Business
Advanced Emissions Solutions Reports Second Quarter 2023 Results
Timeline for capital projects remains on track and in line with expectations GREENWOOD VILLAGE, Colo., Aug. 09, 2023 (GLOBE NEWSWIRE) -- Advanced Emissions
About this update from Arq, Inc.
[{"type":"text","content":"Timeline for capital projects remains on track and in line with expectations\nGREENWOOD VILLAGE, Colo., Aug. 09, 2023 (GLOBE NEWSWIRE) -- Advanced Emissions Solutions, Inc. (NASDAQ: ADES) (the \"Company\" or \"ADES\") a leader in activated carbon environmental solutions for power generation, industrial, municipal water purification and remediation markets, today filed its Quarterly Report on Form 10-Q and reported financial results for the quarter ended June 30, 2023. Business Highlights Completed the integration of Arq teams, systems and assets.Submitted the last permit needed for Red River Plant to begin construction.Purchases of various long-lead time components related to the expansion projects has begun.Continued progress on capital projects to expand product offerings to include granular activated carbons. Financial Highlights Second quarter consumables revenue was $20.4 million compared to $24.7 million in the prior year period.Second quarter net loss was $5.9 million compared to net loss of $0.3 million in the prior year period.Second quarter Consolidated Adjusted EBITDA loss was $3.0 million compared to Consolidated Adjusted EBITDA of $2.2 million in the prior year period.Cash balances as of June 30, 2023, including restricted cash, totaled $67.6 million, compared to $76.4 million as of December 31, 2022. “I’ve spent my first few weeks as CEO visiting our manufacturing facilities at Red River and Corbin and meeting with team members across the organization,” said Robert Rasmus, CEO of ADES. “It’s clear that the combination of Arq and ADES has created a unique, sustainable and vertically integrated business, capable of producing a valuable product in a very attractive and growing market. I’ve been impressed by the talented group of people within the Company as well as our significant infrastructure and facilities – combined, these will enable us to execute on our business plan in a low-risk manner. Our goal is to be the safest, lowest-cost producer, and most profitable company in the industry – in the process delivering significant shareholder returns. Crucially, we can achieve this while delivering a cleaner, more sustainable future. This transformation will not be without its challenges, but with good execution and focus, I am confident in our team’s ability to deliver.” Rasmus continued, “Although lower than expected ...