Arq(US:ARQ)2024-11-07 11:35Financial Performance - Revenue for Q3 2024 totaled $34.8 million, representing a 17% increase from $29.8 million in the prior year period[2] - Gross margin improved to 38.6% in Q3 2024, up approximately 800 basis points from 30.6% in the prior year period[2] - Average selling prices (ASP) increased by approximately 15% in Q3 2024, marking the sixth consecutive quarter of double-digit year-over-year growth[2] - Net income for Q3 2024 was $1.6 million, a significant improvement from a net loss of $2.2 million in the prior year period[2] - Adjusted EBITDA for Q3 2024 was $5.1 million, compared to $0.9 million in the prior year period[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, was a loss of $2,372,000, significantly improved from a loss of $16,439,000 in the same period of 2023[14] - Adjusted EBITDA for the nine months ended September 30, 2024, was a loss of $4,443,000, compared to a loss of $9,788,000 for the same period in 2023[18] - The company reported a basic income per share of $0.04 for the three months ended September 30, 2024, compared to a loss of $0.07 for the same period in 2023[14] Capital Expenditures and Debt - Capital expenditures for 2024 are forecasted to remain between $60 million and $70 million, with $20 million to $25 million expected to be spent in Q4 2024[8] - The company incurred $42,210,000 in capital expenditures for property, plant, and equipment during the nine months ended September 30, 2024[15] - Total debt as of September 30, 2024, was $20.0 million, a decrease from $20.9 million as of December 31, 2023[8] Equity and Cash Position - Approximately $27 million of net equity proceeds were raised in September 2024, contributing to a total of approximately $42 million raised year-to-date[2][8] - Total stockholders' equity increased to $218,116,000 as of September 30, 2024, up from $178,400,000 at the end of 2023[13] - Cash and restricted cash at the end of the period was $57,380,000, down from $61,321,000 at the end of September 30, 2023[15] - Cash flows from operating activities for the nine months ended September 30, 2024, provided $5,268,000, a significant improvement from cash used of $21,145,000 in the same period of 2023[15] Operational Updates - The Red River facility is on track for first deliveries in Q1 2025, with modular commissioning already underway[1] - The company expects to ramp up Red River GAC run-rate to 25 million pounds by the end of Q1 2025, with potential to increase capacity by 10-20% without additional capex[1][4] Shareholder Information - The weighted-average number of common shares outstanding increased to 36,124,000 for the three months ended September 30, 2024, compared to 31,807,000 for the same period in 2023[14]