Arq

What Arq does

Arq, Inc. (NASDAQ: ARQ), formerly Advanced Emissions Solutions, Inc., is a publicly traded diversified environmental technology company headquartered in Greenwood Village, Colorado. The company operates as the only vertically integrated producer of activated carbon products in North America, controlling the supply chain from waste coal feedstock sourcing through finished product manufacturing at facilities in Coushatta (Red River), Louisiana and Corbin, Kentucky. Its proprietary process reclaims and recycles waste coal fines into high-performance activated carbon used in water treatment, air emissions control, soil and groundwater remediation, biogas purification, and asphalt additives.

The product portfolio spans powdered activated carbon (PAC) under the CarbPure, PowerPAC, and FastPAC lines; granular activated carbon (GAC) under the CarbPure line; patent-pending specialty products including FluxSorb RC colloidal carbon for in-situ groundwater remediation, FluxSorb RP/RG for sediment and soil remediation, and AirLoq for hydrogen sulfide and VOC removal in biogas streams. Arq generates revenue primarily through direct enterprise sales of activated carbon to municipal water utilities, environmental remediation firms, biogas/RNG producers, and industrial customers, with long-term supply contracts (approximately 60% of GAC nameplate capacity contracted as of Q3 2024) supplemented by in-situ pilot testing as a prerequisite to contract finalization.

The company is in a transitional phase following a transformational 2023 acquisition of Arq Limited, a 2024 rebrand, a major GAC capacity expansion at Red River (25 million pounds per year nameplate, first commercial production August 2025), and FY2025 revenue of approximately $120.3 million. Execution has been materially disrupted by the March 2026 decision to pause GAC production at the Corbin, Kentucky facility due to design flaws, resulting in a $45 million impairment charge, a 49% single-day stock decline, FY2025 net loss of $52.6 million, multiple securities fraud investigations, and CFO turnover. The FY2026 revenue guidance of $120-125 million assumes no Corbin GAC contribution, with commercial momentum dependent on Red River ramp and resolution of the Corbin design issues.

Name

Arq

Legal name

Arq, Inc.

Website

https://arq.com

Company type

Public

Founded year

2003

Operating status

Operating

Headcount range

101–250 employees

Short description

Arq is the only vertically integrated producer of activated carbon products in North America, serving municipal water utilities, environmental remediation firms, biogas producers, and industrial customers with PAC, GAC, and specialty carbon products derived from reclaimed coal fines.

Ownership category

akta.pro rank

Product category

Activated Carbon Products

NAICS

Carbon and Graphite Product Manufacturing (335991), Chemical Manufacturing (325)

SIC

Industrial Organic Chemicals (2860)

akta.pro primary industry

Water Treatment Adsorbents (GAC/PAC/Media) (IMAEAIAK)

akta.pro secondary industries

Activated Carbon & Carbon Adsorbents (IMAEAIAF), Adsorption & Taste/Odor Control (GAC/PAC, Air Stripping) (EUANABAF), Methane Abatement Projects (Landfill Gas, Manure, Coal Mine Methane, O&G Methane) (EUABABAL), Bio-based Carbon Products & Advanced Bioproducts (Biochar, activated carbon, carbon black alternatives) (EUAAAIAM)

Keywords

• Activated carbon products
• Powdered activated carbon
• Granular activated carbon
• Water treatment solutions
• Environmental remediation products

Headquarters

HQ city

Highlands Ranch

HQ country

United States

HQ region

North America

Offices3 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Operations, Supply Chain, Infrastructure, Technology or R&D, Personnel, Marketing or Sales

Revenue model

1. Powdered Activated Carbon (PAC) Product Sales: Sales of PAC products including CarbPure PAC, PowerPAC, FastPAC, and FluxSorb RP series for water treatment, air emissions control (mercury capture), and remediation applications. PAC business is the core revenue contributor and has been the focus of the company's turnaround, achieving record revenues and six to eight consecutive quarters of double-digit average selling price (ASP) growth. All PAC contracts are net cash producers following resolution of negative-margin agreements.
2. Granular Activated Carbon (GAC) Product Sales: Sales of GAC products including CarbPure GAC and FluxSorb RG series for potable water treatment, PFAS removal, and environmental remediation. GAC represents the transformational growth initiative, with a 25-million-pound-per-year production facility at Red River, Louisiana. The ramp-up experienced delays due to design issues and commissioning challenges; commercial production was achieved in 2025.
3. Long-Term Supply Contracts: Arq secures its PAC and GAC revenue through long-term supply agreements with municipal water utilities, industrial customers, and PFAS remediation clients. The company reported approximately 60% of GAC nameplate capacity contracted, with negotiations ongoing for remaining volumes. In-situ pilot testing with customers is required as a condition to securing long-term contracts.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels5 records

Core offering

Arq manufactures and sells activated carbon products, including powdered activated carbon (PAC), granular activated carbon (GAC), colloidal carbon injection products, and biogas purification media, using a proprietary process that reclaims and recycles waste coal fines into high-performance carbon. Its products serve municipal water treatment, soil and groundwater remediation, air emissions control (mercury capture), biogas purification, and asphalt additive applications. As the only vertically integrated producer of activated carbon in North America, Arq supplies a domestic, tariff-protected alternative to imported activated carbon.

Differentiator

Problem solved

Functional benefit

Products and services

• CarbPure GAC (Granular Activated Carbon) Domestically manufactured granular activated carbon products, including CarbPure GAC 830 (8x30 mesh) and CarbPure GAC 1240 (12x40 mesh), used to capture contaminants such as PFAS in potable water treatment applications. Produced under tightly controlled conditions optimized for purification performance.
• CarbPure PAC (Powdered Activated Carbon) CarbPure PAC series (CarbPure L, SV, H, T, HRA, TRA) of powdered activated carbon produced from domestic feedstocks for water treatment, mercury capture in flue gas, and sediment remediation applications.
• FastPAC Series Powdered activated carbon product family (FastPAC, FastPAC Premium, FastPAC Platinum, FastPAC Platinum Plus, FastPAC Platinum TR, FastPAC Platinum 80, FastPAC NH) for water treatment and air emissions applications, manufactured from domestic feedstocks.
• PowerPAC Series Powdered activated carbon products (PowerPAC, PowerPAC Premium, PowerPAC Premium Plus, PowerPAC WS) for water and emissions treatment applications.
• FluxSorb RP (Powdered Activated Carbon for Remediation) High-quality, domestically manufactured powdered activated carbon engineered for treatment of contaminated sediments and waters. Can be injected as a slurry under high pressure to create a permeable adsorptive treatment zone, mixed into contaminated soil, or used as the active ingredient in sediment remediation amendments.
• FluxSorb RG (Granular Activated Carbon for Remediation) Patent-pending granular activated carbon products for treatment of contaminated soils, sediments, and water. Used to create permeable adsorptive barriers to cut off migration of pollutants in contaminated groundwater plumes, mixed into contaminated soil, or used in ex-situ GAC treatment systems.
• FluxSorb RC (Colloidal Carbon Product) Patent-pending injectable colloidal carbon product designed to treat difficult contaminants in groundwater and soil, including PFAS, hydrocarbons, chlorinated solvents, and coal combustion residuals. Ultrafine particles disperse during low-pressure injection then demobilize to create a subsurface treatment zone. Field tests demonstrated PFAS reductions of up to four orders of magnitude.
• AirLoq Biogas Purification Technology Patent-pending biogas purification media manufactured from purified bituminous coal, engineered specifically for hydrogen sulfide (H2S) and volatile organic compound (VOC) removal. Surface area and pore volume are designed for optimum adsorption of VOCs and sequestration of elemental sulfur from gas streams.

Quantifiable outcome

• Achieved record PAC revenues and Adjusted EBITDA in Q3 2024 with gross margin of 38.6%, an improvement of approximately 800 basis points YoY
• +4 more outcomes

Named customers1 record

Segments5 records

Ideal customer profiles5 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature6 records

Partnerships

Two partnerships are on record, tiered minor.

• Brown University, University of Minnesota, Jacobs Engineering, U.S. NavyminorStrategic or Co-development Partner · 17 December 2025Researchers led by Brown University, in collaboration with the University of Minnesota, Jacobs Engineering, Arq Inc., and the U.S. Navy, developed a new method for remediating PFAS-contaminated groundwater using Arq's colloidal carbon product (CCP). Field tests demonstrated PFAS levels dropped by up to four orders of magnitude after treatment. The approach offers a cost-effective, low-maintenance solution applicable at multiple contaminated sites.
• CoorsTek (not a commercial partner, referenced for executive background)minorOthersJay Voncannon, Arq's CFO appointed in April 2025, previously served as CFO of CoorsTek. This is a leadership/executive background reference rather than a commercial partnership.

Scale indicators13 records

Recent moves6 records

Expansion highlights6 records

Direct peers

• Calgon Carbon (subsidiary of Kuraray): One of the largest North American producers of granular and powdered activated carbon serving municipal water, industrial, and air emissions customers. Most direct comparable in product portfolio, customer base, and go-to-market, and a key import-displacing competitor to Arq.
• Cabot Corporation: Manufacturer of carbon black, specialty carbons, and activated carbon products with global reach and significant water treatment and air purification exposure. Comparable in carbon-based chemistry, industrial customer overlap, and ability to serve municipal water and environmental remediation markets.
• Haycarb PLC: Sri Lankan-headquartered activated carbon manufacturer serving water treatment, air, and industrial markets globally. Comparable in product (coconut-shell and coal-based GAC/PAC) and customer overlap; notable because tariffs on Sri Lankan imports directly benefit Arq at Haycarb's expense in the U.S. market.
• Jacobi Carbons: Global activated carbon supplier offering GAC, PAC, and specialty carbons for water, air, and industrial applications. Directly comparable product portfolio and customer base, with overlapping municipal water and PFAS remediation exposure.
• Chemviron Carbon: European-based activated carbon producer with strong municipal water and industrial customer base. Directly comparable in product offering and end markets, though primarily serving EMEA while Arq is North America-focused.
• Donau Carbon: German activated carbon manufacturer with GAC, PAC, and reactivation services for water and industrial applications. Comparable product mix and customer verticals, primarily European competitor that could enter North America as import demand shifts.
• Carbon Activated Corporation: U.S.-based activated carbon distributor and reactivation company serving water and air treatment markets. Comparable in product and customer overlap; competes primarily through distribution and reactivation rather than domestic production.

Broad incumbents

• Kuraray Co., Ltd. Japanese specialty chemicals parent of Calgon Carbon with broader chemical and material portfolios. Comparable via its activated carbon segment (Calgon) but a much larger, more diversified incumbent that competes more on scale and breadth than on Arq's vertically integrated coal-fines approach.
• Xylem Inc. (formerly Evoqua Water Technologies): Large water technology and treatment services company with significant activated carbon and PFAS remediation exposure following its acquisition of Evoqua. Comparable in end customer (municipal water utilities) but operates as a broad water platform rather than a carbon-specialist.
• Veolia Environnement: Global water utility and environmental services operator that consumes large volumes of activated carbon for municipal water and remediation services. Comparable as a major buyer/customer and competitive environmental services player, though not a pure-play activated carbon producer.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat4 records

Key risks6 records

Key highlights6 records

Customer concentration

• LinkedInlinkedin.com/company/ada-es
• Xx.com/adaesinc
• Facebookfacebook.com/adaenvironmentalsolutions

Revenue estimate

Valuation estimate

Number of profiles

Profiles3 records

Funding overview

Funding rounds2 records

Investors1 record

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A1 record

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Arq