ADES Company Report

Analyst Earnings Quarterly Reports

Earnings summaries and quarterly performance for ADES.

Research analysts covering ADES.

Recent press releases and 8-K filings for ADES.

Arq Reports Q4 and FY 2025 Results, Issues 2026 Guidance, and Pauses GAC Production

ADES

Earnings

Guidance Update

Management Change

Arq reported record revenue of $120.3 million for FY 2025, a 10% year-over-year increase, and achieved $13.2 million in Adjusted EBITDA for the year, marking its 7th consecutive quarter of positive Adjusted EBITDA. For Q4 2025, revenue was $29.4 million and net loss was $50.0 million, significantly impacted by a Corbin impairment.
The company introduced 2026 financial guidance, projecting revenue between $120 million and $125 million and Adjusted EBITDA between $17 million and $20 million, with this guidance assuming no GAC contribution.
Arq is pausing GAC production to conduct a comprehensive optimization review due to repeated operational issues and design challenges, while focusing on its profitable PAC business.
Leadership changes include the elimination of the COO role, the departure of the CFO, and new appointments for VP Operations, VP and Head of Sales, and VP Finance.

2 days ago

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.