ADES files Arq Limited financials for acquisition; Arq reports $115.7M net loss in 2021, going concern doubt

Arq, Inc.

Arq 2021 net loss $115.7M, operating loss $116.0M; 2020 net loss $32.8M.
Arq had $7.0M cash at Dec 31, 2021, net current liabilities $82.8M; auditor cites substantial doubt about going concern.
ADES acquired Arq on Feb 1, 2023 in all-stock transaction; pro forma combined financials filed.
Arq's 2020 financials restated to correct misstatements in property, plant & equipment and reserves.
Arq's plant operating expenses $96.2M in 2021 (vs $3.8M in 2020) due to $90.1M impairment loss.

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