24/7 Market News Snapshot 07 November, 2024 – Arq, Inc. Common Stock (NASDAQ:ARQ)

November 7, 2024

DENVER, Colo., 07 November, 2024 (247marketnews.com) – (NASDAQ:ARQ) are discussed in this article.
Arq, Inc. (NASDAQ:ARQ) continues to demonstrate robust market performance and exceptional financial growth, as evidenced by its latest trading activity and third-quarter results. The stock opened at $6.77, advancing to $6.83, which represents a significant increase of approximately 13.46% from the previous close of $6.02, with a trading volume of 500.72K shares. This bullish momentum is underscored by technical indicators suggesting potential resistance levels around $7.00, amplifying investor interest and signaling a possible breakout.

In the recently released third-quarter earnings, Arq reported a notable 17% revenue increase, totaling $34.8 million compared to the prior year. This growth trajectory has been fueled by a strategic shift in its sales mix, with an average selling price (ASP) that rose by 15%, marking the sixth consecutive quarter of double-digit ASP growth. Furthermore, the company achieved a remarkable net income of $1.6 million, a turnaround from the net loss of $2.2 million reported in the prior year, while gross margins improved to 38.6%, supported by stringent operational cost management.

CEO Bob Rasmus emphasized the improvements made in operational efficiency, highlighting the company’s exciting plans for GAC expansion at the Red River facility, scheduled for initial deliveries in Q1 2025. This project aims to increase granular activated carbon production to an estimated 25 million pounds annually, with potential future capacity enhancements requiring no additional capital expenditures. Coupled with a successful capital raise of approximately $27 million, these strategic developments position Arq for accelerated growth.

As the company anticipates a pivotal 2025, it is strategically poised to meet the rising market demand while reinforcing its role in environmental technologies, signaling strong prospects for continued investor interest and confidence.

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