Try our mobile app

Switch to company model in classical logic    *

General information

Country: UNITED STATES

Sector: Pollution and Treatment Controls

Advanced Emissions Solutions, Inc. is a holding company, which engages in the provision of environmental and emission control equipment to power generation industry. The company is headquartered in Highlands Ranch, Colorado and currently employs 128 full-time employees. The firm provides environmental and emissions control equipment and specialty chemicals to the coal-burning electric power generation industry. The company operates through two segments: Refined Coal (RC) and Emissions Control (EC). The RC segment is engaged in equity method investments, as well as royalty payment streams and reducing emissions of both nitrogen oxide and mercury from coals. Its equity method investments related to the RC segment include Clean Coal Solutions, LLC, which owns, leases or sells facilities used in the production of RC, and Clean Coal Solutions Services, LLC, which operates and maintains RC facilities. The EC Segment includes systems and equipment-activated carbon injection, dry sorbent injection system and other systems; consulting services, and chemicals.
Website: advancedemissionssolutions.com



Growth: Good revenue growth rate 21.7%, there is slowdown compared to average historical growth rates 24.0%. The revenue growth dynamics is unstable

Profitability: LTM EBITDA margin is negative, -4.0%. On average the margin is improving unsteadily. In the last quarter the company did not beat the estimated EPS.

Cash Flow Generation: Dividend yield for the last twelve months 0.0%. Free cash flow yield -38.9% (LTM)

Undervaluation: Fundamental value created in LTM (estimate)


Entry Point: Share price is 168.8% higher than minimum and 58.8% lower than maximum for the last 3 years

AI Insight: the companies with similar growth trajectories, EBITDA margin, industries and geography on average are valued 2.5x by EV / Sales multiple , the company can be >100% undervalued

Key Financials (Download financials)

Ticker: ADES
Share price, USD:  (0.0%)3.36
year average price 2.34  


year start price 1.95 2023-04-21

min close price 1.25 2023-06-20

max close price 3.60 2024-01-29

current price 3.36 2024-04-19
Common stocks: 29 104 000

Dividend Yield:  0.0%
Last revenue growth (y/y):  21.7%
Last growth of EBITDA (y/y):  ---
Historical revenue growth:  24.0%
Historical growth of EBITDA:  ---
EV / Sales: 0.7x
Margin (EBITDA LTM / Revenue): -4.0%
Fundamental value created in LTM:
Market Cap ($m): 98
Net Debt ($m): -24
EV (Enterprise Value): 74
Price to Book: 0.6x

Revenue and EBITDA

Quarterly values ($m)

Change (y/y)

Cash Flow

FCF ($m)

Net Debt / Cash and Equivalents ($m)

Share price and dividends (Download history)

Share price

Payment USD per share

Multiple and potential

EV / Sales

Potential dynamics

News


2023-12-07Zacks Investment Research

Is Advanced Emissions Solutions (ADES) Stock Outpacing Its Industrial Products Peers This Year?

2023-12-01Zacks Investment Research

Why Fast-paced Mover Advanced Emissions Solutions, Inc. (ADES) Is a Great Choice for Value Investors

2023-11-20Zacks Investment Research

Is Advanced Emissions Solutions (ADES) Outperforming Other Industrial Products Stocks This Year?

2023-11-09Seeking Alpha

Advanced Emissions Solutions, Inc. (ADES) Q3 2023 Earnings Call Transcript

2023-09-27Seeking Alpha

'Stay Hungry, Stay Foolish' Small Cap Strategies With Courage & Conviction Investing

2023-08-25Seeking Alpha

Advanced Emissions Solutions, Inc.: The EPA's Significant PFAS Policy Proposal Is A Massive Catalyst

2023-08-10Seeking Alpha

Advanced Emissions Solutions, Inc. (ADES) Q2 2023 Earnings Call Transcript

2023-08-09Zacks Investment Research

Advanced Emissions Solutions, Inc. (ADES) Reports Q2 Loss, Tops Revenue Estimates

2023-08-02Seeking Alpha

Why Advanced Emissions Solutions Is A Rabbit In A Hat - Courage & Conviction Investing

2023-07-31GlobeNewsWire

Advanced Emissions Solutions to Host Second Quarter 2023 Conference Call on August 10th
More information for subscribed users:
detailed calculation of
Fundamental value created in LTM

Financial reporting

Income Statement

Property 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3
date 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30
symbol ADES ADES ADES ADES ADES
reportedCurrency USD USD USD USD USD
cik 2M 2M 2M 2M 2M
fillingDate 2023-11-08 2023-08-09 2023-05-09 2023-03-08 2022-11-08
acceptedDate 2023-11-08 16:45:20 2023-08-09 16:35:37 2023-05-09 16:41:11 2023-03-08 17:07:29 2022-11-08 16:41:02
calendarYear 2023.000 2023.000 2023.000 2022.000 2022.000
period Q3 Q2 Q1 Q4 Q3
revenue 30M 20M 21M 23M 28M
costOfRevenue 21M 15M 17M 17M 22M
grossProfit 9M 5M 4M 6M 7M
grossProfitRatio 0.306 0.250 0.174 0.254 0.241
researchAndDevelopmentExpenses 0 0 0 0 0
generalAndAdministrativeExpenses 9M 9M 12M 8M 8M
sellingAndMarketingExpenses 0 0 0 0 0
sellingGeneralAndAdministrativeExpenses 9M 9M 12M 8M 8M
otherExpenses 725 000 603 000 2M 2M 2M
operatingExpenses 12M 11M 14M 9M 9M
costAndExpenses 32M 27M 31M 27M 31M
interestIncome 187 000 834 000 0 0 0
interestExpense 787 000 834 000 534 000 77 000 83 000
depreciationAndAmortization 3M 2M 3M 2M 2M
ebitda 1M -3M -8M -1M -637 000
ebitdaratio 0.044 -0.127 -0.364 -0.053 -0.022
operatingIncome -3M -6M -11M -3M -3M
operatingIncomeRatio -0.085 -0.298 -0.506 -0.144 -0.092
totalOtherIncomeExpensesNet 1M 1M 3M 416 000 232 000
incomeBeforeTax -2M -6M -8M -3M -2M
incomeBeforeTaxRatio -0.073 -0.286 -0.362 -0.126 -0.084
incomeTaxExpense 2M 2M -33 000 209 000 -232 000
netIncome -2M -6M -8M -3M -2M
netIncomeRatio -0.073 -0.286 -0.361 -0.135 -0.076
eps -0.068 -0.210 -0.320 -0.170 -0.120
epsdiluted -0.068 -0.210 -0.320 -0.170 -0.120
weightedAverageShsOut 31M 27M 24M 18M 18M
weightedAverageShsOutDil 32M 27M 24M 18M 18M
link Link Link Link Link Link
finalLink Link Link Link Link Link

Balance Sheet Statement

Property 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3
date 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30
symbol ADES ADES ADES ADES ADES
reportedCurrency USD USD USD USD USD
cik 2M 2M 2M 2M 2M
fillingDate 2023-11-08 2023-08-09 2023-05-09 2023-03-08 2022-11-08
acceptedDate 2023-11-08 16:45:20 2023-08-09 16:35:37 2023-05-09 16:41:11 2023-03-08 17:07:29 2022-11-08 16:41:02
calendarYear 2023.000 2023.000 2023.000 2022.000 2022.000
period Q3 Q2 Q1 Q4 Q3
cashAndCashEquivalents 53M 59M 68M 66M 76M
shortTermInvestments 0 0 0 0 0
cashAndShortTermInvestments 53M 59M 68M 66M 76M
netReceivables 14M 10M 10M 14M 14M
inventory 19M 23M 20M 18M 15M
otherCurrentAssets 6M 8M 6M 2M 8M
totalCurrentAssets 91M 100M 105M 106M 113M
propertyPlantEquipmentNet 105M 101M 94M 50M 48M
goodwill 0 0 0 0 0
intangibleAssets 8M 8M 8M 847 000 0
goodwillAndIntangibleAssets 8M 8M 8M 847 000 947 000
longTermInvestments 0 0 0 0 0
taxAssets 0 0 0 0 0
otherNonCurrentAssets 26M 25M 27M 25M 24M
totalNonCurrentAssets 139M 134M 129M 76M 73M
otherAssets 0 0 0 0 0
totalAssets 231M 234M 234M 181M 185M
accountPayables 14M 16M 12M 16M 19M
shortTermDebt 4M 4M 4M 4M 4M
taxPayables 1M 1M 866 000 1M 1M
deferredRevenue 1M 1M 0 0 0
otherCurrentLiabilities 3M 3M 4M 4M 3M
totalCurrentLiabilities 22M 24M 20M 24M 25M
longTermDebt 28M 29M 28M 9M 9M
deferredRevenueNonCurrent 0 0 0 0 0
deferredTaxLiabilitiesNonCurrent 0 0 0 0 0
otherNonCurrentLiabilities 6M 6M 25M 9M -5M
totalNonCurrentLiabilities 34M 35M 53M 17M 18M
otherLiabilities 0 0 0 0 0
capitalLeaseObligations 11M 11M 10M 8M 13M
totalLiabilities 56M 59M 73M 41M 43M
preferredStock 0 0 19M 0 0
commonStock 38 000 37 000 32 000 24 000 24 000
retainedEarnings 68M 70M 76M 84M 87M
accumulatedOtherComprehensiveIncomeLoss 0 0 0 0 0
othertotalStockholdersEquity 106M 104M 66M 56M 55M
totalStockholdersEquity 174M 175M 161M 140M 143M
totalEquity 174M 175M 161M 140M 143M
totalLiabilitiesAndStockholdersEquity 231M 234M 234M 181M 185M
minorityInterest 0 0 0 0 0
totalLiabilitiesAndTotalEquity 231M 234M 234M 181M 185M
totalInvestments 0 0 0 0 0
totalDebt 32M 33M 32M 12M 13M
netDebt -21M -26M -36M -54M -63M
link Link Link Link Link Link
finalLink Link Link Link Link Link

Cash Flow Statement

Property 2023 q3 2023 q2 2023 q1 2022 q4 2022 q3
date 2023-09-30 2023-06-30 2023-03-31 2022-12-31 2022-09-30
symbol ADES ADES ADES ADES ADES
reportedCurrency USD USD USD USD USD
cik 2M 2M 2M 2M 2M
fillingDate 2023-11-08 2023-08-09 2023-05-09 2023-03-08 2022-11-08
acceptedDate 2023-11-08 16:45:20 2023-08-09 16:35:37 2023-05-09 16:41:11 2023-03-08 17:07:29 2022-11-08 16:41:02
calendarYear 2023.000 2023.000 2023.000 2022.000 2022.000
period Q3 Q2 Q1 Q4 Q3
netIncome -2M -6M -8M -3M -2M
depreciationAndAmortization 3M 2M 2M 2M 2M
deferredIncomeTax -412 000 -462 000 0 0 0
stockBasedCompensation 702 000 545 000 563 000 526 000 507 000
changeInWorkingCapital -2M -1M -10M -6M -2M
accountsReceivables -4M -245 000 0 0 0
inventory 4M -3M -2M -2M -3M
accountsPayables 4M 245 000 -14M 2M 0
otherWorkingCapital -6M 2M 16M -5M 1M
otherNonCashItems 760 000 947 000 -3M 529 000 608 000
netCashProvidedByOperatingActivities 14 000 -3M -18M -6M -1M
investmentsInPropertyPlantAndEquipment -7M -7M -4M -3M -3M
acquisitionsNet 0 0 48 000 2M 0
purchasesOfInvestments 0 0 0 0 0
salesMaturitiesOfInvestments 0 0 0 0 0
otherInvestingActivites -197 000 -747 000 600 000 -2M 18 000
netCashUsedForInvestingActivites -7M -8M -3M -3M -3M
debtRepayment -406 000 -454 000 -336 000 -333 000 -319 000
commonStockIssued 1 000 000 0 15M 0 0
commonStockRepurchased -48 000 -14 000 -146 000 -3000.000 0
dividendsPaid -546 000 0 -157 000 -45 000 0
otherFinancingActivites 546 000 0 9M 45 000 0
netCashUsedProvidedByFinancingActivities 546 000 -468 000 23M -336 000 -319 000
effectOfForexChangesOnCash 0 8M 0 0 0
netChangeInCash -6M -12M 3M -9M -5M
cashAtEndOfPeriod 61M 68M 79M 76M 86M
cashAtBeginningOfPeriod 68M 79M 76M 86M 91M
operatingCashFlow 14 000 -3M -18M -6M -1M
capitalExpenditure -7M -7M -4M -3M -3M
freeCashFlow -7M -10M -21M -9M -5M
link Link Link Link Link Link
finalLink Link Link Link Link Link

Earning call transcript

2023 q3
2023-11-09 ET (fiscal 2023 q3)
2023 q2
2023-08-10 ET (fiscal 2023 q2)
2023 q1
2023-05-10 ET (fiscal 2023 q1)
2022 q4
2023-03-09 ET (fiscal 2022 q4)
2022 q3
2022-11-09 ET (fiscal 2022 q3)
2022 q2
2022-08-16 ET (fiscal 2022 q2)
2022 q1
2022-05-10 ET (fiscal 2022 q1)

Press-releases

Show financial reports only

2024-01-31 21:35 ET
Advanced Emissions Solutions Completes Rebrand as Arq and Will Ring NASDAQ Opening Bell on February 1, 2024
2024-01-24 21:05 ET
Advanced Emissions Solutions Signs Contract for Construction of Granular Activated Carbon Expansion at Red River Plant with Wieland
2024-01-23 12:30 ET
Advanced Emissions Solutions to Rebrand as Arq, Inc.
2024-01-15 21:30 ET
Advanced Emissions Solutions to Attend the Sidoti Micro-Cap Conference on January 17th and 18th
2023-11-08 21:47 ET
Advanced Emissions Solutions Reports Third Quarter 2023 Results
2023-11-03 11:30 ET
Advanced Emissions Solutions Signs Heads of Terms with Leading European Activated Carbon Supplier LSR Materials
2023-10-31 22:00 ET
Advanced Emissions Solutions to Host Third Quarter 2023 Conference Call on November 9th
2023-10-23 21:52 ET
Advanced Emissions Solutions Provides Update on Red River Expansion Plan
2023-09-18 13:35 ET
Advanced Emissions Solutions Appoints Jeremy "Deke" Williamson as Chief Operating Officer
2023-08-09 20:37 ET
Advanced Emissions Solutions Reports Second Quarter 2023 Results
2023-07-31 22:00 ET
Advanced Emissions Solutions to Host Second Quarter 2023 Conference Call on August 10th
2023-07-17 21:21 ET
Advanced Emissions Solutions Announces CEO Transition
2023-06-20 23:12 ET
Advanced Emissions Solutions to Attend Roth’s 9th Annual London Conference on June 21st and 22nd
2023-06-13 21:35 ET
Advanced Emissions Solutions to Attend the Sidoti Small-Cap Conference on June 15
2023-05-09 20:41 ET
Advanced Emissions Solutions Reports First Quarter 2023 Results
2023-04-27 21:35 ET
Advanced Emissions Solutions to Host First Quarter 2023 Conference Call on May 10th
2023-04-14 20:35 ET
Advanced Emissions Solutions Announces Addition to its Board of Directors
2023-03-29 20:30 ET
Advanced Emissions Solutions Completes Sale of Marshall Mine to Caddo Creek Resource Company
2023-03-13 21:30 ET
Advanced Emissions Solutions to Present at Environmental Workshops for PFAS Remediation
2023-03-09 22:30 ET
Advanced Emissions Solutions to Attend the Annual Roth Investor Conference on March 13
2023-03-08 22:09 ET
Advanced Emissions Solutions Reports Fourth Quarter and Full Year 2022 Results
2023-02-27 21:35 ET
Advanced Emissions Solutions to Host Fourth Quarter 2022 Conference Call on March 9th
2023-02-01 21:57 ET
Advanced Emissions Solutions Completes Acquisition of Arq Limited’s Business
2022-11-08 21:45 ET
Advanced Emissions Solutions Reports Third Quarter 2022 Results
2022-11-07 19:00 ET
Advanced Emissions Solutions Announces Filing of Registration Statement on Form S-4 in Connection with Its Proposed Business Combination with Arq Limited
2022-11-03 20:30 ET
Advanced Emissions Solutions to Host Third Quarter 2022 Conference Call on November 9th
2022-09-06 21:22 ET
Advanced Emissions Solutions Announces Sale of Marshall Mine, LLC to Caddo Creek Resources Company, L.L.C.
2022-08-19 20:39 ET
Advanced Emissions Solutions Announces Merger with Arq Limited
2022-08-15 20:35 ET
Advanced Emissions Solutions Reports Second Quarter 2022 Results
2022-08-03 20:30 ET
Advanced Emissions Solutions to Host Second Quarter 2022 Conference Call on August 16th
2022-05-09 20:46 ET
Advanced Emissions Solutions Reports First Quarter 2022 Results
2022-04-25 21:55 ET
Advanced Emissions Solutions to Host First Quarter 2022 Conference Call on May 10th
2022-04-01 11:55 ET
Advanced Emissions Solutions Will Increase Prices on all Activated Carbon Products and Front-End Coal Additives
2022-03-08 21:55 ET
Advanced Emissions Solutions Reports Fourth Quarter and Full Year 2021 Results
2022-02-24 23:35 ET
Advanced Emissions Solutions to Host Fourth Quarter 2021 Conference Call on March 9th
2021-11-09 21:44 ET
Advanced Emissions Solutions Reports Third Quarter 2021 Results
2021-10-25 21:35 ET
Advanced Emissions Solutions to Host Third Quarter 2021 Conference Call on November 10th
2021-08-09 21:12 ET
Advanced Emissions Solutions Reports Second Quarter 2021 Results
2021-07-26 20:40 ET
Advanced Emissions Solutions to Host Second Quarter 2021 Conference Call on August 10th
2021-06-03 20:40 ET
Advanced Emissions Solutions Repays Outstanding Term Loan Balance
2021-05-10 20:46 ET
Advanced Emissions Solutions Initiates Strategic Alternatives Review to Maximize Shareholder Value
2021-05-10 20:41 ET
Advanced Emissions Solutions Reports First Quarter 2021 Results
2021-04-26 21:30 ET
Advanced Emissions Solutions to Host First Quarter 2021 Conference Call on May 11th
2021-04-23 21:00 ET
Advanced Emissions Solutions Provides Update on Red River Plant Incident
2021-03-29 11:45 ET
Advanced Emissions Solutions Will Increase Prices on all Activated Carbon Products and Front-End Coal Additives
2021-03-10 21:56 ET
Advanced Emissions Solutions Reports Fourth Quarter and Full Year 2020 Results
2021-02-24 22:30 ET
Advanced Emissions Solutions to Host Fourth Quarter 2020 Conference Call on March 11th
2021-02-04 22:30 ET
Advanced Emissions Solutions, Inc. Announces 5-Year International Supply Agreement with Cabot Corporation
2020-12-16 22:40 ET
Advanced Emissions Solutions Announces Additional Refined Coal Facility Closure with Third-Party Investor
2020-11-09 21:35 ET
Advanced Emissions Solutions Reports Third Quarter 2020 Results
2020-10-26 21:35 ET
Advanced Emissions Solutions to Host Third Quarter 2020 Conference Call on November 10th
2020-10-20 20:45 ET
Advanced Emissions Solutions Announces Additional Refined Coal Facility Closure with Third-Party Investor
2020-09-30 21:00 ET
Advanced Emissions Solutions, Inc. Announces 15-Year Activated Carbon Supply Agreement with Cabot Corporation
2020-08-10 21:03 ET
Advanced Emissions Solutions Reports Second Quarter 2020 Results
2020-07-27 22:55 ET
Advanced Emissions Solutions to Host Second Quarter 2020 Conference Call on August 11th
2020-07-15 22:55 ET
Advanced Emissions Solutions Announces the Lease of an Additional Refined Coal Facility
2020-07-02 21:30 ET
Advanced Emissions Solutions Announces Additional Investor in a Refined Coal Facility
2020-05-11 20:35 ET
Advanced Emissions Solutions Reports First Quarter 2020 Results
2020-04-27 20:35 ET
Advanced Emissions Solutions to Host First Quarter 2020 Conference Call on May 12th
2020-04-01 12:30 ET
Advanced Emissions Solutions Announces CEO Transition
2020-03-16 20:58 ET
Advanced Emissions Solutions Reports Fourth Quarter and Full Year 2019 Results
2020-02-26 22:00 ET
Advanced Emissions Solutions to Host Fourth Quarter 2019 Conference Call on March 17th
2020-02-11 12:59 ET
Advanced Emissions Solutions Will Increase Prices on all Activated Carbon Products
2020-02-07 12:59 ET
Advanced Emissions Solutions Announces First Quarter Cash Dividend
2019-11-12 21:45 ET
Advanced Emissions Solutions Reports Third Quarter 2019 Results
2019-10-24 20:35 ET
Advanced Emissions Solutions to Host Third Quarter 2019 Conference Call on November 13th
2019-09-19 10:59 ET
Advanced Emissions Solutions Announces Additional Refined Coal Facility Closure with Third-Party Investor

SEC forms

Show financial reports only

SEC form 10
2024-03-12 00:00 ET
Advanced Emissions Solutions reported for 2023 q4
SEC form 8
2024-03-12 00:00 ET
Advanced Emissions Solutions published news for 2023 q4
SEC form 8
2024-03-12 00:00 ET
Advanced Emissions Solutions published news for 2023 q4
SEC form 8
2023-11-08 16:49 ET
Advanced Emissions Solutions published news for 2023 q3
SEC form 10
2023-11-08 16:45 ET
Advanced Emissions Solutions reported for 2023 q3
SEC form 10
2023-11-08 00:00 ET
Advanced Emissions Solutions published news for 2023 q3
SEC form 6
2023-08-09 16:39 ET
Advanced Emissions Solutions published news for 2023 q2
SEC form 10
2023-08-09 16:35 ET
Advanced Emissions Solutions reported for 2023 q2
SEC form 10
2023-08-09 00:00 ET
Advanced Emissions Solutions published news for 2023 q2
SEC form 8
2023-08-09 00:00 ET
Advanced Emissions Solutions published news for 2023 q2
SEC form 6
2023-08-03 16:46 ET
Advanced Emissions Solutions published news for 2023 q2
SEC form 6
2023-07-19 18:42 ET
Advanced Emissions Solutions published news for 2023 q2
SEC form 6
2023-07-17 17:20 ET
Advanced Emissions Solutions published news for 2023 q2
SEC form 6
2023-07-06 19:01 ET
Advanced Emissions Solutions published news for 2023 q2
SEC form 6
2023-06-15 16:43 ET
Advanced Emissions Solutions published news for 2023 q1
SEC form 10
2023-05-09 00:00 ET
Advanced Emissions Solutions published news for 2023 q1
SEC form 8
2023-05-09 00:00 ET
Advanced Emissions Solutions published news for 2023 q1
SEC form 8
2023-03-08 00:00 ET
Advanced Emissions Solutions reported for 2022 q4
SEC form 10
2023-03-08 00:00 ET
Advanced Emissions Solutions reported for 2022 q4
SEC form 8
2022-11-08 00:00 ET
Advanced Emissions Solutions reported for 2022 q3
SEC form 10
2022-11-08 00:00 ET
Advanced Emissions Solutions reported for 2022 q3
SEC form 8
2022-08-15 00:00 ET
Advanced Emissions Solutions reported for 2022 q2
SEC form 10
2022-08-15 00:00 ET
Advanced Emissions Solutions reported for 2022 q2
SEC form 10
2022-05-09 00:00 ET
Advanced Emissions Solutions reported for 2022 q1
SEC form 8
2022-05-09 00:00 ET
Advanced Emissions Solutions reported for 2022 q1
SEC form 10
2022-03-08 00:00 ET
Advanced Emissions Solutions published news for 2021 q4
SEC form 8
2022-03-08 00:00 ET
Advanced Emissions Solutions published news for 2021 q4
SEC form 8
2021-11-09 00:00 ET
Advanced Emissions Solutions published news for 2021 q3
SEC form 10
2021-11-09 00:00 ET
Advanced Emissions Solutions published news for 2021 q3
SEC form 8
2021-08-09 00:00 ET
Advanced Emissions Solutions published news for 2021 q2
SEC form 10
2021-08-09 00:00 ET
Advanced Emissions Solutions published news for 2021 q2
SEC form 8
2021-05-10 00:00 ET
Advanced Emissions Solutions published news for 2021 q1
SEC form 10
2021-05-10 00:00 ET
Advanced Emissions Solutions published news for 2021 q1