Arq, Inc. (ARQ) 2026 Q2 法說會逐字稿

Greetings. Welcome to the Arq Q2 2026 earnings call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press *0 on your telephone keypad. Please note this conference is being recorded. I will now turn the conference over to Anthony Nathan, Head of Investor Relations.

各位好。歡迎參加 Arq 2026 年第二季財報電話會議。此刻所有與會者皆處於僅收聽模式。正式簡報結束後將進行問答環節。若在會議期間需要接線員協助，請在電話鍵盤上按 *0。請注意，本次會議將被錄音。現在我將把會議交給投資人關係主管 Anthony Nathan。

Thank you, Anthony. You may begin.

謝謝你，Anthony。你可以開始了。

Thank you, operator. Good morning, everyone, and thank you for joining us today for our second quarter 2026 earnings results call. With me on the call today are Bob Rasmus, ARC's Chief Executive Officer and Siobhan Steinmitz, ARC's Chief Financial Officer.

謝謝，接線員。各位早安，感謝各位今天加入我們的 2026 年第二季財報結果電話會議。今天與我一同出席的還有 Bob Rasmus，ARC 的執行長，以及 Siobhan Steinmitz，ARC 的財務長。

This conference call is being webcasted live within the Investor section of our website and a downloadable version of today's presentation is available there as well. A webcast replay will also be available on our site and you can contact ARK's Investor Relations team at investors@ark.com. Let me remind you that the presentation and remarks made today include forward-looking statements as defined in Section 21E of the Securities Exchange Act.

本次電話會議將於我們網站的投資人專區進行即時網路直播，今日簡報亦可於該處下載。我們網站也將提供網路重播；您亦可透過 investors@ark.com 聯絡 ARK 的投資人關係團隊。提醒各位，今日簡報與發言包含《證券交易法》第 21E 條所定義的前瞻性陳述。

These statements are based on information currently available to us and involve risks and uncertainties that could cause actual future results, performance and business prospects and opportunities to differ materially from those expressed in or implied by these statements. These risks and uncertainties include but are limited to those factors identified on Slide 2 of today's slide presentation in our Form 10-Q for the quarter ended June 30, 2026 and other filings with its Securities and Exchange Commission.

這些陳述係基於我們目前可得之資訊，並涉及風險與不確定性，可能導致未來實際結果、表現以及業務前景與機會，與這些陳述所明示或暗示者存在重大差異。這些風險與不確定性包括但不限於：今日投影片簡報第 2 頁、截至 2026 年 6 月 30 日止季度之 Form 10-Q，以及向美國證券交易委員會提交的其他文件中所識別之因素。

Except as expressly required by the securities laws, the company undertakes no obligation to update those factors or any forward-looking statements to reflect future events, developments or change circumstances or for any other reason. In addition, it is especially important to review the presentation in today's remarks in conjunction with the GAAP references in the financial statements. With that, I would like to turn the call over to Bob.

除非證券法明確要求，否則本公司不承擔任何義務更新上述因素或任何前瞻性陳述，以反映未來事件、發展或情勢變化，或基於任何其他原因。此外，特別重要的是，應將今日發言中的簡報內容與財務報表中的 GAAP 參考資訊一併檢視。接下來，我想把電話交給 Bob。

Thank you, Anthony, and thanks to everyone for joining us this morning. We'll cover a lot of ground on today's call, so I'd like to begin by providing an overview of the key points we'll address. First, our second quarter results underscore the underlying strengths and improving profitability of our foundational PAC business. Despite Q2 typically being a seasonally softer quarter and being further impacted by the biennial plant turnaround completed in April.

謝謝你，Anthony，也感謝各位今天早上加入我們。今天的電話會議將涵蓋許多內容，因此我想先概述我們將討論的重點。首先，我們第二季的結果凸顯了我們基礎 PAC 業務的內在優勢與獲利能力的改善。儘管第二季通常是季節性較疲弱的一季，且又受到於四月完成的兩年一次工廠歲修影響。

We delivered adjusted EBITDA well ahead of the prior year period with gross margin up roughly 520 basis points. This quarter is a clear demonstration of the earnings power of our PAC business, a business unencumbered by the GAC challenges that weighed on the prior year period.

我們交出遠優於去年同期的調整後 EBITDA，毛利率約提升 520 個基點。本季清楚展現了我們 PAC 業務的獲利能力；該業務未受 GAC 挑戰所牽制，而那些挑戰曾拖累去年同期表現。

Powdered activated carbon remains the foundation of our company, providing both operational continuity and the financial base from which we see multiple avenues for growth, which I'll cover in more detail shortly. Second. I'll walk through the progress of our granular activated carbon optimization review. The PFAS opportunity remains a core focus and while we continue to refine our view on the cost and timing of GAC development.

粉末活性碳仍是本公司的基石，既提供營運的連續性，也提供財務基礎，使我們得以看到多條成長途徑；我稍後會更詳細說明。第二。我將說明我們顆粒活性碳（GAC）最佳化檢視的進展。PFAS 機會仍是核心重點；同時，我們也持續精進對 GAC 開發成本與時程的看法。

We're also encouraged by progress with customers on what we're calling our Pack for PFAS strategy, which we believe could offer a near-term solution to the PFAS compliance challenges which some of our water customers face. Demand for products that help water companies reduce PFAS contamination remains strong, and we're seeing broad interest in solutions that let customers achieve compliance now.

我們也對與客戶在我們所稱的「Pack for PFAS」策略上的進展感到鼓舞；我們相信，這可能為部分水務客戶所面臨的 PFAS 合規挑戰提供近期解決方案。協助水務公司降低 PFAS 汙染的產品需求依然強勁，我們也看到市場對能讓客戶立即達成合規的解決方案有廣泛興趣。

We believe that by using our new pack for PFAS, certain water companies may not need to invest the substantial capital required to use granular activated carbon to comply with the EPA's PFAS standards.

我們相信，透過使用我們新的 pack for PFAS，某些水務公司可能無需投入使用顆粒活性碳以符合 EPA PFAS 標準所需的大量資本支出。

I want to stress that this is not a one-size-fits-all solution. It applies to water systems which are currently close to meeting the PFAS standards. In addition to assisting the near-term PFAS compliance, using PAC for PFAS will allow these water companies to utilize existing equipment potentially without the need for new CapEx associated with GAC systems.

我要強調，這並非一體適用的解決方案。它適用於目前已接近符合 PFAS 標準的供水系統。除了協助近期 PFAS 合規之外，使用 PAC for PFAS 也將使這些水務公司得以利用既有設備，可能無需新增與 GAC 系統相關的新資本支出（CapEx）。

And third, we continue to see several ways to strengthen our balance sheet and profitability in the near term, these include the potential monetization of Corvin and our coal waste purification technology, which has potentially multiple valuable end market applications.

第三，我們仍看到數種可在短期內強化資產負債表與提升獲利能力的方法，包括 Corvin 的潛在變現，以及我們的煤廢棄物淨化技術；該技術可能在多個終端市場具有價值的應用。

Finally, my excitement around the appointment of Shimon Steinmetz as Chief Financial Officer. I cannot emphasize enough the importance of having an experienced, committed contributor to the CFO position. Shimon has already brought a number of ideas for making the business more efficient and financially productive, which he'll be expanding on shortly. I am looking forward to partnering with Shimon to create value for our shareholders.

最後，我對任命 Shimon Steinmetz 擔任財務長感到非常振奮。我再怎麼強調都不為過：在 CFO 職位上擁有一位經驗豐富且投入的貢獻者至關重要。Shimon 已經帶來多項讓業務更有效率、財務產出更高的想法，他稍後也會進一步說明。我期待與 Shimon 合作，為股東創造價值。

Turning to our second quarter. Results, revenue was approximately $30 million, up modestly year-over-year with continued volume and pricing strength. We expect the modest shortfall in chemicals revenue to reflect timing rather than demand and believe it will be recovered later in the year. Gross margin was approximately 38.5%, up roughly 520 basis points from the prior year quarter. This reflects the continued improvement in pack. In the absence of GAC start-up costs that weighed on the prior year period. Adjusted EBITDA was approximately $5.8 million, a substantial increase over the $3.7 million we reported in the prior year period and well ahead of the first quarter of 2026.

接著談我們第二季。業績方面，營收約 3,000 萬美元，受惠於持續的銷量與定價力道，年增小幅成長。我們預期化學品營收的小幅落差反映的是時點因素而非需求，並相信將在今年稍晚回補。毛利率約為 38.5%，較去年同期約提升 520 個基點。這反映 pack 的持續改善。同時也因去年同期受 GAC 啟動成本拖累，而本期並無此影響。調整後 EBITDA 約為 580 萬美元，較去年同期我們報告的 370 萬美元大幅增加，且明顯優於 2026 年第一季。

This performance reflects the underlying strength of the PAC business, our continued pricing discipline, and the benefit of our cost and operational initiatives delivered without the drag of GAC production. The biennial Red River plant turnaround was completed in April and importantly under budget. Today, we are reiterating our full year CapEx guidance of between $8million and $10 million.

此一表現反映 PAC 業務的內在強勁、我們持續的定價紀律，以及成本與營運措施所帶來的效益，且未受到 GAC 生產的拖累。兩年一次的 Red River 工廠歲修已於四月完成，且重要的是低於預算。今天，我們重申全年資本支出（CapEx）指引為 800 萬至 1,000 萬美元。

Overall, this was a strong and encouraging quarter in what is typically our seasonal low point. Having covered our core markets, let me turn to where we see potential for growth. I know many of you are keen to hear about the status of our strategic optimization review, but before I get to that, I want to spend some time on an exciting PAC growth initiative, one that speaks directly to the PFAS opportunity and which our sales team has labeled. Called PAC for PFAS. PAC for PFAS is a new line of powdered activated carbon products designed to address the PFAS removal market. As a reminder, that market remains strong with mandatory PFAS monitoring and public reporting for US water companies beginning in April 2027. We've been looking for ways to help customers prepare for the broader compliance changes slated for 2029.

整體而言，在通常屬於我們季節性低點的一季，這是一個強勁且令人鼓舞的季度。在涵蓋我們的核心市場後，接下來我想談談我們看到的潛在成長方向。我知道各位多數都很關心我們策略最佳化檢視的進度，但在談到那之前，我想先花一些時間介紹一項令人振奮的 PAC 成長計畫；它直接呼應 PFAS 機會，且我們的銷售團隊已將其命名。稱為 PAC for PFAS。PAC for PFAS 是一系列新的粉末活性碳產品線，旨在切入 PFAS 去除市場。提醒各位，該市場仍然強勁；美國水務公司將自 2027 年 4 月起開始強制 PFAS 監測與公開揭露。我們一直在尋找方法協助客戶為預計於 2029 年上路的更廣泛合規變革做好準備。

2031. At that time, all water companies will need to bring PFAS levels below the new four parts per trillion threshold down from the previous 70 parts per trillion threshold. Adapting to these changes will be expensive for many water companies since GAC application typically requires new equipment at meaningful cost. Given a short runway before monitoring reporting begins in Q2.

2031年。屆時，所有自來水公司都需要將PFAS濃度降至新的每兆分之四（ppt）門檻，較先前每兆分之七十（ppt）的門檻大幅下調。由於GAC的應用通常需要以相當成本添購新設備，對許多自來水公司而言，因應這些變更將相當昂貴。鑑於在第二季開始監測申報前的準備時間很短。

We set out to offer customers what can be both a permanent or an interim solution that enables compliance at a lower capital cost using existing equipment where possible.

我們著手為客戶提供一種可作為永久或過渡性解決方案的選項，在可行時利用既有設備，以較低的資本支出成本達成合規。

That's where PAC for PFAS comes in. Utilizing our best in class research and technology capabilities and through our specialized product engineering and manufacturing, we've developed a PAC product capable of removing low levels of PFAS contamination. While the upper limit of contamination it can handle hasn't been confirmed, we believe a meaningful number of water companies, particularly those marginally outside. The four-part petroleum compliance level stand to benefit. For these customers, the appeal is twofold. First, they can achieve compliance or work toward compliance without the significant capital cost of installing the vessels, systems and equipment that a GAC solution typically requires.

這就是用於PFAS的PAC派上用場之處。憑藉我們一流的研發與技術能力，並透過專業的產品工程與製造，我們已開發出一款PAC產品，能夠去除低濃度的PFAS污染。雖然其可處理的污染上限尚未確認，但我們相信相當數量的自來水公司，特別是那些略微超出。每兆分之四合規水準的，將可受益。對這些客戶而言，其吸引力有兩點。第一，他們可以在不必承擔安裝GAC方案通常所需的容器、系統與設備等重大資本成本下，達成合規或朝合規邁進。

And second, for the many utilities already using PAC for taste and odor control, our product can address PFAS and taste and odor together, avoiding the need to double up on treatment. Initial customer conversations suggest this product could be quite similar to our conventional GAC products. To be clear, this doesn't change our view of bituminous granular activated tarban's effectiveness at removing PFAS. If successfully adapted, this product could solve a real near-term problem for customers while adding a higher value product to our portfolio. Customer trials remain ongoing, so I don't expect a material contribution during the remainder of 2026. But I do see potential for this to meaningfully boost our performance in 2027 and beyond.

第二，對於許多已使用PAC進行口感與異味控制的公用事業單位，我們的產品可同時處理PFAS以及口感與異味，避免需要重複配置兩套處理流程。初步的客戶對話顯示，該產品可能與我們傳統的GAC產品相當類似。需要說明的是，這並不改變我們對瀝青基顆粒活性碳在去除PFAS方面有效性的看法。若能成功導入，該產品可在短期內為客戶解決實際問題，同時為我們的產品組合增加更高價值的產品。客戶試驗仍在進行中，因此我不預期在2026年剩餘期間會有重大貢獻。但我確實看到其在2027年及之後有望顯著提升我們的表現。

This product was developed by our technology team as part of our goal to create and sell high performance specialty products custom designed to meet our end users' needs. It is another excellent example of our technical and sales teams working with customers as partners, not counterparties. By addressing customer problems in real time, we strengthen those relationships to our mutual benefit. To be clear, exciting as this is. I don't believe it has any material impact on our sales potential into the GAC market. Rather, it's an adjacent solution for specific customers, many of whom may well become GAC customers down the road. I'd now like to provide an update on where we stand on our strategic optimization review and GAC.

此產品由我們的技術團隊開發，作為我們致力於創造並銷售高效能專業產品、以客製化方式滿足終端使用者需求目標的一部分。這也是我們技術與銷售團隊與客戶以夥伴而非對手身分合作的另一個絕佳例證。透過即時解決客戶問題，我們強化了這些關係，達成互利。需要說明的是，儘管這令人振奮。我不認為它會對我們在GAC市場的銷售潛力造成任何重大影響。相反地，這是針對特定客戶的相鄰解決方案，其中許多人未來很可能會成為GAC客戶。接下來我想更新我們在策略優化檢討以及GAC方面的進展。

The strategic optimization review remains ongoing. It has expanded to encompass not just bituminous based granular activated turbine but also includes a broader operational assessment that has identified near and medium-term opportunities to increase furnace time and reduce product costs. We also are focusing on how to best utilize our technology advantages and our relationships. The overall goal is to. Maximize returns to our shareholders. While our review is not yet fully complete, it has uncovered several ideas about increasing the profitability around our foundational PAC business. The outcomes involve several areas. The PAC for PFAS mentioned previously and multiple operational efficiencies designed to increase plant capacity and lower costs.

策略優化檢討仍在進行中。其範圍已擴大，不僅涵蓋瀝青基顆粒活性碳，也包括更廣泛的營運評估；該評估已辨識出短期與中期可增加爐台運轉時間並降低產品成本的機會。我們也正聚焦於如何最佳化運用我們的技術優勢與合作關係。整體目標是。為股東報酬最大化。雖然檢討尚未完全結束，但已揭示若干提升我們核心PAC業務獲利能力的想法。成果涵蓋數個面向。包括前述用於PFAS的PAC，以及多項旨在提升工廠產能並降低成本的營運效率措施。

We believe the opportunity to significantly increase EBITDA is real and attainable. So, where does bituminous-based GAC fit into this discussion? The PFAS opportunity remains compelling. We continue to see an important role for our in providing solutions for our customers. With that in mind, and as a possible interim step while we determine the best path to bring our own bituminous-based. GAC product online, I am encouraged by the early progress of PAC for PFAS. I believe this could meaningfully add to volume, price and margins for our PAC business while still helping remove PFAS from our nation's water.

我們相信大幅提升EBITDA的機會是真實且可達成的。那麼，瀝青基GAC在這個討論中扮演什麼角色？PFAS的機會仍然相當具吸引力。我們持續看到我們在為客戶提供解決方案方面扮演重要角色。基於此，並作為在我們決定將自有瀝青基。GAC產品上線的最佳路徑期間可能的過渡步驟，我對用於PFAS的PAC早期進展感到鼓舞。我相信這可在協助去除我國水源中的PFAS的同時，為我們的PAC業務在銷量、價格與毛利率方面帶來有意義的增益。

The GAC segment of the review is not fully complete, but we do have enough information to share meaningfully more than we could last quarter. We have received cost estimates from two independent engineering consultants to finish the conversion and fix the issues previously discussed.

檢討中的GAC部分尚未完全完成，但我們已掌握足夠資訊，能夠比上季更有實質內容地分享。我們已從兩家獨立工程顧問取得完成轉換並修復先前討論問題的成本估算。

Those estimates have a fairly wide range. Given the uncertainty still built into any estimate at this stage, the currently anticipated range for the project is potentially somewhere between $40 million and $60 million.

這些估算的區間相當寬。鑑於在此階段任何估算仍包含不確定性，目前對該專案的預期區間可能約在4,000萬至6,000萬美元之間。

That number could change depending upon the final design. We are working to narrow it and we will update you as we do. Here is the point I want to make sure lands clearly because it is the most important part of this update. Sharing that number does not mean we have decided to invest in it and it does not mean we are walking away from GAC either. Both things are true at once.

該數字可能會隨最終設計而變動。我們正努力縮小區間，並會在進展時向各位更新。我想確保這一點清楚傳達，因為它是本次更新中最重要的部分。分享這個數字並不代表我們已決定投資，也不代表我們要放棄GAC。兩者可以同時成立。

We still believe GAC is a real differentiated opportunity for this company, one that few others have the assets or the position to pursue. And we are not going to invest this kind of capital until we know it will generate a return that justifies the investment.

我們仍然相信GAC對本公司而言是一個真正具差異化的機會，少有其他公司擁有可追求此機會的資產或地位。在我們確認其能產生足以合理化投資的報酬之前，我們不會投入如此規模的資本。

In the meantime, we are focused entirely on making our existing business more profitable. That means continuing to push our PAC business toward a higher earnings run rate, capturing additional capacity and cost improvements we have identified through this same review process, evaluating the monetization of Corbin and building out PAC for PFAS is a nearer-term way to serve that demand while we work through the larger GAC decision.

同時，我們完全專注於提升既有業務的獲利能力。這意味著持續推動我們的PAC業務走向更高的獲利運行水準，掌握我們透過同一檢討流程所辨識的額外產能與成本改善，評估Corbin的變現，並擴展用於PFAS的PAC；在我們處理更大型的GAC決策期間，這是服務該需求的較近期方式。

As that phase gets stronger, our ability to finance GAC on reasonable terms, including through additional debt rather than equity improves as well. I have been very clear that we will not invest in GAC at any cost.

隨著該階段愈發強健，我們以合理條件為GAC融資的能力也會提升，包括透過增加負債而非發行股權。我已非常明確表示，我們不會不計代價投資GAC。

We think the market has been assuming the worst of both worlds, that we will eventually dilute shareholders to fund this and still not generate an attractive return on it. We wanted to give you a clearer picture of both the cost and our approach because we think it tells a more complete story than the market may currently be pricing in. Let me expand on my earlier comments on Corbin monetization.

我們認為市場一直在假設最糟的兩種情境同時發生：我們最終將稀釋股東以為此案籌資，且仍無法產生具吸引力的報酬。我們希望讓各位更清楚了解成本與我們的方法，因為我們認為這能呈現比市場目前可能反映的定價更完整的故事。我再延伸說明先前關於Corbin變現的評論。

As of mid-year, we've made encouraging progress with our asphalt partner and our blending component product has performed well in trials. The partner completed a successful trap test at the National Center for Asphalt Technology at Auburn University. This program is transitioning to the next phase of technical validation in third-party laboratories, which will include performance and durability evaluations. Against strict highway safety standards. This validation work will be conducted through Q4 2026 with feedback beginning in Q1 2027. The path towards commercializing new asphalt road products is highly detailed, so we are very pleased with the progress that has been accomplished.

截至年中，我們與瀝青合作夥伴的進展令人鼓舞，我們的混拌組分產品在試驗中表現良好。該合作夥伴已在奧本大學（Auburn University）的國家瀝青技術中心（National Center for Asphalt Technology）完成成功的車轍試驗。此計畫正轉入下一階段，將在第三方實驗室進行技術驗證，包括性能與耐久性評估。並以嚴格的公路安全標準為依據。此驗證工作將持續至2026年第四季，並自2027年第一季開始回饋結果。新型瀝青道路產品的商業化路徑極為細緻，因此我們對已取得的進展感到非常滿意。

As I mentioned, we're actively evaluating the most efficient way to monetize both the Corbin asset and its associated technologies. As it relates to asphalt, in addition to operating the Corbin facility as a supplier of feedstock, we may ultimately license the technology, sell the plant or pursue some form of joint venture. Separately, we continue to evaluate unsolicited interest from third parties around an asset sale. Or joint venture covering a broad range of applications including silicone wipers, rare earth materials, and other specialty products.

如我先前提到的，我們正積極評估將 Corbin 資產及其相關技術變現的最有效方式。就瀝青而言，除了將 Corbin 設施作為原料供應商營運之外，我們最終也可能採取技術授權、出售工廠或推進某種形式的合資。另外，我們也持續評估第三方就資產出售所提出的非邀約式興趣。或涵蓋廣泛應用的合資，包括矽膠雨刷、稀土材料及其他特種產品。

With that, I'll turn it over to Shimon for a detailed financial review along with an introduction and his initial thoughts since joining the team.

接下來，我把時間交給 Shimon，請他進行詳細的財務回顧，並做自加入團隊以來的介紹與初步想法分享。

Thank you, Bob. And thank you, everyone, for joining us today. I'm very excited to join the AHRQ team. The company is at a pivotal point in its growth, and I see enormous potential in what lies ahead. In terms of where I see the core focus in the initial months of my tenure, I'm particularly concentrated on driving greater operations. And financial efficiency across the business, strengthening our financial planning and analysis and identifying opportunities to reduce costs and improve profitability, all in support of the growth priorities Bob outlined. Meanwhile, turning to what we reported overnight, AHRQ delivered another strong set of financial results in the second quarter. With revenues of approximately $30 million.

謝謝你，Bob。也謝謝各位今天與會。我非常興奮能加入 AHRQ 團隊。公司正處於成長的關鍵轉折點，我看見未來有巨大的潛力。就我在任期最初幾個月的核心重點而言，我特別專注於推動更高的營運。以及提升全公司財務效率、強化我們的財務規劃與分析，並找出降低成本與提升獲利能力的機會，以支持 Bob 所概述的成長優先事項。同時，回到我們昨晚公布的內容，AHRQ 在第二季再度交出一組強勁的財務成果。營收約為 3,000 萬美元。

Modestly year-over-year. This continues to be driven largely by improved volumes and pricing. Our gross margin in the quarter was approximately 38.5%, up approximately 520 basis points as compared to the second quarter of 2025, reflecting the ongoing improvement of the PAC performance and the lack of GAC start-up offsets. On the biannual plan. Turnaround we completed in April, the associated cost of $3.1 million was capitalized. The work was completed under budget, and we do not anticipate needs to repeat it before April 2028. We reported net loss of approximately $700,000 for the quarter, compared with net loss of $2.4 million in the second quarter of 2025, reflecting the improved operating performance just described.

較去年同期小幅成長。這主要仍由出貨量提升與價格改善所帶動。本季毛利率約為 38.5%，較 2025 年第二季提高約 520 個基點，反映 PAC 表現持續改善，以及不再有 GAC 啟動期的抵銷影響。依照半年期計畫。我們於 4 月完成的歲修（turnaround），相關成本 310 萬美元已資本化。該項工作在預算內完成，我們預期在 2028 年 4 月之前不需要再次進行。本季淨損約 70 萬美元，相較 2025 年第二季淨損 240 萬美元，反映前述營運表現的改善。

We generated adjusted EBITDA of approximately $5.8 million, up meaningfully from $3.7 million in the prior year period. The improvement reflects the continued strength and improving profitability of our PAC business, our pricing and cost initiatives and the absence of the GAC production costs and challenges that weighed on prior periods.

我們產生的調整後 EBITDA 約為 580 萬美元，較去年同期的 370 萬美元顯著提升。改善主要反映 PAC 業務持續強勁且獲利能力提升、我們的定價與成本措施，以及不再承擔先前期間拖累表現的 GAC 生產成本與挑戰。

Our adjusted EBITDA also included add-backs for severance associated with recent leadership changes and non-cash equity compensation.

我們的調整後 EBITDA 亦包含與近期領導階層變動相關的資遣費加回，以及非現金的股權薪酬加回。

Selling, general and administrative expenses totaled $6.8 million, reflecting a $900,000 increase versus the prior year period. This was primarily driven by severance and recruiting costs tied to recent leadership changes.

銷售、一般及行政費用合計 680 萬美元，較去年同期增加 90 萬美元。這主要由近期領導階層變動所帶來的資遣與招募成本所致。

Research and development costs for the second quarter were about $1 million versus $2.7 million in the prior year period.

第二季研發費用約為 100 萬美元，去年同期為 270 萬美元。

Much of this is attributed to the increased spend in the prior year period related to GAC ramp-up.

其中多數差異可歸因於去年同期因 GAC 產能爬坡而增加的支出。

Our second quarter performance was strong for what is typically a softer shoulder quarter and it demonstrates the earnings power of the PAC business. We remain focused on enhancing the profitability of the PAC business even further and believe it is now genuinely cash generative on an annual basis.

第二季通常是較為疲弱的淡旺季交界季度（shoulder quarter），但我們本季表現強勁，展現了 PAC 業務的獲利能力。我們仍專注於進一步提升 PAC 業務的獲利性，並相信其目前在年度基礎上確實能產生現金。

Turning to the balance sheet, we ended the second quarter with total cash of $12.1 million, of which approximately $11.2 million was restricted.

談到資產負債表，我們在第二季末的現金總額為 1,210 萬美元，其中約 1,120 萬美元為受限制現金。

The movement versus year-end primarily reflects capital expenditures, the turnaround and the timing of working capital. Unrestricted cash at the quarter end was lower than in recent quarters, and I want to address that directly.

相較年末的變動主要反映資本支出、歲修以及營運資金時點的影響。季末的非受限制現金低於近幾季水準，我想直接說明原因。

This reflects the timing of our borrowing base and receipt rather than any change in our liquidity position.

這反映的是我們借款基礎（borrowing base）與收款時點，而非流動性狀況的任何變化。

Our borrowing draw settles midweek and because the quarter ended on a Tuesday, the timing of payroll, other payables and slow customer receipts around period end resulted in the unrestricted cash-carrying balance at June 30, not reflecting our normal level of available cash.

我們的借款撥付在週中結算，而由於本季季末落在週二，薪資、其他應付款項的支付時點，以及期末附近客戶收款較慢，導致 6 月 30 日的非受限制現金帳面餘額未能反映我們正常可用現金水準。

To emphasize and illustrate this point, unrestricted cash increased to $3 million as of July 1, and as of July 31, 2026, stood at approximately $3.1 million.

為了強調並說明這一點，非受限制現金在 7 月 1 日增加至 300 萬美元；截至 2026 年 7 月 31 日，約為 310 萬美元。

At June 30, we were not constrained by our credit facility and there was significant availability remaining under our borrowing base.

截至 6 月 30 日，我們並未受到授信額度的限制，且在借款基礎下仍有相當可用額度。

Total debt as of June 30 stood at $30.9 million, including around $21.4 million related to the mid-cap revolving credit facility and around $8.1 million related to the CTV loan secured against the Corbin asset.

截至 6 月 30 日的總負債為 3,090 萬美元，其中約 2,140 萬美元與中型資本循環信用額度（mid-cap revolving credit facility）相關，約 810 萬美元與以 Corbin 資產作擔保的 CTV 貸款相關。

This reflects an increase in about $2.2 million versus December 2025 and is largely driven by an increase in amount drawn on the mid-cap facility.

相較 2025 年 12 月增加約 220 萬美元，主要由中型資本授信的動用金額增加所致。

Today. We are also reiterating our 2026 CapEx forecast of between $8 million and $10 million.

今天。我們也重申 2026 年資本支出（CapEx）預估為 800 萬至 1,000 萬美元。

Finally, we are reaffirming our full year 2026 guidance. We continue to expect revenues to be between $120 million and $125 million and adjusted EBITDA of between $17 million and $20 million for the full year.

最後，我們重申 2026 年全年指引。我們仍預期全年營收介於 1.2 億至 1.25 億美元，全年調整後 EBITDA 介於 1,700 萬至 2,000 萬美元。

We continue to expect to fund our operating and CapEx needs via our existing cash generation and ongoing cost reduction initiatives. We are also confident that the incremental credit could be added to the balance sheet given our strong asset base and growing profitability.

我們仍預期透過既有的現金創造能力及持續的成本降低措施，來支應營運與資本支出需求。我們也有信心，鑑於我們強勁的資產基礎與日益提升的獲利能力，可在資產負債表上增加額外授信。

And we are already looking at ways to enhance our existing facility terms to better reflect the state of the business today.

我們也已在尋找方法，改善現有授信條款，使其更能反映公司目前的營運狀況。

We will, of course, provide any updates on this process as and when appropriate. With that, I will turn things back to Bob.

當然，我們會在適當的時點就此流程提供最新進展。接下來，我把時間交回給 Bob。

Thanks, Shimon. Before we turn to questions, let me leave you with three key takeaways.

謝謝你，Shimon。在進入提問之前，我想留下三個重點結論。

First, our PAC business continues to deliver and this quarter demonstrated its earnings power. Q2 is typically a seasonally muted quarter, yet we delivered adjusted EBITDA well ahead of the prior year period and gross margin up roughly 520 basis points year over year.

第一，我們的 PAC 業務持續交出成果，本季展現其獲利能力。第二季通常是季節性較為平淡的一季，但我們的調整後 EBITDA 明顯優於去年同期，毛利率也較去年同期提升約 520 個基點。

With the warm summer now underway, I'm confident in the. Outlook for the third quarter. Second, realizing value across the business will be a core focus in the months and quarters ahead. This includes not only new products like our path for PFAS strategy, but expanding our customer mix, streamlining operational performance and delivering prudent cost savings wherever possible.

隨著溫暖的夏季已經展開，我對。第三季的展望充滿信心。第二，在未來幾個月與幾個季度，實現全公司價值將是核心重點。這不僅包括像我們 PFAS 策略路徑這類新產品，也包括擴大客戶組合、精簡營運表現，並在可行之處落實審慎的成本節省。

I believe we can make the existing business meaningfully more efficient and profitable than it is today.

我相信我們可以讓現有業務在效率與獲利能力上，相較於今日有顯著提升。

Our goal is to increase adjusted EBITDA up to 50%. With Shimon's arrival I'm confident we now have the right management team in place to deliver on this strategy.

我們的目標是將調整後 EBITDA 提升至最高 50%。隨著 Shimon 的加入，我有信心我們現在已具備合適的管理團隊來落實這項策略。

Third, our PFAS strategy remains central to our growth initiatives. I believe our discipline around capital allocation and shareholder value takes priority.

第三，我們的 PFAS 策略仍是我們成長計畫的核心。我相信我們在資本配置與股東價值方面的紀律必須優先。

My goal is to deliver first-class solutions for our customers and in doing so, deliver strong returns for our shareholders, myself included as a significant shareholder.

我的目標是為客戶提供一流的解決方案，並在此過程中為股東（包括身為重要股東的我本人）帶來強勁回報。

The PFAS opportunity remains core to our growth potential. We believe PAC for PFAS can serve. As both a permanent and an effective interim solution while we finalize our granular activated target plan.

PFAS 的機會仍是我們成長潛力的核心。我們相信用於 PFAS 的 PAC 可以作為解決方案。在我們完成顆粒活性碳目標方案之前，既可作為永久方案，也可作為有效的過渡性方案。

In conclusion, our foundational PAC business continues to deliver solid results. In addition to PAC for PFAS, we have multiple avenues for growth that we're actively pursuing. We look forward to updating you on our progress across all elements of this strategy. With that, I'll hand it back to our moderator to open for questions.

總結來說，我們的基礎 PAC 業務持續交出穩健成果。除了用於 PFAS 的 PAC 之外，我們也正積極推進多條成長路徑。我們期待就此策略各個面向的進展向各位更新。接下來我把時間交回主持人，開放提問。

Thank you.

謝謝。

(Operator Instructions)

(接線員指示)

Our first question comes from Jerry Sweeney with Ross Capital Partners, LLC. Please go ahead.

我們的第一個問題來自 Ross Capital Partners, LLC 的 Jerry Sweeney。請開始。

Good morning, Raz and Shimon. Thanks for taking my call this morning.

早安，Raz 和 Shimon。感謝今天早上接聽我的電話。

I'm going to start with the GAC. I know the number you put out there, I think it was $40 million to $60 million on the CapEx. Not saying you are or you aren't going to do anything, but with that backdrop and that number, that number.

我先從 GAC 談起。我知道你們提出的數字，我記得資本支出（CapEx）大約是 4,000 萬到 6,000 萬美元。我不是說你們一定會或不會做什麼，但在這樣的背景與這個數字之下，這個數字。

That, I believe, falls into the realm of where I think previously you said you could use debt to pursue this as an opportunity, is that correct?

我認為這落在你們先前提到可用舉債來把握這個機會的範圍內，對嗎？

It does, but I also want to stress that that evaluation work is still ongoing. And that there are really two basic reasons for that range: one, there are two different designs in the 25% contingency, and what we're doing is we're honing and sharpening the features on our preferred design that will allow us to further refine the price and narrow the scope.

是的，但我也要強調，該評估工作仍在進行中。而之所以會有那個區間，主要有兩個基本原因：第一，有兩種不同的設計方案以及 25% 的預備金（contingency）；我們正在針對偏好的設計方案進一步打磨與強化其特點，以便更精準地修正價格並縮小範圍。

In what we're doing. But our key focus, as I mentioned, we're only going to do what's in the best value of our shareholders, what creates maximum shareholder value. And that's continuing to focus on transforming our core PAC business. And while Bituminous-based GAC is attractive, we're not going to pursue it at any price.

就我們正在做的事情而言。但如我所提，我們的重點是只做對股東最有價值、能創造最大股東價值的事。而這也意味著持續聚焦於轉型我們的核心 PAC 業務。雖然以瀝青煤為基礎的 GAC 具有吸引力，但我們不會不計代價去追求。

No, understood. I just wanted to make sure that that number fell into some of the equation that we discussed in the past.

了解。我只是想確認這個數字確實落在我們過去討論過的某些評估框架之中。

Switching over to PAC, the PAC for PFAS, is there any uniqueness to the product in terms of manufacturing or additives that allow it to go after the PFAS market? And the follow-up to that would be, yes or no, how much capacity do you have to sell into the PFAS market versus maybe the foundational markets?

轉到 PAC，也就是用於 PFAS 的 PAC，這個產品在製造或添加劑方面是否有任何獨特之處，使其能切入 PFAS 市場？接著追問，是或否：你們有多少產能可以銷往 PFAS 市場，相較於可能的基礎市場？

So I'm going to answer your second question first, Jerry. We look at the pack business as a whole and what we're doing and what we have done as part of the strategic optimization review is how do we increase the overall capacity? How do we most effectively utilize our furnace time to sell the maximum and manufacture and sell the maximum pack volumes as it relates to that? The pack for PFAS is really a tailored.

Jerry，我先回答你的第二個問題。我們把 PAC 業務視為一個整體；而我們正在做、也已在策略性最佳化檢視中做過的，是如何提升整體產能？如何最有效地利用我們的爐時（furnace time），以最大化 PAC 的製造與銷售量？用於 PFAS 的 PAC 其實是量身打造的。

For a specific segment of the market and that specific target market is substantial and it's really tailored and targeted to those entities that are close but not yet in compliance that can use this specially formulated product to comply.

它是針對市場中的特定區隔；而那個目標市場規模可觀，主要鎖定那些接近但尚未達到合規要求的單位，讓他們能使用這款特別配方的產品來達到合規。

The product is potentially meaningful to ARUP due to the attractive volumes, pricing and margins, we would expect and expect the ASP on PAC for PFAS and margins to be substantially greater than our ASP and our margins on our basic PAC business.

由於我們預期其出貨量、定價與毛利具吸引力，該產品對 ARUP 可能具有相當重要的意義；我們預期用於 PFAS 的 PAC 之平均售價（ASP）與毛利率將顯著高於我們基礎 PAC 業務的 ASP 與毛利率。

How much capacity do you have to sell into the PFAS for PAC market or is that?

你們有多少產能可以銷往 PFAS 的 PAC 市場，還是說那是？

Well, in some respects, it's TBD, but the reality is if we are so successful that we run up against our capacity constraints, which we still have significant unused capacity, we would then substitute PAC for PFAS by eliminating some of our lower margin product production.

某種程度上仍有待確定（TBD），但現實是：如果我們非常成功，以至於碰到產能限制——而我們目前仍有相當可觀的閒置產能——那麼我們會以用於 PFAS 的 PAC 取代部分低毛利產品的生產。

And then obviously great results. How much of a drag in the quarter was the turnaround?

另外，結果顯然很棒。本季歲修（turnaround）對業績拖累有多少？

Then after this, I'll jump back online, but how much of a drag was the turnaround and obviously going into Q3, which is the peak season, we should be looking at a very strong quarter?

然後我之後再回到線上，不過歲修的拖累有多少？而且進入第三季（Q3）這個旺季，我們應該會看到非常強勁的一季吧？

Thank you, Jerry. This is Shim.

謝謝你，Jerry。我是 Shim。

The turnaround cost with $3.1 million of which we capitalized. So you won't even see that impact on the income statement. We capitalized the operational expenses and are going to amortize over the next two years.

歲修成本為 310 萬美元，其中我們資本化了。因此你甚至不會在損益表上看到那個影響。我們將營運費用資本化，並將在未來兩年攤銷。

The impact, the turnaround that was expensed that will not repeat next quarter is about the impact of that is about $300,000 that was expensed.

已費用化、且下季不會重複發生的歲修影響，大約是 30 萬美元。

Okay. So, I mean, it was, there was some cost, but it wasn't big. I mean, result 38%, we'll take that all day long and going into Q3 should be seasonally strong as well, especially on the volume front.

好的。所以，我的意思是，有一些成本，但不大。我的意思是，38% 的結果，我們很樂意接受；而進入 Q3 在季節性上也應該很強，尤其是在出貨量方面。

And the other impact is we essentially shut down the plant for three to four weeks too. So, that does have an effect too that doesn't, isn't directly attributable to the financial statements.

另外一個影響是，我們基本上也把工廠停了三到四週。所以這也會有影響，只是它不會直接反映在財務報表上。

Got it. Understood. Okay. Well, congrats on a great quarter and glad to see the PAC for PFAS. Moving forward, and some of my channel checks thought it was a very interesting opportunity. So I appreciate it.

了解。明白。好的。那麼，恭喜你們有個很棒的季度，也很高興看到用於 PFAS 的 PAC。展望未來，我的一些通路調查也認為這是個非常有趣的機會。所以謝謝。

Our next question comes from Jason Tilchen with Canaccord Genuity. Please go ahead.

我們的下一個問題來自 Canaccord Genuity 的 Jason Tilchen。請開始。

Good morning, everyone. Thanks for taking my questions.

各位早安。謝謝讓我提問。

Start, just a bit of a follow-up on the last question.

先從上一題做個簡短的追問。

Are there any gating factors in terms of commitments of existing sort of pack production capacity that sort of historically has been viewed as a positive, but maybe could hinder the pace of shifting some of your production of existing pack into the pack for PFAS side of things?

就既有的某種包裝（pack）產能承諾而言，是否存在任何門檻因素？這些承諾在歷史上可能被視為正面，但是否可能會阻礙你們將部分既有包裝產量轉向 PFAS 相關包裝的速度？

No, Jason. We have plenty of capacity that we can use and we've created additional capacity as a result of the strategic optimization review. So that, combined with the cost reduction initiatives we've undertaken on the operational side, give us plenty of room to be able to service the PAC for PFAS market.

沒有，Jason。我們有充足的產能可供使用，而且透過策略性最佳化檢視，我們也新增了產能。因此，這再加上我們在營運端推動的成本降低措施，讓我們有很大的空間來服務 PFAS 市場的 PAC 需求。

And in terms of that additional capacity that you've identified through this review process.

那麼，關於你們透過這次檢視流程所辨識出的新增產能。

Is there a sense of the materiality of the investment required and/or the timing for when that would sort of be available to you?

對於所需投資的重大性以及／或何時可供你們使用的時程，是否有一些概念？

Excellent question that, yes, it's de minimis capital expenditure is required for both PATS or PFAS and to realize the efficiencies. That's why Shimon, in his remarks, reaffirmed our guidance on the CapEx for the year of a range to $8 million to $10 million.

這是個很好的問題。是的，無論是 PATS 或 PFAS，以及要實現效率提升，所需的資本支出都非常小（de minimis）。這也是為什麼 Shimon 在他的發言中重申我們今年的資本支出指引，區間為 800 萬至 1,000 萬美元。

Great, very helpful. And then one other one for me, trying to tie together some of the comments that were made.

很好，非常有幫助。然後我還有一個問題，想把剛才的一些評論串起來。

I believe you said that there's no GAC production expected in 2027 at this point, and there's a 12-month construction timeline that was sort of put out in the deck as sort of a rough timeline. Is the right interpretation there that you're not going to make any decision before the end of this year as you continue to evaluate the PAC for PFAS test pilot with clients and customers, or is it more so negative saying. Approach to the process and it's possible a decision could be made sooner and all that.

我記得你提到，目前看來 2027 年不預期會有任何 GAC 產量，而且簡報中也提出約 12 個月的建置期作為粗略時程。正確的解讀是否是：在你們持續與客戶評估 PFAS 的 PAC 測試試點期間，你們在今年年底前不會做任何決策？還是說這只是較為保守的說法，也就是決策可能更早做出等等？

We're taking a conservative approach to the process and that's why we've guided people saying, expect no bituminous GAC sales or production in 2027. As I mentioned earlier, we're working on honing and sharpening the design, narrowing down the cost and then evaluating what process going forward maximizes shareholder. Value. So is it potential a decision could be made? And later this year, yes. Is there a potential the decision could be pushed into '27? Yes.

我們對這個流程採取保守作法，因此才會對大家指引：預期 2027 年不會有任何瀝青基（bituminous）GAC 的銷售或生產。如我先前提到的，我們正在精進並強化設計、縮小成本範圍，然後評估未來哪一種推進方式能使股東價值最大化。價值。所以，是否有可能做出決策？而且在今年稍晚，是的。是否也有可能把決策延後到 2027 年？是的。

Great.

很好。

Thank you very much. Congrats on the strong results.

非常感謝。恭喜你們有強勁的成果。

Our next question comes from Aaron Spychala with Craig-Hallum. Please go ahead.

下一個問題來自 Craig-Hallum 的 Aaron Spychala。請發問。

Good morning, Bob and Jim. Thanks for taking the questions.

早安，Bob 和 Jim。謝謝你們回答問題。

Maybe first just following up on the PAC for PFAS, can you just kind of talk about would these be contract sales, spot sales and just what are kind of those gating factors or kind of timeline for customer evaluation and then just as a follow-up, I mean any kind of investments in R&D that might be needed kind of coming out of that?

先跟進一下 PFAS 的 PAC。你們能否談談這會是合約銷售、現貨銷售，或兩者皆有？以及客戶評估的門檻因素或時程大概是什麼？另外作為追問，是否需要任何研發投資，可能會在這之後產生？

These would be anticipate that these would be contract sales, not necessarily spot sales. So there'd be strong repeatable business as it relates to that. The R&D function has already been performed. The product was really developed from two ways, one from discussions with our sales force, with our customers and potential customers, but also then in consultation with and developed by our, technology team, as I've always. Said, and you've heard me say we have a best-in-class technology team. So that work has already been done. What we're doing now is doing the testing phase with customers in a target market group there, and we're very encouraged by that initial testing.

我們預期這會是合約銷售，不一定是現貨銷售。因此在這方面會有很強的可重複性業務。研發功能已經完成。這個產品主要是從兩個面向開發出來：一是與我們的銷售團隊、客戶及潛在客戶的討論；二是與我們的技術團隊諮詢並由其開發，正如我一直所說，你們也聽我說過，我們擁有同級最佳（best-in-class）的技術團隊。所以那部分工作已經完成。我們現在正在與目標市場群組的客戶進行測試階段，而我們對初步測試結果感到非常鼓舞。

And sorry if I missed it, but just any thoughts on kind of timeline for testing and when that might lead to larger volumes?

抱歉如果我漏聽了，但對於測試時程以及何時可能帶來更大出貨量，你們有什麼想法嗎？

Yes, no, the testing is ongoing. We've already completed some tests and we're working with customers. We expect some sales in the second half of 2026, but then meaningful contribution in terms of volumes, ASP and gross margin in 2027.

是的，沒有，測試正在進行中。我們已完成部分測試，並正與客戶合作。我們預期在 2026 年下半年會有一些銷售，但在出貨量、平均售價（ASP）與毛利率方面的顯著貢獻將在 2027 年。

All right, thanks. And then on the GAC, $40 million to $60 million, is that just phase one or in the past you've kind of talked about maybe looking at phase one and phase two, just trying to understand what broader kind of needs or costs might look like as you pursue maybe a further build out?

好的，謝謝。另外關於 GAC 的 4,000 萬到 6,000 萬美元，這只是第一期嗎？過去你們曾談到可能會看第一期與第二期；我想了解若你們要進一步擴建，整體需求或成本大概會是什麼樣子？

That is phase one. And again, just for clarity for everyone, phase one being 25 million pounds. Of bituminous GAC capacity. Some of that expenditure would benefit at potential Stage 2, but it is all would be required for Stage 1.

那是第一期。再為大家釐清一下，第一期是指 2,500 萬磅的瀝青基 GAC 產能。的瀝青基 GAC 產能。其中部分支出可能也會對潛在的第二期有幫助，但這些支出全部都是第一期所必需的。

And then just one last question on free cash flow. So with the turnaround behind you now is kind of looking at the business close to the $20 million EBITDA run rate. Can you just kind of frame how you think about free cash flow conversion from EBITDA moving forward?

最後一個關於自由現金流的問題。既然現在大修（turnaround）已經結束，業務看起來接近 2,000 萬美元 EBITDA 的運行水準。你們能否說明一下，未來你們如何看待從 EBITDA 轉換為自由現金流的能力？

Sure. So the way I look at it is really on a two-year basis because you have to factor in the biennial plant turnaround. As Jim mentioned in his remarks, we anticipate that continuing to happen every two years. So if you look at CapEx $8 million to $10 million a year, you adjust that up for a little bit for some growth and/or inflation. So you say $20 million at the high end or $22 million or $4 million. Even at the high end over a two-year period. And depending upon whether you want to use $20 million of EBITDA or $30 million a year, so you're generating $40million to $60 million of EBITDA and you're spending roughly $24 million at the extreme high end, I believe, in terms of CapEx over that period. So you're generating somewhere between $16 million and $26 million of free cash?

當然。我看這件事會以兩年為一個基礎來看，因為你必須把每兩年一次的工廠大修納入考量。如 Jim 在他的發言中提到，我們預期這會持續每兩年發生一次。所以如果你看每年資本支出 800 萬到 1,000 萬美元，再因應一些成長和／或通膨做些上調。那麼在高端你可以說兩年合計 2,000 萬，或 2,200 萬，或 2,400 萬美元。即使以兩年期間的高端來看也是如此。而且取決於你要用每年 2,000 萬美元或 3,000 萬美元的 EBITDA，也就是你會產生 4,000 萬到 6,000 萬美元的 EBITDA，而在該期間你大約會支出約 2,400 萬美元（我認為是極端高端）的資本支出。因此你會產生約 1,600 萬到 2,600 萬美元的自由現金？

Great.

很好。

Thank you for taking the questions. I'll turn it over.

謝謝你們回答問題。我把時間交回去。

Our next question comes from Tim Moore with ClearStreet. Please go ahead.

下一個問題來自 ClearStreet 的 Tim Moore。請發問。

And it was nice to see the adjusted EBITDA margin rebound to the high level without the GAC drag.

很高興看到在沒有 GAC 拖累的情況下，調整後 EBITDA 利潤率回升到高水準。

My first question is directed to Shan. We know you haven't been in the role for a lot of time, and some of this question is probably not fair.

我的第一個問題是問 Shan。我們知道你擔任這個職位的時間不長，而這個問題的某些部分可能不太公平。

Might have gotten a look inside the company since your hiring announcement in late May. Can you just give us an initial preliminary sense of maybe your first take on commercialization, the growth acceleration potential?

自從你在五月下旬宣布加入以來，你可能已經有機會深入了解公司內部。你能否先給我們一個初步的看法，例如你對商業化、成長加速潛力的第一印象？

Bob's talked about some of the strategies and just kind of what you're seeing with the start of the company.

Bob 談到了一些策略，以及你在公司起步階段所看到的情況。

Sure.

當然。

Thank you very much for the question.

非常感謝你的提問。

As you mentioned, I was named two months ago, but I've really only been in the seat for about 10 days now.

如你所提到的，我是在兩個月前被任命的，但我真正坐上這個位子其實才大約 10 天。

That being said, what excites me most is really the demand and the strength in the existing pack business, as that product still has tremendous demand as we've seen this quarter with the upsize volume and pricing ability in the quarter. On top of that, this new launch of pack for PFAS opens additional. Strength in that core capability with some pricing protection, right? That's a higher margin business. So ultimately, as the high demand pack business stabilizes, we'll still have pricing power with the pack for PFAS element.

即便如此，最讓我興奮的其實是既有粉末活性碳（PAC）業務的需求與韌性；從本季我們看到的放量（upsize volume）以及本季的定價能力來看，該產品仍有非常龐大的需求。此外，這次針對 PFAS 的 PAC 新產品上市也帶來額外的機會。在這項核心能力上展現出更強的優勢，並且具備一定的價格保護，對吧？那是一個毛利率更高的業務。因此，最終當高需求的 PAC 業務趨於穩定時，我們在 PFAS 用 PAC 這個項目上仍將保有定價能力。

Obviously, I don't have to say the people are very exciting. In all of my management meetings and discussions and kind of learning where things are and how the business is running.

當然，我不必多說，團隊的人才也非常令人振奮。在我所有的管理會議、討論，以及了解各項進展與業務如何運作的過程中。

The executive management team is fully engaged. They understand the setback of the GAC plant and are fully aligned looking for new products, new cost opportunities, et cetera, to get the business back in fighting shape and that brings me to the last opportunity.

高階管理團隊完全投入。他們理解 GAC 工廠的挫折，並且完全一致地在尋找新產品、新的成本機會等等，以讓業務恢復戰鬥力，而這也帶到我最後一個機會點。

There's significant cost opportunities to take, or sorry, significant opportunities to take costs out of the business. We have identified already about five different categories of non-people-related cost reductions.

我們有顯著的降本空間，或者說，抱歉，是有顯著的機會可以把成本從業務中移除。我們已經辨識出大約五個不同類別、與人員無關的成本削減項目。

They're timely. We need to negotiate them. We need to sharpen the pencil and sign them. But I believe there's significant opportunity to generate cash just through cost removal.

這些都很及時。我們需要去談判。我們需要精打細算並把合約簽下來。但我相信，僅透過移除成本，就有很大的機會產生現金。

That's a really helpful color, and it was really.

這些補充資訊非常有幫助，而且確實很。

Good to hear that insider view, even though I've only been there less than two weeks.

很高興聽到這種內部視角，儘管我到那裡還不到兩週。

I just wanted to follow-up on one of Bob's prepared remarks.

我想就 Bob 事先準備的發言追問一點。

He mentioned, I think, the goal of a 50% increase in EBITDA, and then he just ran us through kind of the EBITDA potential range, maybe $30 to $40 million in the pre-cas flow conversion. I just want to clarify, that 50% increase in that $30 to $40 million EBITDA, that's entirely without GAC, right? I just want to clarify that.

他提到，我想，是 EBITDA 提升 50% 的目標，然後他也帶我們看了 EBITDA 的潛在區間，可能是 3,000 萬到 4,000 萬美元，以及現金流轉換（cash flow conversion）之前的情況。我只是想確認一下：這個在 3,000 萬到 4,000 萬美元 EBITDA 基礎上的 50% 成長，是完全不包含 GAC 的，對吧？我想確認這一點。

And I want to clarify your question, Tim. One, when I was saying the $30 million is the goal that we have for next year in terms of cost takeout as well as product expansion, that represents a 50% increase over the high end of the target for this year, the guidance that we've given people, which is about a 45% increase over the prior year. As it relates to that. I don't think I mentioned $40 million other than as it relates to over a two-year basis on that, not a single year.

Tim，我想先確認一下你的問題。第一，當我說 3,000 萬美元是我們明年在降本以及產品擴張方面的目標時，這代表相較於我們今年給市場的指引目標區間上緣，增加 50%；而今年的指引大約又比前一年增加 45%。就這點而言。我想我提到 4,000 萬美元，只有在談到兩年期的累計基礎時，而不是單一年。

That's fine. I like targets and that could be a good target. I just want to clarify that's without GAC, if you could get to $40 million maybe over a two-year?

好的。我喜歡目標，而那可能會是一個不錯的目標。我只是想確認：如果你們在兩年內可能達到 4,000 萬美元，那是不包含 GAC 的，對嗎？

Yeah, no, absolutely. And our focus and absolute focus is on creating maximum shareholder value and our core PAC business is transformed into a growing business. And the key is that our growth is not reliant on bituminous-based GAC, which used to be the case. And so when we talk about these numbers, that gives no value, no earnings potential, no contribution from bituminous. Based GAC.

是的，沒錯。而我們的重點、絕對的重點，是創造股東價值最大化，我們的核心 PAC 業務已轉型為一個成長型業務。關鍵在於，我們的成長不再依賴瀝青基（bituminous-based）的 GAC——過去曾是如此。因此當我們談這些數字時，完全沒有把瀝青基。GAC 的任何價值、任何獲利潛力或任何貢獻納入。

Our last question comes from Peter Gastreick with Water Tower Research. Please go ahead.

我們最後一個問題來自 Water Tower Research 的 Peter Gastreick。請開始提問。

Thank you. Good morning, and congratulations on the results. It's great to hear you coming up on the strategy on the PAC for PFAS and some of the other levers.

謝謝。早安，並恭喜你們的業績表現。很高興聽到你們在 PFAS 用 PAC 的策略以及其他槓桿措施上的進展。

Also, thanks for taking my questions. I'd like to start with the industry landscape.

也謝謝你們回答我的問題。我想先從產業環境談起。

So Caledon just announced up to a 25% global increase effective next month. And I know you, Bob, won't want to comment on competitors' actions, but just curious if you'd be able to look at this from sort of a high-level read on the drivers for the industry. So.

Caledon 剛宣布自下個月起全球最高調漲 25%。我知道你（Bob）不會想評論競爭對手的行動，但我想請你從較高層次的角度談談產業驅動因素。所以。

Market perspective, is this purely market tightness? Is it rising costs? Is there any impact from imported materials here?

從市場角度看，這純粹是市場供給吃緊嗎？是成本上升嗎？這裡是否也受到進口材料的影響？

Is it all the above? Just kind of curious what your lay of the land would be into the end of this year.

還是以上皆是？我只是好奇你對今年年底前整體情勢的看法。

Thank you.

謝謝。

So a couple of things, as you say, I don't want to comment on the rationale for our competitors. But we've done an excellent job as a company of raising our ASP over the last 12 quarters.

有幾點，如你所說，我不想評論競爭對手的理由。但就公司而言，我們在過去 12 個季度把平均售價（ASP）拉升得非常出色。

We have seen costs increase, hence our focus on reducing those costs across the board.

我們確實看到成本上升，因此我們才會專注於全面降低這些成本。

We've also seen tightness in the marketplace. And as it relates to certain segments of the marketplace, despite the fact that we still haven't made a go or no-go decision as it relates to GAC, that market remains extremely effective. Bituminous-based GAC is still the best available technology for remediating PFAS and letting the water utilities. The four parts per trillion level. And the pack for PFAS, as mentioned, is both an interim opportunity and potentially a permanent for certain people. But that, again, going back and not meaning to digress, I think it relates to market tightness and I think it relates to overall inflation from the cost indications.

我們也看到市場供給吃緊。而就市場的某些細分領域而言，儘管我們對 GAC 仍未做出「做或不做」（go/no-go）的決定，那個市場仍然非常強勁。瀝青基 GAC 仍然是修復 PFAS 的最佳可用技術，並讓自來水公用事業能達到。每兆分之四（4 ppt）的標準。而如前所述，PFAS 用 PAC 既是一個過渡性的機會，對某些人而言也可能是永久性的方案。但再次回到重點、也不是要離題，我認為這與市場供給吃緊有關，也與成本端所反映的整體通膨有關。

Okay, great.

好的，很棒。

Thank you. My second question is a technical question, kind of following up on the PAC for PFAS.

謝謝。我的第二個問題是技術性問題，算是延續對 PFAS 的 PAC 的追問。

If I understand this correctly, so basically the PAC for PFAS sort of partially addresses the problem. Say, does that mean that it can bring it down, the PFAS to a certain kind of parts per million, doesn't bring us quite to the level of compliance, but it kind of gets us partway there. Is that the right way to look at it?

如果我理解正確，基本上 PFAS 的 PAC 算是部分解決了問題。也就是說，它可以把 PFAS 降到某種 ppm（百萬分之一）水準，但還沒有完全達到合規要求，不過能讓我們先達到一部分。這樣理解對嗎？

No, that's not what PAC for PFAS does for a certain segment of the market that is close to but not currently in compliance. They can use our PAC for PFAS product to get them into compliance. That has two benefits. One obviously is compliance in advance of the.

不，PFAS 的 PAC 並不是那樣運作；對於市場中某一段「接近但目前尚未合規」的客群而言，他們可以使用我們的 PFAS PAC 產品來達到合規。這有兩個好處。其中一個顯然是能在……之前就先行合規。

The EPA regulations in terms of permissible PFAS in the water system. The other is they can use existing equipment and don't have to do the CapEx too, which sometimes can be substantial to put in GAC systems to be able to meet those standards. That's for a certain segment of the marketplace. There is another very large segment of the marketplace that could use PAC for PFAS, but at some point, the quantities needed. That segment to comply make it more cost-effective to utilize the GAC. What we're focusing on is that market and those customers and potential customers that are close but not yet in compliance to where PAC for PFAS is an economically attractive alternative to using bituminous-based GAC.

也就是在 EPA 對供水系統中允許的 PFAS 含量之相關法規要求之前先行合規。另一個好處是他們可以沿用既有設備，不必投入資本支出（CapEx）；而要建置 GAC 系統以符合那些標準時，CapEx 有時可能相當可觀。這是針對市場中的某一部分。另外還有一個非常大的市場區隔也可能使用 PFAS 的 PAC，但在某個時間點，所需用量……那個區隔若要合規，改用 GAC 會更具成本效益。我們聚焦的是那個市場，以及那些接近但尚未合規、使得 PFAS 的 PAC 在經濟上相較於使用瀝青基 GAC 更具吸引力的客戶與潛在客戶。

Okay, thanks. That's very clear. And are there competitors positioned to supply this as well?

好的，謝謝。這非常清楚。那也有競爭對手具備供應這項產品的布局嗎？

We think that we are fairly unique in that.

我們認為我們在這方面相當獨特。

Okay, great.

好的，很棒。

Thank you. So, just one more question here, two more questions just for clarifications.

謝謝。那我這裡再問一個問題——其實再兩個問題——只是想釐清。

So, for the GAC CapEx range, just to be clear, is it 40 to 50, 5.0, or 40 to 60, 6.0?

所以，關於 GAC 的 CapEx 區間，為了確認清楚，是 40 到 50（5,000 萬）還是 40 到 60（6,000 萬）？

40 to 60, 6.0, and that's based on the.

是 40 到 60（6,000 萬），而且這是基於……

The two designs, but as I say, we have a preferred design and we're working to finalize that and sharpen the pencil on as it relates to that design.

兩種設計方案；但如我所說，我們有偏好的設計，正在努力把它定案，並就該設計相關的成本進一步精算、把數字算得更精準。

Okay, great. And for that design, in that range, is this a single capacity in mind or is there a capacity range within that figure as well?

好的，很棒。那就該設計而言，在那個區間內，這是以單一產能為前提，還是該數字本身也涵蓋一個產能範圍？

What we're looking at is 25 million pounds of GAC capacity. Some of that expenditure, as I mentioned earlier, will go to benefit a potential second line if and when we decide to do that. But all of that expense, whether it's 40, 50, or 60, would be required to reach that 25-million-pound capacity.

我們看的目標是 2,500 萬磅的 GAC 產能。如我先前提到，其中一部分支出將有助於未來若我們決定建置第二條產線時的需求。但不論是 4,000 萬、5,000 萬或 6,000 萬，這些費用要達到 2,500 萬磅產能都是必要的。

We have reached the end of our question-and-answer session. I would now like to turn the floor back over to Bob Rasmus for closing comments.

我們的問答環節到此結束。接下來我想把時間交回給 Bob Rasmus 做結語。

Thanks, Dylan. I know granular activated carbon has been a key focus for investors and rightly so, but I think the market may be looking at us the wrong way. When we first showed a pass the $30 million of EBITDA with granular activated carbon as the driver, our valuation reflected roughly 10 times that forecast. We are now nearly two-thirds of the way there, yet we are trading at a multiple less than five times this year's guidance. And approximately three times our $30 million goal.

謝謝，Dylan。我知道粒狀活性碳一直是投資人關注的重點，而且確實應該如此，但我認為市場可能用錯了角度在看我們。當我們首次展示在粒狀活性碳帶動下，EBITDA 可突破 3,000 萬美元時，我們的估值大約反映了該預測的 10 倍。如今我們已經接近完成其中的三分之二，但我們目前的交易倍數卻低於今年指引的 5 倍。而且大約只有我們 3,000 萬美元目標的 3 倍。

We acknowledge the varying growth protectories of each business, but we believe there is a mismatch, one driven simply by the fact that we are delivering that EBITDA through a different product mix.

我們承認各項業務的成長軌跡不盡相同，但我們認為存在一種不匹配，而這主要只是因為我們是透過不同的產品組合來實現該 EBITDA。

We have transformed our so that our growth is not reliant on granular activated carbon. Our focus has been on and will be on optimizing our foundational PAC business and our guidance, performance and expectations for 2026 reflect substantial improvements in that core business, both in relative and absolute terms. And based on our strategic optimization review, we believe we can make the PAC business meaningfully more efficient and profitable than it is today and more profitable than we expect for 2026.

我們已經完成轉型，使我們的成長不再依賴粒狀活性碳。我們的重點一直是、也將會是，優化我們的基礎 PAC 業務；而我們對 2026 年的指引、表現與預期，反映了該核心業務在相對與絕對層面都將有顯著改善。並且基於我們的策略性優化檢視，我們相信可以讓 PAC 業務在效率與獲利上都顯著優於目前水準，也優於我們對 2026 年的預期。

That improvement will come through new products, that's products plural, not just PAC for PFAS, as well as expanding our customer mix, streamlining operations, increasing effective furnace capacity and finding cost savings wherever possible.

這些改善將來自新產品——是「多項」產品，不只是 PFAS 的 PAC——以及擴大我們的客戶組合、精簡營運、提升有效爐體產能，並在一切可能之處尋找成本節省。

As mentioned earlier, our goal is to increase adjusted EBITDA in our core PAC business by up to 50% while still retaining the granular activated carbon optionality. I want to thank. For their time today and their continued interest in ARC and we look forward to providing the market further updates.

如先前所提，我們的目標是在保留粒狀活性碳選擇權的同時，將核心 PAC 業務的調整後 EBITDA 提升最多達 50%。我想感謝……各位今天撥冗參與，以及持續關注 ARC；我們也期待向市場提供更多最新進展。

This concludes today's teleconference. You may disconnect your lines at this time.

今天的電話會議到此結束。您現在可以掛斷電話線。

Thank you for your participation.

感謝您的參與。