What is Arq, Inc.'s earnings per share (EPS)?

Arq, Inc. (ARQ) reported diluted earnings per share of -$1.27 for fiscal year 2025. This represents a -807.1% 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.

Arq, Inc. (ARQ) Financials

ARQ

Trailing 12 months to June 30, 2026

Revenue $123.4M +4.9% YoY

Net Income -$52.1M -2351.9% YoY

EPS (Diluted) -$1.27 -2440.0% YoY

Free Cash Flow -$5.1M +90.7% YoY

Market Cap $89.3M as of Oct 8, 2026

Price / Sales 0.7x on $123.4M revenue, trailing 12 months to June 30, 2026

Price / Earnings n/m net loss, so no earnings multiple, trailing 12 months to June 30, 2026

Price / Book 0.5x on $168.2M equity, Q2 FY2026

A multiple compares the market's price with a filed figure; it says what the market pays, not how the business is doing. The market capitalization is the vendor's as of Oct 8, 2026; every other figure is from the SEC filings on this page. Not financial advice.

Source SEC Filings (10-K/10-Q) Latest period Q2 FY2026, ended Jun 30, 2026 Reported Aug 10, 2026 Currency USD FYE December

Newest figures come from the 10-Q for Q2 FY2026, filed Aug 10, 2026. Each column of the statement tables below links to the filing it was taken from, and every filing is listed on the ARQ SEC filings page.

Arq, Inc. (ARQ) reported $123.4M in revenue over the twelve months to Jun 30, 2026, up 4.9% from the prior twelve months. 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).

Rhea AI ARQ FY2025 2026-10-04

Revenue is growing, but FY2025 reveals a business whose gross-profit base no longer absorbs operating costs and reinvestment needs.

FY2025 revenue increased while gross margin fell from 36.2% to 27.9%, meaning additional sales produced less gross profit to support the company. Operating margin sank to -44.0%, and operating cash flow turned negative; lower capital spending improved free cash flow without restoring cash generation.

Debt remains modest at 0.1x debt-to-equity, so liabilities are not the main source of balance-sheet pressure. FY2025's 1.0x current ratio coexisted with reported liquidity equal to 28.9 months of annual outflow, indicating cash resources but little current-asset cushion.

Free cash flow improved from -$74.7M to -$11.3M as capital spending normalized, but it remained negative. That improvement reflects less reinvestment pressure rather than restored earnings quality: net loss reached $52.6M after $5.1M in FY2024.

Financial Health Signals

Financial Health Score 46/100

Scored as: Emerging companies peer group

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.

Cash Runway

Arq, Inc. held $6.6M in cash, cash equivalents and investments at the end of fiscal year 2025, and its operations used $2.7M of cash that year. Cash Runway ranks emerging companies on the size of that balance against the outflow behind it, and Arq, Inc. scores 54/100 among other emerging companies.

Dilution

Arq, Inc. had 43M shares outstanding at the end of fiscal year 2025, against 42M in fiscal year 2024. Dilution ranks emerging companies on how fast that count has grown over three years, where a slower rise is the better one, and Arq, Inc. scores 43/100 among other emerging companies.

R&D Intensity

Arq, Inc. spent $7.3M on research and development in fiscal year 2025, which was 4.2% of its operating costs that year. R&D Intensity ranks emerging companies on the share of operating costs that goes into research, and Arq, Inc. scores 22/100 among other emerging companies.

Revenue Progress

Arq, Inc. reported revenue of $120.3M in fiscal year 2025, against $109.0M in fiscal year 2024. Revenue Progress ranks emerging companies on the three-year path of that line, and Arq, Inc. scores 55/100 among other emerging companies.

Burn Trend

Arq, Inc.'s operations used $2.7M of cash in fiscal year 2025, against $10.5M generated in fiscal year 2024. Burn Trend ranks emerging companies on which way that figure has moved over three years, and Arq, Inc. scores 83/100 among other emerging companies.

Balance Sheet

Arq, Inc.'s cash, cash equivalents and investments came to $6.6M at the end of fiscal year 2025, against $62.6M of total liabilities. Balance Sheet ranks emerging companies on that comparison, and Arq, Inc. scores 18/100 among other emerging companies.

Altman Z-Score Distress

0.71

Arq, Inc. scores 0.71, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($89.3M) 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.

Piotroski F-Score Weak

2/9

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.

Earnings Quality No Cash Backing

N/A

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.

Interest Coverage At Risk

N/A

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

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Earnings & Revenue

Revenue

$29.9M

YoY+4.5%

QoQ+2.9%

5Y CAGR+7.2%

10Y CAGR+12.8%

Arq, Inc. generated $29.9M in revenue in Q2 2026. This represents an increase of 4.5% from the same quarter a year earlier. Against the prior quarter it is up 2.9%.

EBITDA

$3.5M

YoY+273.5%

QoQ+118.8%

5Y CAGR+8.2%

Arq, Inc.'s EBITDA was $3.5M in Q2 2026, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 273.5% from the same quarter a year earlier. Against the prior quarter it is up 118.8%.

Net Income

-$733K

YoY+69.1%

QoQ+35.5%

Arq, Inc. reported -$733K in net income in Q2 2026. This represents an increase of 69.1% from the same quarter a year earlier. Against the prior quarter it is up 35.5%.

EPS (Diluted)

-$0.02

YoY+66.7%

Arq, Inc. earned -$0.02 per diluted share (EPS) in Q2 2026. This represents an increase of 66.7% from the same quarter a year earlier.

Cash & Balance Sheet

Free Cash Flow

-$4.0M

YoY-192.6%

QoQ-485.2%

Arq, Inc. recorded an outflow of $4.0M in free cash flow in Q2 2026, representing a cash shortfall after capex. This represents a decrease of 192.6% from the same quarter a year earlier. Against the prior quarter it is down 485.2%.

Cash & Debt

$906K

YoY-87.0%

QoQ-80.6%

5Y CAGR-56.4%

10Y CAGR-8.6%

Arq, Inc. held $906K in cash against $8.2M in long-term debt as of Q2 2026.

Shares Outstanding

44M

YoY+2.3%

5Y CAGR+18.3%

10Y CAGR+7.1%

Arq, Inc. had 44M shares outstanding in Q2 2026. This represents an increase of 2.3% from the same quarter a year earlier.

Dividends Per Share

Not reported for Q2 2026.

Margins & Returns

Gross Margin

38.5%

YoY+5.2pp

QoQ+4.3pp

Arq, Inc.'s gross margin was 38.5% in Q2 2026, indicating the percentage of revenue retained after direct costs. This is up 5.2 percentage points from the same quarter a year earlier. Against the prior quarter it is up 4.3 percentage points.

Operating Margin

-0.2%

YoY+6.0pp

QoQ+3.1pp

5Y change-2.3pp

10Y change+51.3pp

Arq, Inc.'s operating margin was -0.2% in Q2 2026, reflecting core business profitability. This is up 6.0 percentage points from the same quarter a year earlier. Against the prior quarter it is up 3.1 percentage points.

Net Margin

-2.5%

YoY+5.8pp

QoQ+1.5pp

5Y change-81.2pp

10Y change-90.3pp

Arq, Inc.'s net profit margin was -2.5% in Q2 2026, showing the share of revenue converted to profit. This is up 5.8 percentage points from the same quarter a year earlier. Against the prior quarter it is up 1.5 percentage points.

Return on Equity

-0.4%

YoY+0.7pp

QoQ+0.2pp

5Y change-14.7pp

Arq, Inc.'s ROE was -0.4% in Q2 2026, measuring profit generated per dollar of shareholder equity. This is up 0.7 percentage points from the same quarter a year earlier. Against the prior quarter it is up 0.2 percentage points.

Capital Allocation

R&D Spending

$958K

YoY-64.5%

QoQ-2.4%

Arq, Inc. invested $958K in research and development in Q2 2026. This represents a decrease of 64.5% from the same quarter a year earlier. Against the prior quarter it is down 2.4%.

Capital Expenditures

$1.2M

YoY-34.4%

QoQ+66.6%

5Y CAGR-17.6%

10Y CAGR+60.3%

Arq, Inc. invested $1.2M in capex in Q2 2026, funding long-term assets and infrastructure. This represents a decrease of 34.4% from the same quarter a year earlier. Against the prior quarter it is up 66.6%.

Share Buybacks

Not reported for Q2 2026.

ARQ Income Statement

Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ARQ quarterly income statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
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
EBITDA	N/A	-$41.2M-721.1%	$6.6M+337.6%	-$2.8M+50.6%	-$5.7M-144.2%	$12.8M+139.4%	-$32.4M-331.3%	-$7.5M-32.5%	-$5.7M-69.3%	-$3.4M+77.8%	-$15.1M+62.0%	-$39.8M+0.4%	-$39.9M-30.5%	-$30.6M-119.5%	-$13.9M
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 (Basic)	N/A	-$1.27-807.1%	-$0.14+66.7%	-$0.42+12.5%	-$0.48-114.5%	$3.31+395.5%	-$1.12-157.1%	$1.96+10.1%	$1.78+36.9%	$1.30-70.5%	$4.40+421.2%	-$1.37-2383.3%	$0.06+107.7%	-$0.78-20.0%	-$0.65
EPS (Diluted)	-$1.27	-$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
Diluted Shares (Avg)	N/A	42M+15.2%	36M+23.9%	29M	18M0.0%	18M+2.3%	18M-1.8%	18M-8.3%	20M-6.4%	21M-3.7%	22M+2.1%	22M-1.4%	22M+9.8%	20M	20M

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Revenue	$29.9M+4.5%	$29.1M+6.6%	$29.4M+8.8%	$35.1M+0.9%	$28.6M+12.5%	$27.2M+25.3%	$27.0M-3.8%	$34.8M+16.6%
Cost of Revenue	$18.4M-3.6%	$19.1M+10.3%	$25.4M+47.6%	$25.0M+17.0%	$19.1M+10.7%	$17.3M+26.4%	$17.2M+22.2%	$21.3M+3.1%
Gross Profit	$11.5M+20.9%	$9.9M+0.2%	$4.0M-59.3%	$10.1M-24.8%	$9.5M+16.4%	$9.9M+23.5%	$9.8M-30.0%	$13.4M+47.3%
R&D Expenses	$958K-64.5%	$982K+12.4%	$1.2M+69.3%	$2.6M+226.0%	$2.7M+190.3%	$874K-46.2%	$709K-39.3%	$787K+23.2%
SG&A Expenses	$6.8M+14.7%	$7.4M+21.7%	$6.0M0.0%	$4.6M-42.6%	$5.9M-15.6%	$6.1M-21.0%	$6.0M-8.2%	$8.1M-2.9%
Operating Income	-$68K+96.2%	-$982K-248.3%	-$51.0M-12446.2%	-$839K-141.4%	-$1.8M-26.1%	$662K+122.2%	$413K-86.7%	$2.0M+180.3%
EBITDA	$3.5M+273.5%	$1.6M-44.1%	-$47.9M-1742.2%	$2.9M-38.5%	$930K+290.8%	$2.8M+324.9%	$2.9M-54.2%	$4.7M+2450.5%
Interest Expense	$748K+25.9%	$705K-2.6%	$544K-34.5%	$587K-27.2%	$594K-28.3%	$724K-8.5%	$831K-3.3%	$806K+2.4%
Income Tax	$0	$0	$0+100.0%	$0	$0-100.0%	$0	-$194K-204.3%	$0
Net Income	-$733K+69.1%	-$1.1M-3345.5%	-$49.6M-3600.9%	-$653K-140.4%	-$2.4M-20.4%	-$33K+99.0%	-$1.3M-140.7%	$1.6M+174.3%
EPS (Basic)	-$0.02+66.7%	-$0.02	-$1.21-3933.3%	-$0.02-150.0%	-$0.060.0%	$0.00+100.0%	-$0.03-121.4%	$0.04+157.1%
EPS (Diluted)	-$0.02+66.7%	-$0.02	-$1.21-3933.3%	-$0.02-150.0%	-$0.060.0%	$0.00+100.0%	-$0.03	$0.04+157.1%
Diluted Shares (Avg)	42M+1.4%	42M-1.9%	N/A	42M+11.1%	42M+20.8%	43M+14.8%	N/A	37M+17.7%

ARQ Balance Sheet

ARQ quarterly balance sheet

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
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
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0-100.0%	$105K-93.6%	$1.6M
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
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0	$0
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
Non-Current Liabilities	$20.3M-9.4%	$22.4M-34.1%	$34.1M+96.8%	$17.3M+11.5%	$15.5M-18.0%	$18.9M-27.8%	$26.2M-48.6%	$51.0M+2131.9%	$2.3M-69.2%	$7.4M-79.2%	$35.7M-24.5%	$47.2M+27.2%	$37.1M+472.2%	$6.5M
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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Total Assets	$233.0M-18.1%	$232.1M-18.2%	$231.0M-18.8%	$277.9M-0.7%	$284.5M+14.5%	$283.7M+23.4%	$284.4M+20.7%	$280.0M+21.4%
Current Assets	$47.2M-6.8%	$46.0M-4.5%	$43.9M-16.2%	$43.9M-49.7%	$50.7M-28.9%	$48.2M-33.0%	$52.4M-39.4%	$87.3M-4.6%
Cash & Equivalents	$906K-87.0%	$4.7M-26.3%	$6.6M-51.4%	$7.0M-85.6%	$7.0M-75.6%	$6.3M-82.0%	$13.5M-70.2%	$48.7M-7.4%
Short-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Inventory	$19.4M-6.6%	$19.9M-8.4%	$15.9M-17.7%	$15.7M-14.8%	$20.8M-8.3%	$21.7M+0.3%	$19.3M-1.9%	$18.5M-0.3%
Accounts Receivable	$20.0M+28.8%	$16.0M+3.8%	$15.0M+0.7%	$14.4M-13.4%	$15.5M-1.7%	$15.4M+40.6%	$14.9M-8.1%	$16.6M+16.6%
Long-Term Investments	$0	$0	$0	$0	$0	$0	$0	$0
Total Liabilities	$64.8M-4.4%	$64.3M-1.8%	$62.6M-6.7%	$60.8M-1.7%	$67.8M+14.9%	$65.5M+19.9%	$67.1M+17.5%	$61.8M+9.8%
Current Liabilities	$46.0M-0.4%	$45.1M+4.9%	$42.3M-5.3%	$39.8M+31.9%	$46.2M+73.5%	$43.0M+95.6%	$44.7M+93.7%	$30.2M+37.1%
Non-Current Liabilities	$18.8M-13.0%	$19.2M-14.6%	$20.3M-9.4%	$21.0M-33.8%	$21.6M-33.3%	$22.5M-31.0%	$22.4M-34.1%	$31.7M-7.7%
Long-Term Debt	$8.2M-6.2%	$8.2M-9.8%	$8.5M-9.8%	$8.8M-50.1%	$8.7M-51.4%	$9.1M-49.9%	$9.4M-48.7%	$17.6M-8.1%
Total Equity	$168.2M-22.7%	$167.9M-23.4%	$168.4M-23.0%	$217.2M-0.4%	$217.6M+14.8%	$219.3M+25.2%	$218.6M+22.5%	$218.1M+25.1%
Retained Earnings	$12.3M-80.9%	$13.0M-80.5%	$14.2M-78.6%	$63.9M-5.8%	$64.5M-2.5%	$66.6M-2.2%	$66.4M-7.1%	$67.8M-0.7%

Not reported in any period shown, so not listed: Goodwill.

ARQ Cash Flow Statement

ARQ quarterly cash flow statement

Metric	TTM	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
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
Depreciation & Amortization	N/A	$11.7M+36.7%	$8.6M-18.5%	$10.5M+64.3%	$6.4M-19.1%	$7.9M-7.1%	$8.5M+15.8%	$7.4M+919.5%	$723K-8.4%	$789K-19.4%	$979K-51.5%	$2.0M+8.3%	$1.9M+13.2%	$1.6M+82.5%	$903K
Stock-Based Compensation	N/A	$3.4M+23.9%	$2.7M+2.5%	$2.6M+33.7%	$2.0M+2.8%	$1.9M-22.8%	$2.5M+24.1%	$2.0M-19.2%	$2.5M+12.7%	$2.2M-23.0%	$2.9M-58.3%	$6.9M+46.0%	$4.7M+103.8%	$2.3M+256.2%	$649K
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

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Operating Cash Flow	-$2.7M-616.7%	$64K+101.1%	-$2.8M-152.9%	$5.3M-31.0%	$527K+117.9%	-$5.8M-1203.2%	$5.2M+16.0%	$7.7M+54842.9%
Depreciation & Amortization	$3.5M+30.2%	$2.6M+17.8%	$3.3M+32.7%	$3.8M+38.4%	$2.7M+64.1%	$2.2M+27.1%	$2.5M-23.4%	$2.7M+0.2%
Stock-Based Compensation	$1.0M+42.1%	$891K+21.1%	N/A	$1.1M+40.4%	$734K+12.4%	$736K-5.9%	N/A	$750K+6.8%
Capital Expenditures	$1.2M-34.4%	$740K-80.1%	$783K-98.2%	$2.2M-83.6%	$1.9M-90.2%	$3.7M-61.3%	$43.0M+308.8%	$13.4M+102.9%
Free Cash Flow	-$4.0M-192.6%	-$676K+92.9%	-$3.5M+90.6%	$3.1M+153.9%	-$1.4M+93.9%	-$9.5M-4.9%	-$37.8M-527.5%	-$5.8M+13.0%
Investing Cash Flow	-$1.3M+34.3%	-$754K+79.0%	-$314K+99.3%	-$2.3M+82.5%	-$1.9M+89.9%	-$3.6M+62.7%	-$43.0M-282.6%	-$13.2M-94.2%
Financing Cash Flow	$278K-86.3%	$1.5M-23.5%	$2.6M0.0%	-$2.9M-111.3%	$2.0M-86.8%	$2.0M+294.4%	$2.6M+710.7%	$25.7M+4614.3%

Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.

ARQ Financial Ratios

Margins and returns are percentages; the remaining ratios are unitless multiples. Each change compares the year with the year before it, and each quarter with the same quarter a year earlier.

ARQ quarterly financial ratios

Metric	FY2510-K	FY2410-K	FY2310-K	FY2210-K	FY2110-K	FY2010-K	FY1910-K	FY1810-K	FY1710-K	FY1610-K	FY1510-K	FY1410-K	FY1310-K	FY1210-K
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
Asset Turnover	0.52+0.1x	0.380.0x	0.42-0.1x	0.570.0x	0.54+0.1x	0.46+0.1x	0.40+0.3x	0.15-0.4x	0.55+0.1x	0.47-0.6x	1.03+0.9x	0.180.0x	0.180.0x	0.22
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%

Metric	Q2'2610-Q	Q1'2610-Q	Q4'2510-Q	Q3'2510-Q	Q2'2510-Q	Q1'2510-Q	Q4'2410-K	Q3'2410-Q
Gross Margin	38.5%+5.2pp	34.2%-2.2pp	13.6%-22.7pp	28.8%-9.8pp	33.3%+1.1pp	36.4%-0.5pp	36.3%-13.6pp	38.6%+8.1pp
Operating Margin	-0.2%+6.0pp	-3.4%-5.8pp	-173.3%	-2.4%-8.2pp	-6.3%-0.7pp	2.4%+16.1pp	1.5%-9.5pp	5.8%+14.3pp
Net Margin	-2.5%+5.8pp	-3.9%-3.8pp	-168.4%	-1.9%-6.5pp	-8.3%-0.5pp	-0.1%+15.6pp	-5.0%-16.7pp	4.7%+11.9pp
Return on Equity	-0.4%+0.7pp	-0.7%-0.7pp	-29.4%-28.8pp	-0.3%-1.0pp	-1.1%-0.1pp	0.0%+1.9pp	-0.6%-2.5pp	0.7%+2.0pp
Return on Assets	-0.3%+0.5pp	-0.5%-0.5pp	-21.4%-21.0pp	-0.2%-0.8pp	-0.8%0.0pp	0.0%+1.5pp	-0.5%-1.9pp	0.6%+1.5pp
Current Ratio	1.03-0.1x	1.02-0.1x	1.04-0.1x	1.10-1.8x	1.10-1.6x	1.12-2.2x	1.17-2.6x	2.89-1.3x
Debt-to-Equity	0.050.0x	0.050.0x	0.050.0x	0.040.0x	0.04-0.1x	0.04-0.1x	0.04-0.1x	0.080.0x
Asset Turnover	0.130.0x	0.130.0x	0.130.0x	0.130.0x	0.100.0x	0.100.0x	0.100.0x	0.120.0x
FCF Margin	-13.2%-8.5pp	-2.3%+32.6pp	-12.0%	8.8%+25.4pp	-4.7%+82.3pp	-34.9%+6.8pp	-139.6%	-16.5%+5.6pp

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.

Similar Companies

Newest fiscal year on record for each company. The health score is the peer-relative Financial Health Score for that year; a dash means no score is published for it.

Company	Fiscal year	Revenue	Net income	Net margin	Market cap	Health score
Arq, Inc. ARQ	FY2025	$120.3M	-$52.6M	-43.7%	$89.3M	46/100
Energy Recovery, Inc. ERII	FY2025	$135.0M	$23.0M	17.0%	$343.5M	74/100
Ceco Environmental Corp CECO	FY2025	$774.4M	$50.1M	6.5%	$4.2B	53/100
Fuel Tech, Inc. FTEK	FY2025	$26.7M	-$2.3M	-8.7%	$52.1M	53/100
Zone Frontier Inc. ZONE	FY2026	$3.4M	-$174.2M	N/A	$67.2M	35/100

Where Arq, Inc. Ranks

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.

How many shares does Arq, Inc. have outstanding?

Arq, Inc. (ARQ) had 43M shares outstanding as of 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 P/E ratio?

Arq, Inc. (ARQ) has no price-to-earnings ratio at the moment: net loss, so no earnings multiple (trailing 12 months to June 30, 2026). The market capitalization is $89.3M as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

What is Arq, Inc.'s price-to-sales ratio?

Arq, Inc. (ARQ) trades at 0.7x sales, its market capitalization divided by revenue of $123.4M revenue, trailing 12 months to June 30, 2026. The market capitalization is $89.3M as of Oct 8, 2026; a multiple compares that price with a filed figure and says nothing about the quality of the business.

How does Arq, Inc.'s liquidity compare with its operating cash outflow?

At the end of fiscal year 2025, Arq, Inc. (ARQ) held $6.6M in cash, cash equivalents and investments, and reported an operating cash outflow of $2.7M over that year. Dividing the one by the other, the reported balance equals about 29 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.

What is Arq, Inc.'s Altman Z-Score?

Arq, Inc. (ARQ) has an Altman Z-Score of 0.71, 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 46 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.