AREC

MKT CAP:$219M

American Resources Corporation

Market Cap

$219M

Energy·Coal·🇺🇸 United States·NASDAQ

Energy·Coal·🇺🇸·NASDAQ

Stock Price

$2.24-$0.48 (-17.65%)

Apr 23, 2026

Company Details

American Resources Corporation engages in the extraction, processing, transportation, distribution, and sale of metallurgical coal to the steel industries. The company supplies raw materials; and sells coal used in pulverized coal injection...

CEO

Mark C. Jensen

IPO Date

Jun 30, 2017

Website

www.americanresourcescorp.com

Key Metrics TTM

Revenue

$145.0K

-99.6% YoY

Net Income

-$38M

EPS (Diluted)

-$0.46

Free Cash Flow

-$7M

Revenue / Share

$0.00

Gross Margin

96.6%

Operating Margin

-20298.4%

Net Margin

-26203.0%

FCF Margin

-4804.3%

P/S

1507.8x

P/E

—

Earnings Reports

Q3 2025

Nov 14, 2025

$50.2KEPS -$0.05

Q2 2025

Aug 19, 2025

$13.3KEPS -$0.10

Q1 2025

May 28, 2025

$31.9KEPS -$0.08

FY 2024

May 19, 2025

$383.2KEPS -$0.52

Q4 2024

May 19, 2025

$49.7KEPS -$0.23

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q1 20	$524.3K	-$1M	-$4M
Q2 20	$226.8K	-$525.5K	-$3M
Q3 20	$294.6K	$67.3K	-$2M
Q4 20	$13.9K	-$2M	-$7M
Q1 21	$10.6K	-$1M	-$6M
Q2 21	$393.2K	-$650.6K	-$6M
Q3 21	$3M	-$470.6K	-$8M
Q4 21	$5M	$2M	-$9M
Q1 22	$9M	$5M	-$4M
Q2 22	$16M	$10M	-$4M
Q1 23	$9M	$5M	-$3M
Q3 23	$6M	$3M	-$2M
Q4 24	$49.7K	$2M	-$13M
Q1 25	$31.9K	-$154.4K	-$5M
Q2 25	$13.3K	-$2M	-$7M
Q3 25	$50.2K	$3.6K	-$4M

Valuation

Quarter	P/S	P/E
Q1 20	1.8x	—
Q2 20	3.4x	—
Q3 20	5.6x	—
Q4 20	54.6x	—
Q1 21	333.4x	—
Q2 21	196.1x	—
Q3 21	37.2x	—
Q4 21	16.9x	—
Q1 22	9.1x	—
Q2 22	3.2x	—
Q1 23	2.7x	—
Q3 23	3.1x	—
Q4 24	2.8x	—
Q1 25	2.6x	—
Q2 25	11.8x	—
Q3 25	1749.8x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q1 20	$852.4K	$443.5K
Q2 20	-$2M	$0
Q3 20	-$1M	-$1M
Q4 20	-$12M	$0
Q1 21	-$7M	-$7M
Q2 21	-$4M	-$4M
Q3 21	-$7M	-$9M
Q4 21	-$12M	-$12M
Q1 22	-$5M	-$6M
Q2 22	-$2M	$0
Q1 23	-$7M	-$8M
Q3 23	$22M	$23M
Q4 24	-$6M	-$7M
Q1 25	-$1M	$0
Q2 25	-$7M	$0
Q3 25	-$536.4K	$0

Capital Expenditures

Quarter	CapEx
Q1 20	$408.9K
Q2 20	$2M
Q3 20	$0
Q4 20	$12M
Q1 21	$565.0K
Q2 21	$111.6K
Q3 21	$2M
Q4 21	$243.2K
Q1 22	$724.9K
Q2 22	$2M
Q1 23	$508.9K
Q3 23	$454.5K
Q4 24	$1M
Q1 25	$1M
Q2 25	$7M
Q3 25	$536.4K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q1 20	-93.6%	-55.6%
Q2 20	-96.8%	-82.0%
Q3 20	-84.0%	-71.7%
Q4 20	-99.8%	-84.4%
Q1 21	-98.0%	+25.2%
Q2 21	+73.3%	+96.8%
Q3 21	+855.0%	+321.4%
Q4 21	+32602.9%	+88.1%
Q1 22	+85196.1%	+118.4%
Q2 22	+4019.7%	+240.0%
Q1 23	+215.2%	+7.9%
Q3 23	+28.0%	-43.1%
Q4 24	-99.5%	+3.2%
Q1 25	-99.8%	-75.3%
Q2 25	-99.9%	-41.5%
Q3 25	-99.1%	-43.1%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q1 20	$115.0K	21.9%
Q2 20	$0	0.0%
Q3 20	-$142.3K	-48.3%
Q4 20	$0	0.0%
Q1 21	$147.0K	1380.8%
Q2 21	$0	0.0%
Q3 21	$0	0.0%
Q4 21	$0	0.0%
Q1 22	$0	0.0%
Q2 22	$0	0.0%
Q1 23	$376.6K	4.2%
Q3 23	$0	0.0%
Q4 24	$1M	2443.0%
Q1 25	$0	0.0%
Q2 25	$0	0.0%
Q3 25	$0	0.0%

OpEx Breakdown

Quarter	R&D	G&A
Q1 20	$128.2K	$1M
Q2 20	$307.2K	$1M
Q3 20	$792.9K	$1M
Q4 20	$3M	$1M
Q1 21	$2M	$4M
Q2 21	$3M	$4M
Q3 21	$5M	$6M
Q4 21	—	$10M
Q1 22	$7M	$1M
Q2 22	$12M	$13M
Q1 23	$6M	$2M
Q3 23	$2M	$2M
Q4 24	—	$14M
Q1 25	—	$3M
Q2 25	$330.8K	$2.5B
Q3 25	$385.5K	$3M

Revenue Segments

Quarter	Consolidated
Q3 25	$50.2K

War Chest

Quarter	Cash	Short-term Investments	Total
Q4 21	$11M	$0	$11M
Q1 22	$5M	$0	$5M
Q2 22	$4M	$0	$4M
Q3 22	$4M	$0	$4M
Q4 22	$11M	$0	$11M
Q1 23	$297.2K	$0	$297.2K
Q2 23	$3M	$0	$3M
Q3 23	$3M	$0	$3M
Q4 23	$1M	$1M	$3M
Q1 24	$2M	$0	$2M
Q2 24	$554.4K	$0	$554.4K
Q3 24	$840.3K	$151.3K	$991.7K
Q4 24	$604.5K	$587.4K	$1M
Q1 25	$24.6K	$0	$24.6K
Q2 25	$2M	$0	$2M
Q3 25	$2M	$0	$2M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q1 20	27M	+13.2%	+676.1%
Q2 20	27M	-1.6%	+29.0%
Q3 20	27M	-0.2%	+7.6%
Q4 20	29M	+9.6%	+21.9%
Q1 21	47M	+59.8%	+72.1%
Q2 21	52M	+11.1%	+94.3%
Q3 21	60M	+15.2%	+124.2%
Q4 21	55M	-8.1%	+88.1%
Q1 22	65M	+18.2%	+39.1%
Q2 22	66M	+1.7%	+27.3%
Q1 23	73M	+9.9%	+21.5%
Q3 23	76M	+4.5%	+38.1%
Q4 24	79M	+3.4%	+20.8%
Q1 25	80M	+2.1%	+21.3%
Q2 25	83M	+2.9%	+13.6%
Q3 25	84M	+1.8%	+10.6%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q1 20	$35.0K	15
Q2 20	$15.1K	15
Q3 20	$19.6K	15
Q4 20	$1.4K	10
Q1 21	$1.1K	10
Q2 21	$39.3K	10
Q3 21	$281.4K	10
Q4 21	$453.8K	10
Q1 22	$908.1K	10
Q2 22	$2M	10
Q1 23	$521.7K	17
Q3 23	$341.7K	17
Q4 24	$2.2K	23
Q1 25	$1.4K	23
Q2 25	$576	23
Q3 25	$2.2K	23

Revenue / Employee