ARQ - Earnings call transcript Q1 2024

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Operator

Good day, and welcome to the Arq First Quarter 2024 Earnings Call. (Operator Instructions) Please be advised that today's conference is being recorded. Should you require operator assistance, you may press star zero. I would now like to turn the call over to Anthony Nathan, Head of Investor Relations. Please go ahead.

Anthony Nathan

Operator. you, Thank and our everyone, for us joining Good quarter thank XXXX for first earnings today morning, you results call. the and as With Chief and on call Bob Officer. are me Rasmus, Chief Executive Accounting Officer Hansen, President; Stacia well as Arq's Treasurer today Arq's website, is call our available well. being there section is version downloadable conference live with as a This Investors of the webcasted of and today's presentation on investors@arq.com. our investor A website, you webcast be replay Arq's at will can relations available team also contact and

of future on the Securities ended not materially that March or with and Let risks that filings in limited include or performance Commission. actual XXE quarter on Act. you in to to, me as statements other business in X XX, of forward-looking the forward-looking no These are from obligation available identified statements implied could Exchange factors those company expressly statements by XXXX, results, Slide securities and Form today these undertakes for by update remind changed us those to reason. required differ and future are made the remarks those presentation cause to circumstances but and uncertainties and include, Securities as or based statements. the today's Section laws, defined for presentation, events, factors expressed prospects reflect currently XX-Q Except our or other Exchange uncertainties slide and risks developments These involve any information to and any opportunities the

financial call the to today's to GAAP presentation over I would the with like remarks conjunction is to statements. it In that, especially and important the Bob. With addition, references in the turn in review

Robert Rasmus

in first to last thanks building of this for momentum quarter second that and XXXX, the for morning. half I'm Anthony, which year. us maintained began we proud the strong of to report the you, joining Thank everyone

by higher margins pricing line reflects Our growth and continued performance and management. top latest cost driven improved quarterly

in caused performance improvement the ongoing first foundational XXXX first the about These I versus lower even to our of more a volumes XXXX milestone mild to by in contract. carbon quarter will also our details winter. related my is given financial PAC signing and resulted Our granular very event expansion. continued I granular our excited more impressive on remarks. provide am in business progress later efforts this activated

the our transformation Our performance. results first the taking business. also the was quarter was than we and clear double our that changes and root. gross period. demonstrate prior year business strong across optimization are our gross momentum more of margin evidence evidenced best improvements these XX%, are margin delivering They The At

very versus are prices revenues to to gas winter a a have volumes our delivered in We proud mild last impact X% also natural of in year despite due the generation lower and power lower increase business.

increase While of $X.X adjusted was third in EBITDA EBITDA we by Adjusted and EBITDA year-over-year quarter consecutive reported selling price. double-digit average adjusted impacted million of over prior contracting GAC ongoing related in qualification our spending lead directly in R&D the was with million, growth growth percentage consecutive year-over-year quarter This $X part product fourth was in as R&D. our spending The million negative of testing a adopters process. year. $X.X represents increase to

that sign XX the pounds to beginning ability because tremendous technical quarter, entire and discussions near we a with production. able were our of While first contract granular prior precontract are confident was investment in-depth for benefits. granular to negative activated carbon million the of these impact an in to is long-term and it our It

led year's pricing. with natural PAC lower our prices. gas previously, outlined winter milder-than-normal we've business gas As of to correlated This the natural performance is

that The our reduced. in versus the majority a an year. and price portion revenue It's team also team demand are prior softer noting increase coal-fired was proud end offset in our with of achieving also to when perspective, the continuing quarter combined I reduction profitability average solutions and selling power, for generated gross and generally our I performance year-on-year of second electricity our seasonally consequence, mentioned From for of a first was improve The efficiency. worth quarter initiatives well, ongoing in increase cost while market year-over-year the XX% and by the our business. quarters operational performed cost execution resulted manufacturing a focus, decline operational management margin. from very previously for business. X% fundamentally across our volumes the for margins As their XX% our ASP PAC delivering a in we our am commend growth

GAC aside, outstanding regular recently example plant one turnaround and the we we realizing financial years. plant conduct maintenance at down weeks our components on budget. our completed The completed The systems our of expansion. evident the This certain all turnaround River are in an execution on rarely improvements As Red occurs in for X safely, sustainable clearly X year, business the is plant performance. pertinent was and and tie and is and linear are for time Progress to plant turnaround every of facility. shut aspects

we a not business transform to made fundamentally do our us, in high-growth to position XX to ago. even progress have a and undeniable are for I expect X were months where different or While we operations PAC

value. our for critical business a be As full a to go-forward XXXX, year PAC continue cash shareholder expect strength marking of and will business our to that the of generative achievement result, I generation

volumes. and of a on effect had combination I generation negative winter a prices mild power our As the gas mentioned low natural previously,

energies producers power another into natural exclusively our gas is use GAC we on remove why before demand the communicated million to good Red are the million confirm original Red and GAC are reduced as of of well, contaminants. latest solutions. May. by for $XX estimates. natural full or new updating reflecting proceeding electrical fourth gas produce an $XX but Phase guidance planned, of and must in progress. The schedule we Alternative waste prices factor is year. and contaminants demand actively driven Phase GAC in the bituminous we expansion purified can to for primarily our will of our Today, must Of specifically facilitate River delighted update previously X higher-than-expected to the steel and process at $X bullish update not million power. purified it GAC we this to to $XX million amount. for in on range our forecast to our to be such sulfur. increased an our grid to The in Arq XXXX an now River in pipeline and for we coal-fired expansion, facility. To are CapEx be enter between million demand. million for reason and excellent Construction at million, Renewable This that River. Commissioning $XX GAC provides as system. X our products $XX represent we Red expect for removed where unique the are of are Again, not sources. increase expect However, on $XX XXXX actually is a biomethane quarter to is biogas River of only Red low remain This we versus million the targeted million commissioning to and I'm facility this, are requirements Corbin CapEx commissioning lead that growing feedstock used strategic and CapEx, versus The costs range CapEx $XX million. year progressing our the is concrete Corbin $XX production our $XX conclude

on some overall project Our of and increase. team is to identify ways reduce to intensely the working savings and continuously cost execute

requirements to continuously and several What majority confidence increases we increases? be sale that critical, attractive The mentioned to when accounting due every to require and our and poor cost the have extremely ongoing payback. to guidance latest to growth drive reduction in logical business, services Most We At or will stated, Simply increase this. a and ask, The provided point, related this a trajectory CapEx quarters. the we place hand, project the on call. parties not term no believe further existing cost by investment are our are further new there returns hope our spending earnings that cash won't project. should mix contracts, refinancing draw will effort needed. to we having making previously that increases. changes of CapEx an this our in This our there the and And potential opportunity fundamentally in to last a for CapEx in confident but do range generation, prospects alter now long-term of that included now continue has risen these have further intend GAC amount planned finally factor eventuality? do is substantially concrete and mean a increased require of underestimating this forecast, you previous that remains contingencies of on with steel to external not contracted the and for less importantly, scale for equity and even the that any is this it ensure to have fund on we line cash possible the of are of under you we of plan. this that we investor manage remain a We what certain is initiatives, and previous achieve latest to I a for the external significantly X-year prepayments loan. expansion contingency that project engineer Based great experiences, parties on last our our

We GAC remain and potential. product Red further River to contracts GAC our on activated contract for our this further in remaining look confident pound carbon with later XX-million active our both Based forward contract our price near The provides in in additional discussions, target additional our our offering. those signing of these signing for granular approximately expanded a is we third-party validation of or nameplate targeted a activated initial just of our confidence pounds our XX% Our with strategic annual attractive X reaching is capacity. of contract GAC and Earlier are plant. and of expansion year final commissioning of This today, ahead specific the pricing. into providing accounts granular achievement in full we customers announced of strategy carbon represents our strategic The milestone the discussions our derisked contract the capacity regarding in amplifies The facility's updates our are returns contract. million first broader capacity. also production not to multiple ability the a PAC first enter approximately investment tremendous hypothetical. term. and average of solutions and The strategy ever confidence

turn now call transformational exciting released discussion even Let's quarter March. news spoke we to that you on regulatory been our with has since and earnings a of last fourth in

moment as you a of a demand significantly regulation the expected on lowers ongoing guidance. legally we effective and EPA a granular likely levels issued stronger many and XX, to U.S. enforceable decision the safeguard by EPA over national are by environmental chemicals this Arq, monumental in chemicals. PFAS pivotal or to recognize to aware, the carbon. first on remediation April types increasing for XX% set forever in ever prior products, near activated The are These opportunity. these preserve efforts water particularly implement The As long-term health new from public standards water regulations even of permissible integrity. of changes the drinking At and drinking drive mark landmark EPA

quality As and water Arq our We alone. versus to within GAC and demand total this regulatory with demand contributes strategically Xx participate, our At the water in will XXX due to excess end that unique with just not our well supply. of to escalates the demand in in announcement, to future is sector the shift years well We current the products EPA's enthusiasm Clearly, regulations, in innovative a our stricter to demand but sector pounds. and way estimate emphasizing million excess million the for to equates higher lead our a the of X communities. this solutions. catalyze articulated these XXX demand benchmarks water We the of the pounds. for GAC that demand products market new cleaner water demand in increase stronger paves materially over positioned current is current annual roughly believe of is market this of anticipated Xx conservative coming XXX million the pounds increase estimates, following

estimates XXXX, latest our investor Slide circa GAC between a approximately XXX data, of million market between million As and presentation, pounds XXXX. X outlined historical XXXX XX supply on XXXX, of deficit and

EPA's further not anticipate with at driven XXXX with similar in dedicated change opportunities normal growth. regulatory globally. does be palpable, focus factor landscape of of The the our to around by regulations. potentially municipalities topic new intensity this center We growth, to for estimates demand With our mission global to deadline, of EPA believe will on to in the recently the we're we but not our just market will of is our to increases the result level significant other advance announced seeking in This in reflected dramatically meet regulations Importantly, by discussions inaugural supply We combined supply. critical markets in the nationally these PFAS to evolving regulations that announced the estimate and adopted in current even this continues market when this supply materially data proud We comply continue addressable recently and believe improve prices XXX be innovative million and could initiative. will and contract. world. remain enabling backdrop, technologies. demand pounds business customers plan the versus and regulations expand our those EPA through excess for versus We and demand to pricing the the of the

supply the for we and enhance million ongoing of chain, fourth in will XX earlier, future on capacity both noted fortify year. of I this As ensuring progressing facility our and significantly is the our current demands. pound production construction meet expansion new quarter This our GAC commissioning schedule

necessary million Phase While keenly already we River, Red at River. Red on X our but XX developing have project Phase on pound River assessing focused at actively remains are project. Red execute of quickly strategic the viability X necessary several demand all to remain and a importantly, We the it we hand believe growth This planning we the improve secured of in stages, to a permits in will of in to permits greater will that, puts over competition, existing potential product, financials we of I place combination market-ready the should us expect. location, to discuss ahead which site attractive be market any latest detail. and undoubtedly years pricing With Stacia the as second

Stacia Hansen

year-over-year, quarter, in including XX% average and thanks, product offset Bob, the today. strong by revenue and growing everybody, driven contract We joining largely price Thanks, X% for during with us mix, enhanced in first selling delivered financial changes by partially terms, decline X% results positive growth a in volumes.

reported the Our XX% approximately double XX%, quarter gross margin was period. in more than prior year in the

volumes of million the to of $X.X loss million of improved backdrop as $X.X enhancements Net for year-over-year seasonally the XXXX. to the compared a net flagged the that in loss As achieve of especially consecutive double-digit quarter year-over-year QX company would in adjusted million in period. Again, and contract of EBITDA million winter. what growth XX% was year our was second of EBITDA in mild loss have back the achieved loss result a result, reduced of improvements over average a we is in for and quarter $X.X lower our half first ASP prior Adjusted also in I quarter the what percentage To improved come quarter, is on selling loss weak encouraging. we $X.X prior enhancements these an XXXX, to year net the year-over-year. these price against note very period. the a the of fourth a compared

benefit and $X.X year in potential product of million very reflecting this capital. and contract contracts and first expenses use year and expenses. as an contributes versus today's X% general while our Overall, fees our by Year-over-year And driven Selling, approximately focus a board million, versus on believe compared high-margin on approximately contracts growth announcement, as margin a us business. our period. and qualification million conducting eliminate on professional reduction to compensation primarily our to over end in first the occupancy expanding first XX% a of by and PAC in for pursue a $X.X with negative Driven economic the of opportunities of reduced further the volume. the smart XXXX position volumes XXXX and $X.X performance offset at lead quarter rent $X.X roughly basis, annualized to enabling reduction business million demonstrates the quarter prior adopters. XXXX. reflects roughly high-growth, GAC to well approximately costs the legal payroll Research by and R&D in testing was as to in loss-making totaled and development higher expenses profitability with operate of in to administrative execute that positively continue our GAC on XX% We have Based prior ability in totaled GAC our quarter way we a we period.

Bob anticipate foundational much PAC opportunities. it, As which fully XXXX our business have on mentioned, will more we'll be cash secure add in with rewarding business and can we more we a GAC generative that

Turning cash million investments Red ongoing by River. the change expansion first ended of driven year at $XX last quarter to and and Corbin the sheet, with and we with strategic quarter balance versus a

few advisers this refinancing, is on and perhaps cost confirm needs enhanced transaction our term cash, our previously potential entering initial conversations reduction to via ongoing loan, appointed without economics our With agreement with lenders Bob's the refinancing execute in with happy next As support and discussed into potential $XX million. million, we $XX a of pertinently, that our I cash expected am initiatives, Red regards our confidence account our this with existing even have into of all planned ability will to the million new the confident an to prepayments to a of and within to GAC improved expansion of $XX updated turn low further and CapEx expansion our $XX most to CapEx to highly months. Further, that, current fund generation, our extremely equity. With greater requirement flexibility to attractive Bob range contracts, by of we flow supported remain XXXX we things for gain to To I future profiles. River noted million cash we our Bob. forecast comments, debt which Phase position expect earlier, echo facility and back X to

Robert Rasmus

Stacia. Thanks,

progress and are PAC quarter first steady profitability our and financial positive being confident a improvements and in The overall remain XXXX, portfolio sustainable evident, I in profile by initiatives. of period our marked driven improvements The all flow on cash business fronts. our our cost reduction ongoing in

GAC focus our increasingly an shifting at technology Our is ongoing Red on company. our executing River transformation and to expansion towards environmental

emphasizing We to further to ability updates contract conclude like forward are I'd year our areas by X and contract look occurs. GAC on ahead. first key to of our additional as proud our extremely providing for the it focus progress into enter

PAC on remain of First, value transformed We've on have we focused this the made a the and business front incredible contributor. flow cash maximizing our progress to business. foundational

will the improve higher we remediation doing aim municipal our to of further the enhancing quality of soil water. our product the on and loss-making achieve prices, entering higher business. and mix, like financial contribution As in exit remaining and focus value so, last PAC we groundwater we contracts, markets and additional into By

customers Second, winning focused remain and GAC further on we contracts.

milestone front. to the we this reaching a delivering We tighter position in market strategic prime forward contract. the look here very regulatory meet The stronger globally. proud U.S. the on strong by first with and companies in and a is getting day, regime continued and help execution of remain are our We to

business are Arq's differentiated coal the technology to fully and a this remaining products offer capacity, quarter. By supply contract we of place we that With to facility positioned we customers recycling and commissioning technology fourth, Corbin environmental vertically in a conventional to environmental cost And our highly in discussions an methods. company. our to forward this first complete at able year. advantages concluding Third, focused chain waste, commissioning the Red GAC to River the solution on well for numerous differentiated and for bituminous integrated successfully utilizing look leads versus transformation we our active later remain remain keenly

the all As in would lowest are profitable calls, all is I to committed have of execution. It work of conclude ongoing remiss company to said be on safest, about me cost of industry. hard most the without our it making acknowledging and who our previous employees quarterly Arq

standards partner team Our innovative accomplish. trusted our to has us maintaining operational ways business all that and of profitable am high-quality team deliver to our to make more made continues PAC all customers. proud continues while our I the that closing, In for have rigorous a

that, best pleased, you have operator us. turn the back am will While of I our us We providing remain move ahead as that from I forward to far, I to remains further to satisfied. to we far updates look the them. call confident Q&A. with With

Operator

Capital. go We'll Instructions) Sweeney Gerry first (Operator Roth to with

Gerard Sweeney

have what's obviously was maybe I people this out market, pike, regulations that the be wondering, the with contract coming seeing wanted to but PFAS you Obviously, the coming. deficit the sales discuss other I could you initiatives. if down there, GAC going see you must announced, on

curious contracts? how the for many even you're the funnel, looking tone Just the to of just talking maybe people tenor -- new to, and people as

Robert Rasmus

Sure.

carbon general, opaque. is very in the past the just for activated As market granular, spoken not that we've in

One was for lead XXX granular our they to identified things product. we of the variety a we of early we industries. -- on set potential over And across were do and wide adopters out

went R&D undersupplied. what is form regulations brought And to did in of PFAS And grow we an was better is, marketed the helped us that's expense. technical market even we've view The demand. And before we mentioned were promulgated. them even and out samples. as our market is to Demand continuing and increased of so, that we our before, specifications, what did essence up brought them, terms in market

we negotiations beginning provides stages to looking X in best Hopefully, indication on that I able active are several in other that final the is to demand were granular we're the that production contracts. and X think approximately for. our color you of XX% that of future and advance very of production contract months of

Gerard Sweeney

I contract, speaking pounds, million you And on just that, sounds also, necessarily discussed environmental with not the though a actually different that utility provider, necessarily selling that entirely for it press utility. service to actually that's as looking And than And correctly water pricing service environmental X read release provider. the assuming is maybe not Yes. the end an on water side? the markets, I'm a of utilities. reading opportunity water better your that

Robert Rasmus

think of meet one, even users is the demand substantially increased carbon regulations. there But the that's to I margin are activated terms higher there variety specifics correct and pricing water stable. than in of are other utility. on are is we what higher it comment granular market that water and don't as at that of We of view individual needs PFAS knows a utility the be. going consider Everyone be contracts, wide we upcoming to the municipal that what to municipal going utilities but water a you market a where not is

Gerard Sweeney

would that market? leachate environmental landfills saying, and industrial say better would than suspect deal significantly as imagine PFAS water probably want I that to coming it's I side, dare would, that from opportunities or you it's were whether has probably with pricing utility people sites. front I boring center, as

Robert Rasmus

been as It correctly you are and not relates because component the boring regulations, out, just powdered market of component and from carbon. -- activated the there makes water the far from granular It's a out point to facilities. those various There certainly business. business the and I and groundwater But the of so turbocharged that's wouldn't for increasing by of soil treatment rivers the only business say creeks the granular groundwater be but they the variety a both There's core EPA activated of soil again, And from granular what uses. also contamination, eliminating is or is into the streams the will municipal water PFAS that utility by turbocharged variety applications. of drinking leach a wide wide biomethane. demand that's attractive. carbon into PFAS contaminated, the before trapping communities. are water biogas, preventing it's also and wide, contaminants It's of

Gerard Sweeney

switching it. side, expansion. of then Got And the multiple obviously, gears price to quarters PAC

even there Improvement. you of that to is how to pricing couple Curious in on that the more roll will there off. a opportunity think side. remarks contracts your price, much are alluded lower PAC lower I end on as

Robert Rasmus

point, at to increases abate. No, the pace of price some has

It's double-digit which higher the increases average traditional maintain realistic. they've price to to the factors. it's attractive not new markets, wish usage power a of expansion markets there really of have price team, plant new development testament but tap selling former can't on generation remediation, still business one of emissions. as I You been our carry been repackage could, forever. and not price how prices. able selling we than the price the it's as is a combination to improving scrubbing into for increase PAC those also business groundwater able But management, as average well our certainly it's loss-making which those such penetrating get price points power coal-fired the But relationship It's higher contracts component better but existing increase. the is markets just quality a in soil remediation. we've And these new

Gerard Sweeney

curious opportunity, is other on Or opportunities? that PAC that PFAS Just related? is the groundwater just remediation

Robert Rasmus

that, things from and like removing me, than groundwater, PFAS It's other other and or opportunities. furans soil. excuse existing It's in dioxins the

Gerard Sweeney

with that gate you X just should at certainly the Red be in of when. final obviously Maybe say on contract Got going and sort terms what's if the of sort be would X, when River. you Phase for it. pull trigger. trigger? pull Phase I'm of calculus announced decision? I final And you the the the assuming validates would What me. that What question calculus to the make

Robert Rasmus

something is demand a build sure. not It's a business we're -- Yes, we going It's pull not or would factors. combination not will really And this of opportunity. spec. to on it

adequate clear I line to foundational million existing our able being all also want and/or business second of We of cash selling certainly granular fully activated confidence transforming of expansion contract the to need pre-contract developing production. pounds the extremely contracted in have of PAC We ensure to able would wouldn't need close to trajectory success line. think or and have the to XX We we growth and in jeopardize being capital. be out flows to to our sight need line. to we the liquidity and the

transforming growth If Hence, you production goals while opportunity at offering the one laser derisk to has terms X roughly granular do all capital that to going and our not go and daredevil and investment a the we business. of to my main of grow in think allocate PAC we're is about to We're really on business. be been stunt precontracting into we into continue how focus prudent our Arq translates my the What granular. expand. it, shareholders' in some expansion to out months through going

Gerard Sweeney

it. it me. appreciate I That's Thank you. for Understood.

Operator

We'll now and Marc ICR turn to comments. questions for additional with Silverberg

Marc Silverberg

Thank I think we turn investors to you. overnight that earlier received morning. Bob, this we're to from and few going a questions

is that, to Red for a can disclosed Phase bit add CapEx on change related earnings the with the last please I? And you more the would you further increase detail And what expected a of spending say you so River risk to first, that night?

Robert Rasmus

caissons The gave. the we contingency guidance the and increased creep fairly in The of and number plus resulted CapEx additional is were the underestimated by XXX%. added The costs simple. just and Sure. steel cement new construction approximately pilings

remarks. to in I reiterate relates risk, mentioned I'll further it prepared my As what

any guidance That won't cost payback. on range is hearing upward into ways been to Our making say, as you that as cost, another I this foresee mean this with or being Even should quarter we much of I still to that an changes X work we it. this Those increased be don't has and in increase investment. we ensure year savings also the have every the project spending I increase. new to we call less to and dislike and assiduously have information a cost having CapEx. next that can type identify like announcing outstanding relay continues said, the plans. cost working plus to of overall reduce in additional our some any factors, contingency effort our other We're the team factored

X XX% We of our initial for first X advance approximately to have GAC signed of months our in contract production. capabilities

contracts, clear visibility sight of investment. additional feel still so to have I good about this very, line signing and very We

Marc Silverberg

Great.

related refinancing. got we Second was the question to

process indicated is that the refinancing You underway.

scale in the capacity? into forecasted account business, CapEx PAC maximum prepared to can you expected And the potential much debt handle? add balance generation taking sheet terms be for Given cash do will and in XXXX of of is that think you the what legacy your how

Robert Rasmus

sheet, to EBITDA a the in Based our on our liquidity. assets, value because the really What would the on of is help an levered adequate our want replacement debt have sufficient completion is you debt million. and on that still under low of we overall maintain $XXX translates cash incremental incremental we projected our take very us we that take over to and ensure EBITDA. on, and multiple think time the to of and Any current to plants project debt XXXX flow and have we have business well based ensure I future we balance factoring cost at look into

Marc Silverberg

I appreciate Bob. that,

in And Phase for as on the remaining Is related terms your provide Another announced questions to know question terms we contract that there. the GAC regarding in received the you counterparty maybe year capacity contract? contracting was I had confidence and asked information was X you the of additional could and out the end the by Gerry there previously second, targeted? regarding that, any of yesterday,

Robert Rasmus

Sure.

don't to and the specifics mentioned we I never individual Gerry, on comment of As contracts. will

say excellent a average multiple I and our plan PAC will that well communications. say on to the the the it's business pricing. as customer. with pricing contract of will As to is it consistent our That's attractive, as and And value pricing, pricing relates our offers returns our I Arq and

on was a I prior negotiations of contract In that remaining based and advance, contract activated for confidence, the of granular terms in we already I X capacity continue the signed contract production. remain fact to ability very to to XX% capacity future our to X months and our very, current have confident in our carbon

Marc Silverberg

Bob. Thanks,

We up of Can how are we overnight on shaping thus that quarter? provide for second have perhaps for you volumes one first volumes. any year-over-year more Volumes the the quarter down color were far here received the year. regarding

Robert Rasmus

Sure.

from tough relates seeing power we're has coal-fired diversify into was in really We've certainly And markets April. further what, to started fruits volume PAC a days a what out quarter as well. The as it it to X business than a the other seen first May, standpoint. plants. nice we're nice on our rebound trajectory is volume to our of efforts

Operator

Rasmus additional Bob We'll turn for any closing back to or comments. Thank now you.

Robert Rasmus

ahead Thank Arq. we're your we pausing In are, plenty pleased Arq, call dictate. we but Jamie. in we're with you, not is events our again interest forward you. on to and further look second for as you Thank there's opportunity of or for forward to look speaking soon. updates Thank I summary, where providing quarter as certainly

Operator

gentlemen, again, your call. that ladies for will you Once and Thank conclude today's participation.

disconnect this You at may time.

Arq (ARQ) 9 May 242024 Q1 Earnings call transcript