Slide 1: Q4 2025 Earnings Call
Q4 2025 Earnings Call March 10, 2026
Slide 2: Disclaimer
Disclaimer This presentation contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and 21E of the Securities Exchange Act of 1934, as amended, which provides a “safe harbor” for such statements in certain circumstances. When used in this pre
Slide 3: Notable FY 2025 Financial Highlights & Recent Updates
Notable FY 2025 Financial Highlights & Recent Updates Total Revenue Adjusted EBITDA1 PAC Volumes $120M+ $13M+ 117M Reported record revenue for FY25 Achieved 7th straight quarter of Achieved record PAC sales volumes of $120.3 million (+10% YoY), driven positive Adj. EBITDA, resulting in of 117 millio
Slide 4: Q4 & FY 2025 Financial Highlights
Q4 & FY 2025 Financial Highlights $ millions unless noted Q4 2025 Q4 2024 FY 2025 FY 2024 • Recorded record revenue performance for FY 2025, growing +10% YoY Revenue $29.4 $27.0 $120.3 $109.0 • Strong performance driven by PAC volume growth to a record of 117 million pounds in 2025 Gross Margin 13.6
Slide 5: Steady Price Increases Support Sustainable PAC Business Performance
Steady Price Increases Support Sustainable PAC Business Performance PAC pricing remains robust and growing YoY Average Sales Price (ASP) % Change Outlook Q1 2024 Q2 2024 Q3 2024 Q4 2024 Q1 2025 Q2 2025 Q3 2025 Q4 2025 o Long-term profitability and growth remains a focus +16% +15% +15% +14% +13% +9%
Slide 6: Pausing GAC Production to Conduct Optimization Review
Pausing GAC Production to Conduct Optimization Review What We’re Doing: Why We’re Doing It: • Pausing GAC production for comprehensive engineering & production process optimization review Ensure optimal production • Decision due to repeated operational issues including: original design flaws scale e
Slide 7: GAC Market Dynamics
GAC Market Dynamics Basis for entering market remains unchanged and extremely compelling • GAC fundamentals remain strong – continued excess demand versus supply in short, medium and long term • Water market remains reliable demand base with significant growth anticipated • Growing RNG demand antici
Slide 8: Leadership Updates
Leadership Updates Making changes to ensure right technical expertise and operational focus to optimize profitable PAC business and execute future GAC decisions • COO role, previously held by Deke Williamson, eliminated as Corbin idling makes Arq a single-plant business, streamlining organizational
Slide 9: Management and Board Alignment with Shareholders
Management and Board Alignment with Shareholders Meaningful ownership and continued commitment Insider Ownership: Board and Management CEO Robert Rasmus: A History of Commitment 140,000 Cumulative Shares Purchased 18% In addition to 950,000 shares purchased 120,718 Insiders 120,000 pre-joining the c
Slide 10: Inaugural Financial Guidance & Outlook – 2026
Inaugural Financial Guidance & Outlook – 2026 • Guidance based on proven PAC Total Revenue operations with over 15 years’ $120 – $125M experience Adjusted EBITDA • 96% contract visibility on 2026 volumes $17 – $20M • Strong pricing reflects continued specialty product mix and market diversification
Slide 11: Key Near-term Priorities & Objectives
Key Near-term Priorities & Objectives Continue optimization of cash-generative foundational PAC business Conduct and complete comprehensive optimization review of GAC business Continue expansion into adjacent market opportunities Deliver on 2026 financial guidance 11
Slide 12: Financial Detail
Financial Detail
Slide 13: Consolidated Balance Sheet
Consolidated Balance Sheet1 As of December 31, (in thousands, except share data) 2025 2024 ASSETS Current assets: Cash $ 6,573 $ 13,516 Receivables, net 14,980 14,876 Inventories, net 15,895 19,314 Prepaid expenses and other current assets 6,404 4,650 Total current assets 43,852 52,356 Restricted ca
Slide 14: Consolidated Statements of Operations
Consolidated Statements of Operations1 Three Months Ended December 31, Years Ended December 31, (in thousands, except per share data) 2025 2024 2025 2024 (unaudited) Revenue $ 29,431 $ 27,040 $ 120,336 $ 108,959 Cost of revenue, exclusive of depreciation and amortization 25,441 17,236 86,804 69,515
Slide 15: Consolidated Statements of Cash Flows
Consolidated Statements of Cash Flows 1 Years Ended December 31, (in thousands) 2025 2024 Cash flows from operating activities Net loss $ (52,610) $ (5,109) Adjustments to reconcile net loss to net cash (used in) provided by operating activities: Impairment of long-lived assets 44,756 — Depreciation
Slide 16: Consolidated Statements of Cash Flows - Cont.
1 Consolidated Statements of Cash Flows - Cont. Years Ended December 31, (in thousands) 2025 2024 Cash flows from financing activities Borrowings on revolving credit facility $ 128,941 $ 13,828 Repayments of revolving credit facility (123,818) — Principal payments on notes payable (914) (10,544) Pri
Slide 17: Note on Non-GAAP Financial Measures
Note on Non-GAAP Financial Measures To supplement our financial information presented in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP"), we provide certain supplemental financial measures, including EBITDA and Adjusted EBITDA, which are measurements that are not calculat
Slide 18: Reconciliation of Net Loss to Adjusted EBITDA
Reconciliation of Net Loss to Adjusted EBITDA 1 Three months ended December 31, Years ended December 31, (in thousands) 2025 2024 2025 2024 Net loss $ (50,027) $ (1,339) $ (52,610) $ (5,109) Depreciation, amortization, depletion and accretion 3,323 2,504 11,747 8,594 Amortization of Upfront Customer
Slide 19: Appendix
Appendix
Slide 20: Company Overview
Company Overview General Applications of Our Products o Arq is a diversified, environmental technology company producing activated carbon products PFAS which reduce or reverse environmental liabilities, Remediation including PFAS or “forever chemicals”. Our products enable a cleaner and safer planet
Slide 21: What is Activated Carbon?
What is Activated Carbon? • Also known as activated charcoal • Activated carbons are largely engineered sorbent materials which purify, filter and remove pollutants from air, water and soil • When activated, able to “adsorb” a wide range of harmful compounds from air, gas & liquids • “Activation” pr
Slide 22: Products & Market Applications
Products & Market Applications GAC from bituminous coal best at remediating PFAS and forever chemicals Applications Market Focus • Potable Water • PFAS Remediation Granular Municipal water, PFAS Growth Activated remediation, soil & • Wastewater Treatment Business Carbon groundwater remediation, • Bi
Slide 23: PFAS Regulations & Impact
PFAS Regulations & Impact EPA under new Administration remains committed to reducing and removing PFAS contamination Landscape Update Arq Implications & Additional Detail • Apr 2024: 2024: EPA issues rule • Arq estimates regulations could boost municipal requiring municipal drinking water water mark
Slide 24: Arq Benefiting from U.S. Tariffs
Arq Benefiting from U.S. Tariffs • Only domestic producer with fully integrated activated carbon supply chain - competitive advantage further amplified under tariffs • Many competitors face headwinds due to imported feedstock dependencies • Net beneficiary of current tariff environment - positioned
Slide 25: Developing New Markets: Arq-Enabled Great Lakes Restoration Project
Developing New Markets: Arq-Enabled Great Lakes Restoration Project • Thomson Reservoir cleanup marks largest activated carbon sediment remediation in U.S. history • Activated carbon supplied exclusively by Arq and deployed to isolate and neutralize toxic dioxins and furans from industrial legacy po
Slide 26: Strong North American GAC Market Fundamentals
Strong North American GAC Market Fundamentals Data suggest demand outpacing supply – Arq anticipates a 3-5x increase in demand over next 5 years not accounting for potential incremental demand growth from other sectors (e.g., biogas) • Arq expects annual GAC market to grow ~75% to >700mm lbs1 • Woul
Slide 27: GAC Usage in Water Industry
GAC Usage in Water Industry EPA confirms GAC as a Best Available Technology (“BAT”) for PFAS removal 1 • 77% of water entities still lack any PFAS treatment solution per GAO, despite many GAC systems under construction 2 • Water systems must currently monitor PFAS by 2027 and remediate by 2029 if le
Slide 28: EPA Confirms GAC as a Best Available Technology for PFAS removal
EPA Confirms GAC as a Best Available Technology for PFAS removal Alternative technologies for PFAS removal and how they compare PFAS Technology Advantage Disadvantage ✓ Lowest unit cost ꭗ Requires longer contact time ✓ Strong PFAS removal performance ꭗ More frequent media change-outs ✓ Handles varie
Slide 29: GAC Usage in Biogas & Renewable Natural Gas Industry
GAC Usage in Biogas & Renewable Natural Gas Industry • Biogas is produced when organic material • The RNG is passed directly through a GAC column to achieve decomposes in anaerobic conditions. Biogas can be this purification processed to remove impurities – such as CO2, H2S and Siloxane – to produce
Slide 30: GAC Market Summary
GAC Market Summary Estimated 2025 GAC Demand by Sector 1 Pharma / chem Municipal wastewater Food • GAC demand dominated by Groundwater potable water 3% 1% 3% 6% • Smaller markets can offer higher Industrial Wastewater pricing and growth 7% • Provides potential for meaningful diversification for Arq
Slide 31: Activated Carbon (AC) Competitive Landscape
Activated Carbon (AC) Competitive Landscape Arq remains only public pure-play in activated carbon • Attractive growth market with concentrated pool of private competitors ✓ Entering GAC market at sweet-spot: providing meaningful scale while also representing a • Calgon Carbon Corporation is the viab
Slide 32: Growth Beyond Activated Carbon
Growth Beyond Activated Carbon Advanced alternative product developments creating multiple potential revenue streams from Corbin feedstock Potential applications: • Asphalt: Using Arq wetcake as a blending component to extend asphalt life, maintain blackness, and improve freeze-thaw durability. Test
Slide 33: Arq Investor Relations
Arq Investor Relations Contacts: Anthony Nathan, Arq Marc Silverberg, ICR investors@arq.com 8051 E. Maplewood Ave, Suite 210 Greenwood Village, CO 80111 Nasdaq: ARQ