Friday 6 November 2026 Export AREC’s income statement to Excel — free account

American Resources Corporation

American Resources Corporation’s revenue for fiscal 2024 (year ended December 2024) was $34,100.00, down 99.7% from fiscal 2023.

Revenue: −100.0%
EPS: +774.2%
Free cash flow: +97.4%
Total debt: +47.4%

Quarter to December 2025, against a year earlier

0.96 0.04 −4.00%

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Market cap: $101.5M
P/E: 1.5×
Fwd P/E: −6.3×
Dividend yield: 0.00%
F-score: 4/9
Altman Z: −1.67
Beneish M: n/a
Dividend safety: n/a

Overview

Insider Decisions last twelve months

Trades a month
	Jan 26			Apr 26			Jul 26			Oct 26
Buy	—	—	—	—	—	—	—	—	—	—	—	—
Sell	—	—	—	—	—	—	—	—	—	—	—	—

Insider Ownership 1.35%

Capital & Financial Ratios $m

Size

Market Cap 101.46

Revenue ttm 0.05

Net income ttm 55.39

Free cash flow ttm (10.45)

Net debt Q (54.69)

Valuation

P/E 1.45

Forward P/E (6.29)

Price / sales 1,845.45

Forward P/S Powerpack

Price / FCF 0.00

Price / book 0.90

Financial health

Current ratio Q 2.19

Debt / equity Q 0.19

Interest coverage Q (1.20)

Growth

Revenue growth Q −100.00%

Operating income growth Q −50.62%

EPS, this year +13.24%

EPS, next year A +193.16%

Revenue, next year A +41.64%

EPS, past 5 yrs —

EPS, next 5 yrs A −21.64%

Green and red mark values outside typical ranges; (Q) is the latest quarter, (A) analysts’ estimates. How we judge →

Valuation vs history

EV/Sales, ten years

P/S against its own 10 years 88.23%

10-year low 10-year high

P/B against its own 10 years 0.13%

10-year low 10-year high

EV/Sales against its own 10 years 80.15%

10-year low 10-year high

Dividends

Yield: 0.00%
Annual rate: 0.00
Payout ratio: 0.00%

Assets vs Liabilities $m

	2022	2023	2024	2025
Cash	11	35	1	72
Receivables	1	1	82	59
Inventory	0	0	1	—
Other	—	—	—	—
	13	38	93	134

	2022	2023	2024	2025
Payables	12	9	21	54
ST’ Debt	12	54	6	4
Other	3	0	0	—
	27	78	166	61

Compound Annual Growth %

	10y	5y	3y
Sales	(5.86%)	(73.16%)	(83.62%)
Cash Flow	0.00%	0.00%	0.00%
Earnings	0.00%	0.00%	0.00%
Book Value	0.00%	0.00%	589.17%

Earnings Trends EPS, adjusted, against the consensus

Q3 FY25 Estimate −0.12 Actual −0.07

−0.15 −0.11 −0.06 −0.02 0.02

Q2 FY24 Miss −0.04

Q3 FY24 Miss −0.03

Q2 FY25 Miss −0.10

Q3 FY25 Beat +0.05

Q3 FY26 — Nov 13

Earnings per share against the consensus, by quarter
Quarter	Estimate	Reported	Result
Q2 FY24	−0.05	−0.09	Miss by 0.04
Q3 FY24	−0.10	−0.13	Miss by 0.03
Q2 FY25	0.00	−0.10	Miss by 0.10
Q3 FY25	−0.12	−0.07	Beat by 0.05
Q3 FY26	−0.08	—	Reports 13 November 2026

EPS $

	Mar	Jun	Sep	Dec	Year
’26	—	—	—	—	—
’25	(0.08)	(0.10)	(0.05)	0.91	0.63
’24	(0.09)	(0.14)	(0.13)	(0.14)	(0.52)
’23	(0.04)	(0.10)	(0.03)	(0.34)	(0.52)
’22	(0.04)	(0.04)	(0.08)	0.14	(0.02)
’21	(0.14)	(0.13)	(0.15)	(0.18)	(0.59)
’20	(0.12)	0.05	0.00	(0.28)	(0.35)

Fiscal quarters ending in the months shown.

Revenue $m

	Mar	Jun	Sep	Dec	Year
’26	0	0	0	0	—
’24	0	0	0	0	0
’23	9	2	6	0	12
’22	9	16	10	5	39
’21	0	0	3	5	8
’20	1	0	0	0	1
’19	7	9	2	6	24

Fiscal quarters ending in the months shown.

Operating Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	—	—	—	—	—
’25	(1)	(7)	(1)	(1)	(10)
’24	(5)	(9)	(4)	(4)	(21)
’23	(7)	(3)	(5)	(4)	(20)
’22	(6)	(2)	(4)	14	3
’21	(7)	(4)	(7)	(12)	(29)
’20	1	(2)	(1)	(12)	(14)

Fiscal quarters ending in the months shown.

Free Cash Flow $m

	Mar	Jun	Sep	Dec	Year
’26	—	—	—	—	—
’25	(1)	(7)	(2)	0	(10)
’24	(5)	(7)	(2)	(6)	(21)
’23	(8)	(2)	(4)	(7)	(22)
’22	(6)	(1)	1	26	19
’21	(7)	(4)	(9)	(12)	(32)
’20	0	(1)	(1)	(12)	(13)

Fiscal quarters ending in the months shown.

Group	Line	2016	2017	2018	2019	2020	2021	2022	2023	2024	2025	Trend	10 yrs	2026e	2027e	2028e	Next 3/yr
												Ten-year view		Analyst estimates Powerpack
Income, $m
Income, $m	Revenue	8	21	32	24	1	8	39	12	0	—		(49.1%)	9	327	1,273	+1,089.3%
	Gross margin, %	(17.90)	21.50	20.72	(6.57)	(253.83)	8.59	45.06	35.92	(1,456.89)	0.00		+17.9 pt	Powerpack American Resources Corporation’s next three years, line by line Analysts expect revenue to grow 1,089.3% a year to 2028 — faster than the −49.1% of the last 8 years. See the consensus for every other line: earnings, margins, cash flow, valuation and returns. Unlock estimates Try Powerpack free for 7 days, then $99 / year ($8.25 a month). Cancel any time. Also in Powerpack: every quarter, Excel exports, API & MCP access. Compare plans
	EBT	(22)	(13)	(13)	(71)	(10)	(33)	(1)	(39)	(16)	(18)		(2.3%)
	EBT margin, %	(290.60)	(60.48)	(40.47)	(289.73)	(967.80)	(419.12)	(3.66)	(327.57)	(46,807.04)	0.00		+290.6 pt
	Net income	(22)	(13)	(13)	(71)	(10)	(33)	(1)	(39)	(39)	55		n/m
Per share, $
Per share, $	Revenue	0.00	26.28	8.97	1.02	0.04	0.14	0.59	0.16	0.00	0.00		n/m
	Earnings	(0.90)	(15.89)	(3.69)	(2.94)	(0.35)	(0.59)	(0.02)	(0.52)	(0.52)	0.63		n/m
	Cash flow	0.00	(7.12)	(0.96)	(0.80)	(0.47)	(0.53)	0.04	(0.26)	(0.28)	(0.12)		n/m
	Capex	0.00	(0.22)	(0.04)	(0.01)	0.01	(0.06)	0.25	(0.03)	0.00	0.00		n/m
	Free cash flow	0.00	(7.34)	(1.00)	(0.81)	(0.46)	(0.58)	0.29	(0.29)	(0.27)	(0.12)		n/m
	Book value	0.00	(46.90)	(2.62)	(1.36)	(0.68)	(0.04)	0.00	(0.60)	(1.05)	1.07		n/m
	Shares, m	0	1	4	24	29	55	67	75	77	87		n/m
Valuation, ×
Valuation, ×	P/E	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	—		0.0
	P/S	0.17	0.00	1.11	0.63	55.14	13.10	2.11	7.00	203.55	—		31.4
	P/B	0.00	0.00	0.00	0.00	0.00	0.00	293.19	0.00	0.00	—		32.6
	EV/Sales	1.24	0.70	1.74	1.69	74.03	13.56	2.32	8.71	232.44	—		37.4
	EV/FCF	18.39	(2.51)	(15.08)	(2.12)	(5.84)	(3.27)	4.71	(6.75)	(4.24)	—		(1.9)
Cash, $m
Cash, $m	Operating cash flow	(6)	(6)	(3)	(19)	(14)	(29)	3	(20)	(21)	(10)		+6.7%
	Capex	0	0	0	0	0	(3)	17	(2)	0	0		+1.0%
	Free cash flow	(6)	(6)	(3)	(20)	(13)	(32)	19	(22)	(21)	(10)		+6.7%
Balance, $m
Balance, $m	Working capital	(21)	(33)	(22)	(42)	(10)	(1)	(15)	(40)	(74)	73		n/m
	Net debt	9	15	20	26	20	4	8	29	11	(55)		n/m
	Shareholders’ equity	(28)	(37)	(9)	(33)	(20)	(2)	0	(45)	(81)	93		n/m
Returns, %
Returns, %	ROA	(217.41)	(71.04)	(45.18)	(185.18)	(27.85)	(79.97)	(2.93)	(63.87)	(22.59)	24.60		+242.0 pt
	ROIC	0.00	0.00	(67.82)	0.00	(160,619.14)	(1,492.99)	(143.78)	0.00	0.00	(18.36)		(18.4) pt
	ROE	160.58	40.17	56.18	338.48	38.91	290.85	140.31	172.30	62.13	903.06		+742.5 pt
People
People	Employees	3	204	227	15	10	10	17	23	23	7		+9.9%
	Revenue/emp, $m	0.00	0.10	0.14	1.63	0.11	0.78	2.32	0.51	0.00	0.00		n/m

Negative figures in brackets.

estimates

All 10 years →

Fiscal years to Dec 2024 · latest quarter Dec 2025 · fundamentals updated 26 Oct 2026

Company	Market cap	P/E	Fwd P/E	Revenue growth (Q)	EPS growth (Q)	FCF growth (Q)	Gross margin (Q)	EBIT margin (Q)	Compare
ONT Onterris, Inc.	$682.0M	— (loss-making)	— (loss-making)	−9.71% (below 0%: shrinking)	+8.33% (above 0%: growing)	+74.18% (above 0%: growing)	43.47%	6.05%	Compare
PESI Perma-Fix Environmental Services, Inc.	$272.5M	— (loss-making)	— (loss-making)	−11.66% (below 0%: shrinking)	n/m	−156.46% (below 0%: shrinking)	(19.43%)	(50.50%)	Compare
ENGS Energys Group Limited	$212.0M	—	—	—	—	—	—	—	Compare
ABAT American Battery Technology Company	$171.6M	— (loss-making)	— (loss-making)	+196.60% (above 0%: growing)	n/m	−32.23% (below 0%: shrinking)	15.66%	(246.50%)	Compare
AREC American Resources Corporation	$101.5M	1.5×	— (loss-making)	−100.00% (below 0%: shrinking)	n/m	+97.41% (above 0%: growing)	0.00%	0.00%
LNZA LanzaTech Global, Inc.	$65.4M	0.3×	—	−0.77% (below 0%: shrinking)	n/m	+90.37% (above 0%: growing)	19.99%	(109.53%)	Compare
YDDL One and One Green Technologies. Inc	$56.6M	—	—	—	—	—	—	—	Compare
LICYQ Li-Cycle Holdings Corp.	$29.9M	— (loss-making)	— (loss-making)	+9.38% (above 0%: growing)	n/m	+68.50% (above 0%: growing)	(191.43%)	(417.14%)	Compare
QRHC Quest Resource Holding Corporation.	$21.9M	— (loss-making)	— (loss-making)	+7.61% (above 0%: growing)	n/m	+16.13% (above 0%: growing)	16.28%	(15.55%)	Compare
Median of peers	$118.5M	—	—	+3.42%	—	+42.32%	15.97%	(80.01%)

All 22 Waste Management stocks →

Pay and ownership Proxy statement filed 9 March 2026

Ownership

Directors and executive officers, together 1.81%

5% Holders 22.43%

Golden Properties, Ltd. 8.51%

Ownership is the proxy’s own table: the directors and officers as a group, and every holder of 5% or more. Read the proxy statement

American Resources Corporation (AREC) Latest News

5 Nov

Impact 3 · 8:00 AM · ACCESS Newswire

ReElement Announces $46 Million in Non-Dilutive Federal NMTC Allocation to Support Indiana Critical-Minerals Refining Expansion

21 Oct

Impact 4 · 6:30 AM · ACCESS Newswire

American Resources Corporation and ReElement Technologies Advance Strategic Partnership with Uzbekistan to Commercially Demonstrate High-Purity Tungsten Refining

14 Oct

Impact 4 · 5:00 AM · ACCESS Newswire

American Resources Corporation Appoints Datuk Wira Mark Ling as CEO of Newly Formed American Resources Indo Pacific to Lead Rare Earth Supply Chain Development in Malaysia

5 Oct

Impact 4 · 8:25 AM · ACCESS Newswire

American Resources Corporation, ReElement Technologies and Electrified Materials Announce October Conference Participation

28 Sep

Impact 4 · 7:11 AM · Zacks

AREC Expands Critical Materials and Battery Supply With Blackion Deal

22 Sep

Impact 3 · 8:30 AM

ReElement Technologies to Hold Meetings in New York During Climate Week and UN General Assembly

21 Sep

Impact 4 · 8:00 AM · ACCESS Newswire

American Resources Corporation's Electrified Materials Signs Binding LOI to Acquire Blackion, Expanding Critical Materials and Battery Supply Chain Platform

10 Sep

Impact 3 · 12:00 PM

American Resources (AREC) Upgraded to Buy: Here's What You Should Know

3 Sep

Impact 3 · 12:07 PM

American Resources joins Critical Minerals Institute as inaugural Platinum member

Impact 3 · 9:33 AM · Proactive Investors

American Resources joins Critical Minerals Institute as inaugural platinum member

Impact 3 · 9:20 AM

American Resources Corporation Joins Critical Minerals Institute as its First Platinum Member

24 Aug

Impact 4 · 8:30 AM

ReElement Technologies Strengthens Commercial Operations Team as Marion Rare Earth and Critical Mineral Refining Campus Advances

Impact 3 · 9:12 AM · Proactive Investors

American Resources' ReElement adds seven executives

21 Aug

Impact 3 · 8:07 AM

AREC Secures Air Permit for Four Production Lines at Marion Supersite

20 Aug

Impact 4 · 7:30 AM · mining-technology.com

Air permit granted for ReElement’s Marion refinery in Indiana, US

19 Aug

Impact 4 · 9:03 AM · Proactive Investors

American Resources' ReElement wins air permit for Indiana rare earths plant

Impact 4 · 8:30 AM

ReElement Technologies Receives Air Permits for Marion, Indiana Rare Earth and Critical Mineral Refinery

10 Aug

Impact 3 · 9:43 AM · Proactive Investors

American Resources CEO joins Trump-hosted mining roundtable in Washington

Impact 3 · 8:35 AM

American Resources CEO Mark Jensen Attends U.S. Department of State Mining Roundtable Hosted by President Donald J. Trump and Secretary Marco Rubio

8 Aug

Impact 4 · 12:26 PM · Proactive Investors

American Resources scales critical minerals refining – ICYMI

7 Aug

Impact 4 · 12:05 PM

American Resources CFO on hitting commercial scale milestone at ReElement's critical minerals plant

Impact 4 · 8:45 AM · Proactive Investors

American Resources unit ReElement hits commercial-scale germanium milestone

Impact 4 · 8:00 AM

ReElement Technologies Successfully Demonstrates Commercial-Scale Refining Platform at Marion Facility

24 Jul

Impact 4 · 8:53 AM · Proactive Investors

American Resources declares special cash dividend following strategic transformation

Impact 4 · 7:45 AM

American Resources Corporation Declares Special Cash Dividend to Shareholders Following Strategic Transformation

21 Jul

Impact 4 · 8:00 AM

ReElement Technologies Rapidly Expands Workforce to Support Accelerating Demand for U.S. Rare Earth and Critical Mineral Refining

Impact 3 · 8:43 AM · Proactive Investors

American Resources' ReElement unit expands workforce ahead of Indiana commissioning

16 Jul

Impact 4 · 10:11 AM

AREC's ReElement Gets $25M to Expand Domestic Rare Earth Refining Hub

Impact 3 · 9:56 AM · Proactive Investors

American Resources subsidiary Electrified Materials closes $9.5M private placement

Impact 3 · 9:10 AM

American Resources' Electrified Materials Announces Closing of its Previously Announced Private Placement for Gross Proceeds of $9.5 Million

American Resources Corporation

Insider Decisions last twelve months

Capital & Financial Ratios $m

Valuation vs history

Dividends

Assets vs Liabilities $m

Compound Annual Growth %

Earnings Trends EPS, adjusted, against the consensus

EPS $

Revenue $m

Operating Cash Flow $m

Free Cash Flow $m

Target Price Range

Recommendation Rating

Ten years at a glance Fiscal years to December

American Resources Corporation vs peers in Waste Management (Q) = latest quarter vs a year earlier

Pay and ownership Proxy statement filed 9 March 2026

Ownership

American Resources Corporation (AREC) Latest News

5 Nov

21 Oct

14 Oct

5 Oct

28 Sep

22 Sep

21 Sep

10 Sep

3 Sep

24 Aug

21 Aug

20 Aug

19 Aug

10 Aug

8 Aug

7 Aug

24 Jul

21 Jul

16 Jul

Insider Decisions last twelve months

Capital & Financial Ratios $m

Valuation vs history

Dividends

Assets vs Liabilities $m

Compound Annual Growth %

Earnings Trends EPS, adjusted, against the consensus

EPS $

Revenue $m

Operating Cash Flow $m

Free Cash Flow $m

Target Price Range

Recommendation Rating

Ten years at a glance Fiscal years to December

American Resources Corporation vs peers in Waste Management (Q) = latest quarter vs a year earlier

Pay and ownership Proxy statement filed 9 March 2026

Ownership

American Resources Corporation (AREC) Latest News

5 Nov

21 Oct

14 Oct

5 Oct

28 Sep

22 Sep

21 Sep

10 Sep

3 Sep

24 Aug

21 Aug

20 Aug

19 Aug

10 Aug

8 Aug

7 Aug

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