Monitor the Q3 2026 earnings call for updates on PAC for PFAS customer testing and any GAC expansion decision, as these are the key catalysts for re-rating the stock. The unchanged guidance and $3.1M unrestricted cash position suggest limited near-term upside without a concrete catalyst.
Price Chart
Executive Summary
Arq reported Q2 2026 revenue of $29.9M (up 5% YoY) and Adjusted EBITDA of $5.8M (up 59% YoY), beating consensus EPS estimates of -$0.03 with a -$0.02 actual. The company reaffirmed full-year 2026 guidance of $120-125M revenue and $17-20M Adjusted EBITDA, while advancing its PAC for PFAS strategy and completing a biennial plant turnaround under budget. The beat is modest and the guidance unchanged, making this a neutral-to-slightly-positive report for a small-cap industrial name with an $89M market cap and a history of volatile stock reactions to neutral filings.
Key Financial Metrics
Key Facts
- Revenue of $29.9M in Q2 2026, up 5% YoY from $28.6M
- Adjusted EBITDA of $5.8M, up 59% YoY from $3.7M
- EPS of -$0.02 beat consensus of -$0.03 (33.3% beat)
- Gross margin improved to 38.5% from 33.3% YoY, up 520 bps
- Reaffirmed FY2026 guidance: revenue $120-125M, Adjusted EBITDA $17-20M
- Net loss narrowed to $0.7M from $2.4M YoY
- Cash and restricted cash of $12.1M at quarter-end; unrestricted cash improved to $3.1M as of July 31
- Biennial Red River Plant turnaround completed under budget in April 2026
- PAC for PFAS product testing ongoing; potential material contribution from 2027 onward
- Strategic optimization review ongoing, including GAC expansion plan refinement
Financial Impact
Revenue beat consensus by $1.3M (4.5%); EPS beat by $0.01 (33.3%); Adjusted EBITDA up $2.1M YoY
Risk Factors
- Unrestricted cash of only $3.1M limits financial flexibility and raises liquidity concerns
- GAC expansion remains uncertain with wide cost estimate ranges and no final investment decision
- PFAS regulation deadline (April 2027) is still over 8 months away; PAC for PFAS revenue unlikely before 2027
- Total debt of $30.7M vs $89M market cap implies elevated leverage for a small-cap industrial
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 1 press release from GlobeNewswire.
| Document | Accession Number |
|---|---|
| PRESS-RELEASE Data (Synthetic) | press-3342290 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Sep 30, 2026 26d ago | Press Release | $1.89 | awaiting T+60 | — | $1.74 (−7.94%) |
Aug 10, 2026 11w ago | 8-K | $2.27 | awaiting T+60 | — | $1.74 (−23.35%) |
Aug 10, 2026 11w ago | Press Release | $2.27 | awaiting T+60 | — | $1.74 (−23.35%) |
Jul 23, 2026 13w ago | 8-K | $2.03 $1.78 | ▼ −12.10% | ▼ −15.83% | $1.74 (−14.07%) |
Jun 18, 2026 18w ago | 8-K | $2.58 $2.07 | ▼ −19.77% | ▼ −21.51% | $1.74 (−32.56%) |
Jun 11, 2026 19w ago | 8-K | $2.68 $2.21 | ▼ −17.54% | ▼ −20.80% | $1.74 (−35.07%) |
May 27, 2026 21w ago | 8-K | $2.75 $2.30 | ▼ −16.36% | ▼ −18.10% | $1.74 (−36.73%) |
May 6, 2026 24w ago | 8-K | $2.59 $2.01 | ▼ −22.39% | ▼ −26.23% | $1.74 (−32.82%) |
May 1, 2026 25w ago | 8-K | $2.45 $1.94 | ▼ −20.82% | ▼ −22.67% | $1.74 (−28.98%) |
Apr 28, 2026 25w ago | DEFA14A | $2.23 $2.03 | ▼ −9.19% | ▼ −13.30% | $1.74 (−21.97%) |
US Market Status
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