What are the investment strengths of American Resources Corp (AREC)?

153M net investment sales in TTM suggests asset monetization underway - could extend runway if continued. 36.7M PPE provides some collateral value; 209M market cap implies speculative optionality on turnaround.

What are the investment risks for American Resources Corp (AREC)?

Liabilities (296M) exceed assets (201M) by 95M - negative tangible book value means equity is worthless on liquidation. Interest expense (8.2M) is 56x revenue (145K) - debt service alone makes operations impossible without restructuring.

How does American Resources Corp fit the Distressed Asset Play Screen investing approach?

153M net investment sales in TTM suggests asset monetization underway - could extend runway if continued. Key filters: > 50M (active asset monetization), > 25% of Total Liabilities, < 0.5x PPE value.

American Resources Corp

AREC

—

Build a strategy around AREC

American Resources Corp AI Insights

Informational only. Not investment advice.

As of 2025-12-31

Snapshot

Negative equity of -93.4M with 228.6M total debt creates 2.1x debt-to-assets ratio - technically insolvent balance sheet.[Common Stockholders Equity]
Revenue collapsed 97% over 3Y (TTM 145K) while burning 33M net loss - cost structure completely misaligned.[Total Revenue 3Y Growth]
Cost of Revenue (720K) is 5x Total Revenue (145K TTM) - gross margin of -397% indicates broken unit economics.[Gross Margin]

Watch Triggers

Cash and Equivalents: Falls below 1M — At current burn rate, triggers imminent liquidity crisis or forced dilution
Total Revenue: Fails to exceed 1M quarterly — Revenue must scale 10x+ just to cover interest expense
Total Debt: Any restructuring announcement — 228.6M debt restructure is prerequisite for any equity value

Bull Case

153M net investment sales in TTM suggests asset monetization underway - could extend runway if continued.

Net Investment Purchase and Sale

36.7M PPE provides some collateral value; 209M market cap implies speculative optionality on turnaround.

PPEMarket Cap

Bear Case

Liabilities (296M) exceed assets (201M) by 95M - negative tangible book value means equity is worthless on liquidation.

Total LiabilitiesTotal AssetsTangible Book Value

Interest expense (8.2M) is 56x revenue (145K) - debt service alone makes operations impossible without restructuring.

Interest ExpenseTotal Revenue

Bull vs Bear Balance

AI-generated sentiment analysis based on fundamental metrics and market conditions.

15%

Leverage AREC's top insights and create a custom strategy based on them in seconds. Our AI editor does it all — in one click.

Take Me to The Editor

Forward Thesis

Cash runway exhaustion likely within 12 months without dilutive financing or asset sales.

3-12mhigh

2.1M cash vs 16.4M annual FCF burn
83.6M current liabilities vs 8.8M current assets
No path to profitability visible

Working capital deficit of -74.8M TTMFree Cash Flow of -16.4M TTMInterest expense 8.2M exceeds revenue

Valuation Context

Caveats

AREC Fundamentals

Mining, Quarrying, and Oil and Gas Extraction → Mining (except Oil and Gas)

Metric	Value	YoY Growth	Industry Percentile
Market Cap	$206.55M		—
Enterprise Value	$433.06M		—
P/E Ratio	0.00		—
Total Revenue - TTM	$145,026	-63.7%	—
Earnings Per Share (diluted) - TTM	$-0.41		—
Operating Margin - TTM	-17,175%	-10784.3%	—
Net Margin - TTM	-22,789%	-17935.0%	—
Free Cash Flow - TTM	$-16.42M		—
Return on Common Equity - TTM	0%		—
Beta 5Y (Monthly)	unknown		—

AREC Dividend History

No dividends

AREC Stock Splits

1 stock split

05/24/1730:1 split

AREC SEC Filings

Filing Date	Report Date	Report Type	Filing Link
11/14/25	09/30/25	10-Q	0001477932-25-008333
11/17/25	09/30/25	10-Q/A	0001477932-25-008406
08/19/25	06/30/25	10-Q	0001477932-25-006048
05/28/25	03/31/25	10-Q	0001477932-25-004218
10/24/25	03/31/25	10-Q/A	0001477932-25-007745
05/19/25	12/31/24	Unknown	0001477932-25-003940
10/24/25	12/31/24	10-K/A	0001477932-25-007744
06/02/25	12/31/24	10-K/A	0001477932-25-004283
11/19/24	09/30/24	10-Q	0001477932-24-007457
11/17/25	09/30/24	10-Q/A	0001477932-25-008406
08/19/24	06/30/24	10-Q	0001477932-24-005119
05/20/24	03/31/24	10-Q	0001477932-24-003175
10/24/25	03/31/24	10-Q/A	0001477932-25-007745
04/15/24	12/31/23	10-K	0001477932-24-002122
11/14/23	09/30/23	10-Q	0001477932-23-008446
08/14/23	06/30/23	10-Q	0001477932-23-006093
05/15/23	03/31/23	10-Q	0001477932-23-003561
03/31/23	12/31/22	10-K	0001477932-23-002105
11/14/22	09/30/22	10-Q	0001477932-22-008528
08/15/22	06/30/22	10-Q	0001477932-22-006111
05/16/22	03/31/22	10-Q	0001477932-22-003505
03/30/22	12/31/21	10-K	0001477932-22-001737
11/15/21	09/30/21	10-Q	0001477932-21-008195
08/16/21	06/30/21	10-Q	0001477932-21-005584
05/12/21	03/31/21	10-Q	0001477932-21-003060
03/11/21	12/31/20	10-K	0001477932-21-001372
11/18/22	12/31/20	10-K/A	0001477932-22-008719
10/29/20	09/30/20	10-Q	0001477932-20-006152
07/23/20	06/30/20	10-Q	0001477932-20-004218
06/17/20	03/31/20	10-Q	0001477932-20-003428
05/29/20	12/31/19	10-K	0001477932-20-003124
11/18/19	09/30/19	10-Q	0001477932-19-006633
08/12/19	06/30/19	10-Q	0001477932-19-004698
05/16/19	03/31/19	10-Q	0001477932-19-002889
04/03/19	12/31/18	10-K	0001477932-19-001438
11/14/18	09/30/18	10-Q	0001477932-18-005566
08/14/18	06/30/18	10-Q	0001477932-18-004048
05/30/19	03/31/18	10-Q/A	0001477932-19-003253
05/15/18	03/31/18	10-Q	0001477932-18-002424
04/23/18	12/31/17	10-K	0001477932-18-001976
10/22/18	12/31/17	10-K/A	0001654954-18-011453
03/09/18	09/30/17	10-Q	0001477932-18-001201
03/01/18	06/30/17	10-Q	0001477932-18-001069
10/22/18	03/31/17	10-Q/A	0001654954-18-011454
02/20/18	03/31/17	10-Q	0001477932-18-000940
02/06/17	12/31/16	10-Q	0001590715-17-000025
01/13/17	09/30/16	10-K	0001590715-17-000006
08/11/16	06/30/16	10-Q	0001590715-16-000127
05/12/16	03/31/16	10-Q	0001590715-16-000097
01/25/16	12/31/15	10-Q	0001590715-16-000082
12/29/15	09/30/15	10-K	0001590715-15-000073
07/16/15	06/30/15	10-Q	0001590715-15-000068
05/13/15	03/31/15	10-Q	0001590715-15-000053
01/16/15	12/31/14	10-Q	0001590715-15-000026
12/10/14	09/30/14	10-K	0001590715-14-000021
08/13/14	06/30/14	10-Q	0001376474-14-000288
05/26/15	03/31/14	10-Q/A	0001590715-15-000060
01/16/15	12/31/13	10-Q	0001590715-15-000026