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 | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | - | - | - | - | - | - | - | - | - | - |
| Cost of Revenue | $19.11M | - | $24.96M | $19.07M | $17.33M | - | $20.71M | $17.23M | $13.71M | - |
| Gross Profit | - | - | - | - | - | - | - | - | - | - |
| R&D | $982.0K | - | $2.57M | $2.70M | $874.0K | - | $787.0K | $774.0K | $1.63M | - |
| SG&A | $7.37M | - | $4.62M | $5.92M | $6.05M | - | $8.06M | $7.99M | $7.67M | - |
| Total Operating Expenses | $10.92M | - | $10.95M | $11.07M | $9.25M | - | $11.41M | $9.60M | $11.01M | - |
| D&A | $2.57M | - | $3.76M | $2.48M | $2.18M | - | $2.72M | $1.66M | $1.72M | - |
| Operating Income | ($982.0K) | - | ($839.0K) | ($1.55M) | $662.0K | - | $2.03M | ($1.42M) | ($2.98M) | - |
| Interest Expense | $705.0K | - | $587.0K | $594.0K | $791.0K | - | $787.0K | $829.0K | $791.0K | - |
| Income Tax | $0 | - | $0 | $0 | $0 | - | $0 | $30.0K | $0 | - |
| Net Income | ($842.0K) | - | ($653.0K) | ($2.13M) | $203.0K | - | $1.62M | ($1.97M) | ($3.42M) | - |
| EPS - Basic | ($0.02) | - | ($0.02) | ($0.05) | $0.00 | - | $0.04 | ($0.06) | ($0.09) | - |
| EPS - Diluted | ($0.02) | - | ($0.02) | ($0.05) | $0.00 | - | $0.04 | ($0.06) | ($0.09) | - |
Balance Sheet
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $4.67M | $6.57M | $7.03M | $6.96M | $6.34M | $13.52M | $48.66M | $28.48M | $35.23M | $45.36M |
| Accounts Receivable | $15.95M | $14.98M | $14.36M | $15.55M | $15.37M | $14.88M | $16.59M | $15.81M | $10.93M | $16.19M |
| Inventory | $19.91M | $15.89M | $15.74M | $20.78M | $21.75M | $19.31M | $18.49M | $22.65M | $21.68M | $19.69M |
| Accounts Payable | - | - | - | - | - | - | - | - | - | - |
| Current Assets | $46.05M | $43.85M | $43.93M | $50.66M | $48.23M | $52.36M | $87.27M | $71.22M | $72.04M | $86.46M |
| Total Assets | $232.13M | $230.58M | $277.95M | $284.54M | $283.67M | $284.37M | $279.96M | $248.58M | $229.80M | $235.50M |
| Current Liabilities | $45.08M | $42.30M | $39.82M | $46.17M | $42.97M | $44.65M | $30.19M | $26.61M | $21.97M | $23.05M |
| Long-term Debt | $8.19M | $8.45M | $8.80M | $8.74M | $9.09M | $9.37M | $17.63M | $17.98M | $18.13M | $18.27M |
| Total Liabilities | $64.32M | $62.62M | $60.79M | $67.77M | $65.50M | $67.09M | $61.85M | $58.98M | $54.63M | $57.10M |
| Stockholders' Equity | $167.81M | $167.96M | $217.15M | $216.77M | $218.17M | $217.28M | $218.12M | $189.60M | $175.16M | $178.40M |
| Retained Earnings | $12.98M | $13.82M | $63.85M | $64.50M | $66.64M | $66.43M | $67.77M | $66.16M | $68.12M | $71.54M |
Cash Flow
| Line item | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | $64.0K | - | - | - | ($5.80M) | - | - | - | $526.0K | - |
| Investing Cash Flow | ($754.0K) | - | - | - | ($3.60M) | - | - | - | ($9.65M) | - |
| Financing Cash Flow | $1.51M | - | - | - | $1.97M | - | - | - | ($1.01M) | - |
| CapEx | $740.0K | - | - | - | $3.71M | - | - | - | $9.60M | - |
| Free Cash Flow | ($676.0K) | - | - | - | ($9.51M) | - | - | - | ($9.07M) | - |
Ratios
| Metric | Q1 '26 | Q4 '25 | Q3 '25 | Q2 '25 | Q1 '25 | Q4 '24 | Q3 '24 | Q2 '24 | Q1 '24 | Q4 '23 |
|---|---|---|---|---|---|---|---|---|---|---|
| Profitability | ||||||||||
| Gross margin | - | - | - | - | - | - | - | - | - | - |
| Operating margin | - | - | - | - | - | - | - | - | - | - |
| EBITDA margin | - | - | - | - | - | - | - | - | - | - |
| Net margin | - | - | - | - | - | - | - | - | - | - |
| Free cash flow margin | - | - | - | - | - | - | - | - | - | - |
| FCF / Net income | 0.80 | - | - | - | -46.86 | - | - | - | 2.65 | - |
| R&D / Revenue | - | - | - | - | - | - | - | - | - | - |
| SG&A / Revenue | - | - | - | - | - | - | - | - | - | - |
| Effective tax rate | - | - | - | - | 0.0% | - | 0.0% | - | - | - |
| Return on assets | -0.4% | - | -0.2% | -0.7% | 0.1% | - | 0.6% | -0.8% | -1.5% | - |
| Return on equity | -0.5% | - | -0.3% | -1.0% | 0.1% | - | 0.7% | -1.0% | -2.0% | - |
| Return on invested capital | -0.4% | - | -0.3% | -0.5% | 0.3% | - | 0.9% | -0.5% | -1.2% | - |
| Liquidity | ||||||||||
| Current ratio | 1.02 | 1.04 | 1.10 | 1.10 | 1.12 | 1.17 | 2.89 | 2.68 | 3.28 | 3.75 |
| Quick ratio | 0.58 | 0.66 | 0.71 | 0.65 | 0.62 | 0.74 | 2.28 | 1.83 | 2.29 | 2.90 |
| Cash ratio | 0.10 | 0.16 | 0.18 | 0.15 | 0.15 | 0.30 | 1.61 | 1.07 | 1.60 | 1.97 |
| Leverage | ||||||||||
| Debt / Equity | 0.05 | 0.05 | 0.04 | 0.04 | 0.04 | 0.04 | 0.08 | 0.09 | 0.10 | 0.10 |
| Debt / Assets | 0.04 | 0.04 | 0.03 | 0.03 | 0.03 | 0.03 | 0.06 | 0.07 | 0.08 | 0.08 |
| Debt / EBITDA | 5.16 | - | 3.02 | 9.40 | 3.20 | - | 3.72 | 75.54 | - | - |
| Interest coverage | -1.4x | - | -1.4x | -2.6x | 0.8x | - | 2.6x | -1.7x | -3.8x | - |
| Equity multiplier | 1.38 | 1.37 | 1.28 | 1.31 | 1.30 | 1.31 | 1.28 | 1.31 | 1.31 | 1.32 |
| Liabilities / Assets | 0.28 | 0.27 | 0.22 | 0.24 | 0.23 | 0.24 | 0.22 | 0.24 | 0.24 | 0.24 |
| Efficiency | ||||||||||
| Asset turnover | - | - | - | - | - | - | - | - | - | - |
| Inventory turnover | 0.96 | - | 1.59 | 0.92 | 0.80 | - | 1.12 | 0.76 | 0.63 | - |
| Days sales outstanding | - | - | - | - | - | - | - | - | - | - |
| Days inventory outstanding | 380d | - | 230d | 398d | 458d | - | 326d | 480d | 577d | - |
| Days payable outstanding | - | - | - | - | - | - | - | - | - | - |
| Cash conversion cycle | - | - | - | - | - | - | - | - | - | - |
| Valuation | ||||||||||
| P / E | - | - | - | - | - | - | - | - | - | - |
| P / B | - | - | - | - | - | - | - | - | - | - |
| P / S | - | - | - | - | - | - | - | - | - | - |
| EV / EBITDA | - | - | - | - | - | - | - | - | - | - |
| Growth | ||||||||||
| Revenue growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (3y) | - | - | - | - | - | - | - | - | - | - |
| Revenue CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Gross profit growth (YoY) | - | - | - | - | - | - | - | - | - | - |
| Operating income growth (YoY) | - | - | - | -9.5% | - | - | - | 76.7% | 61.9% | - |
| Net income growth (YoY) | - | - | - | -8.4% | - | - | - | 66.4% | 54.5% | - |
| EPS growth (YoY) | - | - | - | 16.7% | - | - | - | 71.4% | 71.9% | - |
| EPS CAGR (3y) | - | - | - | - | - | - | -68.7% | - | - | - |
| EPS CAGR (5y) | - | - | - | - | - | - | -28.2% | - | - | - |
| FCF growth (YoY) | 92.9% | - | - | - | -4.9% | - | - | - | 57.3% | - |
| FCF CAGR (5y) | - | - | - | - | - | - | - | - | - | - |
| Book value growth (YoY) | -23.1% | -22.7% | -0.4% | 14.3% | 24.6% | 21.8% | 25.1% | 8.5% | 8.7% | 27.4% |
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%
Peer comparison
Same SIC group: Miscellaneous Chemical Products
Comparing Advanced Emissions Solutions against the 5 most active filers in the same SIC group.