# American Resources Corporation (AREC)

**Exchange:** NASDAQ  
**Sector:** Basic Materials  
**Market cap:** $187M  
**Price:** $2.15 (+4.13%)

> American Resources Corporation is a critical materials provider specializing in rare earth elements, battery metals, and carbon for the electrified economy and infrastructure markets. The company operates through three primary segments: American Infrastructure, which extracts and processes metallurgical coal for the steel industry; ReElements, which produces separated and purified rare earth and critical elements for permanent magnets and battery materials used in electrification supply chains; and Electrified Materials Corporation, which aggregates and processes used metals for recycling into steel-based products. American Resources sources materials from diverse feedstocks, including mining waste streams, coal byproducts, recycled electronics, and end-of-life batteries, positioning itself as a key player in building secure domestic and allied supply chains for critical minerals. The company supports defense and commercial applications through strategic partnerships and advanced refining technologies, including blockchain-based traceability initiatives for supply chain transparency. Headquartered in Fishers, Indiana, and founded in 2006, American Resources focuses on meeting growing demand for high-purity critical minerals essential to electrification, manufacturing, and national security.

## Income Statement (Annual, USD)

| Fiscal Year | Revenue | Gross Profit | Operating Income | Net Income | EPS (dil.) |
| --- | --- | --- | --- | --- | --- |
| 2025 | — | — | -$11M | $55M | — |
| 2024 | $34,070 | — | -$14M | -$39M | — |
| 2023 | $12M | — | -$36M | -$39M | — |
| 2022 | $39M | $18M | -$19M | -$1M | — |
| 2021 | $8M | $666,355 | -$28M | -$33M | — |
| 2020 | $1M | -$3M | -$16M | -$10M | — |
| 2019 | $24M | -$2M | -$60M | -$71M | — |
| 2018 | $32M | $7M | -$11M | -$13M | — |
| 2017 | $21M | $19M | -$13M | -$13M | — |
| 2016 | $8M | — | -$22M | -$22M | — |
| 2016 | $147,282 | $66,360 | -$754,906 | -$643,373 | — |
| 2015 | $62,429 | $2,207 | -$401,985 | -$444,455 | — |

## Balance Sheet (Annual, USD)

| Fiscal Year | Total Assets | Total Liabilities | Equity | Cash | Long-term Debt |
| --- | --- | --- | --- | --- | --- |
| 2025 | $169M | $76M | $95M | $32M | $965,286 |
| 2024 | $282M | $363M | -$79M | $201,456 | — |
| 2023 | $65M | $110M | -$44M | $1M | — |
| 2022 | $56M | $56M | -$20M | — | — |
| 2021 | $43M | $45M | -$2M | $13M | — |
| 2020 | $38M | $58M | -$20M | $11M | $14M |
| 2019 | $35M | $68M | -$33M | $268,811 | — |
| 2018 | $41M | $51M | -$9M | $3M | $8M |
| 2017 | $16M | $53M | -$37M | $385,665 | $5M |
| 2016 | $20M | $48M | -$26M | $925,627 | — |
| 2016 | $96,971 | $168,498 | -$71,527 | $290,395 | — |
| 2015 | $1M | $68,094 | $1M | $87,983 | — |

## Cash Flow (Annual, USD)

| Fiscal Year | Operating Cash Flow | CapEx | Free Cash Flow |
| --- | --- | --- | --- |
| 2024 | -$21M | $1M | -$22M |
| 2023 | -$20M | $4M | -$23M |
| 2022 | $3M | — | — |
| 2021 | -$29M | — | — |
| 2020 | -$14M | — | — |
| 2019 | -$19M | $327,250 | -$20M |
| 2018 | -$3M | $133,363 | -$3M |
| 2017 | -$6M | $173,432 | -$6M |
| 2016 | -$6M | $34,200 | -$6M |
| 2014 | -$81,952 | — | — |

Source: [CompaniesByCap](https://companiesbycap.com/company/AREC)