Advanced Emissions Solutions Inc
NASDAQ:ARQ
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Advanced Emissions Solutions Inc
NASDAQ:ARQ
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Advanced Emissions Solutions Inc
Advanced Emissions Solutions, Inc. is a holding company, which engages in the provision of environmental and emission control equipment to power generation industry. The company is headquartered in Greenwood Village, Colorado and currently employs 139 full-time employees. The company went IPO on 2004-10-14. The Company’s technologies and associated product offerings provide purification solutions to enable its customers to reduce certain contaminants and pollutants. The firm operates through two segments: Advanced Purification Technologies (APT) and Refined Coal (RC). Its APT segment is primarily comprised of operations of its subsidiary, Carbon Solutions. The firm sells consumable products, which utilizes AC and chemical based technologies to a range of customers, including coal-fired utilities, industrials, water treatment plants and other diverse markets. Its primary products are comprised of AC, which is produced from lignite coal. Its RC segment is comprised of its equity ownership in Tinuum Group and Tinuum Services, both of which are unconsolidated entities. Tinuum Group provides reduction of mercury and NOx emissions at select coal-fired power generators through the production and sale of RC.
Advanced Emissions Solutions, Inc. is a holding company, which engages in the provision of environmental and emission control equipment to power generation industry. The company is headquartered in Greenwood Village, Colorado and currently employs 139 full-time employees. The company went IPO on 2004-10-14. The Company’s technologies and associated product offerings provide purification solutions to enable its customers to reduce certain contaminants and pollutants. The firm operates through two segments: Advanced Purification Technologies (APT) and Refined Coal (RC). Its APT segment is primarily comprised of operations of its subsidiary, Carbon Solutions. The firm sells consumable products, which utilizes AC and chemical based technologies to a range of customers, including coal-fired utilities, industrials, water treatment plants and other diverse markets. Its primary products are comprised of AC, which is produced from lignite coal. Its RC segment is comprised of its equity ownership in Tinuum Group and Tinuum Services, both of which are unconsolidated entities. Tinuum Group provides reduction of mercury and NOx emissions at select coal-fired power generators through the production and sale of RC.
GAC pause: Management is pausing granular activated carbon (GAC) production and will perform a comprehensive engineering and production optimization review; there will be no GAC production in 2026.
Technical issues: Multiple original design flaws (long unheated off-gas duct, conveyance geometry, inadequate controls) plus high moisture feedstock caused repeated shutdowns and underperformance of the off‑gas system.
Economic pivot: Current off‑gas testing showed the plant can only support ~15 million pounds with the existing afterburner; the economics require reaching ~25 million pounds (or more) to be attractive, so management paused further capital deployment until they know the true cost to scale.
Corbin write-down: The company is taking a $45 million noncash write‑down related to idling the Corbin wetcake assets and switching GAC feedstock to purchased bituminous coal.
PAC strength & guidance: Pack activated carbon (PAC) is profitable and growing; 2026 guidance (assuming no GAC) is $120M–$125M revenue and $17M–$20M adjusted EBITDA, with PAC volumes of 122M–125M lbs and ASP $0.88–$0.91/lb.
Leadership changes: New operations lead Eric Robinson (experienced at Red River) and on‑site process engineer; CFO Jay Voncannon departed, Anthony Nathan becomes VP Finance and Stacia Hansen is Principal Financial Officer.
Balance sheet & cash: Year‑end cash $15M ($6.6M unrestricted), total debt $28.5M; 2026 CapEx expected $8M–$10M (includes ~$3M for the routine two‑week maintenance).
Customer visibility: Strong PAC contract visibility: 96% of 2026 targeted volumes contracted, 75% for 2027, and a 3‑year retention rate of 86%.
