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Arq cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow$9.6M in Q3 2026 · $1.4M over twelve months

Operating cash flow$10.3M
Capital spending−$780K
Free cash flow+$9.6M
Cash / net income4.1×
Cash conversion cycle61 days

Analysis

In Q3 2026, Arq generated $10.3M of operating cash flow and spent $780K on capital projects, leaving free cash flow of $9.6M. That is $6.5M more than in Q3 2025 ($3.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was $4.9M; the largest uses were capital spending ($3.5M), taxes on employees’ shares ($212K); besides operations, cash came from net borrowing (+) / repaid (−) ($2.1M), other investing ($265K); the cash balance rose by $3.6M.

Operating cash flow was $10.3M against net income of $2.5M — 4.1× profit, cash ran ahead of reported earnings. The largest differences: depreciation & amortization +$4.1M, inventory +$1.8M, stock-based pay +$1.2M.

Its cash conversion cycle was 61 days (receivables 48 + inventory 73 − payables 60).

Free cash flow

Arq: free cash flow by quarterArq: free cash flow by quarter−$37.8MQ4 2024−$9.5MQ1 2025−$1.4MQ2 2025$3.1MQ3 2025−$3.5MQ4 2025−$676KQ1 2026−$4.0MQ2 2026$9.6MQ3 2026
Operating cash flow less capital spending.
Arq: operating cash flow against capital spendingArq: operating cash flow against capital spendingOperating cash flowCapital spending$5.2M$43.0MQ4 2024−$5.8M$3.7MQ1 2025$527K$1.9MQ2 2025$5.3M$2.2MQ3 2025−$2.8M$783KQ4 2025$64K$740KQ1 2026−$2.7M$1.2MQ2 2026$10.3M$780KQ3 2026
Latest (Q3 2026): Operating cash flow $10.3M, Capital spending $780K.

Capital allocation, year by year

Arq: where the cash came from (up) and went (down), by fiscal yearArq: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingAsset salesCapital spendingDividendsFY2021: Operating cash flow $26.0MFY2021: Net borrowing −$1.2MFY2021: Capital spending −$6.2MFY2021: Dividends −$93K$26.0MFY2021FY2022: Operating cash flow −$6.1MFY2022: Net borrowing −$1.2MFY2022: Asset sales $1.3MFY2022: Capital spending −$8.9MFY2022: Dividends −$45K$1.3MFY2022FY2023: Operating cash flow −$16.7MFY2023: Net borrowing −$1.6MFY2023: Capital spending −$27.5MFY2023FY2024: Operating cash flow $10.5MFY2024: Net borrowing $2.3MFY2024: Asset sales $150KFY2024: Capital spending −$85.2M$12.9MFY2024FY2025: Operating cash flow −$2.7MFY2025: Net borrowing $3.8MFY2025: Asset sales $10KFY2025: Capital spending −$8.6M$3.8MFY2025
Over these 5 years operating cash flow totalled $11.0M; the largest uses were capital spending ($136M) and operating cash flow ($25.4M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$7.8M
Debt$28.4M
Net debt$20.7M
Due within a year$20.3M

Arq funds itself: free cash flow was $1.4M over the last twelve months, and $7.8M of cash and investments stands against $28.4M of debt ($20.3M due within a year, 0.4× covered by cash).

Where the cash came from and went

Arq: sources (+) and uses (−) of cash, Q3 2026Arq: sources (+) and uses (−) of cash, Q3 2026Operating cash flow$10.3MCash drawn (+) / kept (−)−$6.9MNet borrowing (+) / repaid (−)−$2.5MCapital spending−$780KOther investing−$154KTaxes on employees’ shares−$8K
Arq: sources (+) and uses (−) of cash, TTM to Q3 2026Arq: sources (+) and uses (−) of cash, TTM to Q3 2026Operating cash flow$4.9MCash drawn (+) / kept (−)−$3.6MCapital spending−$3.5MNet borrowing (+) / repaid (−)$2.1MOther investing$265KTaxes on employees’ shares−$212K

From profit to cash

Arq: net income to operating cash flow, Q3 2026Arq: net income to operating cash flow, Q3 2026Net income$2.5MDepreciation & amortization$4.1MStock-based pay$1.2MGains on disposals$25KReceivables−$177KInventory$1.8MPayables−$200KPrepaid and other assets$1.1MOther liabilities−$558KOperating cash flow$10.3M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202648736061
Q2 202655978172
Q1 202648847656
Q4 202546575152
Q3 202539675353
Q2 2025491018071
Q1 20255010710057
Q4 20245410111044

Every quarter

QuarterOperating cash flowCapital spendingNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026$10.3M−$780K−$2.5M−$6.9M$9.6M
Q2 2026−$2.7M−$1.2M$278K$3.7M−$4.0M
Q1 2026$64K−$740K$1.7M−$816K−$676K
Q4 2025−$2.8M−$783K$2.6M$453K−$3.5M
Q3 2025$5.3M−$2.2M−$2.9M−$69K$3.1M
Q2 2025$527K−$1.9M$2.0M−$621K−$1.4M
Q1 2025−$5.8M−$3.7M$2.0M$7.4M−$9.5M
Q4 2024$5.2M−$43.0M$3.5M$35.1M−$37.8M

Arq: income statement and cash flow

Arq, Q3 2026: revenue $38.2M (+9% year over year), operating margin 8.2%. The chart follows the revenue to costs, profit and cash.

Arq: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.