Arq, Inc.
ARQ · Miscellaneous Chemical Products · 42.9M shares · +19%/yr ↑ dilution · EDGAR filings ↗
Net buyback after stock comp: -$3M (gross $159K, SBC $3M)
Reference price $2.27 · est. market cap ~$97M — last insider sale, 2026-05-04 (estimated from the dated SEC Form 4 price × shares outstanding — not a live quote)
Grade
D45Activated-carbon producer whose growth thesis stalled after GAC design flaws forced a production pause and a large impairment.
Strengths
- Record activated-carbon revenue ($120M, +10%) with PFAS/water-treatment regulatory tailwinds
- Low reported debt-to-equity (0.05) and an equity-method investment contributing earnings
Risks
- $44.8M long-lived-asset impairment; ROA -22.8% and ROE -31.3% (both ~22-33rd pct)
- GAC facility paused for redesign with only ~$6.6M cash and likely need for additional financing
Notable findings
- Exec changeRecent 8-K item 5.02 8-K ↗
- Customer concentration~25% of revenue from one customer/distributor — 29 Year ended December 31, 2025 Compared to Year ended December 31, 2024 Total Revenue and Cost of Revenue A summary of the components of revenue and cost of revenue for the years ended Decembe
- Chronic dilutionShare count +19%/yr over 4y (dilution, book value/share -43%)
- Insider buyingInsider buying — 5 open-market buy(s) by 4 insider(s) (cluster of 4 insiders, ~$505,410, last 6mo) Form 4 ↗
Quarterly revenue
Last 4 quarters · from SEC filings.
Key metrics
Return on equity
-31.3%
Return on assets
-22.8%
ROIC
-23.7%
Revenue growth (QoQ)
6.4%
Debt / equity
0.1×
Current ratio
1.0×
EBITDA
-$41M
Tangible book value
$167M
Cash & investments
$7M
Insider transactions · last 18 months
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| 2026-05-04 | Voncannon Jay Loring | Sell | 17K | $2.27 |
| 2026-03-23 | Smith Claiborne Benson | Tax withheld | 8.0K | $2.27 |
| 2026-03-23 | Hansen Stacia | Tax withheld | 8.9K | $2.27 |
| 2026-03-23 | Rasmus Robert E. | Tax withheld | 845 | $2.27 |
| 2026-03-23 | Campbell-Breeden Richard | Buy | 150K | $2.21 |
| 2026-03-23 | Wong Joseph M | Tax withheld | 10K | $2.27 |
| 2026-03-17 | Wong Joseph M | Buy | 10K | $1.89 |
| 2026-03-16 | Smith Claiborne Benson | Buy | 1.0K | $1.92 |
| 2026-03-13 | EICHER CAROL S | Buy | 78K | $1.95 |
| 2026-03-12 | Smith Claiborne Benson | Buy | 1.0K | $1.92 |
| 2026-02-27 | Williamson Jeremy | Tax withheld | 18K | $3.51 |
| 2026-02-27 | Wong Joseph M | Option exercise | 40K | — |
| 2026-02-27 | Wong Joseph M | Tax withheld | 17K | $3.51 |
| 2026-02-27 | Williamson Jeremy | Option exercise | 69K | — |
| 2026-02-27 | Smith Claiborne Benson | Option exercise | 28K | — |
| 2026-02-27 | Smith Claiborne Benson | Tax withheld | 10K | $3.51 |
| 2025-11-11 | Voncannon Jay Loring | Buy | 6.0K | $3.55 |
| 2025-11-11 | Campbell-Breeden Richard | Buy | 29K | $3.54 |
| 2025-11-10 | Voncannon Jay Loring | Buy | 9.0K | $3.74 |
| 2025-11-10 | Rasmus Robert E. | Buy | 50K | $3.79 |
| 2025-09-25 | McIntyre Julian Alexander | Other | 30K | — |
| 2025-09-18 | Williamson Jeremy | Tax withheld | 2.0K | $7.00 |
| 2025-08-04 | Wong Joseph M | Sell | 3.1K | $5.20 |
| 2025-08-04 | Smith Claiborne Benson | Sell | 2.6K | $5.20 |
| 2025-08-04 | Hansen Stacia | Sell | 2.7K | $5.20 |
| 2025-08-04 | Williamson Jeremy | Sell | 1.8K | $5.20 |
| 2025-07-01 | McIntyre Julian Alexander | Grant | 22K | — |
| 2025-07-01 | Campbell-Breeden Richard | Grant | 29K | — |
| 2025-07-01 | Blank Jeremy | Grant | 29K | — |
| 2025-07-01 | EICHER CAROL S | Grant | 15K | — |
| 2025-07-01 | Bergman Laurie | Grant | 15K | — |
| 2025-05-23 | Rasmus Robert E. | Buy | 25K | $4.10 |
| 2025-05-23 | Campbell-Breeden Richard | Buy | 75K | $4.10 |
| 2025-05-23 | Blank Jeremy | Buy | 50K | $4.10 |
| 2025-05-16 | Wong Joseph M | Buy | 16K | $4.61 |
| 2025-05-14 | Rasmus Robert E. | Buy | 13K | $3.93 |
| 2025-05-13 | Rasmus Robert E. | Buy | 2.9K | $4.00 |
| 2025-05-12 | Rasmus Robert E. | Buy | 4.7K | $4.00 |
| 2025-05-12 | Williamson Jeremy | Buy | 400 | $4.02 |
| 2025-05-09 | Rasmus Robert E. | Buy | 582 | $3.60 |
| 2025-04-02 | Voncannon Jay Loring | Grant | 50K | — |
| 2025-03-24 | Smith Claiborne Benson | Sell | 5.2K | $4.68 |
| 2025-03-24 | Wong Joseph M | Sell | 6.6K | $4.68 |
| 2025-03-24 | Hansen Stacia | Sell | 3.6K | $4.68 |
| 2025-03-24 | Williamson Jeremy | Sell | 5.2K | $4.68 |
| 2025-03-23 | Rasmus Robert E. | Grant | 5.0K | — |
| 2025-03-23 | Hansen Stacia | Grant | 22K | — |
| 2025-03-23 | Smith Claiborne Benson | Grant | 24K | — |
| 2025-03-23 | Williamson Jeremy | Grant | 28K | — |
| 2025-03-23 | Wong Joseph M | Grant | 26K | — |
| 2025-02-12 | Wong Joseph M | Option exercise | 15K | — |
| 2025-02-12 | Wong Joseph M | Tax withheld | 7.0K | $5.93 |
All non-derivative Form 4 activity (SEC), newest first.
Notable events (8-K)
| Date | Items | |
|---|---|---|
| 2026-06-18 | Exec/director change | filing ↗ |
| 2026-06-11 | Exec/director changeShareholder voteExhibits | filing ↗ |
| 2026-05-27 | Exec/director changeOtherExhibits | filing ↗ |
| 2026-05-06 | ResultsExhibits | filing ↗ |
| 2026-05-01 | Exec/director changeExhibits | filing ↗ |
| 2026-04-17 | Material agreement3.03Exhibits | filing ↗ |
| 2026-04-01 | Material agreementExhibits | filing ↗ |
| 2026-03-10 | ResultsExhibits | filing ↗ |
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 8-K | 2026-06-18 | 2026-06-14 | 0001515156-26-000075 ↗ |
| 8-K | 2026-06-11 | 2026-06-10 | 0001515156-26-000073 ↗ |
| 8-K | 2026-05-27 | 2026-05-20 | 0001515156-26-000069 ↗ |
| 10-Q | 2026-05-06 | 2026-03-31 | 0001515156-26-000062 ↗ |
| 8-K | 2026-05-06 | 2026-05-06 | 0001515156-26-000064 ↗ |
| 8-K | 2026-05-01 | 2026-04-29 | 0001515156-26-000057 ↗ |
| 8-K | 2026-04-17 | 2026-04-15 | 0001515156-26-000045 ↗ |
| 8-K | 2026-04-01 | 2026-03-31 | 0001515156-26-000041 ↗ |
| 10-K | 2026-03-10 | 2025-12-31 | 0001515156-26-000021 ↗ |
| 8-K | 2026-03-10 | 2026-03-09 | 0001515156-26-000020 ↗ |
| 8-K | 2026-03-03 | 2026-02-27 | 0001515156-26-000008 ↗ |
| 8-K | 2026-01-29 | 2026-01-28 | 0001515156-26-000002 ↗ |