ARQ Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

Price

$2.30

Market Cap

$98M

P/E (TTM)

-1.8

EPS (TTM)

$-1.27

Revenue (TTM)

$120M

Div Yield

—

ROE

-27.4%

Debt/Equity

0.2

52W Range

$2 – $8

ARQ Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

10-Year Performance Revenue, net income, margins and EPS trends

Revenue & Net Income $120M

2016-12-31 → 2025-12-31

EPS $-1.27

2016-12-31 → 2025-12-31

Free Cash Flow $-11M

2016-12-31 → 2025-12-31

Margins -43.7%

Valuation P/E, P/S, P/B, EV/EBITDA ratios — is the stock expensive or cheap?

Metric

5Y trend

ARQ

Peer Median

P/E (TTM)

-1.8

59.2

P/S (TTM)

0.8

1.7

P/B

0.6

1.0

EV / EBITDA

-2.9

—

Price / FCF

-8.7

—

Profitability Gross, operating and net margins; ROE, ROA, ROIC

Metric

5Y trend

ARQ

Peer Median

Operating Margin

-44.0%

—

Net Profit Margin

-43.7%

0.02%

ROA

-20.4%

0.02%

ROE

-27.4%

0.02%

ROIC

-26.8%

—

Financial Health Debt, liquidity, solvency — balance sheet strength

Metric

5Y trend

ARQ

Peer Median

Debt / Equity

0.2

17.5

Current Ratio

1.0

2.9

Quick Ratio

0.5

—

Growth Revenue, EPS and net income growth: YoY, 3Y CAGR, 5Y CAGR

Metric

5Y trend

ARQ

Peer Median

Revenue YoY

10.4%

—

Revenue CAGR 3Y

5.3%

—

Revenue CAGR 5Y

12.3%

—

Per Share Metrics EPS, book value per share, cash flow per share, dividend per share

Metric

5Y trend

ARQ

Peer Median

EPS (Diluted)

$-1.27

—

Capital Efficiency Asset turnover, inventory turnover, receivables turnover

Metric

5Y trend

ARQ

Peer Median

Dividends Yield, payout ratio, dividend history, 5Y CAGR

Dividend Yield

—

Payout Ratio

—

5Y Div CAGR

—

Ex-date	Amount
Feb. 20, 2020	$0.2500
Nov. 25, 2019	$0.2500
Aug. 16, 2019	$0.2500
May 17, 2019	$0.2500
Feb. 15, 2019	$0.2500
Nov. 19, 2018	$0.2500
Aug. 17, 2018	$0.2500
May 21, 2018	$0.2500
Feb. 20, 2018	$0.2500
Nov. 16, 2017	$0.2500
Aug. 17, 2017	$0.2500
June 26, 2017	$0.2500

ARQ Analyst Consensus Bullish and bearish analyst opinions, 12-month price target, upside

BUY 9 analysts

Strong Buy 2 22.2%
Buy 6 66.7%
Hold 1 11.1%
Sell 0 0.0%
Strong Sell 0 0.0%

12-Month Price Target

4 analysts · 2026-08-17

Median $3.50

Mean $4.03

← Below all targets $2.30

Low $3.10

High $6.00

Median target $3.50 +52.2%

Mean target $4.03 +75.0%

Earnings History EPS actual vs estimate, surprise %, beat rate, next earnings date

Avg Surprise

0.00%

Period	EPS Actual	EPS Est	Surprise
June 30, 2026	$0.00	$-0.02	0.02%
March 31, 2026	$-0.02	$-0.03	0.01%
Dec. 31, 2025	$-0.07	$-0.08	0.01%
Sept. 30, 2025	$-0.03	$0.02	-0.05%
June 30, 2025	$-0.05	$-0.03	-0.02%
March 31, 2025	$0.00	$-0.02	0.02%
Dec. 31, 2024	$0.00	$-0.02	0.02%

Peer comparison (GICS sub-industry) Key metrics vs sector peers

Ticker	Market Cap	P/E	Rev YoY	Net Margin	ROE	Gross Margin
ARQ	$140M	-2.6	10.4%	-43.7%	-27.4%	—
ASPI	—	-2.5	475.5%	—	—	—
ASPN	$234M	-0.6	-40.1%	-143.7%	-143.1%	17.0%
VHI	$357M	-6.0	-1.3%	-2.8%	-5.6%	14.2%
ALTO	$223M	18.0	-4.9%	1.5%	5.9%	3.8%
ACNT	$152M	179.9	-7.2%	1.2%	0.98%	23.0%
NTIC	$70M	—	-0.97%	0.02%	0.02%	37.6%
SLSN	—	80.0	18.6%	—	—	—

Full Fundamentals All metrics by year — income statement, balance sheet, cash flow

Income Statement 17

Annual Income Statement data for ARQ
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue	$120M	$109M	$99M	$103M	$100M	$67M	$70M	$24M	$45M	$51M	$63M	$17M
Cost of Revenue	$87M	$70M	$67M	·	·	·	·	·	·	·	·	·
R&D Expense	$7M	$4M	$3M	$2M	$400.0K	$1M	$200.0K	·	$157.0K	$-648.0K	$5M	$2M
SG&A Expense	$23M	$29M	$34M	$8M	$7M	$8M	$8M	$4M	$4M	$4M	$6M	$6M
Operating Expenses	$86M	$41M	$45M	$115M	$95M	$108M	$85M	$30M	$50M	$67M	$105M	$59M
Operating Income	$-53M	$-2M	$-13M	$-12M	$5M	$-41M	$-15M	$-6M	$-4M	$-16M	$-42M	$-42M
Interest Expense	·	·	$3M	$336.0K	$1M	$4M	$7M	$2M	$3M	$5M	$8M	$6M
Interest Income	·	·	·	·	·	·	·	$239.0K	$54.0K	$268.0K	$24.0K	$74.0K
Other Non-op	$858.0K	$1M	$3M	$155.0K	$640.0K	$132.0K	$427.0K	$220.0K	$2M	$2M	$494.0K	$26.0K
Pretax Income	$-53M	$-5M	$-12M	$-9M	$76M	$-14M	$48M	$46M	$52M	$37M	$-30M	$2M
Income Tax	$0	$-164.0K	$153.0K	$209.0K	$16M	$7M	$12M	$10M	$24M	$-61M	$20.0K	$296.0K
Net Income	$-53M	$-5M	$-12M	$-9M	$60M	$-20M	$36M	$35M	$28M	$98M	$-30M	$1M
EPS (Basic)	$-1.27	$-0.14	$-0.42	$-0.48	$3.31	$-1.12	$1.96	$1.78	$1.30	$4.40	$-1.37	$0.06
EPS (Diluted)	$-1.27	$-0.14	$-0.42	$-0.48	$3.27	$-1.12	$1.93	$1.76	$1.29	$4.34	$-1.37	$0.06
Shares (Basic)	41,522,000	36,051,000	29,104,000	18,453,000	18,258,000	18,044,000	18,154,000	19,901,000	21,367,000	21,931,000	21,773,000	21,554,000
Shares (Diluted)	41,522,000	36,051,000	29,104,000	18,453,000	18,461,000	18,044,000	18,372,000	20,033,000	21,413,000	22,234,000	21,773,000	22,079,000
EBITDA	$-41M	$7M	$-3M	$-6M	$13M	$-32M	$-8M	$-6M	$-13M	$-15M	$-40M	$-40M

Balance Sheet 28

Annual Balance Sheet data for ARQ
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Cash & Equivalents	$7M	$14M	$45M	$66M	$79M	·	$12M	$19M	$31M	$13M	$9M	$25M
Short-term Investments	·	·	·	·	·	·	·	·	·	·	·	$0
Receivables	$15M	$15M	$16M	$14M	$13M	$13M	$7M	$10M	$1M	$4M	$8M	$17M
Inventory	$16M	$19M	$20M	$18M	$8M	$10M	$15M	$22M	$74.0K	$16.0K	$200.0K	$600.0K
Prepaid Expense	$6M	$5M	$5M	$8M	$7M	$5M	$8M	$6M	$2M	$1M	$2M	$3M
Other Current Assets	$2M	$1M	$2M	$8M	$7M	$5M	$8M	$6M	$2M	$1M	$2M	$3M
Current Assets	$44M	$52M	$86M	$106M	$108M	$62M	$47M	$60M	$37M	$39M	$25M	$54M
PP&E (Net)	·	·	·	·	·	·	$44M	$43M	$410.0K	$735.0K	$2M	$5M
PP&E (Gross)	·	·	·	·	·	·	·	$44M	$2M	$4M	$7M	$11M
Accum. Depreciation	·	·	·	·	$8M	$3M	$7M	$1M	$1M	$3M	$5M	$6M
Intangibles	$570.0K	$8M	$8M	$847.0K	$1M	$2M	$4M	$5M	$805.0K	$696.0K	$2M	$2M
Other Non-current Assets	$36M	$45M	$46M	$31M	$37M	$30M	$20M	$8M	$2M	$2M	$3M	$3M
Total Assets	$231M	$284M	$236M	$181M	$185M	$147M	$174M	$160M	$83M	$107M	$61M	$94M
Accounts Payable	$15M	$21M	$15M	$16M	$16M	$8M	$8M	$6M	$1M	$2M	$6M	$8M
Short-term Debt	$1M	$2M	$3M	$1M	$1M	$18M	$24M	$24M	$0	$0	$13M	$0
Current Liabilities	$42M	$45M	$23M	$24M	$23M	$43M	$39M	$41M	$7M	$24M	$50M	$47M
Capital Leases	$6M	$7M	$9M	$5M	$4M	$1M	$3M	$0	·	·	·	·
Other Non-current Liabilities	$12M	$13M	$16M	$14M	$12M	$13M	$6M	$940.0K	$2M	$2M	$8M	$6M
Total Liabilities	$63M	$67M	$57M	$41M	$38M	$61M	$66M	$92M	$9M	$31M	$86M	$94M
Long-term Debt	$29M	$25M	$23M	$5M	$3M	$5M	$20M	$50M	$0	·	·	·
Total Debt	$30M	$26M	$24M	$1M	$5M	$42M	$68M	$98M	·	$0	$13M	$1M
Common Stock	$47.0K	$47.0K	$38.0K	$24.0K	$23.0K	$23.0K	$23.0K	$23.0K	$22.0K	$22.0K	$22.0K	$22.0K
Paid-in Capital	$202M	$198M	$155M	$104M	$102M	$100M	$98M	$97M	$105M	$119M	$116M	$110M
Retained Earnings	$14M	$66M	$72M	$84M	$93M	$32M	$57M	$13M	$-15M	$-43M	$-141M	$-111M
Treasury Stock	$48M	$48M	$48M	$48M	$48M	$48M	$48M	$42M	$16M	$0	·	·
Stockholders' Equity	$168M	$219M	$178M	$140M	$147M	$85M	$108M	$68M	$73M	$76M	$-25M	$-697.0K
Liabilities + Equity	$231M	$284M	$236M	$181M	$185M	$147M	$174M	$160M	$83M	$107M	$61M	$94M
Shares Outstanding	42,730,248	42,021,784	33,172,938	19,170,173	18,842,066	23,141,284	18,362,624	18,576,489	20,752,055	22,024,675	21,809,164	21,643,342

Cash Flow 20

Annual Cash Flow data for ARQ
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
D&A	$12M	$9M	$11M	$6M	$8M	$9M	$7M	$723.0K	$789.0K	$979.0K	$2M	$2M
Stock-based Comp	$3M	$3M	$3M	$2M	$2M	$2M	$2M	$2M	$2M	$3M	$7M	$5M
Deferred Tax	·	·	·	$0	$11M	$3M	$9M	$5M	$-474.0K	$-61M	$0	$0
Amort. of Intangibles	$400.0K	$400.0K	$800.0K	$500.0K	$900.0K	$1M	$1M	$200.0K	$100.0K	$100.0K	$400.0K	$0
Restructuring	·	·	·	·	·	·	·	$3M	·	$2M	$10M	$4M
Other Non-cash	$35M	$4M	$-18M	$-6M	$-55M	$60M	$9M	$-53M	$-42M	$-120M	$-7M	$-51M
Operating Cash Flow	$-3M	$10M	$-17M	$-6M	$26M	$54M	$62M	$-10M	$-12M	$-18M	$-30M	$-40M
CapEx	$9M	$85M	$28M	$9M	$6M	$7M	$8M	$467.0K	$428.0K	$289.0K	$507.0K	$2M
Investing Cash Flow	$-8M	$-85M	$-29M	$-5M	$44M	$-7M	$-13M	$-17M	$48M	$40M	$4M	$33M
Debt Issued	·	·	·	·	·	·	·	·	·	$0	$0	$2M
Net Debt Issued	·	·	·	·	·	·	·	·	·	$0	$0	$2M
Stock Issued	·	·	·	·	·	·	·	·	·	·	$0	$0
Stock Repurchased	·	·	·	·	$0	$159.0K	$6M	$25M	$16M	$0	$0	·
Net Stock Activity	·	·	·	·	$0	$-159.0K	$-6M	$-25M	$-16M	·	$0	$0
Dividends Paid	·	·	$0	$45.0K	$93.0K	$5M	$18M	$20M	$16M	$0	$0	·
Financing Cash Flow	$4M	$43M	$23M	$-2M	$-18M	$-28M	$-56M	$20M	$-33M	$-16M	$10M	$-2M
Net Change in Cash	$-7M	$-32M	$-22M	$-12M	$53M	$19M	$-7M	$-7M	·	·	$-16M	$-13M
Taxes Paid	$-27.0K	$-100.0K	$-2M	$3.0K	$9M	$-84.0K	$4M	$7M	$2M	$541.0K	$29.0K	·
Free Cash Flow	$-11M	$-75M	$-44M	$-15M	$20M	$48M	$54M	$-10M	$-12M	$-19M	$-29M	$-44M
Levered FCF	·	·	$-47M	$-15M	$19M	$42M	$49M	$-12M	$-14M	$-32M	$-37M	$-49M

Profitability 7

Annual Profitability data for ARQ
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Operating Margin	-44.0%	-1.8%	-13.4%	-11.7%	4.8%	-66.5%	-21.2%	-26.7%	-38.7%	-31.8%	-66.6%	-247.1%
Net Margin	-43.7%	-4.7%	-12.3%	-8.7%	60.2%	-33.0%	50.7%	148.1%	78.1%	193.0%	-48.0%	8.2%
Pretax Margin	-43.7%	-4.8%	-12.2%	-8.5%	75.8%	-22.4%	67.8%	191.6%	145.8%	72.6%	-48.0%	10.0%
EBITDA Margin	-34.2%	6.1%	-2.8%	-5.5%	12.8%	-52.7%	-10.7%	-23.7%	-36.5%	-29.9%	-63.4%	-236.1%
ROA	-20.4%	-2.0%	-5.9%	-4.9%	36.4%	-12.7%	21.3%	29.3%	29.3%	116.2%	-39.0%	1.7%
ROE	-27.4%	-2.4%	-7.0%	-6.3%	52.0%	-21.0%	40.3%	50.1%	37.3%	381.6%	234.8%	-40.4%
ROIC	-26.8%	-0.78%	-6.7%	-8.8%	2.5%	-47.3%	-6.3%	-3.0%	-10.1%	-56.2%	340.0%	-4406.6%

Liquidity & Solvency 5

Annual Liquidity & Solvency data for ARQ
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Current Ratio	1.0	1.2	3.8	4.4	4.8	1.5	1.2	1.5	5.4	1.6	0.5	1.2
Quick Ratio	0.5	0.6	2.7	3.4	0.6	0.3	0.2	0.2	4.6	0.9	0.4	0.9
Debt / Equity	0.2	0.1	0.1	0.0	0.0	0.5	0.6	1.4	·	0.0	-0.5	-2.1
LT Debt / Equity	0.1	0.0	0.1	·	0.0	0.1	0.2	0.7	·	·	·	·
Interest Coverage	·	·	-4.4	-35.9	3.3	-10.5	-2.1	-3.0	-4.6	-3.2	-5.0	-7.3

Efficiency 3

Annual Efficiency data for ARQ
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Asset Turnover	0.5	0.4	0.5	0.6	0.6	0.4	0.4	0.2	0.4	0.6	0.8	0.2
Inventory Turnover	4.9	3.6	·	·	·	·	·	·	·	·	·	·
Receivables Turnover	8.1	7.0	6.6	7.8	7.8	6.0	8.3	4.4	13.7	6.0	5.0	1.1

Per Share 6

Annual Per Share data for ARQ
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Book Value / Share	$3.93	$5.17	$5.38	$7.30	$7.82	$4.60	$5.90	$3.66	$3.54	$3.46	$-1.15	$-0.03
Revenue / Share	$2.90	$3.02	$3.41	$5.58	$5.43	$3.41	$3.81	$1.20	$1.67	$2.28	$2.88	$0.77
Cash Flow / Share	$-0.07	$0.29	$-0.57	$-0.33	$1.41	$3.02	$3.39	$-0.49	$-0.55	$-0.82	$-1.29	$-1.93
Cash / Share	$0.15	$0.32	$1.37	$3.47	·	·	·	·	$1.48	$0.60	$0.42	$1.16
Dividend / Share	·	·	·	·	·	$0	$1	$1	$1	$0	$0	·
EPS (TTM)	$-1.27	$-0.14	$-0.42	$-0.48	$3.27	$-1.12	$1.93	$1.76	$1.29	$4.34	$-1.37	$0.06

Growth Rates 3

Annual Growth Rates data for ARQ
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue YoY	10.4%	9.9%	-3.7%	2.7%	48.9%	·	·	·	·	·	·	·
Revenue CAGR 3Y	5.3%	2.8%	13.8%	·	·	·	·	·	·	·	·	·
Revenue CAGR 5Y	12.3%	·	·	·	·	·	·	·	·	·	·	·

Valuation (TTM) 17

Annual Valuation (TTM) data for ARQ
Metric	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015	2014
Revenue TTM	$120M	$109M	$99M	$103M	$100M	$67M	$70M	$24M	$45M	$51M	$63M	$17M
Net Income TTM	$-53M	$-5M	$-12M	$-9M	$60M	$-20M	$36M	$35M	$28M	$98M	$-30M	$1M
Market Cap	$140M	$318M	$99M	$47M	$125M	$102M	$193M	$196M	$200M	$204M	$156M	$493M
Enterprise Value	$163M	$331M	$77M	$-19M	·	·	·	·	·	$190M	$159M	$470M
P/E	-2.6	-54.1	-7.1	-5.1	2.0	-4.9	5.4	6.0	7.5	2.1	-5.2	379.8
P/S	1.2	2.9	1.0	0.5	1.2	1.5	2.8	8.2	4.4	4.0	2.5	29.1
P/B	0.8	1.5	0.6	0.3	0.8	1.2	1.8	2.9	2.7	2.7	-6.2	-707.7
P / Tangible Book	0.8	1.5	0.6	0.3	0.9	1.2	·	·	·	·	·	·
P / Cash Flow	-51.2	30.4	-5.9	-7.7	4.8	1.9	3.1	-19.8	-17.1	-11.1	-5.5	-11.6
P / FCF	-12.4	-4.3	-2.2	-3.1	6.3	2.1	3.5	-18.9	-16.4	-11.0	-5.4	-11.2
EV / EBITDA	-3.9	49.9	-27.6	3.3	·	·	·	·	·	-12.6	-4.0	-11.8
EV / FCF	-14.4	-4.4	-1.7	1.2	·	·	·	·	·	-10.3	-5.5	-10.6
EV / Revenue	1.4	3.0	0.8	-0.2	·	·	·	·	·	3.8	2.5	27.7
Dividend Yield	·	·	0.00%	0.10%	0.07%	4.9%	9.5%	10.3%	7.8%	0.00%	0.00%	·
Earnings Yield	-38.8%	-1.8%	-14.1%	-19.8%	49.4%	-20.4%	18.4%	16.7%	13.4%	47.0%	-19.2%	0.26%
Payout Ratio	·	·	0.00%	-0.50%	0.15%	-24.5%	51.4%	56.9%	56.3%	·	·	·
Annual Payout	·	·	$0	$45.0K	$93.0K	$5M	$18M	$20M	$16M	$0	$0	·

Income Statement 16

Quarterly Income Statement data for ARQ
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue	$30M	$29M	$29M	$35M	$29M	$27M	$27M	$35M	$25M	$22M	$28M	$30M	$20M	$21M	$23M	$28M
Cost of Revenue	$18M	$19M	$25M	$25M	$19M	$17M	$17M	$21M	$17M	$14M	$14M	$21M	$15M	$17M	·	·
R&D Expense	$958.0K	$982.0K	$1M	$3M	$3M	$874.0K	$709.0K	$787.0K	$929.0K	$2M	$1M	$639.0K	$774.0K	$732.0K	·	·
SG&A Expense	$7M	$7M	$6M	$5M	$6M	$6M	$6M	$8M	$7M	$8M	$6M	$8M	$8M	$11M	$3M	$2M
Operating Expenses	$12M	$11M	$55M	$11M	$11M	$9M	$9M	$11M	$10M	$11M	$11M	$12M	$11M	$11M	$27M	$31M
Operating Income	$-68.0K	$-982.0K	$-51M	$-839.0K	$-2M	$662.0K	$413.0K	$2M	$-1M	$-3M	$3M	$-3M	$-6M	$-8M	$-3M	$-3M
Interest Expense	·	·	·	·	·	·	·	·	·	$791.0K	·	$787.0K	$834.0K	$534.0K	$77.0K	$83.0K
Other Non-op	$83.0K	$845.0K	$42.0K	$690.0K	$16.0K	$265.0K	$307.0K	$268.0K	$311.0K	$352.0K	$1M	$725.0K	$603.0K	$182.0K	$174.0K	$315.0K
Pretax Income	$-733.0K	$-842.0K	$-50M	$-653.0K	$-2M	$203.0K	$-2M	$2M	$-2M	$-3M	$3M	$-2M	$-6M	$-8M	$-3M	$-2M
Income Tax	$0	$0	$12.0K	$0	$0	$0	$-194.0K	$0	$30.0K	$0	$186.0K	$0	$0	$-33.0K	$209.0K	$0
Net Income	$-733.0K	$-1M	$-50M	$-653.0K	$-2M	$-33.0K	$-1M	$2M	$-2M	$-3M	$3M	$-2M	$-6M	$-8M	$-3M	$-2M
EPS (Basic)	$-0.02	$-0.02	$-1.20	$-0.02	$-0.06	$0.00	$-0.03	$0.04	$-0.06	$-0.09	$0.18	$-0.07	$-0.21	$-0.32	$-0.16	$-0.13
EPS (Diluted)	$-0.02	$-0.02	$-1.20	$-0.02	$-0.06	$0.00	$-0.03	$0.04	$-0.06	$-0.09	$0.18	$-0.07	$-0.21	$-0.32	$-0.16	$-0.13
Shares (Basic)	42,102,000	41,732,000	-82,913,000	41,606,000	41,507,000	41,322,000	-71,491,000	36,124,000	34,356,000	37,062,000	-53,833,000	31,807,000	27,360,000	23,770,000	-36,851,000	18,487,000
Shares (Diluted)	42,102,000	41,732,000	-84,121,000	41,606,000	41,507,000	42,530,000	-72,809,000	37,442,000	34,356,000	37,062,000	-53,833,000	31,807,000	27,360,000	23,770,000	-36,851,000	18,487,000
EBITDA	$-68.0K	$2M	·	$-839.0K	$-2M	$3M	·	$2M	$-1M	$-1M	·	$-3M	$-6M	$-6M	·	$-3M

Balance Sheet 25

Quarterly Balance Sheet data for ARQ
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Cash & Equivalents	$906.0K	$5M	$7M	$7M	$7M	$6M	$14M	$49M	$28M	$35M	$45M	$53M	$59M	$68M	$66M	$76M
Receivables	$20M	$16M	$15M	$14M	$16M	$15M	$15M	$17M	$16M	$11M	$16M	$14M	$10M	$10M	$14M	$14M
Inventory	$19M	$20M	$16M	$16M	$21M	$22M	$19M	$18M	$23M	$22M	$20M	$19M	$23M	$20M	$18M	$15M
Prepaid Expense	$7M	$6M	$6M	$7M	$7M	$5M	$5M	$4M	$4M	$4M	$5M	$6M	$8M	$6M	$8M	$8M
Other Current Assets	$2M	$2M	$2M	$2M	$1M	$1M	$1M	·	·	·	$2M	·	·	·	$8M	·
Current Assets	$47M	$46M	$44M	$44M	$51M	$48M	$52M	$87M	$71M	$72M	$86M	$91M	$100M	$105M	$106M	$113M
Accum. Depreciation	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	$11M
Intangibles	$572.0K	$585.0K	$570.0K	$7M	$7M	$7M	$8M	$8M	$8M	$8M	$8M	$8M	$8M	$8M	$847.0K	·
Other Non-current Assets	$36M	$34M	$35M	$45M	$45M	$46M	$45M	$45M	$45M	$45M	$46M	$45M	$44M	$42M	$31M	$30M
Total Assets	$233M	$232M	$231M	$278M	$285M	$284M	$284M	$280M	$249M	$230M	$236M	$231M	$234M	$234M	$181M	$185M
Accounts Payable	$15M	$17M	$15M	$13M	$16M	$17M	$21M	$20M	$17M	$13M	$15M	$14M	$16M	$12M	$16M	$19M
Short-term Debt	$1M	$1M	$1M	$1M	$1M	$2M	$2M	$2M	$2M	$3M	$3M	$2M	$2M	$2M	$1M	$1M
Current Liabilities	$46M	$45M	$42M	$40M	$46M	$43M	$45M	$30M	$27M	$22M	$23M	$22M	$24M	$20M	$24M	$25M
Capital Leases	$5M	$5M	$6M	$7M	$7M	$8M	$7M	$8M	$8M	$8M	$9M	$9M	$9M	$8M	$5M	$5M
Other Non-current Liabilities	$11M	$11M	$12M	$12M	$13M	$13M	$13M	$14M	$14M	$15M	$16M	$15M	$15M	$14M	$14M	$14M
Total Liabilities	$65M	$64M	$63M	$61M	$68M	$65M	$67M	$62M	$59M	$55M	$57M	$56M	$59M	$54M	$41M	$43M
Long-term Debt	$31M	$30M	$29M	$26M	$29M	$27M	$25M	$22M	$22M	$23M	$23M	$23M	$24M	$24M	$5M	·
Total Debt	$32M	$31M	·	$27M	$30M	$28M	·	$22M	$23M	$23M	·	$23M	$23M	$23M	·	$1M
Common Stock	$47.0K	$47.0K	$47.0K	$47.0K	$47.0K	$47.0K	$47.0K	$47.0K	$41.0K	$38.0K	$38.0K	$38.0K	$37.0K	$32.0K	$24.0K	$24.0K
Paid-in Capital	$204M	$202M	$202M	$201M	$200M	$199M	$198M	$198M	$171M	$155M	$155M	$154M	$152M	$133M	$104M	$103M
Retained Earnings	$12M	$13M	$14M	$64M	$65M	$67M	$66M	$68M	$66M	$68M	$72M	$68M	$70M	$76M	$84M	$87M
Treasury Stock	$48M	$48M	$48M	$48M	$48M	$48M	$48M	$48M	$48M	$48M	$48M	$48M	$48M	$48M	$48M	$48M
Stockholders' Equity	$168M	$168M	$168M	$217M	$217M	$218M	$217M	$218M	$190M	$175M	$178M	$174M	$175M	$161M	$140M	$143M
Liabilities + Equity	$233M	$232M	$231M	$278M	$285M	$284M	$284M	$280M	$249M	$230M	$236M	$231M	$234M	$234M	$181M	$185M
Shares Outstanding	42,887,906	42,876,258	42,730,248	42,689,465	42,578,058	42,164,253	42,021,784	42,033,915	35,996,496	33,474,983	33,172,938	33,180,907	32,576,013	27,236,490	19,170,173	19,112,353

Cash Flow 14

Quarterly Cash Flow data for ARQ
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
D&A	$4M	$3M	$3M	$4M	$2M	$2M	$3M	$3M	$2M	$2M	$3M	$3M	$2M	$2M	$2M	$2M
Stock-based Comp	$1M	$891.0K	$840.0K	$1M	$734.0K	$736.0K	$530.0K	$750.0K	$653.0K	$782.0K	$838.0K	$702.0K	$545.0K	$563.0K	$526.0K	$507.0K
Deferred Tax	·	·	·	·	·	·	·	·	·	·	·	·	·	·	·	$0
Other Non-cash	·	$-3M	·	·	·	$-9M	·	·	·	$1M	·	·	·	$-13M	·	·
Operating Cash Flow	$-3M	$64.0K	$-3M	$5M	$527.0K	$-6M	$5M	$8M	$-3M	$526.0K	$4M	$14.0K	$-3M	$-18M	$-6M	$-1M
CapEx	$1M	$740.0K	$783.0K	$2M	$2M	$4M	$43M	$13M	$19M	$10M	$11M	$7M	$7M	$4M	$3M	$3M
Investing Cash Flow	$-1M	$-754.0K	$-314.0K	$-2M	$-2M	$-4M	$-43M	$-13M	$-19M	$-10M	$-11M	$-7M	$-8M	$-3M	$-3M	$-3M
Stock Issued	·	·	·	·	·	·	·	·	·	$0	·	·	$0	$15M	·	·
Net Stock Activity	·	·	·	·	·	·	·	·	·	$0	·	·	·	$15M	·	·
Dividends Paid	·	·	·	·	·	·	·	·	·	·	·	$0	$0	$0	$0	$0
Financing Cash Flow	$278.0K	$2M	$3M	$-3M	$2M	$2M	$3M	$26M	$15M	$-1M	$-429.0K	$546.0K	$-468.0K	$23M	$-336.0K	$-319.0K
Net Change in Cash	$-4M	$816.0K	$-453.0K	$69.0K	$621.0K	$-7M	$-35M	$20M	$-7M	$-10M	$-7M	$-6M	$-12M	$3M	$-9M	$-5M
Free Cash Flow	·	$-676.0K	·	·	·	$-10M	·	·	·	$-9M	·	·	·	$-21M	·	·
Levered FCF	·	·	·	·	·	·	·	·	·	$-10M	·	·	·	$-22M	·	·

Profitability 7

Quarterly Profitability data for ARQ
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Operating Margin	-0.23%	-3.4%	·	-2.4%	-5.4%	2.4%	·	5.8%	-5.6%	-13.7%	·	-8.5%	-29.8%	-37.6%	·	-9.2%
Net Margin	-2.5%	-2.9%	·	-1.9%	-7.5%	0.75%	·	4.7%	-7.8%	-15.7%	·	-7.3%	-28.6%	-36.1%	·	-8.4%
Pretax Margin	-2.5%	-2.9%	·	-1.9%	-7.5%	0.75%	·	4.7%	-7.6%	-15.7%	·	-7.3%	-28.6%	-36.2%	·	-8.4%
EBITDA Margin	-0.23%	5.5%	·	-2.4%	-5.4%	10.4%	·	5.8%	-5.6%	-5.8%	·	-8.5%	-29.8%	-27.4%	·	-9.2%
ROA	-0.28%	-0.33%	·	-0.23%	-0.80%	0.08%	·	0.63%	-0.82%	-1.5%	·	-1.1%	-2.8%	-3.6%	·	-1.3%
ROE	-0.38%	-0.44%	·	-0.30%	-1.1%	0.10%	·	0.82%	-1.1%	-2.0%	·	-1.4%	-3.7%	-4.9%	·	-1.7%
ROIC	-0.03%	-0.49%	·	-0.34%	-0.63%	0.27%	·	0.84%	-0.68%	-1.5%	·	-1.3%	-3.1%	-4.2%	·	-1.8%

Liquidity & Solvency 5

Quarterly Liquidity & Solvency data for ARQ
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Current Ratio	1.0	1.0	·	1.1	1.1	1.1	·	2.9	2.7	3.3	·	4.2	4.2	5.2	·	4.5
Quick Ratio	0.5	0.5	·	0.5	0.5	0.5	·	2.2	1.7	2.1	·	3.0	2.9	3.9	·	3.6
Debt / Equity	0.2	0.2	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.0
LT Debt / Equity	0.0	0.0	·	0.0	0.0	0.0	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	·
Interest Coverage	·	·	·	·	·	·	·	·	·	-3.8	·	-3.2	-7.3	-14.7	·	-31.6

Efficiency 3

Quarterly Efficiency data for ARQ
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Asset Turnover	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.1	0.1	0.1	·	0.2
Inventory Turnover	0.9	0.9	·	1.5	0.9	0.8	·	1.2	0.8	0.7	·	·	·	·	·	·
Receivables Turnover	1.7	1.9	·	2.3	1.8	2.1	·	2.3	1.9	2.1	·	2.1	1.8	1.8	·	1.9

Per Share 5

Quarterly Per Share data for ARQ
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Book Value / Share	$3.92	$3.91	·	$5.09	$5.09	$5.17	·	$5.19	$5.27	$5.23	·	$5.25	$5.37	$5.92	·	$7.46
Revenue / Share	$0.71	$0.70	·	$0.84	$0.69	$0.64	·	$0.93	$0.74	$0.59	·	$0.94	$0.75	$0.88	·	$1.54
Cash Flow / Share	·	$0.00	·	·	·	$-0.14	·	·	·	$0.01	·	·	·	$-0.74	·	·
Cash / Share	$0.02	$0.11	·	$0.16	$0.16	$0.15	·	$1.16	$0.79	$1.05	·	$1.58	$1.80	$2.50	·	$3.97
EPS (TTM)	$-0.12	$-0.09	·	$-0.03	$-0.07	$-0.11	·	$-0.18	$-0.43	$-0.69	·	$-0.73	$-0.68	$-0.64	·	$-0.01

Valuation (TTM) 15

Quarterly Valuation (TTM) data for ARQ
Metric	Q2 2026	Q1 2026	Q4 2025	Q3 2025	Q2 2025	Q1 2025	Q4 2024	Q3 2024	Q2 2024	Q1 2024	Q4 2023	Q3 2023	Q2 2023	Q1 2023	Q4 2022	Q3 2022
Revenue TTM	$123M	$120M	·	$126M	$116M	$109M	·	$112M	$97M	$93M	·	$100M	$94M	$100M	·	$105M
Net Income TTM	$-5M	$-3M	·	$-966.0K	$-2M	$-4M	·	$-6M	$-13M	$-19M	·	$-18M	$-16M	$-13M	·	$71.0K
Market Cap	$109M	$110M	·	$306M	$229M	$176M	·	$247M	$218M	$217M	·	$59M	$61M	$54M	·	$52M
Enterprise Value	$140M	$136M	·	$326M	$252M	$198M	·	$220M	$213M	$205M	·	$30M	$25M	$9M	·	$-22M
P/E	-21.2	-28.4	·	-238.7	-76.7	-37.9	·	-32.6	-14.1	-9.4	·	-2.4	-2.7	-3.1	·	-273.0
P/S	0.9	0.9	·	2.4	2.0	1.6	·	2.2	2.2	2.3	·	0.6	0.6	0.5	·	0.5
P/B	0.7	0.7	·	1.4	1.1	0.8	·	1.1	1.2	1.2	·	0.3	0.3	0.3	·	0.4
P / Tangible Book	0.7	0.7	·	1.5	1.1	0.8	·	1.2	1.2	1.3	·	0.4	0.4	0.4	·	0.4
P / Cash Flow	·	1715.1	·	·	·	-30.3	·	·	·	412.4	·	·	·	-3.0	·	·
P / FCF	·	-162.4	·	·	·	-18.5	·	·	·	-23.9	·	·	·	-2.5	·	·
EV / EBITDA	-2062.7	85.9	·	-388.1	-161.9	69.6	·	108.7	-149.9	-162.1	·	-11.8	-4.1	-1.6	·	8.6
EV / FCF	·	-201.7	·	·	·	-20.8	·	·	·	-22.6	·	·	·	-0.4	·	·
EV / Revenue	1.1	1.1	·	2.6	2.2	1.8	·	2.0	2.2	2.2	·	0.3	0.3	0.1	·	-0.2
Earnings Yield	-4.7%	-3.5%	·	-0.42%	-1.3%	-2.6%	·	-3.1%	-7.1%	-10.7%	·	-41.0%	-36.6%	-32.3%	·	-0.37%
Payout Ratio	·	·	·	·	·	·	·	·	·	·	·	·	·	0.00%	·	·

Financial Statements Income statement, balance sheet, cash flow — annual, last 5 years

Income Statement

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Revenue	$120M	$109M	$99M	$103M	$100M
Operating Margin %	-44.0%	-1.8%	-13.4%	-11.7%	4.8%
Net Income	$-53M	$-5M	$-12M	$-9M	$60M
Diluted EPS	$-1.27	$-0.14	$-0.42	$-0.48	$3.27

Balance Sheet

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Debt / Equity	0.2	0.1	0.1	0.0	0.0
Current Ratio	1.0	1.2	3.8	4.4	4.8
Quick Ratio	0.5	0.6	2.7	3.4	0.6

Cash Flow

	2025-12-31	2024-12-31	2023-12-31	2022-12-31	2021-12-31
Free Cash Flow	$-11M	$-75M	$-44M	$-15M	$20M

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Institutional owners (13F) 107 filers · $35.3M total · As of June 30, 2026

Institutions that report holding this stock in their quarterly SEC Form 13F. Long positions only; a single filer may appear twice for separate option legs. Large offsetting put/call legs typically reflect market-making or hedged inventory, not directional conviction.

Institutional activity — Q2 2026 vs prior quarter

New positions	Exited positions	Increased	Decreased	Net shares change
32 (+19 vs prior Q)	18 (-3 vs prior Q)	34 (+3 vs prior Q)	24 (-1 vs prior Q)	+3.7M

Compared to Q1 2026. SEC Form 13F filings are due within 45 days of quarter-end plus a short buffer for late filers — quarters still inside that window are skipped in favor of the most recent fully-reported pair.

Institution	Value	Shares	% of tracked 13F	Type
ROYCE & ASSOCIATES LP	$4,750,048	1,862,764	13.46%	Shares
VANGUARD CAPITAL MANAGEMENT LLC	$3,734,557	1,464,532	10.59%	Shares
York Capital Management Global Advisors, LLC	$3,171,586	442,959	8.99%	Shares
Nuveen Asset Management, LLC	$2,121,190	280,210	6.01%	Shares
Peapod Lane Capital LLC	$2,009,094	787,880	5.70%	Shares
RENAISSANCE TECHNOLOGIES LLC	$1,525,050	598,059	4.32%	Shares
DIMENSIONAL FUND ADVISORS LP	$1,448,395	567,998	4.11%	Shares
DCF Advisers, LLC	$1,177,042	461,585	3.34%	Shares
Truffle Hound Capital, LLC	$1,071,000	420,000	3.04%	Shares
Round Rock Advisors LLC	$966,396	378,979	2.74%	Shares
RBF Capital, LLC	$943,500	370,000	2.67%	Shares
D. E. Shaw & Co., Inc.	$914,121	358,479	2.59%	Shares
MARSHALL WACE, LLP	$844,375	331,127	2.39%	Shares
GEODE CAPITAL MANAGEMENT, LLC	$841,558	329,868	2.39%	Shares
JACOBS LEVY EQUITY MANAGEMENT, INC	$838,919	328,988	2.38%	Shares
Marex Group Ltd	$665,162	260,848	1.89%	Shares
TWO SIGMA INVESTMENTS, LP	$642,031	251,777	1.82%	Shares
BANK OF AMERICA CORP /DE/	$590,300	231,490	1.67%	Shares
VANGUARD FIDUCIARY TRUST CO	$538,305	211,100	1.53%	Shares
Connor, Clark & Lunn Investment Management Ltd.	$463,562	181,789	1.31%	Shares
CITADEL ADVISORS LLC	$403,186	158,112	1.14%	Shares
Rangeley Capital, LLC	$400,350	157,000	1.13%	Shares
STATE STREET CORP	$392,667	153,987	1.11%	Shares
JANE STREET GROUP, LLC	$333,117	130,634	0.94%	Shares
Marquette Asset Management, LLC	$272,190	106,741	0.77%	Shares
PERRITT CAPITAL MANAGEMENT INC	$245,250	75,000	0.70%	Shares
Qube Research & Technologies Ltd	$237,170	93,008	0.67%	Shares
GOLDMAN SACHS GROUP INC	$227,623	89,264	0.65%	Shares
Corient Private Wealth LP	$197,689	77,525	0.56%	Shares
NORTHERN TRUST CORP	$195,881	76,816	0.56%	Shares
AMERIPRISE FINANCIAL INC	$192,770	75,596	0.55%	Shares
BRIDGEWAY CAPITAL MANAGEMENT, LLC	$190,689	74,780	0.54%	Shares
CITADEL ADVISORS LLC	$185,130	72,600	0.52%	Call option
Man Group plc	$150,333	58,954	0.43%	Shares
Point72 Asset Management, L.P.	$146,834	57,582	0.42%	Shares
Mariner, LLC	$142,027	55,712	0.40%	Shares
GABELLI FUNDS LLC	$132,600	52,000	0.38%	Shares
AMERICAN CENTURY COMPANIES INC	$127,676	50,069	0.36%	Shares
MORGAN STANLEY	$119,580	46,894	0.34%	Shares
PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO	$107,931	42,326	0.31%	Shares
IEQ CAPITAL, LLC	$97,813	38,358	0.28%	Shares
Invesco Ltd.	$97,237	38,132	0.28%	Shares
MERCER GLOBAL ADVISORS INC /ADV	$95,322	37,381	0.27%	Shares
FRANKLIN RESOURCES INC	$78,254	30,688	0.22%	Shares
SUSQUEHANNA INTERNATIONAL GROUP, LLP	$75,500	29,608	0.21%	Shares
XTX Topco Ltd	$64,892	25,448	0.18%	Shares
Walleye Capital LLC	$61,766	24,222	0.18%	Shares
Creative Planning	$58,915	23,104	0.17%	Shares
Integrity Advisory Solutions, LLC	$55,422	21,734	0.16%	Shares
Centiva Capital, LP	$53,940	21,153	0.15%	Shares
WEALTH ENHANCEMENT ADVISORY SERVICES, LLC	$53,151	22,910	0.15%	Shares
MILLENNIUM MANAGEMENT LLC	$48,488	19,015	0.14%	Shares
Dynamic Technology Lab Private Ltd	$47,000	18,579	0.13%	Shares
VANGUARD GROUP INC	$45,476	13,907	0.13%	Shares
Scientech Research LLC	$44,694	17,527	0.13%	Shares
CWM, LLC	$41,047	16,034	0.12%	Shares
RHUMBLINE ADVISERS	$39,129	15,345	0.11%	Shares
SIMPLEX TRADING, LLC	$38,260	15,004	0.11%	Shares
STATE OF WISCONSIN INVESTMENT BOARD	$36,695	14,390	0.10%	Shares
Vanguard Global Advisers, LLC	$35,463	13,907	0.10%	Shares
Schonfeld Strategic Advisors LLC	$34,280	13,444	0.10%	Shares
AXQ CAPITAL, LP	$30,187	11,838	0.09%	Shares
CAPTRUST FINANCIAL ADVISORS	$29,769	11,674	0.08%	Shares
JPMORGAN CHASE & CO	$29,148	11,659	0.08%	Shares
Mraz, Amerine & Associates, Inc.	$28,815	11,300	0.08%	Shares
BOOTHBAY FUND MANAGEMENT, LLC	$28,162	11,044	0.08%	Shares
BNP PARIBAS FINANCIAL MARKETS	$27,854	10,923	0.08%	Shares
Murphy Pohlad Asset Management LLC	$25,500	10,000	0.07%	Shares
FMR LLC	$21,856	8,571	0.06%	Shares
Cerity Partners LLC	$21,576	8,461	0.06%	Shares
BlackRock, Inc.	$20,958	8,219	0.06%	Shares
Avanza Fonder AB	$19,628	7,667	0.06%	Shares
Firsthand Capital Management, Inc.	$17,340	6,800	0.05%	Shares
GROUP ONE TRADING LLC	$16,873	6,617	0.05%	Shares
Morse Asset Management, Inc	$14,535	5,700	0.04%	Shares
Arax Advisory Partners	$13,286	5,210	0.04%	Shares
Rockefeller Capital Management L.P.	$11,909	4,670	0.03%	Shares
Integrated Wealth Concepts LLC	$9,649	3,783	0.03%	Shares
Russell Investments Group, Ltd.	$8,361	3,279	0.02%	Shares
Allworth Financial LP	$6,404	2,511	0.02%	Shares
BARCLAYS PLC	$5,513	2,162	0.02%	Shares
CALIFORNIA STATE TEACHERS RETIREMENT SYSTEM	$4,431	1,731	0.01%	Shares
UBS Group AG	$4,289	1,682	0.01%	Shares
SBI Securities Co., Ltd.	$4,067	1,595	0.01%	Shares
McMillan Office, Inc.	$3,545	1,390	0.01%	Shares
NORTHWESTERN MUTUAL WEALTH MANAGEMENT CO	$3,019	1,184	0.01%	Shares
OSAIC HOLDINGS, INC.	$1,963	770	0.01%	Shares
Essential Partners LLC	$1,760	690	0.00%	Shares
EverSource Wealth Advisors, LLC	$1,571	616	0.00%	Shares
AQR CAPITAL MANAGEMENT LLC	$969	380	0.00%	Shares
GSA CAPITAL PARTNERS LLP	$887	347,700	0.00%	Shares
ROTHSCHILD INVESTMENT LLC	$648	254	0.00%	Shares
Wealth Enhancement Trust Services, Inc.	$469	184	0.00%	Shares
Farther Finance Advisors, LLC	$459	181	0.00%	Shares
IFP Advisors, Inc	$449	176	0.00%	Shares
PNC Financial Services Group, Inc.	$436	171	0.00%	Shares
SJS Investment Consulting Inc.	$398	156	0.00%	Shares
Clearstead Advisors, LLC	$347	136	0.00%	Shares
True Wealth Design, LLC	$255	100	0.00%	Shares
ACADIAN ASSET MANAGEMENT LLC	$71	28,254	0.00%	Shares

Company insiders 20 insiders · 5 officers · 13 directors

Insider	Role	Last activity	Shares owned	Net 12m
Robert E. Rasmus	Chief Executive Officer	July 23, 2026 A	—	$0
Michael D Durham	President and CEO	Aug. 22, 2014 M	532,817	$0
Shimon Steinmetz	Chief Financial Officer	Aug. 1, 2026 A	343,023	$0
Joseph M Wong	Chief Technology Officer	Aug. 14, 2026 A	506,648	$0
Claiborne Benson Smith	Gen Counsel, Corp Secretary	Aug. 1, 2026 A	155,513	$0
Julian Alexander Mcintyre	Director	July 1, 2026 A	108,261	$0
Richard Campbell-Breeden	Director	July 1, 2026 A	136,151	$0
Jeremy Blank	Director	July 1, 2026 A	128,045	$0
Laurie Bergman	Director	July 1, 2026 A	76,343	$0
Carol S Eicher	Director	July 1, 2026 A	198,651	$0
Louis Spencer Wells	Director	July 23, 2014 A	2,070	$0
Derek Johnson	Director	July 1, 2014 A	26,250	$0
Kim B Clarke	Director	July 1, 2014 A	5,268	$0
Jeffrey Clark Smith	Director	July 1, 2014 A	90,784	$0
Taylor Simonton	Director	July 1, 2014 A	2,114	$0
Phillip W Marcum	Director	July 1, 2014 A	79,142	$0
Alan Bradley Gabbard	—	July 1, 2017 A	44,480	$0
Sharon Sjostrom	—	May 10, 2017 D	70,372	$0
Jonathan R Lagarenne	—	March 1, 2016 M	27,162	$0
Jean C Bustard	—	Dec. 31, 2014 F	159,782	$0

Insiders from SEC Form 3/4/5 filings; net = open-market P/S only

Activists & 5%+ owners 5 positions

Investors who filed SEC Schedule 13D — beneficial ownership above 5% with an intent to influence the issuer (activist stakes, board campaigns, M&A). Each row shows the most recent known state of that filer's position.

Filer	Filed	Stake	Status	Purpose	Filing
McIntyre Julian Alexander, Yumi McIntyre, Stannard Limited, Markham Fuels Management Limited, MWB Limited ×2 filings	Jan. 31, 2024	—	Initial filing	—	SEC
Jeremy Blank ×2 filings	July 24, 2023	—	Initial filing	—	SEC
Undisclosed reporting person	March 13, 2023	—	Initial filing	—	SEC
ARQ LIMITED	Feb. 14, 2023	—	Initial filing	—	SEC
Coliseum Capital Management, LLC, Coliseum Capital, LLC, Coliseum Capital Partners, L.P., Coliseum Capital Partners II, L.P., Blackwell Partners, LLC, Adam Gray, Christopher Shackelton ×2 filings	Oct. 7, 2014	—	Initial filing	—	SEC

Purpose is an automated classification of the filer's own stated purpose (SEC Item 4) — not investment advice. "—" means no clear purpose was stated or the text could not be classified.

ETF ownership Held by 17 ETFs

Weight reflects direct equity holdings (N-PORT) only; leveraged or derivative-based funds may hold additional swap exposure not shown.

Fund	Weight	Units	As of	Source
QQQS · Invesco Exchange-Traded Fund Trust …	0.37%	40,514 SH	Aug. 8, 2026	Daily
IWC · iShares Trust	0.02%	111,170 SH	Aug. 8, 2026	Daily
GSSC · Goldman Sachs ETF Trust	0.01%	24,507 NS	May 31, 2026	N-PORT
AVSC · AMERICAN CENTURY ETF TRUST	0.00%	46,459 NS	May 31, 2026	N-PORT
DFAS · Dimensional ETF Trust	0.00%	148,993 NS	April 30, 2026	N-PORT
DFSV · Dimensional ETF Trust	0.00%	74,578 NS	April 30, 2026	N-PORT
ITWO · ProShares Trust	0.00%	1,507 NS	May 31, 2026	N-PORT
RSSL · Global X Funds	0.00%	13,817 NS	April 30, 2026	N-PORT
UWM · ProShares Trust	0.00%	1,178 NS	May 31, 2026	N-PORT
URTY · ProShares Trust	0.00%	1,191 NS	May 31, 2026	N-PORT
MSSM · MORGAN STANLEY PATHWAY FUNDS	0.00%	1,141 NS	May 31, 2026	N-PORT
HDG · ProShares Trust	0.00%	30 NS	May 31, 2026	N-PORT
DFAC · Dimensional ETF Trust	0.00%	40,459 NS	April 30, 2026	N-PORT
DCOR · Dimensional ETF Trust	0.00%	3,130 NS	April 30, 2026	N-PORT
DFAU · Dimensional ETF Trust	0.00%	5,413 NS	April 30, 2026	N-PORT
VXF · VANGUARD INDEX FUNDS	0.00%	372,595 SH	Aug. 8, 2026	Daily
VTI · VANGUARD INDEX FUNDS	0.00%	1,056,800 SH	Aug. 8, 2026	Daily

ARQ Stock Snapshot Price, market cap, P/E, EPS, ROE, debt/equity, 52-week range

ARQ Stock Price Chart Daily OHLCV with technical indicators — pan, zoom, and customize your view

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Financial Health Debt, liquidity, solvency — balance sheet strength

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Institutional owners (13F) 107 filers · $35.3M total · As of June 30, 2026

Company insiders 20 insiders · 5 officers · 13 directors

Activists & 5%+ owners 5 positions

ETF ownership Held by 17 ETFs