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Arq Inc. (ARQ-1.75%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing an increase in revenue to $34,774,000 from $29,829,000 in the same quarter the previous year. The increase is attributed to a favorable product mix and higher pricing.
Cost of revenue for the quarter was $21,339,000, representing 61% of revenue, compared to 69% in the same quarter of the previous year. This decrease in cost ratio is due to higher production volumes.
The company reported a net income of $1,617,000 for the quarter, compared to a net loss of $2,175,000 in the previous year.
Cash provided by operating activities was $5,268,000, while cash used in investing and financing activities was $42,100,000 and $40,059,000, respectively.
Arq had a working capital of $87,269,000 as of September 30, 2024. The company expects its cash on hand and additional financing to fund operations for the next 12 months.
The filing also details the completion of the Arq Acquisition, including the integration of Legacy Arq's business and technology into Arq's operations.
Arq does not anticipate cash dividend payments to common stockholders in the near future.
The company continues to focus on expanding its product offerings in the advanced purification technologies market and anticipates increased demand for its products due to new environmental regulations.
The filing identifies no material legal proceedings against the company as of September 30, 2024.
Arq expects to complete its first deliveries of granular activated carbon products in the first quarter of 2025, following the construction of a new facility.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Arq Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.