Arq Inc Financials
Financial Health Signals
Based on FY2024 annual data. Scores normalized against common benchmarks. How we calculate these scores
Arq Inc has an operating margin of -1.8%, meaning the company retains $-2 of operating profit per $100 of revenue. This below-average margin results in a low score of 0/100, suggesting thin profitability after operating expenses. This is up from -13.4% the prior year.
Arq Inc's revenue grew 9.9% year-over-year to $109.0M, a solid pace of expansion. This earns a growth score of 57/100.
Arq Inc carries a low D/E ratio of 0.04, meaning only $0.04 of long-term debt for every $1 of shareholders' equity. This conservative leverage earns a score of 100/100, indicating a strong balance sheet with room for future borrowing.
Arq Inc's current ratio of 1.17 means current assets barely cover short-term liabilities. This tight liquidity results in a low score of 27/100, which could limit financial flexibility.
While Arq Inc generated $10.5M in operating cash flow, capex of $85.2M consumed most of it, leaving -$74.7M in free cash flow. This results in a low score of 0/100, reflecting heavy capital investment rather than weak cash generation.
Arq Inc passes 5 of 9 financial strength tests. 3 of 4 profitability signals pass, 1 of 3 leverage/liquidity signals pass, 1 of 2 efficiency signals pass.
For every $1 of reported earnings, Arq Inc generates $-2.05 in operating cash flow ($10.5M OCF vs -$5.1M net income). This mixed ratio suggests some earnings may rely on non-cash accounting items.
Arq Inc earns $-0.6 in operating income for every $1 of interest expense (-$2.0M vs $3.3M). This narrow margin raises concern about the company's ability to service its debt if operating income declines.
This page shows Arq Inc (ARQ) financial statements, including the income statement, balance sheet, cash flow statement, and key financial ratios. View 13 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Key Financial Metrics
Arq Inc generated $109.0M in revenue in fiscal year 2024. This represents an increase of 9.9% from the prior year.
Arq Inc's EBITDA was $6.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 337.6% from the prior year.
Arq Inc generated -$74.7M in free cash flow in fiscal year 2024, representing cash available after capex. This represents a decrease of 69.1% from the prior year.
Arq Inc reported -$5.1M in net income in fiscal year 2024. This represents an increase of 58.3% from the prior year.
Arq Inc earned $-0.14 per diluted share (EPS) in fiscal year 2024. This represents an increase of 66.7% from the prior year.
Arq Inc held $13.5M in cash against $9.4M in long-term debt as of fiscal year 2024.
Arq Inc had 42M shares outstanding in fiscal year 2024. This represents an increase of 26.7% from the prior year.
Arq Inc's gross margin was 36.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs. This is up 4.1 percentage points from the prior year.
Arq Inc's operating margin was -1.8% in fiscal year 2024, reflecting core business profitability. This is up 11.6 percentage points from the prior year.
Arq Inc's net profit margin was -4.7% in fiscal year 2024, showing the share of revenue converted to profit. This is up 7.7 percentage points from the prior year.
Arq Inc invested $4.0M in research and development in fiscal year 2024. This represents an increase of 22.2% from the prior year.
Arq Inc invested $85.2M in capex in fiscal year 2024, funding long-term assets and infrastructure. This represents an increase of 209.5% from the prior year.
ARQ Income Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $35.1M+22.7% | $28.6M+4.9% | $27.2M+0.8% | $27.0M+6.4% | $25.4M+16.9% | $21.7M-22.6% | $28.1M-5.8% | $29.8M |
| Cost of Revenue | $25.0M+30.9% | $19.1M+10.0% | $17.3M+0.6% | $17.2M+0.1% | $17.2M+25.6% | $13.7M-2.8% | $14.1M-31.9% | $20.7M |
| Gross Profit | $10.1M+6.2% | $9.5M-4.0% | $9.9M+1.1% | $9.8M+19.9% | $8.2M+1.9% | $8.0M-42.7% | $14.0M+53.5% | $9.1M |
| R&D Expenses | $2.6M-4.9% | $2.7M+208.6% | $874K+23.3% | $709K-23.7% | $929K-42.8% | $1.6M+39.0% | $1.2M+82.9% | $639K |
| SG&A Expenses | $4.6M-21.9% | $5.9M-2.2% | $6.1M+1.6% | $6.0M-15.0% | $7.0M-8.5% | $7.7M+18.0% | $6.5M-21.7% | $8.3M |
| Operating Income | -$839K+46.0% | -$1.6M-334.9% | $662K+60.3% | $413K+129.1% | -$1.4M+52.3% | -$3.0M-196.0% | $3.1M+222.9% | -$2.5M |
| Interest Expense | $587K-1.2% | $594K-18.0% | $724K-12.9% | $831K+0.2% | $829K+4.8% | $791K-7.9% | $859K+9.1% | $787K |
| Income Tax | $0 | $0 | $0+100.0% | -$194K-746.7% | $30K | $0-100.0% | $186K | $0 |
| Net Income | -$653K+69.4% | -$2.1M-1150.7% | $203K+115.2% | -$1.3M+32.0% | -$2.0M+42.4% | -$3.4M-203.9% | $3.3M+251.3% | -$2.2M |
| EPS (Diluted) | $-0.02+60.0% | $-0.05 | $0.00+100.0% | $-0.03+50.0% | $-0.06+33.3% | $-0.09-150.0% | $0.18+357.1% | $-0.07 |
ARQ Balance Sheet
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $277.9M-2.3% | $284.5M+0.3% | $283.7M-0.2% | $284.4M+14.4% | $248.6M+8.2% | $229.8M-2.4% | $235.5M+2.1% | $230.6M |
| Current Assets | $43.9M-13.3% | $50.7M+5.0% | $48.2M-7.9% | $52.4M-26.5% | $71.2M-1.1% | $72.0M-16.7% | $86.5M-5.5% | $91.5M |
| Cash & Equivalents | $7.0M+1.0% | $7.0M+9.8% | $6.3M-53.1% | $13.5M-52.5% | $28.5M-19.2% | $35.2M-22.3% | $45.4M-13.6% | $52.5M |
| Inventory | $15.7M-24.2% | $20.8M-4.5% | $21.7M+12.6% | $19.3M-14.7% | $22.6M+4.5% | $21.7M+10.1% | $19.7M+6.2% | $18.5M |
| Accounts Receivable | $14.4M-7.6% | $15.5M+1.2% | $15.4M+3.3% | $14.9M-5.9% | $15.8M+44.7% | $10.9M-32.5% | $16.2M+13.8% | $14.2M |
| Goodwill | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Total Liabilities | $60.8M-10.3% | $67.8M+3.5% | $65.5M-2.4% | $67.1M+13.7% | $59.0M+8.0% | $54.6M-4.3% | $57.1M+1.4% | $56.3M |
| Current Liabilities | $39.8M-13.8% | $46.2M+7.4% | $43.0M-3.8% | $44.7M+67.8% | $26.6M+21.1% | $22.0M-4.7% | $23.0M+4.6% | $22.0M |
| Long-Term Debt | $8.8M+0.7% | $8.7M-3.8% | $9.1M-3.0% | $9.4M-47.9% | $18.0M-0.8% | $18.1M-0.8% | $18.3M-4.7% | $19.2M |
| Total Equity | $217.2M+0.2% | $216.8M-0.6% | $218.2M+0.4% | $217.3M+14.6% | $189.6M+8.2% | $175.2M-1.8% | $178.4M+2.4% | $174.3M |
| Retained Earnings | $63.9M-1.0% | $64.5M-3.2% | $66.6M+0.3% | $66.4M+0.4% | $66.2M-2.9% | $68.1M-4.8% | $71.5M+4.8% | $68.3M |
ARQ Cash Flow Statement
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $5.3M+906.5% | $527K+109.1% | -$5.8M-211.4% | $5.2M+276.6% | -$3.0M-660.8% | $526K-88.3% | $4.5M+31985.7% | $14K |
| Capital Expenditures | $2.2M+17.3% | $1.9M-49.4% | $3.7M-91.4% | $43.0M+124.1% | $19.2M+99.8% | $9.6M-8.7% | $10.5M+58.6% | $6.6M |
| Free Cash Flow | $3.1M+329.3% | -$1.4M+85.8% | -$9.5M+74.8% | -$37.8M-70.7% | -$22.1M-143.9% | -$9.1M-50.8% | -$6.0M+9.0% | -$6.6M |
| Investing Cash Flow | -$2.3M-19.9% | -$1.9M+46.3% | -$3.6M+91.6% | -$43.0M-123.8% | -$19.2M-99.1% | -$9.6M+14.1% | -$11.2M-64.6% | -$6.8M |
| Financing Cash Flow | -$2.9M-244.0% | $2.0M+2.9% | $2.0M-24.8% | $2.6M-82.9% | $15.3M+1613.5% | -$1.0M-136.1% | -$429K-178.6% | $546K |
| Dividends Paid | N/A | N/A | N/A | N/A | N/A | N/A | $0 | $0 |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
ARQ Financial Ratios
| Metric | Q3'25 | Q2'25 | Q1'25 | Q3'24 | Q2'24 | Q1'24 | Q4'23 | Q3'23 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 28.8%-4.5pp | 33.3%-3.1pp | 36.4%+0.1pp | 36.3%+4.1pp | 32.2%-4.7pp | 36.9%-12.9pp | 49.8%+19.2pp | 30.6% |
| Operating Margin | -2.4%+3.0pp | -5.4%-7.9pp | 2.4%+0.9pp | 1.5%+7.1pp | -5.6%+8.1pp | -13.7%-24.8pp | 11.0%+19.5pp | -8.5% |
| Net Margin | -1.9%+5.6pp | -7.5%-8.2pp | 0.8%+5.7pp | -5.0%+2.8pp | -7.8%+8.0pp | -15.7%-27.4pp | 11.7%+19.0pp | -7.3% |
| Return on Equity | N/A | N/A | 0.1%-0.7pp | 0.7% | N/A | N/A | 1.8% | N/A |
| Return on Assets | -0.2%+0.5pp | -0.8%-0.8pp | 0.1%+0.5pp | -0.5%+0.3pp | -0.8%+0.7pp | -1.5%-2.9pp | 1.4%+2.3pp | -0.9% |
| Current Ratio | 1.100.0 | 1.10-0.0 | 1.12-0.1 | 1.17-1.5 | 2.68-0.6 | 3.28-0.5 | 3.75-0.4 | 4.15 |
| Debt-to-Equity | 0.040.0 | 0.040.0 | 0.040.0 | 0.04-0.1 | 0.090.0 | 0.100.0 | 0.100.0 | 0.11 |
| FCF Margin | 8.8%+13.6pp | -4.7%+30.2pp | -34.9%+104.7pp | -139.6%-52.5pp | -87.1%-45.4pp | -41.7%-20.3pp | -21.4%+0.7pp | -22.2% |
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Frequently Asked Questions
What is Arq Inc's annual revenue?
Arq Inc (ARQ) reported $109.0M in total revenue for fiscal year 2024. This represents a 9.9% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Arq Inc's revenue growing?
Arq Inc (ARQ) revenue grew by 9.9% year-over-year, from $99.2M to $109.0M in fiscal year 2024.
Is Arq Inc profitable?
No, Arq Inc (ARQ) reported a net income of -$5.1M in fiscal year 2024, with a net profit margin of -4.7%.
What is Arq Inc's earnings per share (EPS)?
Arq Inc (ARQ) reported diluted earnings per share of $-0.14 for fiscal year 2024. This represents a 66.7% change compared to the previous fiscal year. EPS represents the portion of a company's net income allocated to each outstanding share of common stock and is widely used to evaluate profitability on a per-share basis.
What is Arq Inc's EBITDA?
Arq Inc (ARQ) had EBITDA of $6.6M in fiscal year 2024, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Arq Inc have?
As of fiscal year 2024, Arq Inc (ARQ) had $13.5M in cash and equivalents against $9.4M in long-term debt.
What is Arq Inc's gross margin?
Arq Inc (ARQ) had a gross margin of 36.2% in fiscal year 2024, indicating the percentage of revenue retained after direct costs of goods sold.
What is Arq Inc's operating margin?
Arq Inc (ARQ) had an operating margin of -1.8% in fiscal year 2024, reflecting the profitability of core business operations before interest and taxes.
What is Arq Inc's net profit margin?
Arq Inc (ARQ) had a net profit margin of -4.7% in fiscal year 2024, representing the share of revenue converted into profit after all expenses.
What is Arq Inc's free cash flow?
Arq Inc (ARQ) generated -$74.7M in free cash flow during fiscal year 2024. This represents a -69.1% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Arq Inc's operating cash flow?
Arq Inc (ARQ) generated $10.5M in operating cash flow during fiscal year 2024, representing cash generated from core business activities.
What are Arq Inc's total assets?
Arq Inc (ARQ) had $284.4M in total assets as of fiscal year 2024, including both current and long-term assets.
What are Arq Inc's capital expenditures?
Arq Inc (ARQ) invested $85.2M in capital expenditures during fiscal year 2024, funding long-term assets and infrastructure.
How much does Arq Inc spend on research and development?
Arq Inc (ARQ) invested $4.0M in research and development during fiscal year 2024.
How many shares does Arq Inc have outstanding?
Arq Inc (ARQ) had 42M shares outstanding as of fiscal year 2024.
What is Arq Inc's current ratio?
Arq Inc (ARQ) had a current ratio of 1.17 as of fiscal year 2024, which is considered adequate.
What is Arq Inc's debt-to-equity ratio?
Arq Inc (ARQ) had a debt-to-equity ratio of 0.04 as of fiscal year 2024, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Arq Inc's return on assets (ROA)?
Arq Inc (ARQ) had a return on assets of -1.8% for fiscal year 2024, measuring how efficiently the company uses its assets to generate profit.
What is Arq Inc's Piotroski F-Score?
Arq Inc (ARQ) has a Piotroski F-Score of 5 out of 9, indicating neutral financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7–9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Arq Inc's earnings high quality?
Arq Inc (ARQ) has an earnings quality ratio of -2.05x, considered mixed quality. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Arq Inc cover its interest payments?
Arq Inc (ARQ) has an interest coverage ratio of -0.6x, meaning it can struggle to cover its interest obligations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Arq Inc?
Arq Inc (ARQ) scores 37 out of 100 on our Financial Profile, indicating weak overall financial health. This composite score evaluates six dimensions: profitability (operating margin), revenue growth, leverage (debt-to-equity), liquidity (current ratio), cash flow quality (free cash flow margin), and shareholder returns (return on equity). Each dimension is normalized against standard financial benchmarks. Learn more in our complete guide to financial health indicators.