Revenue and Income - For the three months ended September 30, 2025, revenue increased to $35.1 million, a 1% increase from $34.8 million in the same period of 2024[124] - The net loss for the three months ended September 30, 2025, was $0.7 million, compared to a net income of $1.6 million in the same period of 2024[122] - Total revenue for the nine months ended September 30, 2025, was $90,905,000, an increase of $8,986,000 or 11% compared to $81,919,000 in 2024[141] - EBITDA for the nine months ended September 30, 2025, was $8,064,000, compared to $4,369,000 in 2024, reflecting improved operational performance[160] Costs and Expenses - The cost of revenue for the same period rose to $25.0 million, representing a 17% increase from $21.3 million in 2024[124] - Cost of revenue decreased to $52,279,000 in 2025 from $61,363,000 in 2024, a reduction of $9,084,000 or 17%[141] - Operating expenses totaled $31,274,000 in 2025, a slight decrease of $738,000 or 2% from $32,012,000 in 2024[144] - Research and development expenses surged to $2.6 million for the three months ended September 30, 2025, compared to $0.8 million in 2024, reflecting increased pre-production testing costs[133] - Research and development expenses rose significantly by $2,796,000 or 84% to $6,137,000 in 2025, primarily due to initial testing of the GAC Facility[149] - Selling, general and administrative expenses decreased by 43% to $4.6 million in Q3 2025 from $8.1 million in Q3 2024[128] Cash Flow and Liquidity - Cash and restricted cash decreased from $22,200,000 as of December 31, 2024, to $15,500,000 as of September 30, 2025[161] - Cash flows from operating activities were minimal at $28,000 in 2025, a decrease of $5,240,000 from $5,268,000 in 2024[162] - Cash flows used in investing activities decreased by $34.3 million for the nine months ended September 30, 2025, primarily due to a $34.4 million decrease in property, plant, and equipment additions related to the Red River Plant commissioning[163] - Cash flows provided by financing activities decreased by $39.0 million for the nine months ended September 30, 2025, mainly due to net proceeds of $42.4 million from common stock placements completed in 2024[164] - The company expects cash on hand of $7.0 million and availability under the Revolving Credit Facility to provide sufficient liquidity for operations over the next 12 months[166] Market and Product Development - The implementation of new PFAS regulations is expected to significantly increase demand for granular activated carbon (GAC) in the water purification market[121] - The company anticipates reaching GAC nameplate capacity around mid-year 2026, which will coincide with a final investment decision regarding a potential second GAC line[118] - The company anticipates ramping up to full nameplate capacity at the Red River Plant and is evaluating a potential second GAC line[175] - Future cash flows and profitability from the GAC business are expected to be significant, with ongoing efforts to contract remaining GAC product volumes[177] - The company is focused on expanding its market share for APT consumables and improving gross margins through better customer and product mix[165] Other Financial Metrics - Other income increased to $0.7 million in Q3 2025, primarily due to an insurance claim related to mining equipment[139] - The effective tax rate for the three months ended September 30, 2025, was zero, with no income tax benefit recorded due to a full valuation allowance on deferred tax assets[140] - Interest expense decreased by $521,000 or 21% to $1,905,000 in 2025, attributed to lower average interest rates[154] - Total other income improved by $517,000 or 38% to a loss of $851,000 in 2025, compared to a loss of $1,368,000 in 2024[152] Risks and Challenges - Risks include potential fluctuations in pricing for AC products and the impact of regulatory changes on demand for the company's products[176]

Core Insights - Argo Gold Inc. has expanded its uranium mineral claim position at Thunderclap in the Athabasca Basin, Saskatchewan, now covering 264 hectares with a 100% interest [1] - The company holds a total of 15,962 hectares across four uranium areas in the Athabasca Basin, which are considered prospective for uranium mineralization [1] - The Fraser Institute's Annual Survey of Mining Companies ranks Saskatchewan as the third most attractive region globally for mineral exploration and mining investment [5] Company Overview - Argo Gold is a Canadian mineral exploration and development company, also involved in oil production, and is listed on the Canadian Securities Exchange [13] - The company is well-positioned to advance mineral exploration due to its high-quality assets in a mining-friendly jurisdiction [5] Geological Context - Thunderclap is strategically located near several significant uranium mines, including McLean Lake, Rabbit Lake, and Cameco's Cigar Lake [2] - Historical drilling results in the vicinity of Thunderclap indicate promising uranium mineralization, with notable intersections of eU3O8 [3][4] - The Thunderclap Property has never been drilled-tested, suggesting high prospectivity for future exploration [4]

Core Viewpoint - Arq, Inc. will release its third quarter 2025 financial results on November 5, 2025, and will hold a conference call to discuss the results on November 6, 2025 [1][2]. Financial Results Announcement - The financial results for the period ended September 30, 2025, will be filed in the Quarterly Report on Form 10-Q [1]. - The conference call is scheduled for 8:30 a.m. Eastern Time on November 6, 2025 [1]. Conference Call Participation - Interested parties can register for the conference call via the Investor Resources section of Arq's website [2]. - The live conference call can be accessed by dialing (888) 396-8049 or +1 (416) 764-8646 [2]. Supplemental Information - A supplemental investor presentation will be available on the Company's website prior to the conference call [3]. - A replay of the conference call will be accessible shortly after the event and will expire after November 13, 2025 [3]. Company Overview - Arq, Inc. is a diversified environmental technology company focused on producing activated carbon products [4]. - The company is the only vertically integrated producer of activated carbon products in North America, providing a reliable domestic supply [4]. - Arq aims to develop innovative solutions to remove harmful chemicals and pollutants from water, land, and air [4].

Core Viewpoint - Arq, Inc. has published its 2024 Sustainability Report, highlighting its strong financial performance and commitment to environmental, social, and governance (ESG) excellence while advancing its mission of enabling a cleaner planet [1][2]. Financial Performance - In 2024, Arq achieved approximately $109 million in revenue and demonstrated consecutive quarters of positive adjusted EBITDA growth, indicating a successful year financially [2]. Environmental Leadership - The report emphasizes Arq's unique market position to capitalize on opportunities arising from new environmental regulations, particularly the EPA's 2024 PFAS drinking water standards, which require a reduction from 70 parts per trillion to 4 parts per trillion by the end of the decade [4]. - Arq anticipates a potential supply gap of 370 million pounds by 2030, positioning the company for sustained growth in activated carbon solutions [4]. Social Responsibility and People Excellence - The company maintains industry-leading safety performance with zero fatalities across all facilities and has 202 dedicated employees [5]. - Arq has implemented comprehensive wellness and professional development programs to support employee growth and expanded community engagement through volunteer initiatives and educational partnerships [5]. Governance and Transparency - The report reflects Arq's commitment to transparency and stakeholder engagement, providing detailed performance metrics and progress updates across ESG dimensions [6]. - Enhanced Board oversight of ESG initiatives is facilitated through the Nominating and Governance Committee, and the company has achieved a 100% completion rate for comprehensive ethics training among employees [5][6]. Innovation and Technology Leadership - Arq holds over 140 granted patents and patent applications in activated carbon and adjacent technologies, showcasing its strong R&D capabilities [5]. - The company has established a world-class R&D environment with comprehensive product testing across more than 100 potential applications [5]. Strategic Market Position and Outlook - Arq's diversified customer base spans municipal water treatment, industrial air purification, and renewable natural gas applications, validating its strategic approach [5]. - The company is nearing mechanical completion and has commenced initial equipment commissioning at its Red River facility, which is crucial for addressing PFAS contamination challenges [5].

Company Overview - Arq, Inc. (ARQ) shares increased by 5.1% to $7.36 in the last trading session, contrasting with a 1.7% loss over the past four weeks [1] - The price increase is attributed to improved contract terms, including growth in average selling prices and a surge in volumes [1] Earnings Expectations - Arq, Inc. is expected to report quarterly earnings of $0.02 per share, reflecting a year-over-year decline of 50% [2] - Revenue is anticipated to be $36.56 million, which is a 5.2% increase from the same quarter last year [2] Stock Performance Insights - The consensus EPS estimate for Arq, Inc. has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without earnings estimate revisions [3] - The stock currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [3] Industry Comparison - Arq, Inc. operates within the Zacks Waste Removal Services industry, where Zurn Water (ZWS) is another player [3] - Zurn Water's consensus EPS estimate is $0.4, representing a year-over-year increase of 17.7%, and it holds a Zacks Rank of 1 (Strong Buy) [4]

Core Viewpoint - Argo Gold Inc. has received mineral exploration permits for its projects in the Rottenstone Belt and Dreaver Lake Gold Project in Saskatchewan, covering a total of 27,816 hectares [1][2]. Group 1: Dreaver Lake Gold Project - The Dreaver Lake Gold Project shows weakly anomalous gold and silver in lake sediments, with a significant 10-kilometer halo of coincident gold and silver [3]. - Historical prospecting in 1968 identified quartz diorite rock associated with gold mineralization, with a notable intersection of 73.55 grams/tonne Au over 7.5 meters [3]. - An airborne survey in 1966 delineated three conductors with magnetic highs, with the highest priority target being a 1.5 km long EM conductor [3][4]. Group 2: Rottenstone Project - Argo Gold owns 100% of 26,661 hectares in the Rottenstone Belt, with historic data compilation revealing additional prospective areas for exploration [5]. - The exploration ground shows anomalous gold, silver, and copper in lake sediments, coinciding with interpreted geological features [5]. - The Fraser Institute ranked Saskatchewan third globally for mineral exploration and mining investment attractiveness, positioning Argo favorably for exploration activities [6]. Group 3: Company Overview - Argo Gold is a Canadian mineral exploration and development company, also involved in oil production, with its shares listed on multiple exchanges [8].

Core Points - Argo Gold Inc. has adopted an advance notice bylaw to provide a clear framework for director nominations, aiming to facilitate orderly meetings and ensure adequate notice for shareholders [1][2] - The bylaw establishes specific deadlines for shareholders to submit nominations for directors, ensuring that no person is eligible for election unless nominated according to the bylaw [2][3] - For annual meetings, the notice deadline is at least 30 days prior, or 40 days if notice and access is used, with specific provisions if the meeting is announced less than 50 days in advance [3] - For special meetings, the notice must be provided no later than the close of business on the 15th day following the public announcement of the meeting date [4] - The bylaw will be ratified at the next annual general and special meeting of shareholders and is effective as of August 22, 2025 [5] Company Overview - Argo Gold is a Canadian mineral exploration and development company, also involved in oil production, with listings on the Canadian Securities Exchange and other international exchanges [6]

Core Viewpoint - The article emphasizes the importance of identifying sustainable trends in stock prices for short-term investing, highlighting that while trends can be profitable, ensuring their longevity is crucial for success [1][2]. Group 1: Stock Performance - Arq, Inc. (ARQ) has shown a significant price increase of 69.2% over the past 12 weeks, indicating strong investor interest and potential upside [4]. - In addition to the long-term trend, ARQ has experienced a price increase of 29.9% over the last four weeks, suggesting that the upward momentum is still intact [5]. - ARQ is currently trading at 92% of its 52-week high-low range, indicating it may be on the verge of a breakout [5]. Group 2: Fundamental Strength - ARQ holds a Zacks Rank 2 (Buy), placing it in the top 20% of over 4,000 ranked stocks based on earnings estimate revisions and EPS surprises, which are critical for near-term price movements [6]. - The stock has an Average Broker Recommendation of 1 (Strong Buy), reflecting high optimism from the brokerage community regarding its near-term performance [7]. Group 3: Investment Strategy - The article suggests that investors can utilize the "Recent Price Strength" screen to identify stocks like ARQ that are on an upward trend supported by strong fundamentals [3][8]. - It also mentions that there are over 45 Zacks Premium Screens available for investors to find stocks that align with their investment strategies [8].

Financial Performance - Total revenue reached $28.6 million, a 13% year-over-year increase driven by improved Average Selling Price (ASP) and end-market diversification[6] - Gross margin was 33.3%, reflecting sustainable improvement in PAC performance[6] - Adjusted EBITDA was $3.7 million, compared to $1.1 million in the prior year period, marking 5 consecutive quarters of positive Adjusted EBITDA[7, 11] - PAC pricing grew by 9% year-over-year in Q2 2025, with an average quarterly growth of approximately 16% in PAC ASP since Q2 2023[6, 16] GAC Commissioning and Expansion - The company completed the commissioning of its transformational GAC facility at Red River, with ramp-up to nameplate capacity underway[6, 24] - The company is targeting a Final Investment Decision (FID) for a 2nd GAC line prior to year-end 2025[8, 27] - The Red River plant is expected to add production of GAC and expand the plant to deliver an incremental 25 million pounds of GAC product[32] Market and Regulatory Landscape - EPA regulations could boost municipal water market demand by 3 to 5 times from approximately 170 million pounds per year[37] - The company is benefiting from U S tariffs due to its fully integrated domestic supply chain[38] Strategic Initiatives - The company is developing new markets, including the Arq-Enabled Great Lakes Restoration Project, which is the largest PAC sediment remediation in U S history[41, 42] - The company is exploring growth beyond activated carbon, with multiple initiatives focused on developing additional product opportunities and revenue streams from Corbin feedstock[43]

[Executive Summary & Q2 2025 Highlights](index=1&type=section&id=Executive%20Summary%20%26%20Q2%202025%20Highlights) Overview of Arq's strong Q2 2025 financial performance, key business achievements, and CEO commentary on market outlook [Financial Highlights](index=1&type=section&id=Financial%20Highlights) Arq reported strong Q2 2025 financial performance with significant revenue growth and improved profitability, marking its fifth consecutive quarter of positive Adjusted EBITDA Key Financial Metrics | Metric | Q2 2025 | Q2 2024 | YoY Change | Notes | | :-------------------- | :------ | :------ | :--------- | :---- | | Revenue | $28.6M | $25.4M | +13% | Driven by higher ASP and volumes | | Average Sales Price (ASP) | ~9% increase | - | +9% | Over prior year period | | Gross Margin | 33.3% | 32.2% | +110 bps | Improved pricing and volume, partially offset by GAC line start-up costs | | Adjusted EBITDA | $3.7M | $1.1M | +236% | Fifth consecutive quarter of positive Adjusted EBITDA | - Exited Q2 2025 with cash and restricted cash of **$15.4 million**[5](index=5&type=chunk) - Capital expenditures forecast for full year 2025 remain in line with previous guidance of **$8 - $12 million**[5](index=5&type=chunk) [Recent Business Highlights](index=1&type=section&id=Recent%20Business%20Highlights) The company achieved a major milestone with the commissioning of its first Granular Activated Carbon (GAC) line at Red River, advancing its transformation into higher-growth businesses, and initiated testing of Arq Wetcake for asphalt products - Completed Red River plant commissioning with first commercial GAC production and sales, continuing transformation into new **higher growth, higher margin businesses**[5](index=5&type=chunk) - Expect to accelerate development planning for a second line of **25 million pounds** of GAC production at Red River and make a financial investment decision prior to year-end 2025[5](index=5&type=chunk) - Testing of Arq Wetcake as a feedstock for various asphalt related products with a leading US asphalt company has begun[5](index=5&type=chunk) [CEO Commentary and Market Outlook](index=1&type=section&id=CEO%20Commentary%20and%20Market%20Outlook) CEO Bob Rasmus highlighted the successful GAC line commissioning and solid PAC business performance, emphasizing favorable GAC market conditions driven by steady demand, EPA regulations, and new growth drivers like renewable natural gas, leading to an accelerated Final Investment Decision (FID) for a second GAC line - The GAC market continues to show strength with steady demand and minimal new capacity entering the market, creating **favorable conditions for pricing**[6](index=6&type=chunk) - Expected **3-5% annual growth** from existing demand drivers alone, with the potential for a **3-5x increase in demand** driven by recent EPA regulatory changes[6](index=6&type=chunk) - Capitalizing on additional growth drivers like renewable natural gas (RNG) and already sold initial Phase 1 GAC product to RNG customers in Q3 2025[6](index=6&type=chunk) - Given continued favorable market dynamics, Arq now expects to make a Final Investment Decision on a second GAC line prior to the end of 2025[6](index=6&type=chunk) [Second Quarter 2025 Financial Performance](index=2&type=section&id=Second%20Quarter%202025%20Results) Details Arq's Q2 2025 financial results, covering revenue, costs, operating expenses, and profitability metrics [Revenue and Cost of Revenue](index=2&type=section&id=Revenue%20and%20Cost%20of%20Revenue) Arq's Q2 2025 revenue increased by 13% year-over-year, primarily due to higher average sales prices and increased volumes, while costs of revenue also rose due to higher volumes and GAC line start-up expenses Revenue and Cost of Revenue (in millions) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :------------- | :------ | :------ | :--------- | | Revenue | $28.6M | $25.4M | +13% | | Cost of Revenue | $19.1M | $17.2M | +11% | - Average Sales Price (ASP) for Q2 2025 was up approximately **9%** compared to the prior year period[7](index=7&type=chunk) - Increase in costs of revenue was principally driven by an increase in volumes and associated revenue, as well as start-up costs associated with the GAC line at Red River[8](index=8&type=chunk) [Operating Expenses](index=2&type=section&id=Operating%20Expenses) Selling, general, and administrative (SG&A) expenses decreased significantly, while research and development (R&D) costs saw a substantial increase due to non-recurring pre-production testing expenses for the GAC facility Operating Expenses (in millions) | Metric | Q2 2025 | Q2 2024 | YoY Change | | :-------------------------------- | :------ | :------ | :--------- | | Selling, general and administrative | $5.9M | $7.0M | -16% | | Research and development | $2.7M | $0.9M | +200% | - The reduction in SG&A expenses was primarily driven by lower payroll and benefits and G&A expenses, partly reflecting the capitalization of payroll and benefits associated with the Corbin Facility[10](index=10&type=chunk) - The increase in R&D costs was primarily due to non-recurring expenses relating to feedstock utilized in pre-production testing of the GAC Facility[11](index=11&type=chunk) [Profitability](index=2&type=section&id=Profitability) Gross margin improved slightly, but operating loss and net loss widened year-over-year. However, Adjusted EBITDA saw a significant increase, marking the fifth consecutive quarter of positive Adjusted EBITDA Profitability Metrics | Metric | Q2 2025 | Q2 2024 | Change | | :-------------- | :------ | :------ | :----- | | Gross Margin | 33.3% | 32.2% | +110 bps | | Operating Loss | ($1.6M) | ($1.4M) | Widened | | Net Loss | ($2.1M) | ($2.0M) | Widened | | Adjusted EBITDA | $3.7M | $1.1M | +236% | - Gross margin increased as higher pricing and volume were partially offset by start-up costs associated with the GAC line at Red River[9](index=9&type=chunk) - Adjusted EBITDA increase was primarily driven by **higher revenues**[12](index=12&type=chunk) [Capital Expenditures and Balance Sheet Overview](index=2&type=section&id=Capex%20and%20Balance%20Sheet) Overview of Arq's capital expenditures, cash position, and debt structure as of Q2 2025 [Capital Expenditures](index=2&type=section&id=Capital%20Expenditures) Capital expenditures for Q2 2025 were $1.9 million, in line with management expectations, and the full-year 2025 forecast remains consistent with previous guidance of $8 - $12 million Capital Expenditures (in millions) | Metric | Q2 2025 | | :------------- | :------ | | Capex | $1.9M | - Capital expenditures forecast for full year 2025 remain in line with previous guidance of **$8 - $12 million**[14](index=14&type=chunk) [Cash and Liquidity](index=2&type=section&id=Cash%20and%20Liquidity) Cash and restricted cash decreased to $15.4 million as of June 30, 2025, primarily due to GAC facility capex, trade accounts payable, and inventory build-up Cash and Restricted Cash (in millions) | Metric | June 30, 2025 | December 31, 2024 | | :------------------------ | :------------ | :---------------- | | Cash and Restricted Cash | $15.4M | $22.2M | - The decrease in cash was largely caused by capex relating to the GAC Facility at Red River, trade accounts payable, as well as build-up of inventory and spare parts at the Corbin Facility[15](index=15&type=chunk) [Debt](index=2&type=section&id=Debt) Total debt, including financing leases, increased to $28.7 million as of June 30, 2025, driven by an increase in the outstanding principal balance of the revolving credit facility Total Debt (in millions) | Metric | June 30, 2025 | December 31, 2024 | | :--------- | :------------ | :---------------- | | Total Debt | $28.7M | $24.8M | - The increase in total debt was driven by an increase in the outstanding principal balance of the Company's revolving credit facility[16](index=16&type=chunk) [About Arq](index=3&type=section&id=About%20Arq) Overview of Arq as a diversified environmental technology company, focusing on activated carbon products and purification solutions [Company Overview](index=3&type=section&id=Company%20Overview) Arq is a diversified environmental technology company and the sole vertically integrated producer of activated carbon products in North America, focusing on innovative solutions for purification and sustainable materials - Arq (NASDAQ: ARQ) is a diversified, environmental technology company with products that enable a cleaner and safer planet while actively reducing environmental impact[19](index=19&type=chunk) - As the only vertically integrated producer of activated carbon products in North America, Arq delivers a reliable domestic supply of innovative, hard-to-source, high-demand products[19](index=19&type=chunk) - The company applies its expertise to develop groundbreaking solutions to remove harmful chemicals and pollutants from water, land, and air[19](index=19&type=chunk) [Caution on Forward-Looking Statements](index=3&type=section&id=Caution%20on%20Forward-Looking%20Statements) This section outlines the disclaimer regarding forward-looking statements, emphasizing inherent risks and uncertainties that could impact actual financial results [Disclaimer and Risk Factors](index=3&type=section&id=Disclaimer%20and%20Risk%20Factors) This section provides a comprehensive disclaimer regarding forward-looking statements, outlining various risks and uncertainties that could cause actual results to differ