United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________ FORM 10-Q ______________________________________ ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2021 or ☐ TRANSITION REPORT PURSUANT TO 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-37822 ______________________________________ Advanced Emissions Solut ...

Call Start: 09:00 January 1, 0000 9:23 AM ET Advanced Emissions Solutions, Inc. (ADES) Q1 2021 Earnings Conference Call May 11, 2021 09:00 ET Company Participants Ryan Coleman - Investor Relations Greg Marken - Interim President, Chief Executive Officer & Treasurer Morgan Fields - Vice President of Accounting Conference Call Participants Operator Good day and thank you for standing by. Welcome to the Advanced Emissions Solutions Quarter One 2021 Earnings Call. At this time, all participants are in listen-on ...

Advanced Emissions Solutions, Inc. Advancing Cleaner Energy First Quarter 2021 Earnings Results Call May 11, 2021 © 2021 Advanced Emissions Solutions, Inc. All rights reserved. SAFE HARBOR 2 This presentation includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which provides a "safe harbor" for such statements in certain circumstances. The forward-looking statements include statements or expectations regarding cash flows from refined coal ("RC"); opp ...

☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2021 or ☐ TRANSITION REPORT PURSUANT TO 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File Number: 001-37822 ______________________________________ Advanced Emissions Solutions, Inc. United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________ FORM 10-Q ___________________________ ...

Advanced Emissions Solutions, Inc. Advancing Cleaner Energy Fourth Quarter & Full Year 2020 Earnings Results Call March 11, 2021 © 2021 Advanced Emissions Solutions, Inc. All rights reserved. SAFE HARBOR 2 This presentation includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which provides a "safe harbor" for such statements in certain circumstances. The forward-looking statements include statements or expectations regarding future cash flows from re ...

Financial Data and Key Metrics Changes - Fourth quarter distributions totaled $20.2 million, with royalty income of $3.5 million, while full-year distributions were $62.4 million and royalties were $13.4 million [12][43] - Fourth quarter net income was $0.4 million, compared to $9.1 million in 2019, and the full-year net loss was $20.3 million, primarily due to a $26 million impairment charge [23][46] - Consolidated adjusted EBITDA for the fourth quarter was $23.4 million, an increase from $14.9 million in 2019, while full-year adjusted EBITDA decreased to $55.1 million from $66.5 million [24][47] Business Line Data and Key Metrics Changes - The activated carbon business saw a revenue increase of approximately 25% to $14.9 million in the fourth quarter, with adjusted EBITDA improving to $2.3 million from a loss of $1.4 million in the previous year [16][17] - The renamed Advanced Purification Technologies (APT) segment is focusing on optimizing product mix and increasing margins, with a shift towards upstream customer and product opportunities [15][18] Market Data and Key Metrics Changes - The company experienced higher natural gas prices in the fourth quarter, positively impacting coal-fired power generation and related product demand [20] - The energy crisis in Texas limited operations due to transportation constraints, but sufficient inventory allowed for continued supply to customers [21][22] Company Strategy and Development Direction - The company is prioritizing debt reduction and cash preservation, with a focus on liquidity and organic investments to ensure manufacturing capabilities [25][28] - Recent supply agreements with Cabot are expected to diversify revenue streams and reduce power generation exposure to less than 50% of the portfolio [32][63] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the strategic success achieved in 2020 and expects improved earnings profiles in 2021, particularly in the APT segment [38][51] - The company anticipates that new mercury control regulations in the EU will create demand for its products, further diversifying revenue [33][66] Other Important Information - The company reduced its long-term loan balance to $16 million and plans to pay off the remaining balance by Q4 2021 [25][49] - The company has returned $106.4 million to shareholders via dividends and share repurchases since 2017, but shareholder return initiatives are currently on hold to preserve liquidity [67][71] Q&A Session Summary - No specific questions or answers were recorded in the provided content, and the session concluded without further discussion [73]

United States SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 (Name of registrant as specified in its charter) (State of incorporation) (IRS Employer Delaware 27-5472457 Identification No.) ______________________________________ FORM 10-K ______________________________________ 8051 E. Maplewood Ave, Suite 210, Greenwood Village, CO, 80111 (Address of principal executive offices) (Zip Code) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 (Registrant's telephon ...

Advanced Emissions Solutions, Inc. Advancing Cleaner Energy Third Quarter 2020 Earnings Results Call November 10, 2020 © 2020 Advanced Emissions Solutions, Inc. All rights reserved. SAFE HARBOR This presentation includes forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934, which provides a "safe harbor" for such statements in certain circumstances. The forward-looking statements include statements or expectations regarding future cash flows from refined coal ( ...

Financial Data and Key Metrics Changes - Third quarter distributions from Tinuum totaled $9.7 million, while royalty income was $3.6 million, reflecting lower net lease payments due to renegotiated contracts and decreased coal burn driven by alternative energy sources [11][12] - Consolidated net profit for the third quarter was $5 million, with consolidated adjusted EBITDA at $8.7 million, down from $18.5 million in the prior year, primarily due to lower cash distributions from Tinuum [17][29] - Earnings from equity method investments were $9.5 million, compared to $14.4 million in Q3 2019, mainly due to lower earnings from Tinuum Group [25] Business Line Data and Key Metrics Changes - In the PGI segment, third quarter revenue decreased by approximately 4%, with a segment operating loss of $1.3 million, although adjusted EBITDA was slightly better than breakeven [14][15] - The company has diversified its product mix away from coal-fired power generation, achieving success in industrial markets, which helped offset some pressures in the PGI segment [15][16] Market Data and Key Metrics Changes - The company noted a decrease in coal burn driven by cheaper alternative energy sources and lower overall economic activity due to the pandemic [12] - The market for coal-fired power generation continues to decline, exceeding EIA forecasts, prompting the company to focus on adjacent market opportunities [37] Company Strategy and Development Direction - The company announced a 15-year master supply agreement with Cabot Corporation, which is expected to diversify the business and capture value from acquired assets [10][41] - The focus remains on filling plant capacity, diversifying the product mix, and capturing low-cost production advantages [16][41] - The company aims to reduce power generation exposure to less than 50% of its portfolio while targeting annual revenue growth of 30% to 40% from the Cabot agreement [20][45] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about the competitive position in the market and the ongoing investor interest in leasing facilities [9] - The company anticipates improved financial performance as production ramps up related to the supply agreement with Cabot [31][42] - Management acknowledged challenges from cheap alternative fuel sources and the pandemic's impact on the market [21][38] Other Important Information - The company reduced its term loan balance to $22 million and expects to pay off the note before its three-year term ends [18][30] - Operating expenses were reduced by approximately 24% in the third quarter, improving overall liquidity [19] Q&A Session Summary Question: What are the expectations for future cash flows from refined coal? - The company updated its expectation of after-tax cash flows to be between $90 million and $110 million through the end of 2021, excluding a recent transaction expected to add $5 million to $7 million [34][35] Question: How does the company plan to address the decline in coal-fired power generation? - The company is focusing on adjacent market opportunities and has made significant progress in non-power generation applications for activated carbon [38][39]

[PART I. - FINANCIAL INFORMATION](index=4&type=section&id=PART%20I.%20-%20FINANCIAL%20INFORMATION) [Item 1. Financial Statements (Unaudited)](index=4&type=section&id=Item%201.%20Financial%20Statements%20(unaudited)) This section presents the unaudited condensed consolidated financial statements, including the balance sheets, statements of operations, changes in stockholders' equity, and cash flows, along with detailed notes explaining the basis of presentation, significant accounting policies, and specific financial line items [Condensed Consolidated Balance Sheets](index=4&type=section&id=Condensed%20Consolidated%20Balance%20Sheets) Condensed Consolidated Balance Sheets (in thousands) | (in thousands) | September 30, 2020 | December 31, 2019 | | :--------------- | :----------------- | :---------------- | | Total Assets | $155,654 | $173,799 | | Total Liabilities| $71,304 | $65,507 | | Total Stockholders' Equity | $84,350 | $108,292 | [Condensed Consolidated Statements of Operations](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations) Net Income (Loss) (in thousands) | Period | 2020 | 2019 | Change ($) | Change (%) | | :----------------------- | :--------- | :--------- | :--------- | :--------- | | Three Months Ended Sep 30| $4,975 | $3,923 | $1,052 | **26.8%** | | Nine Months Ended Sep 30 | $(20,732) | $26,439 | $(47,171) | **-178.4%** | Total Revenues (in thousands) | Period | 2020 | 2019 | Change ($) | Change (%) | | :----------------------- | :--------- | :--------- | :--------- | :--------- | | Three Months Ended Sep 30| $19,471 | $19,133 | $338 | **1.8%** | | Nine Months Ended Sep 30 | $43,217 | $54,039 | $(10,822) | **-20.0%** | - The Company recorded an impairment of long-lived assets of **$26,103 thousand** for the nine months ended September 30, 2020, compared to $0 in the prior year[12](index=12&type=chunk) [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders'%20Equity) Total Stockholders' Equity (in thousands) | Date | Amount | | :----------------- | :--------- | | January 1, 2020 | $108,292 | | September 30, 2020 | $84,350 | - Cash dividends paid for the nine months ended September 30, 2020, totaled **$(4,956) thousand**[19](index=19&type=chunk) [Condensed Consolidated Statements of Cash Flows](index=8&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows) Cash Flows Summary (in thousands) | (in thousands) | 2020 | 2019 | Change ($) | | :------------------------------------------------ | :-------- | :-------- | :--------- | | Cash flows from operating activities | $34,918 | $47,598 | $(12,680) | | Cash flows from investing activities | $(5,602) | $(9,174) | $3,572 | | Cash flows from financing activities | $(21,367) | $(42,041) | $20,674 | | Increase (decrease) in Cash and Cash Equivalents and Restricted Cash | $7,949 | $(3,617) | $11,566 | [Notes to Condensed Consolidated Financial Statements](index=9&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) [Note 1 - Basis of Presentation](index=9&type=section&id=Note%201%20-%20Basis%20of%20Presentation) - Advanced Emissions Solutions, Inc. (ADES) is engaged in the sale of consumable air and water treatment options, including activated carbon (AC) and chemical technologies, and generates substantial earnings through equity ownership in Tinuum Group and Tinuum Services, which produce refined coal (RC) qualifying for Section 45 tax credits[21](index=21&type=chunk)[22](index=22&type=chunk) - The ability to generate Section 45 tax credits related to Tinuum's RC facilities expires in **2021**, posing a significant adverse impact risk on Tinuum Group's and the Company's financial position, results of operations, and cash flows[36](index=36&type=chunk) - Low natural gas prices and demand for electricity affect coal consumption, thereby reducing demand for the Company's products and impacting revenues, sales volumes, earnings, and cash flows[38](index=38&type=chunk) [Note 2 - Customer Supply Agreement](index=11&type=section&id=Note%202%20-%20Customer%20Supply%20Agreement) - The Company signed a **15-year** supply agreement with Cabot Norit Americas, Inc. on September 30, 2020, for lignite-based activated carbon products, with automatic **10-year** renewal terms[42](index=42&type=chunk) - Cabot will reimburse the Company for capital expenditures, categorized as 'Shared Capital' (benefiting both parties) and 'Specific Capital' (benefiting Cabot exclusively), with revenues recognized based on agreed-upon factors and amortization schedules[43](index=43&type=chunk)[44](index=44&type=chunk)[45](index=45&type=chunk)[47](index=47&type=chunk) [Note 3 - Acquisition of Marshall Mine](index=12&type=section&id=Note%203%20-%20Acquisition%20of%20Marshall%20Mine) - On September 30, 2020, the Company acquired Marshall Mine, LLC from Cabot for a nominal price, immediately commencing activities to shutter the mine and incur associated reclamation costs[48](index=48&type=chunk) - Total Reclamation Costs are estimated at **$23.3 million**, with Cabot obligated to reimburse **$10.2 million** over 13 years[49](index=49&type=chunk) Marshall Mine Acquisition - Net Assets Acquired and Liabilities Assumed (September 30, 2020) | (in thousands) | Amount | | :------------------------------------------------ | :--------- | | Assets acquired: | | | Property, plant and equipment | $3,863 | | Spare parts | $100 | | Liabilities assumed: | | | Accounts payable and accrued expenses | $(673) | | Asset retirement obligation | $(21,328) | | Net assets acquired and liabilities assumed | $(18,038) | | Cabot receivable | $9,749 | | Upfront Customer Consideration | $8,289 | [Note 4 - Marshall Mine Asset Retirement Obligation and related Cabot Receivable](index=13&type=section&id=Note%204%20-%20Marshall%20Mine%20Asset%20Retirement%20Obligation%20and%20related%20Cabot%20Receivable) - The Company recorded a Marshall Mine Asset Retirement Obligation (ARO) of **$21.3 million** for reclamation and restoration, based on expected future cash flows of **$23.7 million** discounted at **7.0%**[56](index=56&type=chunk) - A Cabot Receivable of **$9.7 million** was recorded at fair value for Reclamation Reimbursements, reflecting a **1.5%** discount rate[58](index=58&type=chunk) - A **$30.0 million** surety bond was posted for reclamation activities, requiring **$5.0 million** collateral as of September 30, 2020, and an additional **$5.0 million** by March 31, 2021[59](index=59&type=chunk) [Note 5 - Impairment](index=13&type=section&id=Note%205%20-%20Impairment) - A **$26.1 million** impairment charge was recorded as of June 30, 2020, on the PGI segment's long-lived assets (manufacturing plant and lignite mine assets)[61](index=61&type=chunk) - The impairment was triggered by a significant decline in PGI segment's revenues and forecasted revenues, primarily due to reduced coal-fired power dispatch and historically low natural gas prices[60](index=60&type=chunk)[61](index=61&type=chunk) Impairment Charge Allocation (June 30, 2020) | (in thousands) | Amount | | :----------------------------- | :--------- | | Property, plant and equipment, net | $18,986 | | Intangible assets, net | $1,445 | | Other long-term assets, net | $5,672 | | Total impairment | $26,103 | [Note 6 - COVID-19](index=14&type=section&id=Note%206%20-%20COVID-19) - The Company obtained a **$3.3 million** Paycheck Protection Program (PPP) Loan on April 20, 2020, with a **1.00%** interest rate, maturing April 21, 2022, and potentially forgivable[66](index=66&type=chunk) - The Company deferred **$0.3 million** in payroll tax payments under the CARES Act as of September 30, 2020, with repayment scheduled for December 31,