ADES · Advanced Emissions Solutions, Inc. - Financials
Annual line items from SEC XBRL filings, sourced from EDGAR's Company Facts API with fallback to the quarterly Financial Statement Data Sets. See issuer overview for Form 4 activity and 10-K signals.
Income Statement
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | $100.29M | $61.58M |
| Cost of Revenue | $86.80M | $69.52M | - | - | - | - |
| Gross Profit | - | - | - | - | - | - |
| R&D | $7.34M | $4.05M | $3.30M | $400.0K | $400.0K | $1.00M |
| SG&A | $22.55M | $28.70M | $12.64M | $8.14M | $7.06M | $8.23M |
| Total Operating Expenses | $86.49M | $41.40M | $112.52M | $115.06M | $95.44M | $102.56M |
| D&A | $11.75M | $8.59M | $10.54M | $6.42M | $7.93M | $8.54M |
| Operating Income | ($52.96M) | ($1.96M) | ($13.34M) | ($12.07M) | $4.85M | ($40.98M) |
| Interest Expense | $2.45M | $3.26M | $3.01M | $336.0K | $1.49M | $3.92M |
| Income Tax | $12.0K | ($164.0K) | $153.0K | $209.0K | $15.67M | $6.51M |
| Net Income | ($52.61M) | ($5.11M) | ($12.25M) | ($8.92M) | $60.40M | ($20.30M) |
| EPS - Basic | ($1.27) | ($0.14) | ($0.42) | ($0.48) | $3.31 | ($1.12) |
| EPS - Diluted | ($1.27) | ($0.14) | ($0.42) | ($0.48) | $3.27 | ($1.12) |
Balance Sheet
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Cash & Equivalents | $6.57M | $13.52M | $45.36M | $66.43M | $88.78M | $35.93M |
| Accounts Receivable | $14.98M | $14.88M | $16.19M | $13.86M | $12.62M | $13.13M |
| Inventory | $15.89M | $19.31M | $19.69M | $17.83M | $7.85M | $9.88M |
| Accounts Payable | - | - | - | - | $10.01M | $7.85M |
| Current Assets | $43.85M | $52.36M | $86.46M | $105.66M | $108.37M | $61.99M |
| Total Assets | $230.58M | $284.37M | $235.50M | $181.16M | $185.44M | $146.67M |
| Current Liabilities | $42.30M | $44.65M | $23.05M | $23.88M | $22.62M | $42.54M |
| Long-term Debt | $8.45M | $9.37M | $18.27M | $3.45M | $3.15M | $5.45M |
| Total Liabilities | $62.62M | $67.09M | $57.10M | $41.19M | $38.13M | $61.46M |
| Stockholders' Equity | $167.96M | $217.28M | $178.40M | $139.98M | $147.30M | $85.21M |
| Retained Earnings | $13.82M | $66.43M | $71.54M | $83.95M | $92.86M | $32.45M |
Cash Flow
| Line item | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Operating Cash Flow | ($2.73M) | $10.48M | ($16.65M) | ($6.06M) | $26.00M | $54.47M |
| Investing Cash Flow | ($8.16M) | ($85.07M) | ($28.54M) | ($4.61M) | $44.38M | ($7.89M) |
| Financing Cash Flow | $3.70M | $42.68M | $22.91M | ($1.68M) | ($17.53M) | ($27.73M) |
| CapEx | $8.58M | $85.17M | $27.52M | $8.91M | $6.20M | $6.68M |
| Free Cash Flow | ($11.31M) | ($74.69M) | ($44.17M) | ($14.97M) | $19.80M | $47.78M |
Ratios
| Metric | FY 2025 | FY 2024 | FY 2023 | FY 2022 | FY 2021 | FY 2020 |
|---|---|---|---|---|---|---|
| Profitability | ||||||
| Gross margin | - | - | - | - | - | - |
| Operating margin | - | - | - | - | 4.8% | -66.6% |
| EBITDA margin | - | - | - | - | 12.7% | -52.7% |
| Net margin | - | - | - | - | 60.2% | -33.0% |
| Free cash flow margin | - | - | - | - | 19.7% | 77.6% |
| FCF / Net income | 0.21 | 14.62 | 3.61 | 1.68 | 0.33 | -2.35 |
| R&D / Revenue | - | - | - | - | 0.4% | 1.6% |
| SG&A / Revenue | - | - | - | - | 7.0% | 13.4% |
| Effective tax rate | - | - | - | - | 20.6% | - |
| Return on assets | -22.8% | -1.8% | -5.2% | -4.9% | 32.6% | -13.8% |
| Return on equity | -31.3% | -2.4% | -6.9% | -6.4% | 41.0% | -23.8% |
| Return on invested capital | -23.7% | -0.7% | -5.4% | -6.6% | 2.6% | -35.7% |
| Liquidity | ||||||
| Current ratio | 1.04 | 1.17 | 3.75 | 4.42 | 4.79 | 1.46 |
| Quick ratio | 0.66 | 0.74 | 2.90 | 3.68 | 4.44 | 1.22 |
| Cash ratio | 0.16 | 0.30 | 1.97 | 2.78 | 3.92 | 0.84 |
| Leverage | ||||||
| Debt / Equity | 0.05 | 0.04 | 0.10 | 0.02 | 0.02 | 0.06 |
| Debt / Assets | 0.04 | 0.03 | 0.08 | 0.02 | 0.02 | 0.04 |
| Debt / EBITDA | - | 1.41 | - | - | 0.25 | - |
| Interest coverage | -21.6x | -0.6x | -4.4x | -35.9x | 3.3x | -10.5x |
| Equity multiplier | 1.37 | 1.31 | 1.32 | 1.29 | 1.26 | 1.72 |
| Liabilities / Assets | 0.27 | 0.24 | 0.24 | 0.23 | 0.21 | 0.42 |
| Efficiency | ||||||
| Asset turnover | - | - | - | - | 0.54 | 0.42 |
| Inventory turnover | 5.46 | 3.60 | - | - | - | - |
| Days sales outstanding | - | - | - | - | 46d | 78d |
| Days inventory outstanding | 67d | 101d | - | - | - | - |
| Days payable outstanding | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - |
| Valuation | ||||||
| P / E | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - |
| Growth | ||||||
| Revenue growth (YoY) | - | - | - | - | 62.9% | -12.1% |
| Revenue CAGR (3y) | - | - | - | - | 61.2% | 19.9% |
| Revenue CAGR (5y) | - | - | - | - | 14.7% | -0.4% |
| Gross profit growth (YoY) | - | - | - | - | - | - |
| Operating income growth (YoY) | -2603.3% | 85.3% | -10.5% | - | - | -175.2% |
| Net income growth (YoY) | -929.8% | 58.3% | -37.4% | - | - | - |
| EPS growth (YoY) | -807.1% | 66.7% | 12.5% | - | - | - |
| EPS CAGR (3y) | - | - | - | - | 22.9% | - |
| EPS CAGR (5y) | - | - | - | - | -5.5% | - |
| FCF growth (YoY) | 84.9% | -69.1% | -195.0% | - | -58.6% | -12.2% |
| FCF CAGR (5y) | - | - | - | - | - | - |
| Book value growth (YoY) | -22.7% | 21.8% | 27.4% | -5.0% | 72.9% | -21.3% |
Sales by segment
From XBRL dimensional facts in the 10-K period ending 2021-12-31.
Business segments
$169.02M totalAdvanced Purification Technologies$85.93M · 50.8%
Refined Coal$83.09M · 49.2%
Stability scores
Piotroski F-score
FY 2025 · 9-point quality
2/9
Weak
- ✗Net income positive
- ✗Operating cash flow positive
- ✗ROA improved YoY
- ✓Cash flow > net income
- ✓Long-term debt decreased
- ✗Current ratio improved
- ✗No share dilution
- -Gross margin improved
- -Asset turnover improved
Peer comparison
Same SIC group: Miscellaneous Chemical Products
Comparing Advanced Emissions Solutions against the 5 most active filers in the same SIC group.