Arq, Inc. (NASDAQ: ARQ)

Arq, Inc. is an environmental technology company that focuses on the sale of consumable air water and soil treatment solutions based primarily on activated carbon. The company manufactures and sells activated carbon products and other chemicals that capture and remove impurities contaminants and pollutants for coal fired power generation industrial water treatment and water and soil remediation markets which it collectively calls the advanced purification technologies market. Arq, Inc. owns the Five Forks Mine in Saline Louisiana which supplies lignite coal the main raw material for most of its activated carbon products. Through its acquisition of Legacy Arq the company also controls a processing facility in Corbin Kentucky that converts recovered bituminous coal fines into a purified microfine carbon powder known as Corbin Wetcake.

Arq, Inc. generates revenue primarily from the sale of its activated carbon products including powdered activated carbon granular activated carbon and colloidal carbon powder as well as other specialty chemicals used for pollution control. The company sells these consumables through its internal sales team and typically enters into customer contracts ranging from one to five years in length. Revenue is recognized as orders are fulfilled and the firm also provides technical support to help customers develop and implement compliance strategies that use its consumable solutions.

Arq, Inc. competes in the activated carbon industry against larger players such as Norit Americas which is owned by One Equity Partners and Calgon Carbon which is owned by Kuraray Co Ltd. The company asserts that its vertical integration which includes full ownership of the lignite coal mine at Five Forks gives it a cost and reliability advantage over many competitors. Arq, Inc. also highlights its proprietary activated carbon formulations and its long standing relationships with coal fired power generators as further competitive strengths.

Arq, Inc. serves coal fired power plants industrial facilities municipal and industrial water treatment plants and companies engaged in water and soil remediation. Arq, Inc. reports that its three largest customers together accounted for approximately forty two percent of its total revenue for the year ended December 31 2025.