Core Insights - Company reported a 13% year-over-year increase in revenue, reaching $28.6 million in Q2 2025, driven by higher average sales prices and increased volumes sold [6][9] - Achieved a significant milestone with the commissioning of the first Granular Activated Carbon (GAC) line at Red River, contributing to a positive financial outlook [5][7] - Company has maintained five consecutive quarters of positive Adjusted EBITDA, which reached $3.7 million in Q2 2025, compared to $1.1 million in the prior year [14][39] Financial Highlights - Revenue for Q2 2025 was $28.6 million, up from $25.4 million in Q2 2024, primarily due to a 9% increase in average sales price [6][9] - Gross margin improved to 33.3% in Q2 2025 from 32.2% in the prior year, attributed to better pricing and higher volume, despite start-up costs for the GAC line [11][14] - Total debt increased to $28.7 million as of June 30, 2025, compared to $24.8 million at the end of 2024, mainly due to a rise in the revolving credit facility balance [18] Operational Highlights - The successful commissioning of the GAC line at Red River marks a pivotal point in the company's transition to higher growth and margin businesses [5][7] - The company plans to make a final investment decision for a second GAC line by the end of 2025, targeting a production capacity of 25 million pounds [7][8] - Company is exploring additional growth opportunities in renewable natural gas, having already sold initial GAC products to RNG customers [8] Cost Management - Selling, general, and administrative expenses decreased by 16% to $5.9 million in Q2 2025, down from $7.0 million in the prior year, due to lower payroll and benefits [12] - Research and development costs rose to $2.7 million in Q2 2025, up from $0.9 million in the prior year, primarily due to non-recurring expenses related to GAC facility testing [13] Cash Flow and Capital Expenditures - Cash and restricted cash totaled $15.4 million as of June 30, 2025, down from $22.2 million at the end of 2024, largely due to capital expenditures for the GAC facility [17] - Capital expenditures for the full year 2025 are expected to remain between $8 million and $12 million [16]

PART I. - FINANCIAL INFORMATION [Item 1. Condensed Consolidated Financial Statements](index=3&type=section&id=Item%201.%20Condensed%20Consolidated%20Financial%20Statements) Unaudited consolidated financial statements and notes detail balance sheets, operations, equity, cash flows, organization, and accounting policies [Condensed Consolidated Balance Sheets](index=3&type=section&id=Condensed%20Consolidated%20Balance%20Sheets%20as%20of%20June%2030%2C%202025%20and%20December%2031%2C%202024) Assets and liabilities slightly increased, equity decreased, cash significantly reduced, and receivables/inventories rose from December 2024 to June 2025 Condensed Consolidated Balance Sheets Data | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :-------------------------------- | :----------------------------- | :------------------------------- | | **ASSETS** | | | | Cash | $6,957 | $13,516 | | Receivables, net | $15,547 | $14,876 | | Inventories, net | $20,778 | $19,314 | | Total current assets | $50,664 | $52,356 | | Total Assets | $284,541 | $284,368 | | **LIABILITIES AND STOCKHOLDERS' EQUITY** | | | | Total current liabilities | $46,168 | $44,653 | | Total Liabilities | $67,773 | $67,092 | | Total Stockholders' Equity | $216,768 | $217,276 | [Condensed Consolidated Statements of Operations](index=4&type=section&id=Condensed%20Consolidated%20Statements%20of%20Operations%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202025%20and%20June%2030%2C%202024) The company reported improved net losses for both three and six months ended June 30, 2025, driven by increased revenue despite rising operating expenses Condensed Consolidated Statements of Operations Data | Metric | Three Months Ended June 30, 2025 (in thousands) | Three Months Ended June 30, 2024 (in thousands) | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :------------------------------------------ | :---------------------------------------------- | :---------------------------------------------- | :-------------------------------------------- | :-------------------------------------------- | | Revenue | $28,584 | $25,405 | $55,831 | $47,145 | | Cost of revenue, exclusive of depreciation and amortization | $19,066 | $17,227 | $36,398 | $30,940 | | Selling, general and administrative | $5,918 | $7,011 | $11,971 | $14,677 | | Research and development | $2,697 | $929 | $3,571 | $2,554 | | Depreciation, amortization, depletion and accretion | $2,485 | $1,658 | $4,666 | $3,374 | | Operating loss | $(1,555) | $(1,420) | $(893) | $(4,400) | | Net loss | $(2,133) | $(1,968) | $(1,930) | $(5,387) | | Loss per common share (Basic) | $(0.05) | $(0.06) | $(0.05) | $(0.16) | | Loss per common share (Diluted) | $(0.05) | $(0.06) | $(0.05) | $(0.16) | [Condensed Consolidated Statements of Changes in Stockholders' Equity](index=5&type=section&id=Condensed%20Consolidated%20Statements%20of%20Changes%20in%20Stockholders%27%20Equity%20for%20the%20Three%20and%20Six%20Months%20Ended%20June%2030%2C%202025%20and%20June%2030%2C%202024) Total stockholders' equity slightly decreased from January 1, 2025, to June 30, 2025, due to net loss, partially offset by stock-based compensation Condensed Consolidated Statements of Changes in Stockholders' Equity Data | Metric | Balances, January 1, 2025 (in thousands) | Balances, June 30, 2025 (in thousands) | Balances, January 1, 2024 (in thousands) | Balances, June 30, 2024 (in thousands) | | :------------------------ | :--------------------------------------- | :------------------------------------- | :--------------------------------------- | :------------------------------------- | | Total Stockholders' Equity | $217,276 | $216,768 | $178,400 | $189,600 | | Stock-based compensation (6 months) | N/A | $1,470 | N/A | $1,435 | | Net loss (6 months) | N/A | $(1,930) | N/A | $(5,387) | [Condensed Consolidated Statements of Cash Flows](index=6&type=section&id=Condensed%20Consolidated%20Statements%20of%20Cash%20Flows%20for%20the%20Six%20Months%20Ended%20June%2030%2C%202025%20and%20June%2030%2C%202024) Cash and restricted cash decreased due to increased operating cash outflow and reduced financing cash inflow, despite lower investing cash outflow Condensed Consolidated Statements of Cash Flows Data | Cash Flow Activity | Six Months Ended June 30, 2025 (in thousands) | Six Months Ended June 30, 2024 (in thousands) | | :------------------------------------ | :-------------------------------------------- | :-------------------------------------------- | | Net cash used in operating activities | $(5,276) | $(2,424) | | Net cash used in investing activities | $(5,530) | $(28,851) | | Net cash provided by financing activities | $3,995 | $14,319 | | Decrease in Cash and Restricted Cash | $(6,811) | $(16,956) | | Cash and Restricted Cash, end of period | $15,424 | $37,197 | [Notes to Condensed Consolidated Financial Statements](index=7&type=section&id=Notes%20to%20Condensed%20Consolidated%20Financial%20Statements) These notes provide detailed explanations and disclosures for the condensed consolidated financial statements, covering business, accounting policies, and specific financial line items [Note 1 - Organization and Basis of Presentation](index=7&type=section&id=Note%201%20-%20Organization%20and%20Basis%20of%20Presentation) Arq, Inc. is an environmental technology company focused on activated carbon products for air, water, and soil treatment, operating in the APT market - Arq, Inc. is an environmental technology company principally engaged in the sale of consumable air, water, and soil treatment solutions, primarily based on activated carbon (AC)[22](index=22&type=chunk) - The company's primary products are powdered activated carbon (PAC) and granular activated carbon (GAC), and it owns the Five Forks Mine (lignite coal) and a manufacturing facility in Corbin, Kentucky[23](index=23&type=chunk) Note 1 - Organization and Basis of Presentation Data | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | Six Months Ended June 30, 2025 | Six Months Ended June 30, 2024 | | :-------------------------------------- | :------------------------------- | :------------------------------- | :----------------------------- | :----------------------------- | | Loss per share - basic | $(0.05) | $(0.06) | $(0.05) | $(0.16) | | Loss per share - diluted | $(0.05) | $(0.06) | $(0.05) | $(0.16) | - Revenue is generally higher in the first and third fiscal quarters due to weather-dependent power generation and increased demand for water purification products during summer/rainy seasons[35](index=35&type=chunk)[37](index=37&type=chunk) [Note 2 - Inventories, net](index=9&type=section&id=Note%202%20-%20Inventories%2C%20net) Total inventories, net, increased from $19,314 thousand at December 31, 2024, to $20,778 thousand at June 30, 2025, due to increases in product and raw material inventory Note 2 - Inventories, net Data | Inventory Type | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :--------------------- | :----------------------------- | :------------------------------- | | Product inventory, net | $11,813 | $11,166 | | Raw material inventory | $8,965 | $8,148 | | Total inventories, net | $20,778 | $19,314 | [Note 3 - Revenue](index=9&type=section&id=Note%203%20-%20Revenue) All material revenue performance obligations were satisfied at a point in time, with trade receivables increasing and no material contract assets or liabilities outstanding - All material performance obligations related to revenue recognized were satisfied at a point in time[43](index=43&type=chunk) Note 3 - Revenue Data | Metric | June 30, 2025 (in thousands) | December 31, 2024 (in thousands) | | :------------------- | :----------------------------- | :------------------------------- | | Trade receivables, net | $1

Core Viewpoint - Quantum computing concept stocks showed strong pre-market performance, indicating growing investor interest in the sector [1] Company Performance - Rigetti Computing saw a rise of over 7% in pre-market trading [1] - D-Wave Quantum and Arqit Quantum both increased by more than 6% [1] - Quantum Computing experienced a gain of over 5% [1]

Core Insights - New analyst coverage is essential in navigating heightened economic uncertainty, providing updated insights into company fundamentals and risk exposures [2][3] - Recent initiations of coverage on companies like KALA BIO, Graham Corporation, Arq, and Hawkins reflect the growing need for sharper analysis amid inflationary pressures and weakening demand [3][10] Analyst Coverage Importance - Analysts possess specialized knowledge that offers critical insights into a company's financial health, growth potential, and industry trends, which are often difficult for individual investors to acquire independently [4] - New coverage typically indicates a higher investor inclination towards a stock, as it suggests that the company holds potential value [5][7] Value Creation by Analysts - Analysts create value for companies by initiating coverage, acting as intermediaries with extensive access to relevant data, which helps mitigate inefficiencies in the market [6] - Stocks chosen for new coverage usually reflect a positive outlook envisioned by analysts, often leading to more favorable ratings compared to continuously covered stocks [7][8] Market Impact of New Coverage - New analyst coverage can lead to immediate stock price volatility, with positive ratings attracting bullish sentiment and driving share prices higher, while negative ratings may trigger sell-offs [9] - Favorable coverage from multiple analysts can enhance investor confidence, leading to sustained upward momentum in stock valuations [9] Recent Stock Performances - KALA BIO shares increased by 96.1% over the past three months, with a narrowing loss per share estimate for 2025 [10][15] - Graham Corporation shares rose by 75.2% in the same period, with an increasing EPS estimate for fiscal 2026 [10][16] - Arq shares gained 57%, with an unchanged EPS estimate indicating improvement from the previous year's loss [10][17] - Hawkins shares saw a 25.6% increase, despite an unchanged EPS estimate indicating a year-over-year decline [10][18] Screening Criteria for Investment - Stocks with increased analyst coverage and improving average ratings are prioritized, alongside other parameters such as price and average daily volume [12][13]

Company Overview - Argo Gold Inc. is a Canadian mineral exploration and development company, also involved in oil production [3]. Oil Production and Financial Performance - In May 2025, Argo Gold produced a total of 2,725 barrels of oil, averaging 88 barrels per day [1][2]. - The average oil price for May 2025 was CDN $61.50 per barrel, resulting in total oil revenue of $167,534 [1][2]. - The net operating cash flow for the month was $84,600 [1][2]. Production Breakdown by Asset - Lindbergh 1: 91 bbl/day production, 34 bbl/day interest, generating $65,101 in revenue and $34,490 in cash flow [2]. - Lloyd 1: 91 bbl/day production, 17 bbl/day interest, generating $33,938 in revenue and $13,212 in cash flow [2]. - Lindbergh 2: 50 bbl/day production, 19 bbl/day interest, generating $35,914 in revenue and $16,829 in cash flow [2]. - Lloyd 2: 12 bbl/day production, 3 bbl/day interest, generating $4,335 in revenue and $559 in cash flow [2]. - Lindbergh 3: 79 bbl/day production, 15 bbl/day interest, generating $28,246 in revenue and $15,509 in cash flow [2].

Core Viewpoint - Arq, Inc. will release its second quarter 2025 financial results on August 11, 2025, and will hold a conference call to discuss the results on August 12, 2025 [1]. Financial Results Announcement - The financial results for the period ended June 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 August 12, 2025 [1]. Conference Call Participation - Interested parties can access the conference call via the Investor Resources section of Arq's website or by registering through a provided link [2]. - The live conference call can also be accessed by dialing specific phone numbers and referencing Arq [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, with specific dial-in details provided [3]. Company Overview - Arq is a diversified environmental technology company focused on producing activated carbon and other environmentally efficient products [4]. - The company is the only vertically integrated producer of activated carbon products in North America, ensuring a reliable domestic supply [4]. - Arq aims to develop innovative solutions to remove harmful chemicals and pollutants from water, land, and air [4].

Group 1 - Argo Gold Inc. intends to renew its normal course issuer bid (NCIB) to purchase up to 3,654,388 common shares, representing 5% of its issued and outstanding shares, over a 12-month period starting June 27, 2025 [1] - Since the inception of the original NCIB, Argo Gold has purchased 777,307 shares and cancelled 747,807 shares, with the uncancelled shares set to be cancelled by June 30, 2025 [2] - The board and management believe that the market price of the common shares may not fully reflect the company's value and prospects, making the share buyback an appropriate strategy for increasing long-term shareholder value [3] Group 2 - The purchase of common shares will be conducted through the Canadian Securities Exchange (CSE) or alternative trading systems, with the price based on the prevailing market price at the time of purchase [4] - Argo Gold is a Canadian mineral exploration and development company, as well as an oil producer, with information available on SEDAR+ and its website [5]

Core Viewpoint - Quantum computing concept stocks in the US market experienced a significant pre-market surge, indicating growing investor interest and optimism in this emerging technology sector [1] Company Summaries - D-Wave Quantum saw a pre-market increase of nearly 13%, following an overnight surge of approximately 26%, highlighting strong market momentum and investor confidence in its growth potential [1] - Arqit Quantum experienced a rise of over 5%, reflecting positive market sentiment towards its business prospects and advancements in quantum technology [1] - SEALSQ CORP also rose nearly 5%, suggesting a favorable outlook among investors for its operations within the quantum computing space [1]

Core Insights - Argo Gold Inc reported a total oil production of 3,249 barrels in March 2025, averaging 105 barrels per day [1] - The average oil price for March 2025 was CDN$65 per barrel, resulting in oil revenue of $211,595 and net operating cash flow of $112,770 [1][2] Production Breakdown - Lindbergh 1 (37.5% interest): 103 bbl/day, oil revenue $78,114, net operating cash flow $43,967 [2] - Lloyd 1 (18.75% interest): 142 bbl/day, oil revenue $53,608, net operating cash flow $28,131 [2] - Lindbergh 2 (37.5% interest): 64.5 bbl/day, oil revenue $48,860, net operating cash flow $24,407 [2] - Lloyd 2 (18.75% interest): 5 bbl/day, oil revenue $1,915, net operating cash flow -$1,440 [2] - Lindbergh 3 (18.75% interest): 77 bbl/day, oil revenue $29,097, net operating cash flow $17,704 [2] Tax Obligation - In April 2025, Argo paid an annual Alberta tax of $130,619 on its 2024 oil production from freehold lands [2]

Core Viewpoint - Argo Gold Inc. has released its Year-End 2024 Reserves Report, indicating significant reserves of heavy crude oil and providing detailed evaluations of its oil production assets [1][2]. Reserves Summary - The Reserves Report, effective December 31, 2024, was prepared by Petrotech and Associates and follows the Canadian Oil and Gas Evaluation Handbook standards [1]. - The report details Argo's interests in five producing oil wells and five undeveloped well locations in Alberta [2]. Reserves Data - Proved Developed Producing Reserves: 827.4 Mbbl gross, 200.3 Mbbl company net, with NPV at 10% of $10.6 million, 15% of $7.0 million [2]. - Proved Undeveloped Reserves: 907.2 Mbbl gross, 170.1 Mbbl company net, with NPV at 10% of $8.0 million, 15% of $4.6 million [2]. - Total Proved Reserves: 1,734.5 Mbbl gross, 370.3 Mbbl company net, with NPV at 10% of $18.6 million, 15% of $11.6 million [2]. - Probable Reserves: 435.8 Mbbl gross, 96.0 Mbbl company net, with NPV at 10% of $5.4 million, 15% of $2.2 million [2]. - Total Proved plus Probable Reserves: 2,170.3 Mbbl gross, 466.3 Mbbl company net, with NPV at 10% of $24.0 million, 15% of $13.8 million [2]. Regulatory Filings - The Company has filed its Form 51-101 F1, F2, and F3 reports for the year ending December 31, 2024, which are available on its website and SEDAR+ [4]. Company Overview - Argo Gold is a Canadian mineral exploration and development company, also engaged in oil production, listed on the Canadian Securities Exchange [5].