American Resources Corporation (NASDAQ:AREC) has reported preliminary second-quarter revenue of $16.2 million, 78% higher than the $9.1 million recorded in the previous quarter and over 4000% higher than the $393,210 posted in the second quarter of 2021.
The record revenue growth comes despite supply chain hurdles, according to CFO Kirk Taylor.
“The team has put forth significant effort to expand in these challenging supply chain environments,” Taylor said in a statement. “Our extensive asset base, reserves and permits put us in a unique position to capitalize in these incredibly strong markets and provide supply growth to our customer base.”
He continued, “We feel our preliminary results for the second quarter of this year showcase the beginning of a significant inflection point for our carbon business at a time that we continue to drive significant innovation in the critical and rare earth element space. We will continue to evaluate opportunities for expansion and optimization to expand cash flow and drive value for the shareholders."
American Resources expects to report its full second-quarter results by the filing deadline of August 15.
American Resources is a next-generation, environmentally and socially responsible supplier of high-quality raw materials to the new infrastructure market. It has a growing portfolio of operations located in the Central Appalachian basin of eastern Kentucky and southern West Virginia, where premium quality metallurgical carbon and rare earth mineral deposits are concentrated.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
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