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Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

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<div><ul><li>Following the delay of Arq’s GAC Phase 1 ramp-up, we are adjusting our estimates.</li><li>The disappointing news, which was announced on the 3Q25 results briefing, pushes our forecast production ramp back by at least six months for Phases 1 and 2.</li><li>Arq is an environmental tech company that produces activated carbon (AC) products that reduce or reverse environmental liabilities. </li></ul></div>

Following the delay of Arq’s GAC Phase 1 ramp-up, we are adjusting our estimates.The disappointing news, which was announced on the 3Q25 results briefing, pushes our forecast production ramp back by at least six months for Phases 1 and 2.Arq is an environmental tech company that produces activated carbon (AC) products that reduce or reverse environmental liabilities. 

ARQ: Phase 1 GAC Delay Leads to Earnings Downgrade; Long-Term Outlook Remains Intact

<ul><li>ARQ is an environmental tech company that produces activated carbon (AC) products that reduce or reverse environmental liabilities.</li><li>The AC market is entering an extended period of supply shortage as new capacity is expected to fall short of demand for applications like removing “forever chemicals” from public drinking water, remediating contaminated soil and ground water, and removing impurities from renewable natural gas.</li><li>ARQ is initiating a low-cost, high-return brownfield expansion into granular activated carbon (GAC) and has a fully integrated domestic supply chain.</li></ul>

ARQ is an environmental tech company that produces activated carbon (AC) products that reduce or reverse environmental liabilities.The AC market is entering an extended period of supply shortage as new capacity is expected to fall short of demand for applications like removing “forever chemicals” from public drinking water, remediating contaminated soil and ground water, and removing impurities from renewable natural gas.ARQ is initiating a low-cost, high-return brownfield expansion into granular activated carbon (GAC) and has a fully integrated domestic supply chain.

ARQ: 3Q25 Results; GAC Delay Disappoints; PAC Performance Leads to EBITDA Beat

<ul><li>ARQ is an environmental tech company that produces activated carbon (AC) products that reduce or reverse environmental liabilities.</li><li>The AC market is entering an extended period of supply shortage as new capacity is expected to fall short of demand for applications like removing “forever chemicals” from public drinking water, remediating contaminated soil and ground water, and removing impurities from renewable natural gas.</li><li>ARQ is initiating a low cost, high-return brownfield expansion into GAC. </li></ul>

ARQ is an environmental tech company that produces activated carbon (AC) products that reduce or reverse environmental liabilities.The AC market is entering an extended period of supply shortage as new capacity is expected to fall short of demand for applications like removing “forever chemicals” from public drinking water, remediating contaminated soil and ground water, and removing impurities from renewable natural gas.ARQ is initiating a low cost, high-return brownfield expansion into GAC. 

<ul><li>Following ARQ’s 4Q24 results, we are fine-tuning our estimates and introducing quarterly forecasts.</li><li>ARQ is an environmental tech company producing activated carbon (AC) products that reduce or reverse environmental liabilities.</li><li>Among many applications, AC products remove “forever chemicals” from public drinking water, remediate contaminated soil and ground water, and remove impurities from renewable natural gas. </li></ul>

Following ARQ’s 4Q24 results, we are fine-tuning our estimates and introducing quarterly forecasts.ARQ is an environmental tech company producing activated carbon (AC) products that reduce or reverse environmental liabilities.Among many applications, AC products remove “forever chemicals” from public drinking water, remediate contaminated soil and ground water, and remove impurities from renewable natural gas. 

ARQ: Phase 1 GAC Ramping Up in 2025; Domestic Supply Chain Largely Immune from Tariff Impact

<ul><li>Arq, Inc. (ARQ) is a high-growth environmental technology company that produces activated carbon (AC) products that reduce or reverse environmental liabilities.</li><li>Among many applications, AC products remove per- and polyfluoroalkyl substances (PFAS) or “forever chemicals” from drinking water, remediate contaminated soil and ground water, and remove impurities from renewable natural gas (RNG).</li><li>ARQ is well capitalized, expanding, and aims to be the safest, lowest- cost, and sustainably most profitable company in the AC industry.</li></ul>

Arq, Inc. (ARQ) is a high-growth environmental technology company that produces activated carbon (AC) products that reduce or reverse environmental liabilities.Among many applications, AC products remove per- and polyfluoroalkyl substances (PFAS) or “forever chemicals” from drinking water, remediate contaminated soil and ground water, and remove impurities from renewable natural gas (RNG).ARQ is well capitalized, expanding, and aims to be the safest, lowest- cost, and sustainably most profitable company in the AC industry.

Arq, Inc. - Management Confirms GAC 1 Expansion Timeline on Track; Adjusts 2024 Capex Guidance

United States

Arq, Inc. operates as a environmental technology company. The Company offers activated carbon technologies to remove harmful chemicals and pollutants, such as PFAS, from water supplies, contaminated land sites, and air emissions which controls the mercury and other contaminants for power generation and industrial companies. Arq serves customers in the United States.

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Arq (ARQ US)

ARQ: Phase 1 GAC Delay Leads to Earnings Downgrade; Long-Term Outlook Remains Intact

The disappointing news, which was announced on the 3Q25 results briefing, pushes our forecast production ramp back by at least six months for...

Water Tower Research

ARQ: 3Q25 Results; GAC Delay Disappoints; PAC Performance Leads to EBITDA Beat

ARQ is initiating a low-cost, high-return brownfield expansion into granular activated carbon (GAC) and has a fully integrated domestic supply chain.

Water Tower Research

Arq, Inc: 2Q25 EBITDA Beat

ARQ is an environmental tech company that produces activated carbon (AC) products that reduce or reverse environmental liabilities.

Water Tower Research

ARQ: Phase 1 GAC Ramping Up in 2025; Domestic Supply Chain Largely Immune from Tariff Impact

ARQ is an environmental tech company producing activated carbon (AC) products that reduce or reverse environmental liabilities.

Water Tower Research

Arq, Inc. - Management Confirms GAC 1 Expansion Timeline on Track; Adjusts 2024 Capex Guidance

Arq, Inc. (ARQ) is a high-growth environmental technology company that produces activated carbon (AC) products that reduce or reverse environmental...

Water Tower Research

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