Arq, Inc.

Previous wording

Our primary products are comprised of AC, which is produced from a variety of carbonaceous raw materials. Our AC products include both powdered activated carbon ("PAC") and granular activated carbon ("GAC"). Additionally, we own the Five Forks Mine, a lignite mine located in Saline, Louisiana, that currently supplies the primary raw material for the manufacturing of our products. We also control bituminous coal waste reserves and own a manufacturing facility, both located in Corbin, Kentucky (the "Corbin Facility"), and a process to recover and purify the bituminous coal fines for sale or further conversion to GAC products. Using the Corbin Facility's manufacturing process, we convert coal waste into a purified, microfine carbon powder known as Arq powder TM("Arq Powder"). On August 6, 2025, we announced that we had reached initial commercial production levels at our Red River Plant's GAC Facility (the "Red River Project"), enabling us to use Arq Powder and other bituminous coal fines as a feedstock to manufacture high-quality GAC products for sale in the APT and other markets. The initial production ramp-up of the Red River Project was adversely impacted during the third quarter of 2025 by previously disclosed design flaws in our GAC Facility, both alone as well as in combination with the inherent variability of the Arq Powder feedstock used to manufacture our GAC products. As a result of these adverse impacts, we now expect to reach GAC nameplate capacity around mid-year 2026. We now also expect our final investment decision with respect to a potential second GAC line at our Red River Plant to coincide with reaching GAC nameplate capacity in mid-year 2026.

Current wording

Our primary products are comprised of AC, which is produced from a variety of carbonaceous raw materials. Our AC products include both powdered activated carbon ("PAC") and granular activated carbon ("GAC"). Additionally, we own the Five Forks Mine, a lignite mine located in Saline, Louisiana, that currently supplies the primary raw material for the manufacturing of our products. We also control bituminous coal waste reserves and own a manufacturing facility, both located in Corbin, Kentucky (the "Corbin Facility"), and a process to recover and purify the bituminous coal fines. Using the Corbin Facility's manufacturing process, we convert coal waste into a purified, microfine carbon powder ("Corbin Wetcake") for use in high value applications. On August 6, 2025, we announced that we had successfully commissioned our Red River Plant’s GAC Facility (the "GAC Facility") and produced our first commercial volumes of on-specification GAC product. However, after initial production runs, in December 2025, it became clear that ramp-up to nameplate capacity could not be accomplished without further modifications to the existing systems because of design flaws in our GAC Facility, on a standalone basis as well as in combination with the inherent variability of Corbin Wetcake, which we planned to use to manufacture our GAC products. In March 2026, we decided to pause GAC production, continue to idle the Corbin Facility as a cost saving measure, and launch an engineering and production process optimization review, including an evaluation of potential GAC Facility design modifications and production economics at different scales. Additionally, we now expect to transition away from using Corbin Wetcake for the production of our GAC products to a bituminous proven performance coal feedstock, which we believe can more effectively overcome design constraints.

Previous wording

In addition to its use as a feedstock for our GAC products, we believe Arq Powder has additional potential to enable us to access new markets and applications. We intend to secure customer interest in Arq Powder as an additive into other markets, such as components for asphalt, or for use in the purified coal and synthetic graphite industries. In addition, we are exploring uses for certain rare earth minerals and critical elements that can be isolated during the manufacturing process at our Corbin Facility for use in a variety of applications. These applications are currently in various stages of proof of concept testing or preliminary customer testing.

Current wording

We continue to believe that Corbin Wetcake has the potential to enable us to access new markets and applications. We intend to secure customer interest in Corbin Wetcake as an additive into other markets, such as a component for asphalt, or for use in the purified coal and synthetic graphite industries. In addition, we are exploring uses for certain rare earth minerals and critical elements that can be isolated during the manufacturing process at our Corbin Facility for use in a variety of applications. These applications are currently in various stages of proof of concept testing or preliminary customer testing.

Previous wording

For the three and nine months ended September 30, 2025, we experienced an increase in demand for our products from certain coal-fired dispatch and electricity power generation customers compared to the same period in 2024. This was primarily due to higher natural gas prices in 2025, resulting in several large utility customers opting to use coal versus natural gas as a primary source for power generation, and the year to date impact of moderate to severe temperatures during the winter and summer seasons, resulting in higher demand for power generation compared to 2024. Additionally, demand for power generation has and continues to grow driven by macroeconomic trends, such as increased consumption related to data and computer centers, electric vehicles, and other large scale power consumers. We expect that natural gas prices will remain relatively consistent through 2025 due to increased demand for liquid natural gas exports, offset by increases in anticipated natural gas inventory levels.

Current wording

For the three months ended March 31, 2026, we experienced an increase in demand for our products from certain coal-fired dispatch and electricity power generation customers compared to the same period in 2025. This was primarily due to the continued increase in natural gas prices, resulting in several large utility customers opting to use coal versus natural gas as a primary source for power generation, and the year to date impact of moderate to severe temperatures during the winter and summer seasons, resulting in higher demand for power generation. Additionally, demand for power generation has and continues to grow driven by macroeconomic trends, such as increased consumption related to data and computer centers, electric vehicles, and other large scale power consumers. We expect that natural gas prices will remain relatively consistent through 2026 at an elevated level due to increased demand for liquid natural gas exports, and conflict in the Middle East impacting supply, partially offset by increases in anticipated natural gas inventory levels.

Previous wording

For the three and nine months ended September 30, 2025, we recognized net loss of $0.7 million and $2.6 million, compared to net income of $1.6 million and net loss of $3.8 million for the three and nine months ended September 30, 2024, respectively. The most significant factors impacting results between periods for the three months ended September 30, 2025 and September 30, 2024 were increases in revenue due to improved pricing and demand for our products, offset by increased cost of revenue due to fixed production costs associated with initial production at our GAC Facility. Additionally, our results for the three and nine months ended September 30, 2025 were impacted by increased research and development expense attributed to pre-production testing and development of our GAC Facility and depreciation expense, partially offset by decreases in selling, general and administrative expenses.

Current wording

For the three months ended March 31, 2026, we recognized net loss of $0.8 million, compared to net income of $0.2 million for the three months ended March 31, 2025. The most significant factors impacting results between periods for the three months ended March 31, 2026 and March 31, 2025 were increases in revenue due to increased demand for our products, offset by increases in certain costs, including cost of revenue, due to carry-over costs relating to GAC production, and general and administrative expenses relating to consulting, outside services, and severance associated with the pause in production at our Corbin Facility and assessment of the design of our GAC Facility at the Red River Plant.

Previous wording

For the three months ended September 30, 2025, revenue increased from the comparable quarter in 2024 primarily driven by higher pricing, which contributed approximately $1.3 million of total revenue increase. The increase was offset by a decrease in volumes sold, causing a decrease of $0.9 million in revenue from the comparable quarter in 2024. The volume decreases were primarily attributable to the timing of sales between the three months ended June 30, 2025 and the three months ended September 30, 2025 in the water purification market. These decreases in volumes were largely offset by an overall increase in volumes sold to customers in the power-generation market, driven by continued higher natural gas prices between periods. The average Henry Hub natural gas spot prices ($/MMBtu) for the three months ended September 30, 2025 and 2024 were $3.03 and $2.11, respectively.

Current wording

For the three months ended March 31, 2026, revenue increased from the comparable quarter in 2025 primarily driven by higher sales volumes of our AC products, which contributed additional revenues of approximately $1.3 million, as well as increases in sales of our other chemical products, which also contributed $1.3 million of total revenue increase. These increases were partially offset by a decrease in revenue attributable to lower pricing mix of products sold, which caused revenue to decrease by $0.7 million from the comparable quarter in 2025. The increase in volumes sold was primarily attributable to sales to customers in the power-generation market, driven by continued higher natural gas prices between periods. The average Henry Hub natural gas spot prices ($/MMBtu) for the three months ended March 31, 2026 and 2025 were $4.79 and $4.15, respectively. Additionally, our revenues continue to be impacted by electricity demand driven by seasonal weather and power generation needs.

Previous wording

We expect that revenue will continue to be positively impacted by our product price increases. As production of our GAC products at our Red River Plant increases, we expect that gross margin will improve as the impact of fixed production costs on our gross margin lessens. Further, we continue to focus on improving our product mix to higher margin products. Our revenues continue to be impacted by electricity demand driven by seasonal weather and power generation needs.

Current wording

We expect that revenue will continue to be positively impacted by demand for our PAC products. As we have paused production of our GAC products at our Red River Plant, we expect that gross margin will improve as the impact of fixed production costs related to our GAC products on our gross margin lessens. Further, as we conduct a comprehensive engineering and production process optimization review related to our GAC products, we expect to improve the operational efficiency of PAC production at our Red River Plant and improve our product mix to higher margin products.

Previous wording

Legal and professional fees decreased for the three months ended September 30, 2025 compared to the corresponding quarter in 2024 primarily due to decreased consulting fees incurred, partially offset by legal fees incurred in connection with ongoing litigation during the during the three months ended September 30, 2025.

Current wording

Legal and professional fees increased for the three months ended March 31, 2026 compared to the corresponding quarter in 2025 by approximately $0.5 million, primarily due to additional legal and consulting fees incurred in connection with ongoing litigation, including with our former engineering firm, during the three months ended March 31, 2026.

Previous wording

Research and development expense increased for the three months ended September 30, 2025 compared to the corresponding quarter in 2024 by 1.8 million, primarily due to feedstock consumed and other expenses incurred related to outside services engaged during the three months ended September 30, 2025 related to pre-commencement testing of the GAC Facility prior to reaching commercial production on August 6, 2025.

Current wording

Research and development expense increased for the three months ended March 31, 2026 compared to the corresponding quarter in 2025 by $0.1 million.

Previous wording

Depreciation, amortization depletion and accretion expense increased by approximately $1.0 million for the three months ended September 30, 2025 compared to the corresponding quarter in 2024, primarily due to a significant amount of plant and equipment placed in service upon commissioning of our GAC Facility, partially offset by decreased depreciation expense related to a lower finance lease right of use asset base.

Current wording

Depreciation, amortization depletion and accretion expense increased by approximately $0.4 million for the three months ended March 31, 2026 compared to the corresponding quarter in 2025, primarily due to a significant amount of plant and equipment placed in service during the second half of 2025, partially offset by decreased depreciation expense related to assets at our Corbin Facility, which were impaired during the fourth quarter of 2025.

Previous wording

For the three months ended September 30, 2025 and 2024, we had pretax loss of $0.7 million and pretax income of $1.6 million, respectively. For the three months ended September 30, 2025, we had an effective tax rate of zero and recorded no income tax benefit due to the recording of a full valuation allowance on our deferred tax assets. For the three months ended September 30, 2024, we recorded no income tax expense based on our forecast of pretax loss for the year ended December 31, 2024.

Current wording

For the three months ended March 31, 2026 and 2025, we had pretax loss of $0.8 million and pretax income of $0.2 million, respectively. For the three months ended March 31, 2026, we had an effective tax rate of zero and recorded no income tax benefit due to the recording of a full valuation allowance on our deferred tax assets. For the three months ended March 31, 2025, we recorded no income tax expense based on our forecast of pretax loss for the year ended December 31, 2025.

Previous wording

To supplement our financial information presented in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP"), we provide certain supplemental financial measures, including EBITDA and Adjusted EBITDA, which are measurements that are not calculated in accordance with U.S. GAAP. EBITDA is defined as earnings before interest, taxes, depreciation and amortization, and Adjusted EBITDA is defined as EBITDA reduced by non-cash gains, increased by GAC Facility pre-production feedstock, share-based compensation expense, other non-cash losses and non-recurring costs and fees. EBITDA and Adjusted EBITDA should be considered in addition to, and not as a substitute for, net (loss) income in accordance with U.S. GAAP as a measure of performance. See below for a reconciliation from net (loss) income, the nearest U.S. GAAP financial measure, to EBITDA and Adjusted EBITDA.

Current wording

To supplement our financial information presented in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP"), we provide certain supplemental financial measures, including EBITDA and Adjusted EBITDA, which are measurements that are not calculated in accordance with U.S. GAAP. EBITDA is defined as earnings before interest, taxes, depreciation and amortization, and Adjusted EBITDA is defined as EBITDA reduced by non-cash gains, increased by share-based compensation expense, other non-cash losses and non-recurring costs and fees. EBITDA and Adjusted EBITDA should be considered in addition to, and not as a substitute for, net (loss) income in accordance with U.S. GAAP as a measure of performance. See below for a reconciliation from net (loss) income, the nearest U.S. GAAP financial measure, to EBITDA and Adjusted EBITDA.

Previous wording

•cash on hand of $7.0 million, excluding $8.5 million of restricted cash primarily pledged as collateral under a surety bond agreement;

Current wording

•cash on hand of $4.7 million, excluding $11.2 million of restricted cash primarily pledged as collateral under a surety bond agreement and escrow for our term loan with Community Trust Bank, Inc. (the "CTB Loan"), described in Note 4 of the Condensed Consolidated Financial Statements included in Item 1 of this Quarterly Report;

Previous wording

Cash and restricted cash decreased from $22.2 million as of December 31, 2024 to $15.5 million as of September 30, 2025. The following table summarizes our cash flows for the nine months ended September 30, 2025 and 2024:

Current wording

Cash and restricted cash increased from $15.0 million as of December 31, 2025 to $15.9 million as of March 31, 2026. The following table summarizes our cash flows for the three months ended March 31, 2026 and 2025:

Previous wording

Cash flows provided by operating activities for the nine months ended September 30, 2025 was zero, which represented a net decrease of $5.2 million from cash provided by operating activities for the nine months ended September 30, 2024 of $5.3 million. The net decrease in cash flow from operating activities was primarily attributable to net changes in working capital resulting in a decrease of $8.4 million in cash flow between periods, primarily due to increases in prepaid and other current asset balances and decreases in accounts payable and accrued expense balances. These decreases were partially offset by an increase in Depreciation, amortization, depletion and accretion of $2.3 million and a decrease in net loss for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 of $1.2 million.

Current wording

Cash flows provided by operating activities for the three months ended March 31, 2026 was $0.1 million, which represented an increase of $5.9 million from cash used in operating activities for the three months ended March 31, 2025 of $5.8 million. The net increase in cash flow from operating activities was primarily attributable to net changes in working capital resulting in an increase of $3.8 million in cash flow between periods, primarily due to a decrease in the change of accounts payable and accrued expense balances, as well as an increase due to the change in Other long-term assets, net of $2.3 million between periods. These decreases were partially offset by an increase in net loss, exclusive of non-cash adjustments presented, for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 of $0.3 million.

Previous wording

Cash flows used in investing activities decreased for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 by $34.3 million primarily as a result of a decrease in property, plant and equipment additions of $34.4 million from construction activities related to the commissioning of our Red River Plant.

Current wording

Cash flows used in investing activities decreased for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 by $2.8 million primarily as a result of a decrease in property, plant and equipment additions of $3.0 million from construction activities during the three months ended March 31, 2025 related to the expansion our Red River Plant.

Previous wording

Cash flows provided by financing activities for the nine months ended September 30, 2025 compared to the nine months ended September 30, 2024 decreased by $39.0 million primarily due to net proceeds of $42.4 million from common stock placements completed in 2024, offset by an increase in net borrowings on debt facilities of $2.1 million and a decrease in repurchase of common stock to satisfy tax withholdings of $1.0 million.

Current wording

Cash flows provided by financing activities for the three months ended March 31, 2026 compared to the three months ended March 31, 2025 decreased by $0.5 million primarily due to a decrease in net borrowings on our Revolving Credit Facility of $0.4 million and a decrease in repurchase of common stock to satisfy tax withholdings of $0.2 million.

Previous wording

Our ability to continue to generate sufficient cash flow required to meet ongoing operational needs and obligations depends upon several factors. These include executing on our contracts and initiatives and increasing our share of the market for APT consumables, including increasing production to reach nameplate capacity of the Red River Plant, expanding our overall AC business into additional adjacent markets and increasing our gross margin from improving our customer and product mix.

Current wording

Our ability to continue to generate sufficient cash flow required to meet ongoing operational needs and obligations depends upon several factors. These include executing on our contracts and initiatives and increasing our share of the market for APT consumables, completing our engineering and production process optimization review in order to increase production to reach nameplate capacity at our Red River Plant, expanding our overall AC business into additional adjacent markets and increasing our gross margin by improving our customer and product mix.

Previous wording

During the remainder of 2025, we expect our capital expenditures to primarily relate to plant maintenance and improvements, including with respect to increasing production to reach nameplate capacity of the Red River Plant. Capital expenditures planned for the remainder of 2025 are dependent on many factors, which may impact the timing and amount of capital expenditures.

Current wording

During the remainder of 2026, we expect our capital expenditures to primarily relate to our regularly scheduled plant maintenance and improvements.

Previous wording

As of September 30, 2025, we had outstanding surety bonds with regulatory commissions totaling $11.2 million primarily related to the Five Forks Mine and the Corbin Facility. As of September 30, 2025, and as required by our surety bond provider, we held restricted cash of $8.5 million pledged as collateral related to performance requirements required under indemnity agreements for the Five Forks Mine and the Corbin Facility. We expect that the obligations secured by these surety bonds will be performed in the ordinary course of business and in accordance with the applicable contractual terms. To the extent that the obligations are performed, the related surety bonds may be released and collateral requirements may be reduced. However, in the event any surety bond is called, our indemnity obligations could require us to reimburse the surety bond provider.

Current wording

As of March 31, 2026, we had outstanding surety bonds with regulatory commissions totaling $11.2 million primarily related to the Five Forks Mine and the Corbin Facility. As of March 31, 2026, and as required by our surety bond provider, we held restricted cash of $9.2 million pledged as collateral related to performance requirements required under indemnity agreements for the Five Forks Mine and the Corbin Facility. We expect that the obligations secured by these surety bonds will be performed in the ordinary course of business and in accordance with the applicable contractual terms. To the extent that the obligations are performed, the related surety bonds may be released and collateral requirements may be reduced. However, in the event any surety bond is called, our indemnity obligations could require us to reimburse the surety bond provider.

Previous wording

(d)the anticipated effects from fluctuations in the pricing of our AC products;

Current wording

(d)the anticipated effects from fluctuations in the pricing of our AC products, including through expansion into higher-value end markets;

Previous wording

(e)expected supply, demand and growth opportunities for our AC products and services, including our GAC products;

Current wording

(e)expected supply and demand for our AC products and services, including our GAC products;

Previous wording

(o)the future profitability and sustainability of our PAC business;

Current wording

(g)the future profitability and sustainability of our PAC business;

Previous wording

(g)our ability to fund our business over the next twelve months;

Current wording

(h)our ability to fund our business over the next twelve months;

Previous wording

(h)our ability to access new markets for our feedstocks, GAC and other products, including renewable natural gas, asphalt, purified coal, rare earth minerals and synthetic graphite markets;

Current wording

(i)our ability to access new markets for our feedstocks and other products, including renewable natural gas, asphalt, purified coal, rare earth minerals and synthetic graphite markets;

Previous wording

(k)the effectiveness of our technologies and products and the benefits they provide, including in potential new markets and applications;

Current wording

(k)the effectiveness of our technologies and products and the benefits they provide;

Previous wording

(p)the timing and amounts of or changes in future revenue, funding for our business and projects, margins, expenses, earnings, tax rates, cash flows, working capital, liquidity and other financial and accounting measures;

Current wording

(m)the timing and amounts of or changes in future revenue, funding for our business and projects, margins, expenses, earnings, tax rates, cash flows, royalty payment obligations, working capital, liquidity and other financial and accounting measures;

Previous wording

(q)the performance of obligations secured by our surety bonds;

Current wording

(n)the performance of obligations secured by our surety bonds;

Previous wording

(r)the amount, use and timing of future capital expenditures needed to fund our business plan and total anticipated capital expenditures for the current fiscal year;

Current wording

(o)the amount, use and timing of future capital expenditures needed to fund our business plan and total anticipated capital expenditures for the current fiscal year;

Previous wording

(u)the adoption and scope of regulations to control certain chemicals in drinking water and other environmental concerns and the impact of such regulations on our customers' and our businesses, including any increase or decrease in demand and sales of our AC products resulting from such regulations;

Current wording

(p)the adoption and scope of regulations to control certain chemicals in drinking water and other environmental concerns and the impact of such regulations on our customers' and our businesses, including any increase or decrease in demand and sales of our AC products resulting from such regulations;

Previous wording

(v)our near-term priorities and objectives and our long-term outlook regarding the growth of our business; and

Current wording

(q)our near-term priorities and objectives and our long-term outlook regarding the growth of our business; and

Previous wording

(w)the impact of prices of competing power generation sources such as natural gas and renewable energy on demand for our products.

Current wording

(r)the impact of prices of competing power generation sources such as natural gas and renewable energy on demand for our products.

Previous wording

The forward-looking statements included in this Quarterly Report involve risks and uncertainties. Actual events or results could differ materially from those discussed in the forward-looking statements as a result of various factors including, but not limited to, the timing and scope of new and pending regulations and any legal challenges to or extensions of compliance dates of them; the U.S. government’s failure to promulgate new regulations or enforce existing regulations that benefit our business; changes in laws and regulations, accounting rules, prices, economic conditions and market demand; availability, cost of and demand for alternative energy sources and other technologies and their impact on coal-fired power generation in the U.S.; technical, start up and operational difficulties; competition within the industries in which the Company operates; risks associated with our debt financing; our inability to effectively and efficiently commercialize new products, including our GAC products; disruptions at any of our facilities, including by natural disasters or extreme weather; risks related to our information technology systems, including the risk of cyberattacks on our networks; failure to protect our intellectual property from infringement or claims that we have infringed on the intellectual property of others; our inability to obtain future financing or financing on terms that are favorable to us; our inability to ramp up our operations to effectively address recent and expected growth in our business; loss of key personnel; ongoing effects of the inflation and macroeconomic uncertainty, including from the new U.S. presidential administration, increased domestic and international tariffs, lingering effects of the pandemic and armed conflicts around the world, and such uncertainty's effect on market demand and input costs; availability of materials and equipment for our business; pending litigation; factors relating to our business strategy, goals and expectations concerning the acquisition of Arq Limited; our ability to maintain relationships with customers, suppliers and others with whom the Company does business and meet supply requirements; our results of operations and business generally; risks related to diverting management's attention from our ongoing business operations; costs related to the ongoing manufacturing of our products, including our GAC products; opportunities for additional sales of our AC products and end-market diversification; the rate of coal-fired power generation in the U.S.; the timing and cost of any future capital expenditures and the resultant impact to our liquidity and cash flows; and the other risk factors described in our filings with the SEC, including those described in Item 1A. Risk Factors of our Annual Report on Form 10-K for the year ended December 31, 2024. You are cautioned not to place undue reliance on the forward-looking statements made in this Quarterly Report and to consult filings we have ma…

Excerpt shortened here; the source contains the full paragraph.

Current wording

The forward-looking statements included in this Quarterly Report involve risks and uncertainties. Actual events or results could differ materially from those discussed in the forward-looking statements as a result of various factors including, but not limited to, the timing and scope of new and pending regulations and any legal challenges to or extensions of compliance dates of them; the U.S. government’s failure to promulgate new regulations or enforce existing regulations that benefit our business; changes in laws and regulations, accounting rules, prices, economic conditions and market demand; availability, cost of and demand for alternative energy sources and other technologies and their impact on coal-fired power generation in the U.S.; technical, start up and operational difficulties; competition within the industries in which the Company operates; risks associated with our debt financing; our inability to effectively and efficiently commercialize new products, including our GAC products; our inability to effectively identify solutions to the design flaws in GAC Facility at our Red River Plant or execute on any remedial measures or modifications thereto; disruptions at any of our facilities, including by natural disasters or extreme weather; risks related to our information technology systems, including the risk of cyberattacks on our networks; failure to protect our intellectual property from infringement or claims that we have infringed on the intellectual property of others; our inability to obtain future financing or financing on terms that are favorable to us; our inability to ramp up our operations to effectively address recent and expected growth in our business; loss of key personnel; ongoing effects of the inflation and macroeconomic uncertainty, including from increased domestic and international tariffs and armed conflicts around the world, and such uncertainty's effect on market demand and input costs; availability of materials and equipment for our business; intellectual property infringement claims from third parties; the impacts of any current or future write-downs or write-offs, restructuring, impairment or other charges; our failure to realize the anticipated benefits of acquisitions, joint ventures, and divestitures we may engage in; pending litigation; factors relating to our business strategy, goals and expectations, including our ability to execute on our GAC business plan; our ability to maintain relationships with customers, suppliers and others with whom the Company does business and meet supply requirements; our results of operations and business generally; risks related to diverting management's attention from our ongoing business operations; costs related to the ongoing manufacturing of our products, including costs necessary to resume GAC production; opportunities for additional sales of our AC products and end-market diversification, including for our Corbin Wetcake; the rate of coal-fired power generation in th…

Excerpt shortened here; the source contains the full paragraph.