American Resources reports significant increase in 3Q revenue
American Resources Corporation (NASDAQ:AREC) said it pulled in $2.81 million in revenue during its third quarter of 2021.
That’s compared to $295,000 the company generated in the year-ago 3Q ended September 30, 2020.
“Over the course of the third quarter of 2021, we continued to position our company to be one of the most unique growth platforms to reposition old-world, legacy assets to strategically align with a more modern economy,” said CEO Mark Jensen in a statement.”
READ: American Resources starts shipping metallurgical carbon from Carnegie 1 to steel customers
“With the advancement of our nation’s infrastructure initiatives, we find ourselves extremely well aligned with our American Carbon and American Rare Earth divisions to support these important aspects of our national and global economies. Both traditional infrastructure like roads, ports and bridges as well more modern infrastructure initiatives such as the advancements of green energy and clean tech have a growing need for both high quality steel as well as critical battery and magnet metals,” Jensen added.
He continued:” We remain highly committed and focused on the execution of both divisions and feel like we are extremely well positioned to be the growing supplier of high-quality metallurgical carbon in a market that is expected to remain tightly supplied for the foreseeable future, as well as redefining how critical and rare earth elements are both sourced and processed throughout the world while also focusing on the circular economy of recycling existing permanent magnets and battery metals.”
Meanwhile, the company said general and administrative expenses for the third quarter of 2021 were $826,000 compared to $133,000 in the prior-year period.
American Resources also said it incurred an interest expense of $1.1 million during the third quarter of 2021, compared to $380,000 in the year-ago period.
Development costs during the quarter were $5.14 million, compared to $3.06 million in the second quarter of 2021.
For the 3Q, American Resources reported a net income loss of $8.91 million, or a loss of $0.15 per share, as compared with a net income gain of $0.12 million, or $0.00 per share, in the prior-year period.
The company said it earned adjusted earnings before interest, taxes, depreciation, amortization, equity-based compensation, warrant expense and development and restructuring costs (Adjusted EBITDA) of a $1.37 million loss in its 3Q, as compared with Adjusted EBITDA of $2.8 million for the 3Q 2020.
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Story by ProactiveInvestors
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