Updated
Arq IncARQ · Industrials
$2.53+5.42%
Market cap$112M
IndustryPollution & Treatment Controls
Arq Inc (ARQ) Financial statements
Arq Inc reported revenue of $120M in fiscal 2025, up 10.1% a year over 9 years.
Key figures
Net income was -$53M and the operating margin -44.0%, against -31.8% in 2016. Free cash flow was -$11M. The diluted share count rose 87% over the period (dilution).
- Revenue, FY2025
- $120M+10.4% on 2024
- Net income
- -$53M+929.8% on 2024
- Operating margin
- -44.0%
- Free cash flow
- -$11M-84.9% on 2024
Revenue and free cash flow
Fiscal years, from Arq Inc's 10-K filings.
Arq Inc revenue and free cash flow
FY2016–FY2025ARQRevenue$120MARQFree cash flow-$11M
Margins
How much of each dollar of revenue is left after the cost of sales, after operating costs, and at the bottom line.
Arq Inc margins
FY2016–FY2025ARQGross margin28%ARQOperating margin-44%ARQNet margin-44%
Financial statements
Fiscal 2016–2025.
Arq Inc income statement, fiscal 2016–2025
| USD | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $51M | $45M | $24M | $70M | $67M | $100M | $103M | $99M | $109M | $120M |
| Cost of revenue | $2M | $3M | — | — | — | — | — | $67M | $70M | $87M |
| Gross profit | $49M | $42M | — | — | — | — | — | $32M | $39M | $34M |
| Research and development | -$648,000 | $157,000 | — | $200,000 | $1M | $400,000 | $2M | $3M | $4M | $7M |
| Selling, general and admin | $4M | $4M | $4M | $8M | $8M | $7M | $8M | $34M | $29M | $23M |
| Operating income | -$16M | -$4M | -$6M | -$15M | -$41M | $5M | -$12M | -$13M | -$2M | -$53M |
| Interest expense | $5M | $3M | $2M | $7M | $4M | $1M | $336,000 | $3M | $3M | $2M |
| Pre-tax income | $37M | $52M | $46M | $48M | -$14M | $76M | -$9M | -$12M | -$5M | -$53M |
| Income tax | -$61M | $24M | $10M | $12M | $7M | $16M | $209,000 | $153,000 | -$164,000 | $12,000 |
| Net income | $98M | $28M | $35M | $36M | -$20M | $60M | -$9M | -$12M | -$5M | -$53M |
| EPS (diluted) | $4.34 | $1.29 | $1.76 | $1.93 | -$1.12 | $3.27 | -$0.48 | -$0.42 | -$0.14 | -$1.27 |
| Diluted shares | 22M | 21M | 20M | 18M | 18M | 18M | 18M | 29M | 36M | 42M |
| Gross margin | 96.6% | 92.4% | — | — | — | — | — | 32.1% | 36.2% | 27.9% |
| Operating margin | -31.8% | -9.1% | -26.7% | -21.2% | -60.8% | 4.8% | -11.7% | -13.4% | -1.8% | -44.0% |
| Net margin | 193.0% | 61.4% | 148.1% | 50.7% | -30.1% | 60.2% | -8.7% | -12.3% | -4.7% | -43.7% |
Arq Inc balance sheet, fiscal 2016–2025
| USD | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $13M | $31M | $19M | $12M | $36M | $79M | $66M | $45M | $14M | $7M |
| Receivables | $9M | $1M | $10M | $7M | $13M | $13M | $14M | $16M | $15M | $15M |
| Inventory | $16,000 | $74,000 | $22M | $15M | $10M | $8M | $18M | $20M | $19M | $16M |
| Total current assets | $39M | $37M | $60M | $47M | $62M | $108M | $106M | $86M | $52M | $44M |
| Property, plant and equipment | $735,000 | $410,000 | $43M | $44M | $29M | $30M | $35M | $95M | $179M | $143M |
| Total assets | $107M | $83M | $160M | $174M | $147M | $185M | $181M | $236M | $284M | $231M |
| Total current liabilities | $24M | $7M | $41M | $39M | $43M | $23M | $24M | $23M | $45M | $42M |
| Long-term debt | $0 | — | $50M | $20M | $5M | $3M | $3M | $18M | $9M | $8M |
| Total liabilities | $31M | $9M | $92M | $66M | $61M | $38M | $41M | $57M | $67M | $63M |
| Shareholders' equity | $76M | $73M | $68M | $108M | $85M | $147M | $140M | $178M | $217M | $168M |
| Net debt | -$13M | -$31M | $56M | $32M | -$12M | -$75M | -$62M | -$24M | $11M | $22M |
Arq Inc cash flow, fiscal 2016–2025
| USD | FY2016 | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$18M | -$12M | -$10M | $62M | $54M | $26M | -$6M | -$17M | $10M | -$3M |
| Capital spending | $289,000 | $485,000 | $467,000 | $8M | $7M | $6M | $9M | $28M | $85M | $9M |
| Free cash flow | -$19M | -$12M | -$10M | $54M | $47M | $20M | -$15M | -$44M | -$75M | -$11M |
| Stock-based compensation | $3M | $2M | $2M | $2M | $2M | $2M | $2M | $3M | $3M | $3M |
| Dividends paid | $0 | $16M | $20M | $18M | $5M | $93,000 | $45,000 | $0 | — | — |
| Share buybacks (net) | $0 | -$16M | -$25M | -$6M | -$159,000 | $0 | — | — | — | — |
| Net borrowing | -$13M | $0 | — | — | — | — | — | — | — | — |
| Free cash flow margin | -36.6% | -27.0% | -43.2% | 77.6% | 70.3% | 19.7% | -14.5% | -44.5% | -68.6% | -9.4% |
| Dividends per share | — | $0.73 | $1.01 | $0.99 | $0.28 | $0.01 | $0.00 | — | — | — |
How Arq Inc compares
Arq Inc's operating margin is higher than 7% of Industrials companies and 12% of the 2,820 companies with an operating margin figure.
| Higher than | Industrials | All stocks |
|---|---|---|
| Operating margin | 7% | 12% |
| Net margin | 9% | 11% |
| Gross margin | 55% | 36% |
| Revenue growth | 45% | 45% |
| ROE | 8% | 14% |
Questions about Arq Inc
What was Arq Inc's revenue in 2025?
$120M in fiscal 2025, from its 10-K filing.
How much free cash flow does Arq Inc generate?
-$11M in fiscal 2025 (operating cash flow minus capital spending).
From Arq Inc's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.