ARQ Arq Inc

Smaller company earnings I have my eye on this week, hold positions of varying sizes in all 3 and will add on weakness assuming thesis is holding. 11/4: $ARQ - tracking for around 20-30m in ebitda this year and assets of north of 400m. Market cap in the gutter as it exited the russell, GAC disappointed and the sector overall fell out of favor. It saw 2.30s last time on good earnings before drifting lower on heavy shorting. Same area or more this time. $DAVE - Management guided 17-17.5 a share in earnings for the year. It's still trading like they will do 13-14. Management has been delivering since this thing was in single digits. I'm rolling with Jason and the gang on this one. 11/5: $NUTX - These guys are policy dependent but EPS monsters. If their collections success from the last quarter carries over and they have ramped the new facilities to similar levels then this is chronically mispriced.

$ARQ $DAVE A tale of 2 cities today. Never thought i'd see Dave in the mid 200s again but here we are. I'm a buyer for math reasons. 15x 2026 earnings with their growth rate and business model is a joke, even during a tech washout.

$ARQ $DAVE $NUTX Arq - banger. Those results and the increased cash position, asset values etc make a mockery of the current valuation. Dave - very strong beat and raise quarter, the market is hungry for the growth rate to keep up with expectations and it is. Next quarter should show even better uptake of CashAI v6 NUTX on deck for tomorrow. Trimmed a bit for risk management on the great pop today.

$ARQ If a patent is granted on PAC for PFAS, then this has 10x potential over the next several years. Very strong call and set up with worse case dilution concern behind us. Thus, big institutional money is jumping on this. Back to $4 plus in 6 to 9 months or sooner if contracts for PAC for PFAS or Corbin monetization.

$ARQ The asphalt testing with lead customer is ongoing and has expanded. Other discussion with Corbin monetization. Strong cash flow that can be improved with PAC for PFAS higher margins and near term Red River optimization. Tough to understand why this was below $2. Guidance for year was only slightly increased, so not expecting huge upside tomorrow.

$ARQ Q3 '26 Earnings Results & Recap • Reported GAAP EPS of $0.06 up 400.00% YoY • Reported revenue of $38.21M up 8.95% YoY • Arq expects PAC demand, including PFAS treatment, to positively impact revenue and gross margin to improve relative to 2025; GAC production is not expected in fiscal years 2026 or 2027.