Revenue has effectively collapsed to a negative $95.3K in 2025Q4, while gross margins have deteriorated to a negative 75.3% due to the abandonment of core mining operations.
| Sales/Revenue | 0 | 383.23K | 13.23M | 39.47M | 7.76M | 1.06M | 24.48M | 31.52M | 20.82M | 147.28K | 62.43K | 0 |
| Revenue Growth % | -100% | -97.1% | -66.47% | 409% | 631.85% | -95.67% | -22.35% | 51.41% | 14036.82% | 135.92% | - | - |
| Cost of Goods Sold | 2.56K | 2.56M | 11.98M | 25.47M | 8.4M | 5.11M | 30.31M | 28.17M | 21.32M | 80.92K | 60.22K | 0 |
| COGS % of Revenue | - | 668.65% | 90.54% | 64.53% | 108.25% | 481.96% | 123.82% | 89.35% | 102.39% | 54.94% | 96.46% | - |
| Gross Profit | -2.56K | -2.18M | 1.25M | 14M | -639.79K | -4.05M | -5.83M | 3.36M | -497.58K | 66.36K | 2.21K | 0 |
| Gross Margin % | - | -568.65% | 9.46% | 35.47% | -8.25% | -381.96% | -23.82% | 10.65% | -2.39% | 45.06% | 3.54% | - |
| Gross Profit Growth % | 99.88% | -274.15% | -91.06% | 2288.45% | 84.19% | 30.59% | -273.69% | 774.71% | -849.82% | 2906.8% | - | - |
| Operating Expenses | 11.31M | 30.91M | 37.63M | 33.49M | 27.58M | 12.4M | 54.12M | 15.66M | 13.27M | 376.88K | 407.09K | 84.95K |
| OpEx % of Revenue | - | 8065.51% | 284.31% | 84.84% | 355.67% | 1170.13% | 221.11% | 49.68% | 63.74% | 255.89% | 652.09% | - |
| Selling, General & Admin | 9.56M | 23.65M | 12.21M | 5.12M | 23.26M | 7.56M | 19.1M | 11.35M | 8.92M | 338.38K | 376.93K | 84.95K |
| SG&A % of Revenue | - | 6171.24% | 92.28% | 12.98% | 299.93% | 713.63% | 78.03% | 36.02% | 42.85% | 229.75% | 603.77% | - |
| Research & Development | 107.51K | 0 | 11.31M | 28.13M | 18.1M | 4M | 7.24M | 3.82M | 6.85M | 1.76M | 0 | 0 |
| R&D % of Revenue | - | - | 85.49% | 71.27% | 233.37% | 377.36% | 29.56% | 12.1% | 32.9% | 1195.39% | - | - |
| Other Operating Expenses | 1.64M | 7.26M | 14.1M | 230.22K | -13.78M | 838.67K | 27.79M | 491.44K | 343.1K | -550 | 30.17K | 0 |
| Operating Income | -11.31M | -33.09M | -36.38M | -19.49M | -28.22M | -16.45M | -59.95M | -12.3M | -14.02M | -754.91K | -404.89K | -84.95K |
| Operating Margin % | - | -8634.17% | -274.85% | -49.37% | -363.92% | -1552.09% | -244.93% | -39.03% | -67.33% | -512.56% | -648.55% | - |
| Operating Income Growth % | 65.82% | 9.03% | -86.66% | 30.95% | -71.6% | 72.57% | -387.26% | 12.23% | -1757.04% | -86.45% | -376.61% | - |
| EBITDA | -11.19M | -27.99M | -32.83M | -15.96M | -23.9M | -11.61M | -53.71M | -8M | -10.96M | -716.41K | -374.72K | -80.97K |
| EBITDA Margin % | - | -7302.65% | -248.06% | -40.44% | -308.18% | -1095.58% | -219.42% | -25.37% | -52.62% | -486.42% | -600.23% | - |
| EBITDA Growth % | 60.03% | 14.75% | -105.67% | 33.21% | -105.86% | 78.38% | -571.55% | 27.01% | -1429.43% | -91.18% | -362.77% | - |
| D&A (Non-Cash Add-back) | 122.92K | 5.1M | 3.55M | 3.53M | 4.32M | 4.84M | 6.25M | 4.31M | 3.06M | 38.5K | 30.17K | 3.98K |
| EBIT | -16.07M | -32.18M | -36.74M | -19.52K | -28.34M | -6.86M | -60.28M | -10.8M | -12.99M | -719.16K | -444.45K | -88.93K |
| Net Interest Income | -1.19M | -6.92M | -1.96M | -1.4M | -3.94M | -3.19M | -10.47M | -1.8M | -737.11K | 0 | 0 | 0 |
| Interest Income | 577.53K | 1.1M | 30.23K | 30.98K | 230.53K | 205.86K | 164.69K | 164.17K | 298.72K | 0 | 0 | 0 |
| Interest Expense | 1.76M | 8.02M | 1.99M | 1.43M | 4.17M | 3.39M | 10.63M | 1.96M | 1.04M | 0 | 0 | 0 |
| Other Income/Expense | -6.53M | -7.11M | -2.35M | 18.04M | -345.46K | 6.19M | -10.96M | -1.26M | -402.84K | 35.74K | -19.67K | -3.98K |
| Pretax Income | -17.83M | -40.2M | -38.72M | -1.45M | -28.57M | -10.26M | -70.92M | -12.76M | -14.03M | -719.16K | -444.45K | -88.93K |
| Pretax Margin % | - | -10488.82% | -292.61% | -3.66% | -368.38% | -967.81% | -289.73% | -40.47% | -67.36% | -488.29% | -711.94% | - |
| Income Tax | 0 | 0 | 0 | 0 | 3.94M | 0 | 0 | -724.34K | 343.1K | -1.49K | -19.9K | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | -13.78% | 0% | 0% | 5.68% | -2.45% | 0.21% | 4.48% | 0% |
| Net Income | 55.41M | -40.11M | -38.53M | -1.45M | -32.5M | -10.26M | -70.92M | -12.91M | -14.37M | -717.67K | -424.56K | -88.93K |
| Net Margin % | - | -10465.91% | -291.12% | -3.66% | -419.12% | -967.81% | -289.73% | -40.95% | -69.01% | -487.28% | -680.07% | - |
| Net Income Growth % | 238.15% | -4.1% | -2565.02% | 95.55% | -216.94% | 85.54% | -449.39% | 10.16% | -1902.1% | -69.04% | -377.41% | - |
| Net Income (Continuing) | -17.83M | -40.2M | -38.72M | -1.45M | -32.5M | -10.26M | -70.92M | -12.76M | -14.03M | -719.16K | -444.45K | -88.93K |
| Discontinued Operations | 73.22M | 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 |
| EPS (Diluted) | 0.63 | -0.52 | -0.15 | -0.02 | -0.59 | -0.35 | -3.47 | -3.67 | -18.13 | -0.86 | -0.58 | -0.38 |
| EPS Growth % | 221.15% | -246.67% | -588.07% | 96.31% | -68.57% | 89.91% | 5.45% | 79.76% | -2008.14% | -48.28% | -52.63% | - |
| EPS (Basic) | 0.63 | -0.52 | -0.15 | -0.02 | -0.59 | -0.35 | -3.47 | -3.67 | -18.13 | -0.86 | -0.58 | -0.38 |
| Diluted Shares Outstanding | 87.27M | 77.22M | 75.42M | 66.32M | 55.22M | 29.36M | 24.09M | 3.51M | 792.39K | 836.63K | 737.92K | 233.33K |
| Basic Shares Outstanding | 87.27M | 77.22M | 75.42M | 66.32M | 55.22M | 29.36M | 24.09M | 3.51M | 792.39K | 836.63K | 737.92K | 233.33K |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - |
Commercialization of REE technology
As reported in recent financial filings, American Resources Corporation has experienced a near-total cessation of revenue, with the most recent quarter showing a negative $95.3K figure, signaling that the company has effectively abandoned its legacy metallurgical coal operations in favor of an unproven critical minerals business model.
The transition from a commodity-based revenue stream to a project-based technology model has left the company without a reliable top-line anchor. Investors should monitor whether this revenue void is a temporary byproduct of asset restructuring or a permanent state until the ReElement technology reaches commercial scale.
Based on the provided income statement data, gross margins have fluctuated wildly, reaching a negative 75.3% in 2025Q4, which underscores the difficulty of maintaining idled mining infrastructure without the offsetting benefit of consistent production volumes or high-margin rare earth element sales to stabilize the cost base.
The inability to maintain positive gross margins suggests that the company is currently absorbing significant maintenance and compliance costs without the requisite output to cover them. This margin profile is characteristic of a firm in a high-risk transition phase where operational efficiency is secondary to survival.
According to the latest quarterly data, SG&A expenses have reached extreme levels, including a $2.5 billion charge in 2025Q4, indicating that the company's cost structure is currently disconnected from its actual operational output and remains heavily burdened by non-recurring or legacy-related administrative and compliance obligations.
The massive spikes in SG&A suggest that the company is struggling to manage the overhead associated with its Appalachian land holdings and the nascent REE business. Such expense volatility warrants further investigation into whether these costs are truly operational or if they represent significant accounting adjustments related to asset impairments.
As indicated by the 2025Q4 net income of $77.0 million despite negative revenue, the company's bottom-line performance appears heavily influenced by non-operating items or accounting anomalies rather than core business profitability, making traditional earnings-based valuation metrics largely irrelevant for assessing the firm's current financial health.
The disconnect between negative revenue and positive net income suggests that investors should look past the headline earnings to understand the underlying cash burn. This pattern may indicate the recognition of one-time gains or tax benefits that do not reflect the ongoing viability of the company's core business pivot.
Based on the reported figures, the company's reliance on capital-intensive technology development while lacking a core revenue stream presents a significant risk, as the current burn rate may necessitate further dilutive financing to sustain operations until the rare earth element separation business achieves commercial viability.
Short-sellers would likely focus on the company's inability to generate consistent cash flow from its legacy assets while simultaneously facing high costs to maintain its Appalachian infrastructure. The lack of a clear path to profitability suggests that the company remains highly vulnerable to shifts in capital market sentiment.
Quick answers to the most common questions about buying AREC stock.
For fiscal year 2025, American Resources Corporation (AREC) reported total revenue of $0.0M.
American Resources Corporation (AREC) is profitable, generating $55.4M in net income for the fiscal year ending 2025.