American Resources Corporation (NASDAQ:AREC) released its 4Q and fiscal 2020 results Thursday afternoon showing that the company improved its balance sheet during the year, ending the quarter with $10.6 million in cash.
In a statement accompanying the results, the energy firm told investors that it has the financial strength and flexibility to execute on its growth plans and innovation.
American Resources said it is well positioned to be a long-term supplier of raw material and critical elements to the modern-day infrastructure market, while expecting near-term catalysts to “drive significant growth and value.”
READ: American Resources making acquisitions to bolster its metallurgical coal footprint
“2020 marked the most transformational year to date for American Resources as we demonstrated our ability to be innovators and, what we believe to be, first movers in our industry in order to catalyze our asset base,” American Resources CEO Mark Jensen said in a statement.
“Our broad and dynamic platform is positioned for near term inflection points and the beginning of a new era to where we are positioned to provide the infrastructure and electrification marketplaces the resources needed to advance to a greener economy.”
Jensen continued: “Furthermore, the game changing technology we have acquired enables us capture, process and purify critical and rare earth elements in the most environmentally safe methods while using feedstocks that do not require traditional mining-based extraction while cleaning up environmental issues.”
As well, American Resources said an additional value-driving milestone was the company's sponsorship of American Acquisition Opportunity Inc, a specialty purpose acquisition company (SPAC), which it anticipates will enable American Resources and its shareholders to benefit from the merger, innovation, synergies, and opportunities presented through this entity and allows for a broader scope of acquisition targets that may not directly fit within American Resources.
During the three-month period to end December 31, 2020, the company significantly narrowed its net loss to $9 million from $40 million in the comparable year-ago quarter. For fiscal 2020, the company generated revenue of nearly $1.1 million, while substantially reducing its net loss for the year to $10.26 million from $70.9 million in 2019.
American Resources added that it is “comfortable” with its previously-stated guidance of $55 million to $75 million in revenues for 2021.
The company also announced that its management will host a conference call for investors, analysts and other interested parties on Monday, March 15 at 8:30 AM ET. To participate in the call, please dial (877) 407-4019 and reference the American Resources Conference Call, or click here for the "Call Me" option.
Contact Sean at sean@proactiveinvestors.com