American Resources (AREC) financial statements
American Resources reported revenue of $0 in fiscal 2025, down 49.1% a year over 8 years.
Net income was $55M.
Free cash flow was -$10M.
The diluted share count rose 10914% over the period (dilution).
Revenue and free cash flow
Fiscal years, $ billions.
Income statement
Fiscal years, from American Resources's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $8M | $19M | $31M | $24M | $1M | $8M | $39M | $12M | $34,070 | $0 |
| Cost of revenue | — | $2M | $25M | $26M | $4M | $7M | $22M | — | — | — |
| Gross profit | — | $18M | $6M | -$2M | -$3M | $666,355 | $18M | — | — | — |
| Selling, general and admin | -$237,601 | -$1M | $6M | $5M | $2M | $4M | $4M | $11M | $11M | $10M |
| Operating income | -$22M | -$13M | -$11M | -$60M | -$16M | -$28M | -$19M | -$36M | -$14M | -$11M |
| Interest expense | $283,564 | $558,772 | -$1M | $3M | $3M | $4M | $1M | $2M | $8M | — |
| Pre-tax income | — | — | — | — | — | — | — | -$562,696 | -$16M | -$18M |
| Income tax | — | — | — | — | — | — | — | — | $0 | $0 |
| Net income | -$22M | -$13M | -$13M | -$71M | -$10M | $33M | -$1M | -$39M | -$39M | $55M |
| EPS (diluted) | $0.00 | -$16.39 | -$3.69 | -$2.94 | -$0.35 | -$0.59 | — | -$0.51 | -$0.51 | $0.63 |
| Diluted shares | 0M | 1M | 4M | 24M | 29M | 55M | 67M | 75M | 77M | 87M |
| Gross margin | — | 91.7% | 19.9% | -6.6% | -253.8% | 8.6% | 45.1% | — | — | — |
| Operating margin | -287.5% | -65.4% | -36.8% | -244.9% | -1552.1% | -365.3% | -49.4% | -307.7% | -41734.7% | — |
| Net margin | -290.6% | -65.5% | -40.9% | -289.7% | -967.8% | 419.1% | -3.7% | -325.9% | -115206.9% | — |
Balance sheet
Fiscal years, from American Resources's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and short-term investments | $925,627 | $186,722 | $2M | $3,324 | $11M | $11M | $11M | $3M | $788,813 | $72M |
| Receivables | — | — | — | $2M | $38,650 | $3M | $660,755 | $0 | $6,675 | — |
| Inventory | $0 | $615,096 | $163,800 | $515,630 | $150,504 | $0 | $446,690 | $129,991 | $959,989 | — |
| Total current assets | $4M | $3M | $4M | $3M | $11M | $15M | $13M | $38M | $93M | $134M |
| Property, plant and equipment | $12M | $9M | $33M | $28M | $22M | $23M | $9M | $21M | $228,688 | $143,069 |
| Total assets | $20M | $16M | $41M | $35M | $38M | $43M | $56M | $65M | $282M | $169M |
| Total current liabilities | $25M | $35M | $26M | $45M | $21M | $17M | $27M | $78M | $166M | $61M |
| Long-term debt | — | — | — | — | — | — | — | — | $0 | $965,286 |
| Total liabilities | $48M | $53M | $51M | $68M | $58M | $45M | $56M | $110M | $363M | $76M |
| Shareholders' equity | -$26M | -$37M | -$9M | -$33M | -$20M | -$2M | -$20M | -$44M | -$79M | $95M |
| Net debt | $4M | $9M | $12M | $20M | $380,197 | -$6M | -$9M | $821,474 | $2M | -$31M |
Cash flow
Fiscal years, from American Resources's 10-K filings with the SEC.
| Fiscal year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$6M | -$6M | -$3M | -$19M | -$14M | -$29M | $3M | -$20M | -$21M | -$10M |
| Capital spending | $34,200 | $173,432 | $133,363 | $327,250 | — | — | — | $4M | $1M | $37,297 |
| Free cash flow | -$6M | -$6M | -$3M | -$20M | — | — | — | -$23M | -$22M | -$10M |
| Stock-based compensation | $88,675 | $50,000 | $782,220 | $377,255 | — | — | $985,536 | $4M | $4M | $9M |
| Net borrowing | $5M | $4M | $6M | $7M | -$3M | -$562,318 | $348,397 | -$1M | — | — |
| Free cash flow margin | -77.0% | -30.3% | -11.2% | -79.8% | — | — | — | -195.7% | -65460.2% | — |
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Open AREC in InvestinglyQuestions
What was American Resources's revenue in 2025?
$0 in fiscal 2025, from its 10-K filing.
How much free cash flow does American Resources generate?
-$10M in fiscal 2025 (operating cash flow minus capital spending).
From American Resources's annual reports filed with the SEC (XBRL data), standardised by Investingly. Information only, not investment advice.