American Resources Corp AREC

Energy SIC 1220 - Silver Ores NAICS Mining, Quarrying, and Oil and Gas Extraction › Mining (except Oil and Gas) › Coal Mining derived Nasdaq

When we formed our company, our focus was to (i) construct and/or purchase and manage a chain of combined gasoline, diesel and natural gas (NG) fueling and service stations (initially, in the Miami, FL area); (ii) construct conversion factories to convert NG to liquefied natural gas (LNG) and compressed natural gas (CNG); and (iii) construct conversion factories to retrofit vehicles currently using gasoline or diesel fuel to also run on NG in the United States and also to build a convenience store to serve our customers in each of our locations.

On January 5, 2017, American Resources Corporation (ARC) executed a Share Exchange Agreement between the Company and Quest Energy Inc. ("Quest Energy"), a private company incorporated in the State of Indiana on May 2015 with offices at 12115 Visionary Way, Fishers, IN 46038, and due to the fulfillment of various conditions precedent to closing of the transaction, the control of the Company was transferred to the Quest Energy shareholders on February 7, 2017. This transaction resulted in Quest Energy becoming a wholly-owned subsidiary of ARC. On November 25, 2020, Quest Energy changed its name to American Carbon Corp. On December 27, 2024, American Carbon changed its name to American Infrastructure Corporation (AIC).

Last close 1.14 2026-10-23
Market cap $121.9M 2025-12-31 share count
52-week range 1.06 - 4.94

Valuation FY2025 figures against the last close

P/S—
P/E1.8x
P/FCF—
EV/EBITDA—
Dividend yield—
Diluted EPS0.63

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Revenue $0$34.1K$11.8M$39.5M$7.8M$1.1M$24.5M$31.5M$19.2M$7.6M
Cost of revenue ———$21.7M$7.1M$3.7M$26.1M$25.0M$1.6M$80.9K
Gross profit ———$17.8M$666.4K-$2.7M-$1.6M$6.5M$17.6M$66.4K
SG&A $9.6M$11.4M$10.7M$4.0M$3.9M$2.5M$5.1M$6.2M-$1.4M-$237.6K
Total operating expenses $11.3M$14.3M$48.2M$59.0M$36.1M$17.5M-$84.4M-$43.0M-$33.4M-$29.5M
Operating income -$11.3M-$14.2M-$36.4M-$19.5M-$28.3M-$16.4M-$60.0M-$11.5M-$12.6M-$21.9M
Interest expense —$8.0M$2.0M$1.4M$4.2M$3.4M$2.9M$1.3M$558.8K$283.6K
Pre-tax income -$17.8M-$16.0M-$562.7K———————
Income tax $0$0————————
Net income $55.4M-$39.2M-$38.5M-$1.4M-$32.5M-$10.3M-$70.9M-$12.8M-$12.6M-$22.1M
EPS, diluted 0.63-0.51-0.51—-0.59-0.35-2.94-3.69-16.390.00
Shares, diluted (wtd. avg.) 87.3M77.2M75.1M66.8M——————

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Cash and equivalents $31.7M$201.5K$5.1M$11.0M$12.6M$11.2M$268.8K$2.7M$385.7K$925.6K
Short-term investments $40.5M$587.4K$1.3M$0——————
Receivables —$6.7K$0$660.8K$3.2M$38.6K$2.4M———
Inventory —$960.0K$130.0K$446.7K$0$150.5K$515.6K$163.8K$615.1K$0
Total current assets $134.3M$92.9M$37.8M$12.8M$15.3M$11.2M$3.2M$4.3M$2.7M$3.7M
Property, plant and equipment $143.1K$228.7K$20.7M$9.1M$22.9M$22.5M$27.7M$32.6M$9.1M$12.1M
Total assets $168.9M$281.7M$64.7M$55.9M$42.9M$38.4M$35.2M$41.4M$16.3M$20.3M
Accounts payable —$9.0M$4.4M——$4.3M$11.0M$8.1M$5.4M$2.2M
Short-term debt —$2.1M$2.1M$1.9M$5.3M$11.0M—$14.2M$9.6M$4.4M
Total current liabilities $61.2M$166.4M$78.3M$27.4M$16.5M$20.9M$45.0M$26.4M$35.4M$25.2M
Long-term debt $965.3K$0———$14.3M$0$7.9M$5.1M—
Total liabilities $75.7M$362.6M$109.7M$55.6M$45.1M$58.4M$67.9M$50.6M$53.5M$47.8M
Retained earnings -$210.4M-$265.8M-$225.3M-$167.2M-$165.8M-$133.3M-$123.0M-$52.1M-$39.1M-$27.7M
Total equity $94.8M-$79.4M-$45.0M-$19.9M-$2.3M-$20.0M-$32.7M-$9.2M-$37.2M-$26.0M

Cash flow

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017FY2016
Operating cash flow -$10.4M$2.0M-$19.5M$2.5M-$29.1M-$13.8M-$19.2M-$3.4M-$5.6M-$5.8M
Depreciation and amortisation $122.9K$123.3K$2.3M$2.2M$2.0M$2.3M-$4.6M$2.5M-$2.1M-$2.3M
Stock-based compensation $9.2M$3.7M$3.8M———$377.3K$782.2K$50.0K$88.7K
Capital expenditure —$1.1M$3.6M———$327.2K$133.4K$173.4K$34.2K
Investing cash flow -$39.4M$946.0K-$31.7M-$1.1M-$5.9M$417.9K$322.8K-$10.6K$439.6K$431.8K
Financing cash flow $81.3M-$4.4M$45.3M-$1.0M$36.4M$24.4M$16.4M$5.7M$4.7M$6.2M

Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001477932-26-003317.

Plot the figures US dollars

Income statement Revenue Cost of revenue Gross profit R&D SG&A Total operating expenses Operating income Interest expense Pre-tax income Income tax Net income EPS, basic EPS, diluted Shares, diluted (wtd. avg.)
Balance sheet Cash and equivalents Short-term investments Receivables Inventory Total current assets Property, plant and equipment Goodwill Other intangibles Total assets Accounts payable Short-term debt Total current liabilities Long-term debt Total liabilities Retained earnings Total equity
Cash flow Operating cash flow Depreciation and amortisation Stock-based compensation Capital expenditure Investing cash flow Financing cash flow Dividends paid Buybacks
  • Revenue
  • Gross profit
  • Net income
Revenue, Gross profit, Net income by fiscal year, in US dollars The same figures are in the table below this chart. -100M -50M 0 50M 100M Revenue, FY2016: 7.6M Gross profit, FY2016: 66.4K Net income, FY2016: -22.1M Revenue, FY2017: 19.2M Gross profit, FY2017: 17.6M Net income, FY2017: -12.6M Revenue, FY2018: 31.5M Gross profit, FY2018: 6.5M Net income, FY2018: -12.8M Revenue, FY2019: 24.5M Gross profit, FY2019: -1.6M Net income, FY2019: -70.9M Revenue, FY2020: 1.1M Gross profit, FY2020: -2.7M Net income, FY2020: -10.3M Revenue, FY2021: 7.8M Gross profit, FY2021: 666.4K Net income, FY2021: -32.5M Revenue, FY2022: 39.5M Gross profit, FY2022: 17.8M Net income, FY2022: -1.4M Revenue, FY2023: 11.8M Net income, FY2023: -38.5M Revenue, FY2024: 34.1K Net income, FY2024: -39.2M Revenue, FY2025: 0 Net income, FY2025: 55.4M FY2016 FY2017 FY2018 FY2019 FY2020 FY2021 FY2022 FY2023 FY2024 FY2025
Fiscal year FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue $7.6M $19.2M $31.5M $24.5M $1.1M $7.8M $39.5M $11.8M $34.1K $0
Gross profit $66.4K $17.6M $6.5M -$1.6M -$2.7M $666.4K $17.8M — — —
Net income -$22.1M -$12.6M -$12.8M -$70.9M -$10.3M -$32.5M -$1.4M -$38.5M -$39.2M $55.4M

Recent filings and events

  • Delisting notice The exchange has told the company it no longer meets the rules for staying listed - usually price, market cap, or filings that are late. Item 3.01
  • Auditor changed The company changed auditors. Sometimes routine; historically one of the more reliable warnings that something is wrong. Item 4.01
  • Accounts can no longer be relied on The company is telling investors that figures it has already published are wrong. Rare, and about as direct as a filing gets. Item 4.02
  • Auditor changed Item 4.01
  • Accounts can no longer be relied on Item 4.02
  • Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
  • Other event Item 8.01
  • Regulation FD disclosure Something the company told the market and had to tell everyone at once - usually a slide deck or a press release. Item 7.01
  • Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
  • Delisting notice Item 3.01
  • Other event Item 8.01
  • Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02

Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.

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