ARQ · Arq, Inc.
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AI Brief
Q2 FY26 earnings call · Aug 11, 2026TL;DR. Arq delivered Q2 2026 adjusted EBITDA of $5.8M (up 59% YoY) and gross margin of 38.5% (up 520 bps) on $29.9M in revenue, driven by its core PAC business, and reiterated full-year 2026 guidance of $120–125M revenue and $17–20M adjusted EBITDA. Management unveiled a new 'PAC for PFAS' product targeting water utilities near the 4 ppt threshold, while revealing the cost to complete its bituminous GAC plant could run $40–60M with no decision yet to invest.
- + Q2 adjusted EBITDA of ~$5.8M rose 59% YoY with gross margin up 520 bps to 38.5%, driven by core PAC business strength. new
- + Q2 revenue grew ~5% YoY to $29.9M on improved pricing and volumes. new
- + Management reaffirmed full-year 2026 guidance of $120–125M revenue and $17–20M adjusted EBITDA, signaling confidence in the seasonal ramp. new
- + Net loss narrowed to $0.7M from $2.4M YoY and R&D spend fell 64% as prior-year GAC ramp costs did not repeat. new
- + Corbin monetization optionality advanced, with positive NCAT asphalt trial results and ongoing third-party interest in sale or JV. new
- − GAC project completion cost estimate of $40–60M remains wide and unfinalized, and no investment decision has been made. new
- − No bituminous GAC production or sales are expected in 2027, deferring the previously anticipated GAC revenue contribution. new
- − Q2 SG&A rose ~$0.9M YoY to $6.8M driven by severance and recruiting costs tied to leadership transitions. new
- − Unrestricted cash at quarter-end was only ~$0.9M, with total cash of $12.1M heavily restricted ($11.2M), and total debt rose to $30.7M from $28.5M at year-end. new
- − PAC for PFAS is not expected to contribute materially to 2026 results, with only limited sales expected in the second half of 2026. new
AI-generated from the earnings call and 8-K · may contain errors · not investment advice
Equibles Rating
blended score · not investment adviceBlended from price, momentum, positioning, fundamentals & volatility · daily-close · not investment advice. Market backdrop is context, not part of the score.
Guidance & track record
Guidance from company 8-Ks · delivered figures from as-reported statements · no analyst estimates involved.
Technicals
trend & momentum for long-term holders NeutralIllustrative technical + ownership context — a signal mix, not investment advice.
Key metrics
the company's own KPIs, from written earnings releases and filings| Metric | Latest | Period | YoY |
|---|---|---|---|
| Adjusted EBITDA non-GAAP | $5.8M | Q2 2026 | — |
| EBITDA non-GAAP | $3.68M | the three months ended June 30, 2026 filing | — |
GAAP → non-GAAP reconciliationGAAP Net loss -733K
+3.54M Depreciation, amortization, depletion and accretion
+180K Amortization of Upfront Customer Consideration
+693K Interest expense, net
+0K Income tax expense
= EBITDA 3.68M
|
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Figures exactly as the company stated them in writing · click a metric with a to chart its history · period links open the stating document · "filing" marks figures stated in the 10-K/10-Q · YoY needs an exactly comparable prior-year period
Versus peers
Pollution & Treatment Controls — same industry group| Company | Mkt cap | YTD | Rev growth Y/Y | P/E | Short % shares |
|---|---|---|---|---|---|
|
ARQ
this stock
Arq, Inc.
|
$87.34M | -35.6% | +48.9% | — | 1.1% |
|
VLTO
Veralto Corp
|
$23.70B | -3.3% | +6.0% | 24.9 | 2.7% |
|
ZWS
Zurn Elkay Water Solutions Corp
|
$7.72B | -0.5% | +19.4% | 37.3 | 2.9% |
|
CECO
Ceco Environmental Corp
|
$4.04B | +9.5% | +38.8% | — | 3.4% |
|
ORCRY
Organo Corporation/ADR
|
$1.41B | — | — | — | — |
Peers by industry group · P/E from as-reported trailing EPS · short % is of shares outstanding
At a glance
key data from every sectionPerformance
| 5D | 20D | 120D | MTD | YTD | |
|---|---|---|---|---|---|
| ARQ | +11.4% | -5.6% | -5.6% | +6.3% | -35.6% |
| SPY | +1.3% | +2.1% | +9.0% | +1.5% | +13.5% |
| vs SPY | +10.1% | -7.7% | -14.6% | +4.8% | -49.1% |
Capital returns
Dividends per share over the trailing 365 days by ex-date · buyback figures as last reported in SEC filings ("spent" derived as authorized − remaining; when several programs run concurrently, authorized is their combined total per the newest filing) · components shown separately — trailing-year buyback spend isn't tracked, so no combined shareholder yield is derived.