American Resources Corporation (AREC) Income Statement
AREC 2025 at a glance
Fiscal year ended December 31, 2025 · U.S. dollarsAREC revenue and net income
AREC profit margins
AREC growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −100.0% | — | — | — |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
| EPS (diluted) | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
AREC quarterly EPS vs estimates
American Resources beat the analyst EPS estimate in 4 of the last 8 quarters. Next report: November 13, 2026 (estimate $-0.08).
AREC income statement
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $383,234 | $13.2M | $39.5M | $7.8M | $1.1M | $24.5M | $31.5M | $20.8M | $147,282 |
| Cost of revenue | $2,560 | $2.6M | $12.0M | $25.5M | $8.4M | $5.1M | $30.3M | $28.2M | $21.3M | $80,922 |
| Gross profit | −$2,560 | −$2.2M | $1.3M | $14.0M | −$639,795 | −$4.0M | −$5.8M | $3.4M | −$497,582 | $66,360 |
| Research & development | $107,507 | $2.1M | $11.3M | $28.1M | $18.1M | $4.0M | $7.2M | $3.8M | $6.9M | $1.8M |
| Sales, general & admin | $9.6M | $23.7M | $12.3M | $5.1M | $23.3M | $7.6M | $19.1M | $11.4M | $8.9M | $338,384 |
| Total operating expenses | $11.3M | $30.9M | $37.6M | $33.5M | $27.6M | $12.4M | $54.1M | $15.7M | $13.3M | $376,884 |
| Operating income | −$11.3M | −$33.1M | −$36.4M | −$19.5M | −$28.2M | −$16.4M | −$60.0M | −$12.3M | −$14.0M | −$754,906 |
| Interest income | $577,526 | $1.1M | $38,088 | $30,982 | $230,529 | $205,857 | $164,686 | $164,166 | $298,721 | $36,290 |
| Interest expense | $1.8M | $8.0M | $2.0M | $1.4M | $4.2M | $3.4M | $10.6M | $2.0M | $1.0M | $0 |
| Income before taxes | −$17.8M | −$40.2M | −$38.7M | −$1.4M | −$28.6M | −$10.3M | −$70.9M | −$12.8M | −$14.0M | −$719,163 |
| Income taxes | — | — | −$2 | −$24.0M | $3.9M | $5.9M | $12.7M | −$724,337 | $343,099 | −$1,490 |
| Net income | $55.4M | −$40.1M | −$38.5M | −$1.4M | −$32.5M | −$10.3M | −$70.9M | −$12.9M | −$14.4M | −$717,673 |
| EBITDA | −$15.9M | −$27.1M | −$35.4M | $3.5M | −$24.0M | −$4.1M | −$54.0M | −$7.9M | −$10.4M | −$680,660 |
| EPS (diluted) | −$0.41 | −$0.38 | −$0.14 | −$0.33 | −$0.59 | −$0.77 | −$1.56 | −$11.93 | −$19.20 | −$0.85 |
| Gross margin | — | −568.7% | 9.5% | 35.5% | −8.2% | −382.0% | −23.8% | 10.6% | −2.4% | 45.1% |
| Operating margin | — | −8,634.2% | −274.9% | −49.4% | −363.9% | −1,552.1% | −244.9% | −39.0% | −67.3% | −512.6% |
| Net margin | — | −10,465.9% | −291.1% | −3.7% | −419.1% | −967.8% | −289.7% | −40.9% | −69.0% | −487.3% |
| Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $0 | $0 | $50,165 | $13,256 | $31,927 | $49,677 | $235,443 | $4,094 | $94,019 | $66,404 | $5.8M | $2.0M |
| Cost of revenue | −$167,113 | −$167,113 | $46,583 | $1.5M | $186,300 | −$1.7M | $2.7M | $677,276 | $986,007 | $5.9M | $3.2M | $4.3M |
| Gross profit | $71,764 | $71,764 | $3,582 | −$1.5M | −$154,373 | $1.8M | −$2.4M | −$673,181 | −$891,988 | −$5.8M | $2.6M | −$2.3M |
| Research & development | $608,701 | $934,204 | $385,451 | $330,757 | $325,503 | — | $78,809 | $1.2M | $2.4M | — | $1.8M | $2.7M |
| Sales, general & admin | $2.52B | $1.2M | $2.8M | $2.52B | $3.4M | $13.9M | $4.6M | $3.3M | $4.7M | $15.3M | $2.1M | $2.0M |
| Total operating expenses | −$5.2M | −$5.4M | $4.3M | $5.2M | $4.8M | $13.2M | $5.8M | $5.6M | $5.8M | $5.5M | $4.4M | $5.0M |
| Operating income | $5.3M | $5.3M | −$4.3M | −$6.7M | −$5.0M | −$13.2M | −$8.3M | −$6.2M | −$6.7M | −$11.3M | −$1.9M | −$7.3M |
| Interest income | — | $556,170 | $9,932 | $7,251 | $4,173 | $990,662 | $7,527 | $3,054 | $36,095 | $359,729 | $2,831 | $1,553 |
| Interest expense | $4.0M | $4.0M | $2.0M | $2.1M | $1.8M | $5.9M | $774,478 | $418,493 | $249,455 | $293,446 | $521,439 | $302,531 |
| Income before taxes | $3.8M | $3.8M | −$7.7M | −$8.7M | −$6.7M | −$18.3M | −$9.2M | −$6.6M | −$7.0M | −$10.6M | −$2.5M | −$7.8M |
| Income taxes | — | — | — | — | — | — | −$9.8M | $14,336 | $703,404 | −$4 | −$4 | $1.1M |
| Net income | $77.0M | $77.0M | −$4.4M | −$8.7M | −$6.7M | −$18.3M | −$9.2M | −$6.6M | −$6.9M | −$10.6M | −$2.4M | −$7.6M |
| EBITDA | −$3.0M | −$2.6M | −$3.1M | −$5.3M | −$3.7M | −$10.1M | −$7.4M | −$4.9M | −$5.3M | −$10.7M | −$1.3M | −$6.4M |
| EPS (diluted) | $0.00 | $0.00 | −$0.07 | −$0.10 | −$0.24 | −$0.13 | −$0.13 | −$0.09 | −$0.03 | −$0.14 | $0.05 | −$0.01 |
| Gross margin | — | — | 7.1% | −11,334.2% | −483.5% | 3,610.1% | −1,030.4% | −16,443.1% | −948.7% | −8,790.1% | 44.7% | −115.8% |
| Operating margin | — | — | −8,590.8% | −50,624.6% | −15,608.8% | −26,558.2% | −3,507.6% | −152,159.7% | −7,158.3% | −17,053.4% | −31.9% | −367.4% |
| Net margin | — | — | −8,774.1% | −65,375.1% | −20,837.4% | −36,798.6% | −3,910.4% | −161,580.1% | −7,382.9% | −15,939.0% | −40.6% | −381.3% |
Quarterly columns are labeled by the month the quarter ended. Figures in U.S. dollars as reported in AREC's financial statements (latest annual report filed May 20, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
AREC financial results
American Resources reported no revenue in fiscal year 2025 (ended December 31, 2025). It had net income of $55.4 million. Diluted earnings per share came to −$0.41.
See the AREC stock overview for the latest quote and news, or the AREC chart for price history and technical indicators.
AREC income statement FAQ
Does American Resources have revenue?
American Resources reported no revenue for fiscal year 2025, which ended on December 31, 2025.
Is American Resources profitable?
Yes. American Resources reported net income of $55.4 million in fiscal 2025.
How much does American Resources spend on research and development?
American Resources spent $0.1 million on research and development in fiscal 2025.
What are American Resources's earnings per share?
American Resources earned $-0.41 per diluted share in fiscal 2025, compared with $-0.38 a year earlier.
When will American Resources report its next earnings?
American Resources is expected to report results for the quarter ending September 30, 2026 on November 13, 2026.
When does American Resources's fiscal year end?
American Resources's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on May 20, 2026.