Arq names Jay Voncannon as new CFO for growth phase

GREENWOOD VILLAGE, Colo. - Arq, Inc. (NASDAQ: ARQ), a producer of activated carbon and other carbon products aimed at environmental efficiency, today announced the appointment of Jay Voncannon as Chief Financial Officer, effective immediately. With a current market capitalization of $176 million and trading near its 52-week low of $4.01, the move comes as part of the company’s strategy to bolster its leadership amid a period of transformation and growth within the activated carbon market. According to InvestingPro analysis, the company’s stock has experienced significant volatility, declining over 45% year-to-date.

Voncannon, with over 35 years of experience in finance, joins Arq from CoorsTek, Inc., where he served as CFO and played a pivotal role in the company’s expansion, enhancing profitability and market share. His tenure at Koch Industries, spanning more than two decades, further solidified his expertise in financial operations and strategic growth.

In his new role at Arq, Voncannon will oversee the company’s financial strategy and operations, including planning, accounting, tax, treasury, and internal audit. He will be working out of the corporate headquarters in Greenwood Village, Colorado, reporting to CEO Bob Rasmus. Stacia Hansen, the Chief Accounting Officer, will report directly to Voncannon.

CEO Rasmus expressed confidence in Voncannon’s ability to lead the financial strategy, citing his strategic acumen and track record of delivering results. Voncannon himself expressed honor in joining Arq and enthusiasm for contributing to the company’s mission and growth.

Voncannon’s appointment is seen as a strategic move for Arq as it continues to evolve and expand its market presence. His professional recognition, including accolades such as the Denver Business Journal’s Large Company CFO of the Year and inclusion in "Best Managed Companies" awards by Deloitte and the Wall Street Journal, underscores his capability to steer Arq’s financial future.

Arq is known for its environmental technology products that aim to reduce pollutants from water, land, and air. As the only vertically integrated producer of activated carbon in North America, the company holds a unique position in the market to address the increasing demand for sustainable materials. While currently showing a negative earnings yield, InvestingPro data reveals analysts expect the company to turn profitable this year, with revenue growth forecasted at 21%. For deeper insights into Arq’s financial health and growth potential, investors can access the comprehensive Pro Research Report, available exclusively to InvestingPro subscribers.

This announcement is based on a press release statement from Arq, Inc. Despite current challenges, including a gross profit margin of nearly 40%, InvestingPro analysis indicates potential upside based on analyst targets, with consensus recommendations leaning positive. InvestingPro subscribers have access to 12 additional key insights about ARQ’s financial position and market outlook.

In other recent news, Arq Inc reported its fourth-quarter 2024 earnings, revealing a loss per share of $0.03, which was slightly worse than analyst predictions of a $0.02 loss. The company also reported revenue of $27 million, falling short of the expected $28.33 million. Despite these setbacks, Arq Inc achieved a full-year revenue of $109 million, representing a 10% increase from the previous year. The company’s gross margin improved to 36.2%, and it reported an adjusted EBITDA of $7.7 million for the year.

Arq Inc maintained a strong cash position of $22.2 million, with $13.5 million being unrestricted. The company is planning capital expenditures of $8-12 million in 2025 and is exploring new market opportunities to drive growth. Analysts from ROTH Capital Partners and Canaccord Genuity have shown interest in the company’s future plans, including potential expansions and contract pricing strategies. The company is also focused on expanding its Granular Activated Carbon (GAC) line, with plans to ramp up production in the second half of 2025. These developments come as Arq Inc continues to navigate challenges such as supply chain disruptions and market saturation in the activated carbon sector.

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