisiana, which supplies the primary raw material for most products 1. The company operates the Red River Plant in Coushatta, Louisiana, and the Corbin Facility in Kentucky, the latter idled as a cost-saving measure 1.
Customers are mainly in coal-fired power generation and municipal water treatment, and contracts generally run one to five years 1. Revenue is seasonal, usually higher in the first and third fiscal quarters, depending on electricity demand and water treatment needs 1. Three top customers account for a substantial share of sales, so the loss of any one would materially affect results 1.
In 2026 the company continued to publish quarterly results and annual guidance, while focusing on a review of its production optimization, including possible changes to the GAC facility 23. Guidance for fiscal 2026 targets revenue of 120 to 125 million dollars and Adjusted EBITDA of 17 to 20 million dollars 3.
Segments
Market context
Demand for Arq's products depends on air and water quality rules, especially in the United States, and on electricity demand from coal-fired generation 1. The company cites PFAS removal requirements for drinking water and growing power demand from data centers and electric vehicles as growth drivers 21.
The market has remained favorable, with excess demand relative to supply in the GAC segment, but environmental policy and natural gas prices add uncertainty to coal demand 12. The April 2027 PFAS monitoring deadline is an important reference point for the market 3.
Trends
- PFAS regulationtailwind
New drinking water rules and PFAS reporting deadlines could increase demand for activated carbon if utilities choose PAC or GAC solutions 13.
- Natural gas pricestailwind
Higher natural gas prices can make coal more competitive in power generation, which would support demand for Arq's products 12.
- Declining coal-fired generationheadwind
Coal-fired power generation in the United States continues to decline over the long term, and recent regulatory decisions could change this trend with uncertain effects on demand 1.
- Seasonality and weathermixed
Extreme temperatures and power plant maintenance outages can change volumes sold, which makes quarterly revenue volatile 12.
Competitive position
The primary competitors in the activated carbon consumables industry are Norit Americas, owned by One Equity Partners, and Calgon Carbon, owned by Kuraray Co., Ltd. 1. Beyond these two, the company faces smaller producers and distributors 1.
Arq states that its advantage is a vertically integrated domestic supply chain, based on its own lignite mine, which gives it access to feedstock for PAC 1. The company believes this integration lets it compete better than certain other market participants 1.
- Norit Americas
Activated carbon producer owned by One Equity Partners and a primary competitor in carbon consumables 1.
- Calgon Carbon
Activated carbon producer owned by Kuraray Co., Ltd., a direct competitor in water and air purification applications 1.
- Kuraray Co., Ltd.
Parent of Calgon Carbon, competing indirectly through this subsidiary 1.
- Other smaller producers and distributors
Smaller suppliers and distributors add competitive pressure, particularly in niche segments 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Quarterly report04 Nov 2026
- Current report28 Aug 2026Departure or appointment of officers · Other events · Financial statements and exhibits
- Current report10 Aug 2026Results of operations · Financial statements and exhibits
- Quarterly report10 Aug 2026
- Current report23 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report02 Jul 2026Departure or appointment of officers · Financial statements and exhibits
- Current report18 Jun 2026Departure or appointment of officers
- Current report11 Jun 2026Departure or appointment of officers · Shareholder vote · Financial statements and exhibits
- Current report27 May 2026Departure or appointment of officers · Other events · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Arq, Inc. · 10 Mar 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Arq, Inc. · 10 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Arq, Inc. · 10 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.