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Here are 1-2 brief analogies for Arq (ARQ):

• Accenture for Australian digital transformation.
• IBM's enterprise cloud and AI services in Australia.

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• Aggregates: Produces crushed stone, sand, gravel, and specialty aggregates used in various construction projects.
• Engineered Structures: Manufactures steel structures for utility transmission, telecommunications, traffic, lighting, and wind energy.
• Barges: Builds barges for the transportation of dry bulk and liquid cargo on inland waterways.
• Railcar Components: Supplies critical components for freight railcars, including couplers, side frames, and bolsters.
• Storage Tanks: Fabricates large steel storage tanks for industrial and commercial applications such as petroleum, chemicals, and water.

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Arqit Quantum Inc. (symbol: ARQ) primarily sells its quantum-safe encryption technology and services to other companies, often within the defense, telecommunications, and financial sectors, as well as to government entities.

Major customer companies that are publicly identifiable include:

• BT Group plc (LSE: BT.A)
• Northrop Grumman Corporation (NYSE: NOC)

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Robert Rasmus, Chief Executive Officer, President & Director

Robert Rasmus has been the Chief Executive Officer of Arq since July 2023. Between 2012 and 2020, he founded and served as Chief Executive Officer and director of Hi-Crush, Inc., a fully integrated provider of proppant and logistics services for hydraulic fracturing operations. Prior to that, he was a Co-Founder and Managing Partner of Red Oak Capital Management and President of Thunderbolt Capital Corp., a venture firm focused on start-up and early-stage private equity investments.

Jay Voncannon, Chief Financial Officer

Jay Voncannon was appointed Chief Financial Officer of Arq, Inc. effective April 2, 2025, bringing over 35 years of finance experience. He previously served as CFO of CoorsTek, Inc., a privately held global manufacturer, where he played a pivotal role in the company's expansion, enhancing profitability and market share. Prior to CoorsTek, he spent more than two decades as a senior finance executive at Koch Industries and its affiliates, which are largely privately held, suggesting a pattern of managing companies that may have private equity backing or operate similarly to private companies. His expertise includes mergers and acquisitions, treasury management, corporate finance, and strategic leadership. He has been recognized as the Denver Business Journal's Large Company CFO of the Year and for "Best Managed Companies" awards by Deloitte and the Wall Street Journal.

Jeremy Williamson, Chief Operating Officer

Jeremy Williamson has served as the Chief Operating Officer of Arq since September 2023.

Joseph Wong, Chief Technology Officer

Joseph Wong has been the Chief Technology Officer of Arq since 2018. His prior experience includes serving as the Chief Technology Officer for ADA Carbon Solutions in 2011 and holding senior leadership positions in the Specialty Chemicals and Research & Development sectors at MeadWestvaco Corporation.

Stacia Hansen, Chief Accounting Officer & Principal Financial Officer

Stacia Hansen serves as the Chief Accounting Officer and Principal Financial Officer for Arq, Inc. She reports directly to the Chief Financial Officer.

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The key risks to Arq (ARQ) include:

1. Operational Challenges and Production Delays: Arq faces significant operational risks due to its reliance on specific facilities like the Red River Plant and Corbin Facility for production. Disruptions at these sites, such as natural disasters or equipment failures, could severely impact the company's ability to meet customer demands. The integration of Legacy Arq's operations also presents challenges in managing expanded activities and achieving anticipated synergies from the acquisition. Furthermore, the company has experienced challenges and inefficiencies in ramping up production, particularly for its Granular Activated Carbon (GAC) products, with potential delays in the Red River Plant expansion affecting the timeline for producing new GAC products. Manufacturing these products also requires significant capital.
2. Financial Vulnerability: Arq's current and future indebtedness, including a floating interest rate on its Revolving Credit Facility, could limit financial flexibility and increase its vulnerability to economic downturns. The company's business plan relies on securing additional financing, and a failure to obtain this could lead to delays in executing its strategic initiatives, particularly for capital-intensive projects like the Red River Plant expansion. Concerns regarding its cash runway and short-term profitability have also been noted.
3. Regulatory and Market Demand Shifts: Changes in environmental regulations, especially those related to emissions and PFAS substances, could impact the demand for Arq's products. While new EPA regulations on PFAS are expected to increase demand for GAC solutions, the overall regulatory landscape, including potential changes in U.S. presidential administration policies, introduces uncertainty. Additionally, a potential reduction in coal consumption by North American power generators could decrease demand for some of Arq's products, and the company faces competition from larger, more established companies in the activated carbon market.

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Arq (NASDAQ: ARQ) operates within the environmental technology sector, primarily focusing on the sale of activated carbon products for air, water, and soil treatment solutions in the United States and Canada. The addressable markets for its main products are substantial and projected to grow.

Activated Carbon Market

• Global: The global activated carbon market was valued at approximately USD 9.8 billion in 2024 and is projected to reach USD 22.94 billion by 2034, with a compound annual growth rate (CAGR) of 8.90% from 2025 to 2034. Other estimates place the global market size at USD 5.70 billion in 2024, projected to grow to USD 10.04 billion by 2032 with a CAGR of 8.7%.
• North America: This region is a significant market for activated carbon, accounting for 25.7% of the global market in 2024. The North American activated carbon market size was estimated at USD 990.6 million in 2023 and is expected to reach USD 1.27 billion by 2030, growing at a CAGR of 3.6% from 2024.
• U.S.: The U.S. activated carbon market was valued at USD 1,214.47 million in 2024, with a projected CAGR of 8.76% from 2025–2034. Another source indicates the U.S. market size was USD 752.0 million in 2024 and is expected to increase to USD 1,623.2 million by 2032, at a CAGR of 10.2% during 2025–2032.
• Canada: The activated carbon segment is experiencing rapid growth within the Canada air purifier market, which is anticipated to reach USD 1,283.0 million by 2033, growing at a CAGR of 6% from 2025.

Broader Environmental Technology Market

• Global: The broader environmental technology market, which includes Arq's offerings, was estimated at USD 621.32 billion in 2024 and is expected to grow to approximately USD 957.77 billion by 2034, exhibiting a CAGR of 4.42% from 2025 to 2034.
• North America: This region's environmental technology market surpassed USD 236.10 billion in 2024 and is expanding at a CAGR of 4.55% during the forecast period. North America is expected to maintain a leading share in this market, projected at 35.7% in 2025.
• U.S.: The U.S. environmental technology market was valued at USD 177.08 billion in 2024 and is predicted to reach around USD 278.40 billion by 2034, with a CAGR of 4.62% from 2025.

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Here are 3-5 expected drivers of future revenue growth for Arq (ARQ) over the next 2-3 years:

1. Granular Activated Carbon (GAC) Production Ramp-up and Sales: Arq has commissioned its first Granular Activated Carbon (GAC) line at its Red River facility, generating initial GAC revenues. The company aims to achieve the nameplate capacity of 25 million pounds by mid-2026, positioning GAC as a significant growth engine despite initial production challenges. Arq is also targeting a final investment decision for a second GAC line before the end of 2025, further indicating planned expansion in this area.
2. Growth in Powder Activated Carbon (PAC) Business: The foundational Powder Activated Carbon (PAC) business continues to demonstrate strong performance. Arq has reported consistent average selling price (ASP) growth, including a 7% year-over-year increase in Q3 2025 and a 9% increase in Q2 2025, along with increased volumes. The company has successfully transformed its PAC business into an attractive and profitable segment.
3. Price Increases and Enhanced Contract Terms: Revenue growth is expected to be driven by enhanced contract terms and successful in-market diversification, leading to increased average selling prices. For example, Arq reported a 7% growth in average selling price year-on-year in Q3 2025.
4. Market Expansion in Advanced Purification Technologies: Arq is focused on market expansion, particularly within the advanced purification technologies market, driven by increasing environmental regulations and demand for sustainable solutions. The company's strategic diversification into premium markets also strengthens revenue growth.
5. Launch of New Alternative Products and Services: Arq is actively exploring and advancing opportunities in alternative products to diversify future revenue streams. These include ongoing testing in the asphalt market, potential purified coal applications, and developments in rare earth materials and synthetic graphite, which could create new stand-alone business lines.

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Share Repurchases

• Arq ceased repurchases under its stock repurchase program during the first quarter of 2020.
• No shares were repurchased under the program during the three and nine months ended September 30, 2025, or 2024.
• Minor repurchases of common stock to satisfy tax withholdings occurred, amounting to $42,000 in Q1 2025 and $48,000 in Q2 2025.

Share Issuance

• In September 2024, Arq raised approximately $27 million in net equity proceeds through a public offering of 4,770,000 shares at $5.25 per share.
• This public offering was combined with approximately $15 million raised via a private placement of common stock in May 2024, totaling about $42 million in net equity proceeds year-to-date through Q3 2024.
• The net proceeds from these issuances are intended for general corporate purposes, including working capital, capital expenditures, research and development, commercial expenditures, debt service, and potential acquisitions.

Inbound Investments

• An institutional investor made a $15 million private placement investment in Arq in May 2024.

Outbound Investments

• Arq has not made any reported investments or acquisitions over the last 3-5 years.

Capital Expenditures

• Capital expenditures totaled $42.2 million for the nine months ended September 30, 2024, significantly up from $17.0 million in the prior year, primarily driven by the expansion of the Red River and Corbin facilities.
• For the full year 2024, capital expenditure forecasts were in the range of $60-$70 million, with the Red River Phase One expansion accounting for $55-$60 million, focusing on granular activated carbon (GAC) production.
• For the full year 2025, capital expenditures are projected to be between $8 million and $12 million, with the Corbin Facility becoming operational in January 2025 and initial commercial phase GAC production at Red River starting in Q3 2025.