Advanced Emissions Solutions(ADES) - 2024 Q3 - Quarterly Results

Financial Performance - Revenue for Q3 2024 totaled $34.8 million, representing a 17% increase from $29.8 million in the prior year period[6] - Net income for Q3 2024 was $1.6 million, compared to a net loss of $2.2 million in the prior year period[6] - Adjusted EBITDA for Q3 2024 was $5.1 million, up from $0.9 million in the prior year[2] - Revenue for the three months ended September 30, 2024, was $34,774,000, representing a 16.5% increase from $29,829,000 for the same period in 2023[14] - Net income for the three months ended September 30, 2024, was $1,617,000, compared to a net loss of $(2,175,000) for the same period in 2023[14] - Operating income for the nine months ended September 30, 2024, improved to $(2,372,000) from $(16,439,000) in the same period of 2023[14] - Adjusted EBITDA for the three months ended September 30, 2024, was $5,134,000, compared to a loss of $(9,788,000) for the same period in 2023[18] Margins and Costs - Gross margin improved to 38.6% in Q3 2024, an increase of approximately 800 basis points from 30.6% in the prior year[2] - Average selling prices (ASP) increased by approximately 15% in Q3 2024, marking the sixth consecutive quarter of double-digit year-over-year growth in ASP[2] - Research and development expenses for the three months ended September 30, 2024, were $787,000, up from $639,000 in the same period of 2023[14] - The company incurred $2,185,000 in stock-based compensation expense for the nine months ended September 30, 2024, compared to $1,810,000 for the same period in 2023[15] Cash and Equity - Cash and restricted cash as of September 30, 2024, totaled $57.4 million, up from $37.2 million as of June 30, 2024[8] - Cash and restricted cash at the end of the period was $57,380,000, down from $61,321,000 at the end of September 2023[15] - Net cash provided by operating activities for the nine months ended September 30, 2024, was $5,268,000, compared to $(21,145,000) for the same period in 2023[15] - Total stockholders' equity increased to $218,116,000 as of September 30, 2024, up from $178,400,000 at the end of 2023[13] Capital Expenditures and Future Plans - Capital expenditures for the nine months ended September 30, 2024, totaled $42.2 million, compared to $17.0 million in the prior year[8] - The company raised approximately $27 million in net equity proceeds in September 2024, increasing year-to-date net equity raised to approximately $42 million[2] - The Red River facility is on track for first deliveries in Q1 2025, with a targeted nameplate capacity of 25 million pounds per year[4] - There is potential to increase the Red River's nameplate capacity by 10-20% without additional capital expenditures, expected to be achievable by Q3 2025[5] Liabilities - The company reported a decrease in total liabilities and stockholders' equity to $279,965,000 as of September 30, 2024, from $235,502,000 at the end of 2023[13]