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ADES Reports Q3 2025 Results and Updates GAC Capacity Timeline
ADES
Earnings
Guidance Update
New Projects/Investments
- ADES reported Q3 2025 revenue of $35.1 million and adjusted EBITDA of $5.2 million, resulting in a net loss of approximately $700,000.
- The powdered activated carbon (PAC) business continued its strong performance, with average selling prices increasing 7% year-on-year and contributing to $16.7 million in trailing 12-month adjusted EBITDA.
- The ramp-up of the granular activated carbon (GAC) line has been impacted by design issues and feedstock variability, pushing the expectation for reaching full GAC capacity to around mid-2026.
- To resolve GAC production limitations, the company plans an estimated $8-10 million investment in a new purpose-built thermal oxidizer, to be funded as 2026 CapEx.
- Selling, general, and administrative expenses decreased 43% year-over-year to $4.6 million, with these reductions deemed sustainable.
Nov 6, 2025, 1:30 PM
Quarterly earnings call transcripts for ADES.
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