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Water Tower Research

Water Tower Research is a leading equity research firm that provides research on micro, small and mid cap companies.

Water Tower Research was founded by Wall Street veterans after witnessing a fundamental shift in the investment research industry with the result being a declining knowledge base among investors, a lack of awareness and a shrinking pool of fundamental research being conducted on companies across the small-cap and micro-cap spectrum. The same issues are now increasingly occurring in the mid-cap space. This sea change within the investment community is impacting not only the companies themselves but also current shareholders and potential investors. With significantly less active sell-side sponsorship by Wall Street, a substantial information gap has developed between companies and various constituents in the financial community. The net result is fewer channels for insight and information to flow between companies and investors.

Research from Water Tower Research

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<ul><li>Arq reported 3Q24 revenue of $34.8 million and EBITDA of $5.1 million, up from $29.8 million in revenue and $0.9 million in EBITDA in 3Q23.</li><li>The strong results were driven by further PAC pricing increases (sixth consecutive quarter of &gt;10% ASP increases), operating efficiency, and the benefits of a more diversified customer base.</li><li>While 3Q is typically the strongest seasonal quarter, the results far surpassed 3Q23 and 3Q22, showing the success of the company’s efforts to restructure its PAC business through improved contract terms and operating execution.</li></ul>

Arq reported 3Q24 revenue of $34.8 million and EBITDA of $5.1 million, up from $29.8 million in revenue and $0.9 million in EBITDA in 3Q23.The strong results were driven by further PAC pricing increases (sixth consecutive quarter of &gt;10% ASP increases), operating efficiency, and the benefits of a more diversified customer base.While 3Q is typically the strongest seasonal quarter, the results far surpassed 3Q23 and 3Q22, showing the success of the company’s efforts to restructure its PAC business through improved contract terms and operating execution.

Arq, Inc. - Strong 3Q Highlights Improving PAC Performance