Business
Advanced Emissions Solutions Reports Fourth Quarter and Full Year 2022 Results
Full year consumables revenue increased 20% driven by increased volumes and pricing initiatives Company expects 2023 revenue of approximately $106 million
About this update from Arq, Inc.
[{"type":"text","content":"Full year consumables revenue increased 20% driven by increased volumes and pricing initiatives Company expects 2023 revenue of approximately $106 million GREENWOOD VILLAGE, Colo., March 08, 2023 (GLOBE NEWSWIRE) -- Advanced Emissions Solutions, Inc. (NASDAQ: ADES) (the \"Company\" or \"ADES\"), a leader in environmental solutions for power generation, industrial and municipal water purification markets, today filed its Annual Report on Form 10-K and reported financial results for the quarter and year December 31, 2022. Fourth Quarter Highlights Fourth quarter consumables revenue was $23.4 million compared to $23.2 million in the prior year. Full year consumables revenue increased 20% to $103.0 million.Fourth quarter net loss was $3.2 million compared to net income of $5.8 million in the prior year, which reflects the winddown of the Tinuum investments at the end of 2021.Fourth quarter Adjusted EBITDA loss was $1.2 million compared to Adjusted EBITDA of $9.1 million in the prior year.Cash balances as of December 31, 2022, including restricted cash, totaled $76.4 million compared to $88.8 million as of December 31, 2021.Subsequent to quarter end, and as previously announced, the Company completed its acquisition of the subsidiaries of Arq Limited (\"Arq\") to combine ADES and Arq's respective businesses on updated terms and structure.The Company expects its sale of Marshall Mine, LLC to Caddo Creek Resources Company, LLC to close during the first half of 2023. The sale will eliminate the Company’s existing asset retirement obligation for Marshall Mine and is likely to result in the release of a portion of the Company’s restricted cash balance. “We delivered a solid fourth quarter of consumables sales and production at Red River which culminated in a record full year revenue performance since purchasing the activated carbon assets,” said Greg Marken, CEO of ADES. “Our full year revenue of $103.0 million increased compared to the prior year despite $14.4 million of royalties from our Tinuum investments in 2021 that did not occur in 2022. Our revenue performance was a combination of strong demand from Power Generation customers, pricing initiatives and favorable product mix changes. While our operations remain constrained by tight manufacturing capacity, sourcing of product from third-parties and the overall inflationary environment...