Arq Inc Financials
Arq Inc (ARQ) reported $120.3M in revenue for fiscal year 2025, up 10.4% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 14 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).
Revenue growth is being overwhelmed by margin compression, while reduced capital spending masks a cash-consuming operating model.
The 2025 improvement in free cash flow—from-$74.7M to-$11.3M —tracks reduced reinvestment rather than operating recovery. The improvement coincided with capex falling from$85.2M to$8.6M , so cash consumption eased through lower investment while the operating engine weakened.
Revenue reached
The balance sheet remains lightly debt-funded, with a debt-to-equity ratio of 0.1x, but the current ratio narrowed to 1.0x, separating low long-term leverage from tight short-term coverage. Cash of
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Arq Inc's business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Arq Inc scores 0.82, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($100.4M) relative to total liabilities ($62.6M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Arq Inc passes 2 of 9 financial strength tests. 1 of 4 profitability signals pass, no leverage/liquidity signals pass (rising debt, declining liquidity, or share dilution), 1 of 2 efficiency signals pass.
Arq Inc reported a net loss of $52.6M while operations used $2.7M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Arq Inc reported an operating loss of $53.0M against $2.4M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Arq Inc generated $120.3M in revenue in fiscal year 2025. This represents an increase of 10.4% from the prior year.
Arq Inc's EBITDA was -$41.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 721.1% from the prior year.
Arq Inc reported -$52.6M in net income in fiscal year 2025. This represents a decrease of 929.8% from the prior year.
Arq Inc earned -$1.27 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 807.1% from the prior year.
Cash & Balance Sheet
Arq Inc recorded an outflow of $11.3M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 84.9% from the prior year.
Arq Inc held $6.6M in cash against $8.5M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Arq Inc's gross margin was 27.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 8.3 percentage points from the prior year.
Arq Inc's operating margin was -44.0% in fiscal year 2025, reflecting core business profitability. This is down 42.2 percentage points from the prior year.
Arq Inc's net profit margin was -43.7% in fiscal year 2025, showing the share of revenue converted to profit. This is down 39.0 percentage points from the prior year.
Arq Inc's ROE was -31.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 28.9 percentage points from the prior year.
Capital Allocation
Arq Inc invested $7.3M in research and development in fiscal year 2025. This represents an increase of 81.2% from the prior year.
Arq Inc invested $8.6M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 89.9% from the prior year.
Not reported for fiscal year 2025.
ARQ Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $123.4M | $120.3M+10.4% | $109.0M+9.9% | $99.2M-3.7% | $103.0M+2.7% | $100.3M+48.9% | $67.4M-3.9% | $70.1M+192.7% | $23.9M-47.2% | $45.4M-10.4% | $50.6M-19.3% | $62.7M+270.7% | $16.9M+27.4% | $13.3M-18.6% | $16.3M |
| Cost of Revenue | $87.9M | $86.8M+24.9% | $69.5M+3.3% | $67.3M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Gross Profit | $35.5M | $33.5M-15.0% | $39.4M+23.8% | $31.9M | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| R&D Expenses | $5.7M | $7.3M+81.2% | $4.0M+22.2% | $3.3M+57.8% | $2.1M+425.0% | $400K-60.0% | $1.0M+400.0% | $200K | N/A | $157K-75.8% | -$648K-87.9% | $5.4M+252.5% | $1.5M-53.0% | $3.2M+1184.5% | $252K |
| SG&A Expenses | $24.7M | $22.6M-21.4% | $28.7M-15.8% | $34.1M+318.3% | $8.1M+15.4% | $7.1M-14.2% | $8.2M+1.3% | $8.1M+94.4% | $4.2M+4.1% | $4.0M+7.9% | $3.7M-39.0% | $6.1M+0.6% | $6.1M+47.9% | $4.1M+29.8% | $3.2M |
| Operating Income | -$52.9M | -$53.0M-2603.3% | -$2.0M+85.3% | -$13.3M-10.5% | -$12.1M-348.7% | $4.9M+111.8% | -$41.0M-175.2% | -$14.9M-132.7% | -$6.4M-54.5% | -$4.1M+74.3% | -$16.1M+61.5% | -$41.8M0.0% | -$41.8M-29.6% | -$32.3M-117.2% | -$14.8M |
| Interest Expense | $2.6M | $2.4M-24.8% | $3.3M+8.1% | $3.0M+797.0% | $336K-77.4% | $1.5M-62.0% | $3.9M-45.4% | $7.2M+233.5% | $2.2M-28.9% | $3.0M-40.3% | $5.1M-39.7% | $8.4M+46.8% | $5.7M+327.9% | $1.3M+67.7% | $798K |
| Income Tax | $0 | $0+100.0% | -$164K-207.2% | $153K-26.8% | $209K-98.7% | $15.7M+140.7% | $6.5M-45.7% | $12.0M+15.1% | $10.4M-56.8% | $24.2M+139.6% | -$60.9M-304790.0% | $20K-93.2% | $296K-36.1% | $463K+3207.1% | $14K |
| Net Income | -$52.1M | -$52.6M-929.8% | -$5.1M+58.3% | -$12.2M-37.4% | -$8.9M-114.8% | $60.4M+397.5% | -$20.3M-157.1% | $35.5M+0.2% | $35.5M+27.2% | $27.9M-71.5% | $97.7M+424.1% | -$30.1M-2273.1% | $1.4M+108.7% | -$16.0M-21.8% | -$13.1M |
| EPS (Diluted) | — | -$1.27-807.1% | -$0.14+66.7% | -$0.42 | -$0.48-114.7% | $3.27+392.0% | -$1.12-158.0% | $1.93+9.7% | $1.76+36.4% | $1.29-70.3% | $4.34+416.8% | -$1.37-2383.3% | $0.06+107.7% | -$0.78 | -$0.65 |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ARQ Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Assets | $231.0M-18.8% | $284.4M+20.7% | $235.5M+30.0% | $181.2M-2.3% | $185.4M+26.4% | $146.7M-15.6% | $173.8M+8.9% | $159.7M+93.3% | $82.6M-23.0% | $107.3M+76.5% | $60.8M-35.1% | $93.7M+27.4% | $73.5M-2.9% | $75.7M |
| Current Assets | $43.9M-16.2% | $52.4M-39.4% | $86.5M-18.2% | $105.7M-2.5% | $108.4M+74.8% | $62.0M+31.8% | $47.0M-21.3% | $59.8M+62.0% | $36.9M-5.2% | $38.9M+57.4% | $24.7M-54.6% | $54.4M-1.7% | $55.4M+118.9% | $25.3M |
| Cash & Equivalents | $6.6M-51.4% | $13.5M-70.2% | $45.4M-31.7% | $66.4M-15.6% | $78.8M+119.2% | $35.9M+197.5% | $12.1M-35.0% | $18.6M-39.5% | $30.7M+132.4% | $13.2M+42.6% | $9.3M-63.2% | $25.2M-33.5% | $37.9M+389.5% | $7.7M |
| Inventory | $15.9M-17.7% | $19.3M-1.9% | $19.7M+10.5% | $17.8M+127.1% | $7.8M-20.6% | $9.9M-36.1% | $15.5M-29.1% | $21.8M+29347.3% | $74K+362.5% | $16K-91.5% | $189K-70.0% | $630K+384.6% | $130K | N/A |
| Accounts Receivable | $15.0M+0.7% | $14.9M-8.1% | $16.2M+16.8% | $13.9M+9.8% | $12.6M-3.8% | $13.1M+76.6% | $7.4M-22.2% | $9.6M+758.4% | $1.1M-72.8% | $4.1M-51.1% | $8.4M-49.6% | $16.6M+28.2% | $12.9M | N/A |
| Total Liabilities | $62.6M-6.7% | $67.1M+17.5% | $57.1M+38.6% | $41.2M+8.0% | $38.1M-38.0% | $61.5M-6.2% | $65.5M-28.6% | $91.7M+900.9% | $9.2M-70.6% | $31.1M-63.7% | $85.8M-9.2% | $94.4M+18.5% | $79.7M-13.2% | $91.8M |
| Current Liabilities | $42.3M-5.3% | $44.7M+93.7% | $23.0M-3.5% | $23.9M+5.6% | $22.6M-46.8% | $42.5M+8.2% | $39.3M-3.5% | $40.7M+492.0% | $6.9M-71.0% | $23.7M-52.7% | $50.1M+6.2% | $47.2M+10.8% | $42.6M-13.8% | $49.4M |
| Long-Term Debt | $8.5M-9.8% | $9.4M-48.7% | $18.3M+429.7% | $3.5M+9.5% | $3.2M-42.1% | $5.4M-73.4% | $20.4M-59.2% | $50.1M | $0 | N/A | N/A | N/A | N/A | N/A |
| Total Equity | $168.4M-23.0% | $218.6M+22.5% | $178.4M+27.4% | $140.0M-5.0% | $147.3M+72.9% | $85.2M-21.3% | $108.3M+59.4% | $67.9M-7.5% | $73.5M-3.6% | $76.2M+404.9% | -$25.0M-3483.6% | -$697K+88.7% | -$6.2M+61.6% | -$16.0M |
| Retained Earnings | $14.2M-78.6% | $66.4M-7.1% | $71.5M-14.8% | $83.9M-9.6% | $92.9M+186.1% | $32.5M-43.4% | $57.3M+344.0% | $12.9M+183.4% | -$15.5M+64.3% | -$43.4M+69.3% | -$141.0M-27.2% | -$110.9M+1.2% | -$112.3M-40.8% | -$79.8M |
Not reported in any period shown, so not listed: Goodwill.
ARQ Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | TTM | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$113K | -$2.7M-126.1% | $10.5M+162.9% | -$16.7M-174.8% | -$6.1M-123.3% | $26.0M-51.9% | $54.0M-13.2% | $62.3M+729.6% | -$9.9M+15.8% | -$11.7M+35.7% | -$18.3M+38.9% | -$29.9M+25.6% | -$40.2M-294.0% | -$10.2M+38.1% | -$16.5M |
| Capital Expenditures | $5.0M | $8.6M-89.9% | $85.2M+209.5% | $27.5M+208.7% | $8.9M+43.8% | $6.2M-7.2% | $6.7M-14.9% | $7.9M+1581.2% | $467K-3.7% | $485K+67.8% | $289K-43.0% | $507K-67.6% | $1.6M-26.8% | $2.1M-45.0% | $3.9M |
| Free Cash Flow | -$5.1M | -$11.3M+84.9% | -$74.7M-69.1% | -$44.2M-195.0% | -$15.0M-175.6% | $19.8M-58.2% | $47.4M-13.0% | $54.4M+625.4% | -$10.4M+15.3% | -$12.2M+34.0% | -$18.5M+38.9% | -$30.4M+27.2% | -$41.7M-238.5% | -$12.3M+39.4% | -$20.3M |
| Investing Cash Flow | -$4.7M | -$8.2M+90.4% | -$85.1M-198.1% | -$28.5M-519.2% | -$4.6M-110.4% | $44.4M+694.4% | -$7.5M+43.6% | -$13.2M+20.0% | -$16.5M-134.2% | $48.4M+21.3% | $39.9M+820.6% | $4.3M-86.7% | $32.6M+192.2% | $11.2M+433.3% | -$3.4M |
| Financing Cash Flow | $1.5M | $3.7M-91.3% | $42.7M+86.3% | $22.9M+1464.4% | -$1.7M+90.4% | -$17.5M+36.8% | -$27.7M+50.2% | -$55.7M-385.6% | $19.5M+159.3% | -$32.9M-109.9% | -$15.7M-256.3% | $10.0M+740.8% | -$1.6M-105.4% | $29.2M+2917000.0% | -$1K |
| Dividends Paid | N/A | N/A | N/A | $0-100.0% | $45K-51.6% | $93K-98.1% | $5.0M-72.8% | $18.3M-9.4% | $20.2M+28.5% | $15.7M | $0 | $0 | N/A | N/A | N/A |
| Share Buybacks | N/A | N/A | N/A | N/A | N/A | $0-100.0% | $159K-97.3% | $5.8M-77.1% | $25.3M+54.6% | $16.4M | $0 | $0 | N/A | N/A | N/A |
TTM is the trailing twelve months, Q3 FY2025 through Q2 FY2026, summed from the four most recent quarterly filings. A row marked — cannot be summed at all, because a quarter in the window reports no per-share figure; a row marked N/A could be summed, but a quarter in the window does not report that metric.
ARQ Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | FY25 | FY24 | FY23 | FY22 | FY21 | FY20 | FY19 | FY18 | FY17 | FY16 | FY15 | FY14 | FY13 | FY12 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Gross Margin | 27.9%-8.3pp | 36.2%+4.1pp | 32.1% | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
| Operating Margin | -44.0%-42.2pp | -1.8%+11.6pp | -13.4%-1.7pp | -11.7%-16.6pp | 4.8%+65.7pp | -60.8%-39.6pp | -21.3%+5.5pp | -26.7%-17.6pp | -9.1%+22.7pp | -31.8%+34.8pp | -66.6% | -247.1% | -242.8% | -91.0% |
| Net Margin | -43.7%-39.0pp | -4.7%+7.7pp | -12.3%-3.7pp | -8.7%-68.9pp | 60.2%+90.4pp | -30.1%-80.8pp | 50.7% | 148.1% | 61.4% | 193.0% | -48.0%-56.2pp | 8.2% | -120.3% | -80.5% |
| Return on Equity | -31.3%-28.9pp | -2.3%+4.5pp | -6.9%-0.5pp | -6.4%-47.4pp | 41.0%+64.8pp | -23.8%-56.6pp | 32.8%-19.4pp | 52.2%+14.2pp | 38.0%-90.3pp | 128.3% | N/A | N/A | N/A | N/A |
| Return on Assets | -22.8%-21.0pp | -1.8%+3.4pp | -5.2%-0.3pp | -4.9%-37.5pp | 32.6%+46.4pp | -13.8%-34.3pp | 20.4%-1.8pp | 22.2%-11.5pp | 33.7%-57.3pp | 91.0%+140.6pp | -49.6%-51.1pp | 1.5%+23.2pp | -21.7%-4.4pp | -17.3% |
| Current Ratio | 1.04-0.1x | 1.17-2.6x | 3.75-0.7x | 4.42-0.4x | 4.79+3.3x | 1.46+0.3x | 1.20-0.3x | 1.47-3.9x | 5.36+3.7x | 1.64+1.1x | 0.49-0.7x | 1.15-0.1x | 1.30+0.8x | 0.51 |
| Debt-to-Equity | 0.050.0x | 0.04-0.1x | 0.10+0.1x | 0.020.0x | 0.020.0x | 0.06-0.1x | 0.19-0.5x | 0.74+0.7x | 0.00-0.4x | 0.41 | N/A | N/A | N/A | N/A |
| FCF Margin | -9.4%+59.2pp | -68.5%-24.0pp | -44.5%-30.0pp | -14.5%-34.3pp | 19.7%-50.6pp | 70.3%-7.3pp | 77.6%+120.9pp | -43.3%-16.3pp | -27.0%+9.7pp | -36.6%+11.8pp | -48.4% | -246.6% | -92.8% | -124.6% |
Reported as filed but not readable as a share of revenue in the periods where the ratio runs further from zero than a revenue base allows; no change figure is given where either compared period is one of those: Operating Margin, Net Margin, FCF Margin.
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Frequently Asked Questions
What is Arq Inc's annual revenue?
Arq Inc (ARQ) reported $120.3M in total revenue for fiscal year 2025. This represents a 10.4% 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 10.4% year-over-year, from $109.0M to $120.3M in fiscal year 2025.
Is Arq Inc profitable?
No, Arq Inc (ARQ) reported a net income of -$52.6M in fiscal year 2025, with a net profit margin of -43.7%.
What is Arq Inc's EBITDA?
Arq Inc (ARQ) had EBITDA of -$41.2M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Arq Inc have?
As of fiscal year 2025, Arq Inc (ARQ) had $6.6M in cash and equivalents against $8.5M in long-term debt.
What is Arq Inc's gross margin?
Arq Inc (ARQ) had a gross margin of 27.9% in fiscal year 2025, 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 -44.0% in fiscal year 2025, 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 -43.7% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Arq Inc's return on equity (ROE)?
Arq Inc (ARQ) has a return on equity of -31.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Arq Inc's free cash flow?
Arq Inc (ARQ) recorded an outflow of $11.3M in free cash flow during fiscal year 2025. This represents a 84.9% 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) recorded an outflow of $2.7M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Arq Inc's total assets?
Arq Inc (ARQ) had $231.0M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Arq Inc's capital expenditures?
Arq Inc (ARQ) invested $8.6M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Arq Inc spend on research and development?
Arq Inc (ARQ) invested $7.3M in research and development during fiscal year 2025.
What is Arq Inc's current ratio?
Arq Inc (ARQ) had a current ratio of 1.04 as of fiscal year 2025, which is considered adequate.
What is Arq Inc's debt-to-equity ratio?
Arq Inc (ARQ) had a debt-to-equity ratio of 0.05 as of fiscal year 2025, 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 -22.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
What is Arq Inc's cash runway?
Based on fiscal year 2025 data, Arq Inc (ARQ) had $6.6M in cash against an annual operating cash burn of $2.7M. This gives an estimated cash runway of approximately 29 months at the current burn rate. Cash runway measures how long a company can continue operating before running out of cash, assuming no additional funding.
What is Arq Inc's Altman Z-Score?
Arq Inc (ARQ) has an Altman Z-Score of 0.82, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Arq Inc's Piotroski F-Score?
Arq Inc (ARQ) has a Piotroski F-Score of 2 out of 9, indicating weak 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 to 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) reported a net loss of $52.6M while operations used $2.7M of cash. With neither figure positive, the ratio between the two carries no quality signal. 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) reported an operating loss of $53.0M against $2.4M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. 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 49 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.