Arq Inc 2024年度报告

☒ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934For the fiscal year endedDecember31, 2024or☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934Commission File Number:001-37822 ARQ, INC. (Name of registrant as specified in its charter) Registrant’s telephone number, including area code: (720)598-3500 Securities registered under Section12(g) of the Act: None Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act.¨Yes xNoIndicate by check mark if the registrant is not required to file reports pursuant to Section13 or 15(d) of the Act.¨Yes x No Indicate by check mark whether the registrant (1)has filed all reports required to be filed by Section13 or 15(d) of the Securities Exchange Act of1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2)has been subject to suchfiling requirements for the past 90 days.xYes¨No Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted and posted pursuant toRule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit suchfiles).xYes¨No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer or a smaller reporting company.See definition of "large accelerated filer," "accelerated filer" and "smaller reporting company" and "emerging growth company" in Rule 12b-2 of theExchange Act. If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with anynew or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.¨ Indicate by check mark whether the registrant has filed a report on and attestation to its management’s assessment of the effectiveness of its internalcontrol over financial reporting under Section 404(b) of the Sarbanes-Oxley Act (15 U.S.C. 7262(b)) by the registered public accounting firm thatprepared or issued its audit report.☒If securities are registered pursuant to Section 12(b) of the Act, indicate by check mark whether the financial statements of the registrant included in Indicate by check mark whether any of those error corrections are restatements that required a recovery analysis of incentive-based compensationreceived by any of the registrant’s executive officers during the relevant recovery period pursuant to §240.10D-1(b).☐ Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Act.)☐Yes x No The aggregate market value of the voting stock held by non-affiliates of the registrant was approximately$167.4millionbased on the last reportedbid price ofthe Common Stock on the Nasdaq Global Market onJune30, 2024.The number of shares outstanding of the registrant’s Common Stock,par value $0.001 per share, as ofMarch3, 2025 was42,014,263. Documents Incorporated By Reference Portions of Part III of this Form 10-K are incorporated by reference from the Registrant's definitive proxy statement to be filed with the Securities and ExchangeCommission no later than 120 days after the end of the Registrant's fiscal year. ARQ, INC.ANNUAL REPORT ON FORM 10-KFOR THE FISCAL YEAR ENDED DECEMBER 31, 2024 TABLE OF CONTENTS PART I.ITEM 1.ITEM 1A.ITEM 1B.ITEM 1C.ITEM 2.ITEM 3.ITEM 4. BusinessRisk FactorsUnresolved Staff CommentsCybersecurityPropertiesLegal ProceedingsMine Safety Disclosures PART II. Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases ofEquity SecuritiesReservedManagement's Discussion and Analysis of Financial Condition and Results of OperationsFinancial Statements and Supplementary Financial InformationChanges in and Disagreements with Accountants on Accounting and Financial DisclosureControls and ProceduresOther InformationDisclosure Regarding Foreign Jurisdictions that Prevent Inspections ITEM 5.ITEM 6.ITEM 7.ITEM 8.ITEM 9.ITEM 9A.ITEM 9B.ITEM 9C. PART III.ITEM 10.ITEM 11. Directors, Executive Officers and Corporate GovernanceExecutive CompensationSecurity Ownership of Certain Beneficial Owners and Management and Related StockholderMattersCertain Relationships and Related Transaction and Director IndependencePrincipal Accountant Fees and Services ITEM 12.ITEM 13.ITEM 14. PART IV.ITEM 15.ITEM 16. Exhibits and Financial Statement SchedulesForm 10-K Summary SIGNATURES PART I Item1. Business General Arq, Inc., together with its consolidated subsidiaries ("Arq", the "Company," "we," "us", or "our") is an environmental technologycompany principally engaged in the sale of consumable air, water, and soil treatment solutions, primarily based on activated carbon("AC"). Our proprietary AC products enable customers to reduce air, water, and soil