American Resources Corporation (NASDAQ:AREC) reported its 1Q financial results that showcased the steady progression of its carbon business.
The majority of the firm’s carbon sales during the first quarter occurred during the month of March thanks to a more consistent run rate of production with additional operating sections now online at its producing mines, the company said in a statement.
Total revenues were $9.08 million – comprised of coal sales, royalty income and other metal sales – for the first quarter of 2022 compared to revenues of $10,000 during the first quarter of 2021.
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“Today, we continue to see the fruits of our investments and continue to drive carbon production growth forward at our current operations,” CEO Mark Jensen said in a statement accompanying the results.
“We continue to see constrained supply throughout the industry and as a result, are benefitting from a strong pricing environment. Additionally, our American Rare Earth subsidiary is closing in on a major milestone, not just for our company, but for our country and domestic supply chain as a whole.”
During the three-month period ended March 31, 2022, the company narrowed its net loss to $2.75 million compared to $6.39 million in the prior year-ago quarter.
Jensen told shareholders that the company remains on track to having its final stage rare earth and critical mineral isolation and purification facility operating in the coming weeks.
“Being the first domestic, commercial supplier of isolated and purified critical and rare earth minerals, while addressing the sustainability of those materials is something that we are very proud of and believe differentiates us,” the CEO added.
American Resources ended the quarter with $5.22 million in cash.
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