The company's debt profile underwent a dramatic shift with total debt falling from $233.6 million in 2025Q3 to $8.1 million in 2025Q4, suggesting a potential restructuring or debt-to-equity conversion.
| Total Current Assets | 134.26M | 11.33M | 37.8M | 12.77M | 15.3M | 11.22M | 3.18M | 4.26M | 2.7M | 90.98K | 644.39K | 110.38K |
| Cash & Short-Term Investments | 72.17M | 1.19M | 2.67M | 10.87M | 11.49M | 10.62M | 3.32K | 2.29M | 186.72K | 83.81K | 640.24K | 61.92K |
| Cash Only | 31.7M | 604.49K | 1.32M | 10.87M | 11.49M | 10.62M | 3.32K | 2.29M | 186.72K | 48.79K | 444.77K | 34.36K |
| Short-Term Investments | 40.47M | 587.36K | 1.35M | 0 | 0 | 0 | 0 | 0 | 0 | 35.02K | 195.46K | 27.56K |
| Accounts Receivable | 59.46M | 1.17M | 741.24K | 660.75K | 3.18M | 272.89K | 2.66M | 1.66M | 1.9M | 2.21K | 0 | 0 |
| Days Sales Outstanding | - | 1.12K | 20.44 | 6.11 | 149.46 | 93.99 | 39.65 | 19.2 | 33.32 | 5.48 | - | - |
| Inventory | 0 | 959.99K | 129.99K | 446.69K | 0 | 150.5K | 515.63K | 163.8K | 615.1K | 4.96K | 4.16K | 0 |
| Days Inventory Outstanding | - | 136.74 | 3.96 | 6.4 | - | 10.76 | 6.21 | 2.12 | 10.53 | 22.37 | 25.19 | - |
| Other Current Assets | 2.64M | 8M | 34.26M | 0 | 5K | 0 | 234.24K | 0 | 30.02K | 0 | 0 | 0 |
| Total Non-Current Assets | 34.64M | 193.69M | 26.92M | 43.15M | 27.57M | 27.2M | 32.05M | 37.1M | 15.56M | 6K | 485.88K | 0 |
| Property, Plant & Equipment | 143.07K | 39.29M | 21.55M | 22.15M | 23.63M | 22.5M | 27.67M | 32.57M | 11.12M | 6K | 4K | 0 |
| Fixed Asset Turnover | - | 0.01x | 0.61x | 1.78x | 0.33x | 0.05x | 0.88x | 0.97x | 1.87x | 24.57x | 15.63x | - |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 361.05K | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 450.22K | 0 | 0 | 0 | 0 | 0 | 120.83K | 0 |
| Long-Term Investments | 32.36M | 1.71M | 3.48M | 18.78M | 2.5M | 0 | 4.38M | 4.53M | 4.44M | 0 | 0 | 0 |
| Other Non-Current Assets | 2.14M | 152.69M | 1.9M | 2.22M | 995.19K | 4.7M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | 168.91M | 205.01M | 64.73M | 55.92M | 42.87M | 38.42M | 35.23M | 41.36M | 18.26M | 96.97K | 1.13M | 110.38K |
| Asset Turnover | - | 0.00x | 0.20x | 0.71x | 0.18x | 0.03x | 0.69x | 0.76x | 1.14x | 1.52x | 0.06x | - |
| Asset Growth % | -17.61% | 216.75% | 15.75% | 30.42% | 11.6% | 9.04% | -14.83% | 126.48% | 18733.86% | -91.42% | 923.98% | - |
| Total Current Liabilities | 61.21M | 84.8M | 77.01M | 27.43M | 16.54M | 20.93M | 45.01M | 26.43M | 35.42M | 168.5K | 68.09K | 3K |
| Accounts Payable | 52.7M | 4.25M | 3.37M | 4.92M | 3.25M | 4.29M | 11.04M | 8.12M | 5.36M | 10.17K | 14.39K | 0 |
| Days Payables Outstanding | 1000K | 605.03 | 102.71 | 70.45 | 141.11 | 306.51 | 133 | 105.24 | 91.78 | 45.88 | 87.2 | - |
| Short-Term Debt | 4.35M | 45.71M | 45.68M | 11.7M | 5.86M | 11.07M | 28.05M | 14.31M | 9.65M | 50K | 18.55K | 0 |
| Deferred Revenue (Current) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 20.34M | 35.34K | 33.95K | 0 |
| Other Current Liabilities | 115.6K | 6.59M | 7.59M | 0 | 0 | 0 | 2.33M | 2.41M | 2.12M | 0 | 0 | -3K |
| Current Ratio | 2.19x | 0.13x | 0.49x | 0.47x | 0.93x | 0.54x | 0.07x | 0.16x | 0.08x | 0.54x | 9.46x | 36.79x |
| Quick Ratio | 2.19x | 0.12x | 0.49x | 0.45x | 0.93x | 0.53x | 0.06x | 0.16x | 0.06x | 0.51x | 9.40x | 36.79x |
| Cash Conversion Cycle | - | 649.77 | -78.31 | -57.93 | - | -201.76 | -87.14 | -83.91 | -47.93 | -18.03 | - | - |
| Total Non-Current Liabilities | 14.51M | 202.12M | 32.72M | 28.2M | 28.68M | 37.49M | 22.93M | 24.13M | 22.93M | 0 | 0 | 0 |
| Long-Term Debt | 965.29K | 151.84M | 486.56K | 0 | 9.17M | 19.63M | 5.42M | 7.92M | 5.08M | 0 | 0 | 0 |
| Capital Lease Obligations | 1.38M | 21.78M | 849.46K | 7.9M | 548.48K | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Deferred Tax Liabilities | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Non-Current Liabilities | 12.17M | 28.5M | 31.39M | 20.3M | 18.97M | 17.86M | 17.51M | 16.21M | 17.85M | 0 | 0 | 0 |
| Total Liabilities | 75.72M | 286.92M | 109.73M | 55.63M | 45.22M | 58.42M | 67.93M | 50.56M | 58.36M | 168.5K | 68.09K | 3K |
| Total Debt | 8.08M | 220.51M | 47.1M | 23.49M | 15.72M | 30.7M | 33.46M | 22.23M | 14.73M | 50K | 18.55K | 0 |
| Net Debt | -23.63M | 219.91M | 45.78M | 12.62M | 4.23M | 20.09M | 33.46M | 19.94M | 14.54M | 1.21K | -69.43K | -82.82K |
| Debt / Equity | 0.09x | - | - | 82.52x | - | - | - | - | - | - | 0.02x | - |
| Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Debt / EBITDA | - | - | - | - | - | - | - | - | - | - | - | - |
| Interest Coverage | -9.11x | -4.01x | -18.48x | -0.01x | -6.80x | -2.02x | -5.67x | -5.51x | -12.54x | - | - | - |
| Total Equity | 93.19M | -81.91M | -45.01M | 284.7K | -2.35M | -20.01M | -32.7M | -9.2M | -40.09M | -71.53K | 1.06M | 107.38K |
| Equity Growth % | 213.77% | -82% | -15908.2% | 112.14% | 88.28% | 38.83% | -255.49% | 77.05% | -55953.05% | -106.73% | 889.17% | - |
| Book Value per Share | 1.07 | -1.06 | -0.60 | 0.00 | -0.04 | -0.68 | -1.36 | -2.62 | -50.60 | -0.09 | 1.44 | 0.46 |
| Total Shareholders' Equity | 94.78M | -80.35M | -43.53M | 284.7K | -2.35M | -20.01M | -32.7M | -9.2M | -40.49M | -142.82K | 521.71K | 107.38K |
| Common Stock | 10.69K | 7.8K | 7.63K | 6.68K | 6.51K | 4.3K | 2.74K | 1.78K | 89 | 2.52K | 2.5K | 1.96K |
| Retained Earnings | -210.36M | -266.76M | -225.29M | -167.24M | -165.79M | -133.29M | -123.03M | -52.12M | -42.02M | -1.23M | -513.49K | -88.93K |
| Treasury Stock | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Accumulated OCI | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | -1.59M | -1.56M | -1.47M | 0 | 0 | 0 | 0 | 0 | 397.86K | 71.29K | 540.47K | 0 |
Capital structure insolvency risk
As reported in recent SEC filings, AREC's total assets have fluctuated significantly, dropping from $212.6M in 2024Q3 to $168.9M by 2025Q4, reflecting a precarious trajectory as the company attempts to pivot its asset base away from legacy coal mining toward unproven critical mineral processing infrastructure.
The contraction in total assets alongside persistent negative retained earnings of $210.4M suggests that the company is consuming its capital base to fund operational transitions. Investors should monitor whether this downward trend in asset value indicates a permanent impairment of the firm's underlying resource holdings.
Based on financial statements, the company's debt profile has undergone a dramatic shift, with total debt plummeting from $233.6M in 2025Q3 to $8.1M in 2025Q4, which may indicate a significant restructuring event or the conversion of debt into equity to avoid immediate insolvency.
While the reduction in debt appears to improve the D/E ratio to 0.09, the underlying necessity of such a move suggests that the firm's previous leverage was unsustainable. The sudden change warrants investigation into the terms of the debt retirement and whether it has resulted in significant shareholder dilution.
According to the latest quarterly data, the current ratio improved to 2.19 in 2025Q4 from a low of 0.10 in 2025Q1, yet this liquidity buffer remains highly sensitive to the company's ongoing cash burn and its ability to maintain access to external capital markets.
The improvement in the current ratio appears to be a function of debt reduction rather than organic cash generation. Given the lack of revenue, this liquidity position may be insufficient to support the long-term capital requirements of the ReElement technology commercialization.
As indicated by the reported figures, equity remains under extreme pressure with a cumulative deficit in retained earnings of $210.4M, highlighting the severe erosion of shareholder value resulting from years of operational losses and the costs associated with maintaining idled Appalachian mining assets.
The negative equity position observed in prior quarters suggests that the company has been operating in a state of technical insolvency. Any recent recovery in equity value should be scrutinized for potential dilution from secondary offerings or warrants used to bridge the current funding gap.
Quick answers to the most common questions about buying AREC stock.
As of 2025, American Resources Corporation (AREC) had total assets of $168.9M including $134.3M in current assets.
American Resources Corporation (AREC) carries total debt of $8.1M, offset by $72.2M in cash and short-term investments. Comparing total debt to cash helps evaluate the company's debt burden and net leverage.
American Resources Corporation (AREC) has total shareholders' equity (book value) of $94.8M ($1.07 book value per share). Book value represents the net worth of the company belonging to common stock holders.
American Resources Corporation (AREC) reported a current ratio of 2.19x. A current ratio above 1.0x indicates that the company has more current assets than current liabilities, suggesting sufficient short-term liquidity.