Arq GAC project on track for Q1 2025 production; FY24 capex ~$80M; sues design firm for cost overruns

Arq, Inc.

Initial GAC production at Red River remains on track for Q1 2025; full run-rate of 25M lbs targeted for H2 2025.
FY 2024 capex for GAC expansion slightly above expectations at ~$80M; attributed to additional professional services and small-bore piping.
Commenced legal proceedings against design firm for negligence/breach of contract causing material cost increases and delays; seeks damages.
Customer negotiations progressing; holding back additional contract commitments to diversify end-use markets and optimize profitability.
Company expects no impact on product performance or timeline from legal action; production schedule unchanged.

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