Arq, Inc. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data Arq, Inc. files with the SEC in its annual reports.

In USD millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Revenue	50.6	45.4	23.9	70.1	67.4	100	103	99.2	109	120
Cost of revenue	1.7	3.43						67.3	69.5	86.8
Gross profit	48.9	41.9						31.9	39.4	33.5
Research and development	-0.65	0.16		0.2	1	0.4	2.1	3.31	4.05	7.34
Selling, general and administrative								34.1	28.7	22.6
General and administrative	3.72	4.01	4.18	8.12	8.23	7.06	8.15	12.6
Operating expenses	66.7	49.5	30.3	85	108	95.4	115	45.2	41.4	86.5
Operating income	-16.1	-4.14	-6.4	-14.9	-41	4.85	-12.1	-13.3	-1.96	-53
Interest expense	5.07	3.02	2.15	7.17	3.92	1.49	0.34	3.01	3.26	2.45
Interest income	0.27	0.05	0.24	0.26	0.13	0.33	0.24	1.85	1.1
Other non-operating income	52.8	56.2	52.3	62.4	27.2	71.2	3.36	1.24	-3.31	0.36
Pre-tax income	36.7	52	45.9	47.5	-13.8	76.1	-8.71	-12.1	-5.27	-52.6
Income tax	-60.9	24.2	10.4	12	6.51	15.7	0.21	0.15	-0.16	0.01
Net income	97.7	27.9	35.5	35.5	-20.3	60.4	-8.92	-12.2	-5.11	-52.6
EBITDA	-15.1	-3.35	-5.68	-7.52	-32.4	12.8	-5.65	-2.79	6.64	-41.2
EPS, basic	4.40	1.30	1.78	1.96	-1.12	3.31	-0.48	-0.42	-0.14	-1.27
EPS, diluted	4.34	1.29	1.76	1.93	-1.12	3.27	-0.48	-0.42	-0.14	-1.27
Shares, basic (weighted)	21.9	21.4	19.9	18.2	18	18.3	18.5	29.1	36.1	41.5
Shares, diluted (weighted)	22.2	21.4	20	18.4	18	18.5	18.5	29.1	36.1	41.5
Dividend per share	0.00	0.75	1.00	1.00	0.25

Balance sheet

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	13.2	30.7	18.6	12.1	35.9	78.8	66.4	45.4	13.5	6.57
Receivables	4.09	1.11	9.55	7.43	13.1	12.6	13.9	16.2	14.9	15
Inventory	0.02	0.07	21.8	15.5	9.88	7.85	17.8	19.7	19.3	15.9
Other current assets	1.38	1.76	5.57	7.83	4.6	6.66	7.54	2.44	1.41	1.83
Total current assets	38.9	36.9	59.8	47	62	108	106	86.5	52.4	43.9
Property, plant and equipment	0.74	0.41	42.7	44	29.4	30.2	34.9	94.6	179	143
Lease right-of-use assets			0	5.07	1.93	6	7.73	10.6	9.31	6.79
Intangible assets	0.7	0.81	4.83	4.17	1.96	1.24	0.85	7.9	7.57	0.57
Other non-current assets	2.3	1.5	7.99	20.3	30	36.9	30.6	45.6	44.7	35.5
Total assets	107	82.6	160	174	147	185	181	236	284	231
Accounts payable	1.92	1	6.24	8.05	7.85	10	16.1	14.6	21	15.3
Accrued liabilities	2.12	1.38	8.28	3.02	3.26	6.48
Deferred revenue	0.08	1.83				0
Short-term debt	0		24.1	23.9	18.4	1.01	1.13	2.65	15.5	20
Total current liabilities	23.7	6.88	40.7	39.3	42.5	22.6	23.9	23	44.7	42.3
Long-term debt	0		50.1	20.4	5.45	3.15	3.45	18.3	9.37	8.45
Lease liabilities			0	2.81	1.11	4.18	5.13	8.87	7.46	6.09
Other non-current liabilities	2.04	2.29	0.94	5.76	13.5	12.4	13.9	15.8	13.1	11.9
Total liabilities	31.1	9.16	91.7	65.5	61.5	38.1	41.2	57.1	67.1	62.6
Total debt		0	50.1	20.4	5.45	3.15	4.58	23	25.1	28.7
Paid-in capital	119	105	96.8	98.5	100	102	104	155	198	202
Retained earnings	-43.4	-15.5	12.9	57.3	32.5	92.9	83.9	71.5	66.4	14.2
Treasury stock	0	-16.4	-41.7	-47.5	-47.7	-47.7	-47.7	-47.7	-47.7	-47.7
Shareholders' equity	76.2	73.5	67.9	108	85.2	147	140	178	219	168
Total equity	76.2	73.5	67.9	108	85.2	147	140	178	219	168
Total liabilities and equity	107	82.6	160	174	147	185	181	236	284	231
Shares outstanding	22	20.8	18.6	18.4	18.5	18.8	19.2	33.2	42	42.7

Cash flow statement

	FY2016	FY2017	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	97.7	27.9	35.5	35.5	-20.3	60.4	-8.92	-12.2	-5.11	-52.6
Depreciation and amortization	0.98	0.79	0.72	7.37	8.54	7.93	6.42	10.5	8.59	11.7
Stock-based compensation	2.87	2.21	2.49	2.01	2.5	1.93	1.98	2.65	2.72	3.36
Deferred income tax	-61.4	-0.47	5.23	8.66	3.49	10.6	0
Change in receivables	-0.3	6.74	-1.85	2.12	-2.54	0.54	-1.31		1.32	-0.1
Change in inventory		0	0.24	5.51	4.75	1.39	-9.69	-2.57	1.64	3.25
Change in payables	-4.25	-0.92	-0.2	2.22	-0.2	1.98	-0.91	-12.1	0.22	-6.7
Cash from operations	-18.3	-11.7	-9.89	62.3	54	26	-6.06	-16.7	10.5	-2.73
Capital expenditures	-0.29	-0.49	-0.47	-7.85	-6.69	-6.2	-8.91	-27.5	-85.2	-8.58
Acquisitions	0	0	-62.5	-0.66	0
Purchases of investments	0
Sales and maturities of investments	0
Cash from investing	39.9	48.4	-16.5	-13.2	-7.47	44.4	-4.61	-28.5	-85.1	-8.16
Debt issued	0
Debt repaid	-13.2	0
Stock issued	0		0	0.2
Share buybacks	0	-16.4	-25.3	-5.79	-0.16	0
Dividends paid	0	-15.7	-20.2	-18.3	-4.98	-0.09	-0.05	0
Cash from financing	-15.7	-32.9	19.5	-55.7	-27.7	-17.5	-1.68	22.9	42.7	3.7
Net change in cash	5.97	3.75	-6.92	-6.69	18.9	52.8	-12.3	-22.3	-31.9	-7.2
Free cash flow	-18.5	-12.2	-10.4	54.4	47.4	19.8	-15	-44.2	-74.7	-11.3
Interest paid	3.65	3.64	1.4	5.65	2.49	0.52	0.33	1.73	2.02	0.66
Income taxes paid	0.54	1.67	7.46	4.31	-0.08	8.88	0	-1.7	-0.1	-0.03

Key metrics

Worked out from the statements above. Latest values use the trailing twelve months to June 30, 2026; growth uses fiscal years. Valuation uses the share price of $2.02 on September 25, 2026.

Profitability

Metric	Value	How it is calculated
Gross margin	28.8%	Gross profit / revenue.
Operating margin	-42.8%	Operating income / revenue.
EBITDA margin	-32.1%	EBITDA (operating income + depreciation and amortization) / revenue.
Pre-tax margin	-42.3%	Pre-tax income / revenue.
Net margin	-42.2%	Net income / revenue.
FCF margin	-4.1%	Free cash flow (cash from operations - capital expenditures) / revenue.
Operating cash flow margin	-0.1%	Cash from operations / revenue.
Return on equity (ROE)	-31.0%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-22.4%	Net income / average total assets.
Return on invested capital (ROIC)	-21.1%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.
R&D / revenue	4.6%	Research and development expense / revenue.
SG&A / revenue	20.0%	Selling, general and administrative expense / revenue.
Stock-based pay / revenue	3.1%	Stock-based compensation (from the cash flow statement) / revenue.
Capex / revenue	4.0%	Capital expenditures / revenue.
D&A / revenue	10.7%	Depreciation and amortization / revenue.

Growth

Metric	Value	How it is calculated
Revenue growth, 1y	10.4%	Revenue vs the same period a year earlier. Only from a positive base.
Revenue CAGR, 3y	5.3%	Compound annual growth of revenue over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Revenue CAGR, 5y	12.3%	Compound annual growth of revenue over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Gross profit growth, 1y	-15.0%	Gross profit vs the same period a year earlier. Only from a positive base.
EBITDA growth, 1y	-721.1%	EBITDA vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-126.1%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Book value growth, 1y	-23.0%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	6.3%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	14.6%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-18.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	8.4%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	9.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	15.2%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	31.0%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	18.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Current ratio	1.03x	Current assets / current liabilities.
Quick ratio	0.46x	(Cash + short-term investments + receivables) / current liabilities.
Cash ratio	0.02x	(Cash + short-term investments) / current liabilities.
Debt / equity	0.18x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	13.3%	Total debt / total assets.
Liabilities / assets	27.8%	Total liabilities / total assets.
Net debt	$30.0M	Total debt - cash - short-term investments. Negative means more cash than debt.
Interest coverage	-20.5x	Operating income / interest expense.
Working capital	$1.2M	Current assets - current liabilities.
Goodwill and intangibles / assets	0.2%	(Goodwill + intangible assets) / total assets.
Tangible book value	$167.6M	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Asset turnover	0.53x	Revenue / average total assets.
Fixed asset turnover	0.89x	Revenue / average property, plant and equipment.
Inventory turnover	4.53x	Cost of revenue / average inventory.
Days inventory	81 days	365 x average inventory / cost of revenue.
Receivables turnover	6.16x	Revenue / average receivables.
Days sales outstanding	59 days	365 x average receivables / revenue.
Days payables	64 days	365 x average accounts payable / cost of revenue.
Cash conversion cycle	76 days	Days inventory + days sales outstanding - days payables.

Per share

Metric	Value	How it is calculated
EPS, diluted	-$1.24	Net income per diluted share, as reported (split-adjusted). Over the last twelve months: the four quarters summed, or net income / latest diluted shares when a quarter has no reported EPS.
Revenue per share	$2.93	Revenue / diluted weighted shares.
FCF per share	-$0.12	Free cash flow / diluted weighted shares.
Operating cash flow per share	-$0.00	Cash from operations / diluted weighted shares.
Book value per share	$3.92	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	$3.91	Tangible book value / shares outstanding.
Cash per share	$0.02	(Cash + short-term investments) / shares outstanding.

Valuation

Metric	Value	How it is calculated
Market cap	$88.2M	Share price x shares outstanding.
Enterprise value	$118.2M	Market cap + total debt - cash - short-term investments.
P/S	0.71x	Market cap / revenue.
P/B	0.52x	Market cap / shareholders' equity. Only when equity is positive.
Price / tangible book	0.53x	Market cap / tangible book value, when positive.
EV/Sales	0.96x	Enterprise value / revenue.
FCF yield	-5.8%	Free cash flow / market cap.
Earnings yield	-59.0%	Net income / market cap (the inverse of P/E).

What was Arq, Inc.'s revenue in fiscal 2025?

Arq, Inc. reported revenue of $120.3M for fiscal 2025, 10.4% higher than the year before.

Was Arq, Inc. profitable in fiscal 2025?

No. It reported a net loss of $52.6M.

How much free cash flow did Arq, Inc. generate in fiscal 2025?

Cash from operations of $2.7M minus capital expenditures of $8.6M left free cash flow of -$11.3M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

Open interactive statements, quarterly figures and charts

Back to Arq, Inc.