ARQ · Arq, Inc.

Arq, Inc. has amended its revolving credit facility for the fifth time since its inception in December 2024, indicating ongoing adjustments to its financing arrangements. The key modifications focus on covenant relief and expanded borrowing capacity. The replacement of the minimum liquidity covenant with an availability reserve requirement provides more predictable liquidity management, though the reserve amount doubles in early 2027. The inclusion of additional collateral types (eligible equipment and Rolling Stock) in borrowing base calculations potentially increases available credit, while temporary relaxation of customer concentration limits through August 2026 offers operational flexibility. These amendments suggest the company is actively managing its credit facility to align with current business needs, though the repeated amendments may indicate evolving financial requirements or ongoing negotiations with lenders. The agreement includes standard representations, warranties, and conditions precedent, along with a mutual release of claims between the parties.