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AREC

American Resources Corporation

AREC

American Resources Corporation • NASDAQ
$2.78 ▲ 6.11% (+0.16)
Market Cap $264.17 M
52w High $7.11
52w Low $0.38
Dividend Yield 0%
P/E -6.78
Volume 1.83M
Outstanding Shares 95.03M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $50.165K ▲ $4.313M ▼ $-6.303M ▲ -12.564K% ▲ $-0.07 ▲ $-3.258M ▲
Q2-2025 $13.256K ▼ $5.208M ▲ $-8.666M ▼ -65.375K% ▼ $-0.1 ▼ $-5.348M ▼
Q1-2025 $31.927K ▼ $4.829M ▼ $-6.653M ▲ -20.837K% ▲ $-0.083 ▲ $-3.761M ▲
Q4-2024 $49.677K ▼ $15.227M ▲ $-18.28M ▼ -36.799K% ▼ $-0.23 ▼ $-10.105M ▼
Q3-2024 $235.443K $5.832M $-9.207M -3.91K% $-0.12 $-7.088M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $2.082M ▼ $201.2M ▲ $296.202M ▲ $-93.434M ▼
Q2-2025 $2.28M ▲ $200.446M ▼ $292.644M ▲ $-90.631M ▼
Q1-2025 $24.623K ▼ $202.758M ▼ $289.261M ▲ $-84.938M ▼
Q4-2024 $1.192M ▲ $205.014M ▼ $286.924M ▲ $-80.348M ▼
Q3-2024 $991.656K $212.601M $265.986M $-51.83M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-4.402M ▲ $-536.416K ▲ $96.829K ▲ $3.236M ▼ $-188.146K ▼ $0
Q2-2025 $-8.666M ▼ $-7.446M ▼ $-148.957M ▼ $5.904M ▲ $2.503M ▲ $0
Q1-2025 $-6.653M ▲ $-1.435M ▲ $151.648M ▲ $76.799K ▼ $-2.576M ▲ $0 ▲
Q4-2024 $-18.287M ▼ $-5.908M ▼ $-1.702M ▼ $1.325M ▲ $-6.285M ▼ $-6.967M ▼
Q3-2024 $-3.846M $-3.017M $150.03M $-1.367M $145.646M $-3.017M

Five-Year Company Overview

Income Statement

Income Statement The company is still in an early, development-heavy phase, with only minimal revenue reported over the last several years. Operating results have been consistently in the red, indicating that the core businesses have not yet reached economic scale. Profitability has not been established, and losses per share have been meaningful and recurring, though there have been periods of slight improvement. Overall, this looks more like a venture-style, build-out story than a mature, earnings-driven business at this stage.

Balance Sheet

Balance Sheet The balance sheet is thin, with a relatively small asset base and very limited cash on hand. Debt sits at a level that is high relative to the size of the company, and shareholder equity has been negative in most recent years, which is a sign of financial strain. This structure leaves the company dependent on ongoing access to lenders or new equity capital. In short, the financial foundation appears fragile and sensitive to setbacks or funding constraints.

Cash Flow

Cash Flow Cash generation from day-to-day operations has been weak and mostly negative, which is typical of an early-stage, build-out company but still a key risk. Free cash flow closely tracks operating cash flow and has also generally been negative, suggesting the business is consuming cash rather than generating it. With no meaningful internal cash engine yet, the company’s growth and survival rely on external financing and successful commercialization of its projects.

Competitive Edge

Competitive Edge Strategically, the company is trying to move beyond traditional coal into critical minerals and rare earths, which are in high structural demand. Its focus on extracting value from waste streams, recycling, and cleaner refining gives it a differentiated story versus conventional miners and refiners. Partnerships with defense-related and industrial counterparties, plus membership in key supply-chain consortia, add credibility and potential market access. At the same time, the firm is small, early, and competing in markets where large, well-capitalized players and geopolitical forces play a major role, so execution and scale remain big open questions.

Innovation and R&D

Innovation and R&D Innovation is the clear bright spot: the company’s subsidiaries are developing proprietary separation and purification technologies that target very high purity levels for rare earths and other critical materials. The ability to process diverse inputs—such as coal waste, old batteries, and e‑waste—and turn them into valuable products supports a “circular economy” narrative. The technology is described as modular and scalable, which, if proven at commercial scale, could support both domestic and international expansion. Planned spin-offs and ongoing R&D around new elements and processes show an active pipeline, but also imply continued investment needs and technical risk until projects are fully commercialized.

Summary

American Resources today looks more like a speculative, technology-and-assets platform than a mature energy or mining company. Financially, it has a weak earnings record, a stretched balance sheet, and ongoing cash burn, which together signal high dependency on future funding and successful execution. Strategically, it is attempting to pivot from a legacy coal base to a cleaner, critical-minerals and recycling model built around proprietary technology and partnerships. If its innovations scale and customers commit to long-term offtake, the business profile could change meaningfully; if not, the current financial structure could become a significant constraint. Overall, this is a high-risk, high-uncertainty story centered on innovation and future optionality rather than current financial strength.

NEWS

November 20, 2025 · 9:30 AM UTC

ERI and ReElement Technologies Announce Rare Earth Elements Strategic Processing Partnership

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November 20, 2025 · 9:00 AM UTC

ReElement Technologies Announces Recycled Magnet Processing Agreement with ERI

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November 13, 2025 · 8:30 AM UTC

American Resources Corporation (NASDAQ: AREC) to Participate in a Live Virtual Investor CEO Connect Shareholder Update Webcast

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November 11, 2025 · 9:00 AM UTC

ReElement Technologies Honored with 2025 Trusted Tech Leadership Award from the Krach Institute for Tech Diplomacy at Purdue

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November 10, 2025 · 8:45 AM UTC

American Resources Corporation and ReElement Technologies Forge Strategic Partnership with Republic of Uzbekistan to Advance Critical Mineral Supply Chain Beginning with Tungsten

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