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Advanced Emissions Solutions (ADES) reported its Q3 2020 financial results, showing consolidated revenue of $19.5 million, up from $19.1 million in the prior year. Net income rose to $5.0 million, compared to $3.9 million in 2019. However, royalty earnings decreased to $3.6 million, down from $4.4 million last year, primarily due to increased depreciation costs. The company has signed a 15-year supply agreement with Cabot Corporation, aiming for 30%-40% annual revenue growth post-transition. Tinuum distributions fell to $9.7 million from $18.7 million.
Advanced Emissions Solutions, Inc. (NASDAQ: ADES) is set to release its third quarter 2020 financial results and file its Quarterly Report on Form 10-Q after market close on November 9, 2020. A conference call to discuss the results will take place at 9:00 a.m. ET on November 10, 2020. Interested participants can access the webcast via the ADES website. A supplemental investor presentation will be available before the call.
The company specializes in providing emissions solutions to various industries.
Advanced Emissions Solutions (NASDAQ: ADES) announced the completion of an additional Refined Coal (RC) facility by Tinuum Group, a joint venture with ADA-ES, NexGen Resources, and Goldman Sachs. This facility will increase coal burn by approximately 4.0 million tons per year, resulting in higher cash flow for ADES. With this new addition, Tinuum Group operates 22 RC facilities. Interim CEO Greg Marken highlights this milestone as crucial for maximizing business outcomes during the refined coal tax credit period.
Advanced Emissions Solutions (NASDAQ: ADES) reported its Q2 2020 financial results, revealing a consolidated net loss of $23.8 million versus a profit of $8.1 million in Q2 2019. Revenue declined 26% to $11.5 million, primarily due to decreased coal-fired power generation. Tinuum Group distributions fell 17% to $15.4 million. Significant impairment charges totaling $26.1 million impacted both the Power Generation and Industrials segment and overall earnings. However, future RC cash flows are projected between $100 million and $125 million through 2021, aided by recent RC transactions.
Advanced Emissions Solutions (NASDAQ: ADES) announced it will release its second quarter 2020 financial results after market close on August 10, 2020. The associated Quarterly Report on Form 10-Q will cover the period ending June 30, 2020. A conference call to discuss these results is scheduled for 9:00 a.m. Eastern Time on August 11, 2020. Interested parties can access the conference call via the Investor Resources section of ADES's website. A supplemental investor presentation will be available before the call.
Advanced Emissions Solutions, Inc. (NASDAQ: ADES) announced the lease of an additional Refined Coal (RC) facility by Tinuum Group, LLC, a joint venture involving ADA-ES, NexGen Resources, and Goldman Sachs. The new facility is located at a coal plant typically using around 2.0 million tons of coal annually. This brings Tinuum Group's total operational facilities to 21. Interim CEO Greg Marken emphasized the facility's importance in achieving emission reduction goals despite lower coal burn.
Advanced Emissions Solutions (NASDAQ: ADES) announced the sale of a 49.9% interest in a Refined Coal (RC) project by Tinuum Group, a joint venture including ADA-ES, NexGen Resources, and Goldman Sachs. This marks a significant development since Tinuum Group has held this interest since 2017. The company retains a minimal 0.1% interest, unaffected by the transaction. The interim CEO highlights the new investment as a positive step towards enhancing cash flow and reducing operational costs while aiming to secure more tax equity investors for expanded lower emission coal production.
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