Arq, Inc.
Financial highlights
| Metric | FY 12/31/25 | FY 12/31/24 | FY 12/31/23 | FY 12/31/22 | FY 12/31/21 |
|---|---|---|---|---|---|
| Income Statement | |||||
| Revenue | $120.3M | $109.0M | $99.2M | $103.0M | $100.3M |
| Cost of revenue | $86.8M | $69.5M | $67.3M | — | — |
| Selling, general & administrative | $22.6M | $28.7M | $34.1M | — | — |
| Research and development | $7.3M | $4.0M | $3.3M | $2.1M | $400,000 |
| Operating expenses | $86.5M | $41.4M | $45.2M | $115.1M | $95.4M |
| Operating income | -$53.0M | -$2.0M | -$13.3M | -$12.1M | $4.9M |
| Interest expense | $2.4M | $3.3M | $3.0M | $336,000 | $1.5M |
| Pretax income | -$52.6M | -$5.3M | -$12.1M | -$8.7M | $76.1M |
| Income tax expense | $12,000 | -$164,000 | $153,000 | $209,000 | $15.7M |
| Net income | -$52.6M | -$5.1M | -$12.2M | -$8.9M | $60.4M |
| Balance Sheet | |||||
| Cash and equivalents | $6.6M | $13.5M | $45.4M | $66.4M | $78.8M |
| Current assets | $43.9M | $52.4M | $86.5M | $105.7M | $108.4M |
| Total assets | $230.6M | $284.4M | $235.5M | $181.2M | $185.4M |
| Current liabilities | $42.3M | $44.7M | $23.0M | $23.9M | $22.6M |
| Total liabilities | $62.6M | $67.1M | $57.1M | $41.2M | $38.1M |
| Stockholders' equity | $168.0M | $217.3M | $178.4M | $140.0M | $147.3M |
| Cash Flow Statement | |||||
| Cash from operations | -$2.7M | $10.5M | -$16.7M | -$6.1M | $26.0M |
| Depreciation and amortization | $11.7M | $8.6M | $10.5M | $6.4M | $7.9M |
| Stock-based compensation | $3.4M | $2.7M | $2.6M | $2.0M | $1.9M |
| Capital expenditure | $8.6M | $85.2M | $27.5M | $8.9M | $6.2M |
| Free cash flow | -$11.3M | -$74.7M | -$44.2M | -$15.0M | $19.8M |
| Dividends paid | — | — | $0 | $45,000 | $93,000 |
| Share repurchases | — | — | — | $388,000 | $0 |
| Impairments | — | — | — | — | $0 |
Shares outstanding 42.9M · Free float 58.4%
Annual filing data through FY ended December 31, 2025; float as of July 14, 2026.