American Resources Corporation CEO Mark Jensen has told shareholders the company is expecting full-year 2021 revenue to be in the “$35 million to $60 million range as a whole,” and said he is “confident in our ramp-up leading into the 2022 year.”
During the second quarter ended June 30, 2021, the Fishers, Indiana-based supplier of raw materials to the rapidly growing global infrastructure market, raised $30.1 million of gross proceeds from the issuance and sale of 8.6 million shares to institutional investors through a registered direct offering.
In the company’s 2Q earnings statement, Jensen said: “Our American Carbon division continued its production ramp-up and expansion throughout the quarter following our deliberate steps to restructure its operations post acquisition and is on track to continue to scale organically to meet the demands of the market and drive significant revenue growth. Additionally, we had the opportunity to further strengthen our balance sheet, which will allow us to be more opportunistic and effective in achieving our goals.”
The company’s American Carbon division continued its production ramp-up during the quarter after its operations were restructured.
“Our American Carbon division, with one of the largest metallurgical carbon growth platforms in the industry, had a solid quarter of production at Perry County Resources to build some inventory and begin initial stoker carbon sales,” said Jensen. “Our PCI shipments are beginning to a larger extent in this third quarter of 2021 and our main base-load, offtake partner recently expanded their purchase order by an additional 20%.”
The group said it now plans to restart the McCoy Elkhorn complex during the second half of 2021 as metallurgical carbon market conditions have materially improved.
For the period ended June 30, 2021, American Resources reported revenue of $393,210, compared to revenue of $226,836 during the 2Q of 2020. It posted a net income loss of $6.65 million, or a loss of $0.13 per share for the 2Q, compared with a net income gain of $1.3 million, or $0.05 per share in the 2Q of 2020.
The company highlighted continued American Rare Earth processing and purification development and commercialization as a near-term catalyst.
Additional metallurgical carbon offtake agreements and securing new collaboration agreements with sourcing partners for REE end-of-life materials and REE feedstocks will also drive revenue, said the company.
“American Rare Earth represents a very strategic opportunity for us. Now that we have initially defined our suite of rare earth technologies and processes, we are extremely motivated and focused on bringing them to market,” said Jensen. “Our 2kW mobile electrolytic cell rare earth element processing plant is currently in its build phase, and we expect to have that in the field early next year.”
Contact the author Uttara Choudhury at [email protected]
Follow her on Twitter: @UttaraProactive
Story by ProactiveInvestors
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