Sign in

AREC on Nasdaq

American Resources Corp

American Resources Corp is an American silver ores company that raised $73.7 million in 2025 (SEC Form D).1 It is headquartered in Fishers, Indiana.1 Its shares trade on Nasdaq under the symbol AREC.1

Price unavailable

Last updated Oct 21, 2026.

Overview

Compare with Ramaco Resources, Inc., WARRIOR MET COAL, INC. or Coronado Global Resources, or pick any stock.

  • TickerAREC on Nasdaq1
  • IndustrySilver Ores1
  • HeadquartersFishers, Indiana1
  • Incorporated inFL2
  • Business address12115 Visionary Way, Suite 174, Fishers, In 460382
  • Filer categoryNon-accelerated filer, Smaller reporting company2
  • Legal formCorporation

See how the biggest companies compare on our leaderboards

When we formed our company, our focus was to (i) construct and/or purchase and manage a chain of combined gasoline, diesel and natural gas (NG) fueling and service stations (initially, in the Miami, FL area); (ii) construct conversion factories to convert NG to liquefied natural gas (LNG) and compressed natural gas (CNG); and (iii) construct conversion factories to retrofit vehicles currently using gasoline or diesel fuel to also run on NG in the United States and also to build a convenience store to serve our customers in each of our locations.3 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

-100.0%Revenue growth, 20254
58.4%Return on equity4
0.01×Debt to equity4

Financial statements

Revenue567894$0 in 2025
0$10.0M$20.0M$30.0M$40.0M2019: $24.5M$24.5M20192020: $1.1M$1.1M2020−96%2021: $7.8M$7.8M2021+632%2022: $39.5M$39.5M2022+409%2023: $11.8M$11.8M2023−70%2024: $34.1K$34.1K2024−100%2025: $0$02025
Operating income567894-$11.3M in 2025−81% since 2019
-$60.0M-$40.0M-$20.0M02019: -$60.0M-$60.0M20192020: -$16.4M-$16.4M2020−73%2021: -$28.3M-$28.3M2021+72%2022: -$19.5M-$19.5M2022−31%2023: -$36.4M-$36.4M2023+87%2024: -$14.2M-$14.2M2024−61%2025: -$11.3M-$11.3M2025−20%
Net income56794$55.4M in 2025
-$100.0M-$50.0M0$50.0M$100.0M2019: -$70.9M-$70.9M20192020: -$10.3M-$10.3M2020−86%2021: -$32.5M-$32.5M2021+217%2022: -$1.4M-$1.4M2022−96%2023: -$38.5M-$38.5M2023+2565%2024: -$39.2M-$39.2M2024+2%2025: $55.4M$55.4M2025

Every line of the income statement as filed: the last 2 fiscal years, latest first.4

Period ending2025-12-312024-12-31
Metal recovery and sales$0$34.1K
Total revenue$0$34.1K
Cost of coal sales and processing$306.6K$530.9K
Depreciation$122.9K$123.3K
General and administrative$9.6M$11.4M
Professional fees$478.4K$1.7M
Litigation expense$720.3K$0
Production taxes and royalties$14.9K$11.6K
Development$107.5K$434.8K
Total operating expenses$11.3M$14.3M
Net loss from operations-$11.3M-$14.2M
Losses from equity method investees-$84.1K-$409.3K
Loss on debt extinguishment-$5.2M$0
Other income and (expense)-$61.9K$110.1K
Interest income$577.5K$78.8K
Interest expense-$1.8M-$1.5M
Total other income (expenses)-$6.5M-$1.7M
Loss from continuing operations-$17.8M-$16.0M
Income (loss) from discontinued operations (Note 2$73.2M-$23.2M
Net income (loss)$55.4M-$39.2M
Net loss attributable to non-controlling interest$26.5K$87.8K
Net income (loss) attributable to ARC shareholders$55.4M-$39.1M
Loss from continuing operations per share, basic and diluted-$0-$0
Income (loss) from discontinued operations per share, basic and diluted$1-$0
Total income (loss) per share, basic and diluted$0.63-$0.51
Weighted average shares outstanding - basic and diluted87.3M shares77.2M shares

Compare American Resources Corp with another company

Corporate structure

American Resources Corp sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of American Resources Corp

  • American Resources Corp Fishers, Indiana

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What American Resources Corp reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Construction in progress$129.8K4 Dec 31, 2025$92.5K4 Dec 31, 2024+40.3%
Property and equipment, before depreciation$43.2M9 Dec 31, 2024$42.1M9 Dec 31, 2023+2.6%
Accumulated depreciation$601.7K4 Dec 31, 2025$478.8K4 Dec 31, 2024+25.7%
Property and equipment, net$143.1K4 Dec 31, 2025$228.7K4 Dec 31, 2024−37.4%
Finance-lease assets$19.4M9 Dec 31, 2024$09 Dec 31, 2023
Operating-lease assets (leased space)$459.1K4 Dec 31, 2025$508.6K4 Dec 31, 2024−9.7%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$31.7M4 Dec 31, 2025$201.5K4 Dec 31, 2024+15636.4%
Marketable securities, current$40.5M4 Dec 31, 2025$587.4K4 Dec 31, 2024+6790.2%

Inventory

ItemLatestA year beforeChange
Inventory, total$960.0K9 Dec 31, 2024$130.0K9 Dec 31, 2023+638.5%

Properties, in its own words

ARC’s principal offices are located at 12115 Visionary Way, Fishers, Indiana 46038. We pay $9,178 per month in rent for the office space and the lease expires in June 2034. The rent is subject to escalation payments on an annual basis.

Electrified Materials Corporation leases office space at 1845 Highway 15 South, Hazard, Kentucky 41701 from LRR with a current monthly rent payment of $263. The lease agreement expires in December 2028.

The rest of Item 2

Electrified Materials Corporation leases outdoor storage space from LRR in Noblesville, Indiana at a monthly rent rate of $20,000. The lease expires in December 2028.

Electrified Materials Corporation leases commercial production, office and outdoor storage space at 3 from LRR at 611 South Adams Street, Marion, Indiana at a current monthly rate of $20,559. The lease expires in December 2028 and is subject to escalating payments on an annual basis.

Item 2 of the 10-K filed May 20, 2026.3

Leadership

Who has led American Resources Corp, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Andrew Weerarante2014–2015
  2. Mark C. Jensen2017–2023

Chair

  1. James C. New2014

President

  1. Thomas M. Sauve2017–2023

Chief operating officer

  1. Tarlis Thompson2018–2021
201520202025
Board members and other officers (10)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerKirk P. Taylor named Oct 23, 202526
  • DirectorJosh R. Hawes named Oct 23, 202526

Former names

  • NGFC Equities, Inc.May 13, 2015 to Feb 15, 20172
  • NATURAL GAS FUELING & CONVERSION INC.Nov 6, 2013 to May 7, 20152

Timeline

  1. Oct 7, 20268-K Listing notice or transfer27
  2. Oct 5, 20268-K Entered a material agreement; Completed an acquisition or sale28
  3. Aug 26, 20268-K Listing notice or transfer29
  4. Jul 29, 20268-K Change of auditor; Earlier financial statements no longer reliable30
  5. Jul 24, 20268-K Other events31
  6. Jul 24, 20268-K Change of auditor; Earlier financial statements no longer reliable32
  7. Jul 21, 20268-K Other events33
  8. Jun 4, 20268-K Regulation FD disclosure34
  9. Apr 30, 20268-K Listing notice or transfer35
  10. Apr 17, 20268-K Other events36
  11. Apr 16, 20268-K Executive or director change; Shareholder vote37
  12. Mar 13, 20268-K Regulation FD disclosure38
  13. Feb 14, 2017New chief executive Mark C. Jensen becomes CEO14
  14. Oct 8, 2014New chief executive Andrew Weerarante becomes CEO15

Calendar

Coming up

  1. Nov 13, 2026Reports results for the quarter ending Sep/2026 A year earlier it reported ($0.07) a share, on Nov 14, 2025.39

When it reported results

  1. Nov 14, 2024Reported quarterly or annual results40
  2. Aug 19, 2024Reported quarterly or annual results41
  3. May 21, 2024Reported quarterly or annual results42
  4. Mar 28, 2024Reported quarterly or annual results43
  5. Nov 14, 2023Reported quarterly or annual results44
  6. Aug 14, 2023Reported quarterly or annual results45
  7. May 15, 2023Reported quarterly or annual results46
  8. Mar 30, 2023Reported quarterly or annual results47

Upcoming dates from Nasdaq's calendar; past results from the company's 8-K filings (Item 2.02). The full markets calendar

Filings

197 filings to the SEC since October 2021: 9 annual reports, 17 quarterly reports, 68 major events, 52 insider forms, 5 large holders, 2 private raises, 44 other. The latest 20:

  1. Oct 7, 20268-K EDGAR
  2. Oct 5, 20268-K EDGAR
  3. Aug 26, 20268-K EDGAR
  4. Aug 20, 20264 PRIMARY DOCUMENT EDGAR
  5. Jul 29, 20268-K/A EDGAR
  6. Jul 27, 2026SCHEDULE 13G EDGAR
  7. Jul 24, 20268-K EDGAR
  8. Jul 24, 20268-K EDGAR
  9. Jul 21, 20268-K EDGAR
  10. Jun 4, 20268-K EDGAR
  11. May 20, 202610-K EDGAR
  12. May 15, 2026NT 10-Q EDGAR
  13. Apr 30, 20268-K EDGAR
  14. Apr 17, 20268-K EDGAR
  15. Apr 16, 20268-K EDGAR
  16. Mar 31, 2026NT 10-K EDGAR
  17. Mar 13, 20268-K EDGAR
  18. Mar 12, 20268-K EDGAR
  19. Mar 9, 2026DEF 14A EDGAR
  20. Mar 6, 2026PRE 14A EDGAR

The 197 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Insider trades

43 open-market trades by officers, directors and large owners since October 2021: 27 buys and 16 sales. Grants, option exercises and gifts are left out.

DateWhoTradeSharesPriceValueFiling
Nov 10, 2025GOLDEN PROPERTIES LTD.10% ownerSale116,845$4.10$479.2KForm 4
Nov 10, 2025GOLDEN PROPERTIES LTD.10% ownerSale390,000$4.04$1.6MForm 4
Nov 10, 2025GOLDEN PROPERTIES LTD.10% ownerSale300,000$4.13$1.2MForm 4
Nov 7, 2025GOLDEN PROPERTIES LTD.10% ownerSale393,155$4.03$1.6MForm 4
Nov 7, 2025GOLDEN PROPERTIES LTD.10% ownerSale196,108$4.04$792.2KForm 4
Nov 5, 2025GOLDEN PROPERTIES LTD.10% ownerSale118,892$4.02$478.1KForm 4
Nov 4, 2025GOLDEN PROPERTIES LTD.10% ownerSale92,973$4.00$372.3KForm 4
Oct 20, 2025GOLDEN PROPERTIES LTD.10% ownerSale20,000$4.12$82.4KForm 4
Oct 17, 2025GOLDEN PROPERTIES LTD.10% ownerSale980,000$4.06$4.0MForm 4
Aug 19, 2025GOLDEN PROPERTIES LTD.10% ownerSale1,000,000$1.26$1.3MForm 4
Aug 19, 2025GOLDEN PROPERTIES LTD.10% ownerBuy1,000,000$1.26$1.3MForm 4
Jul 31, 2025GOLDEN PROPERTIES LTD.10% ownerSale1,000,000$1.12$1.1MForm 4
Jul 31, 2025GOLDEN PROPERTIES LTD.10% ownerBuy1,000,000$1.12$1.1MForm 4
Jul 19, 2024GOLDEN PROPERTIES LTD.10% ownerBuy800,000$0.67$536.0KForm 4
Jun 15, 2023Taylor Kirk PatrickChief Financial OfficerBuy1,250$1.74$2.2KForm 4
May 23, 2023Taylor Kirk PatrickChief Financial OfficerBuy1,250$1.57$2.0KForm 4
May 10, 2023Jensen Mark C.Chief Executive OfficerBuy5,000$1.55$7.8KForm 4
Apr 11, 2023Jensen Mark C.Chief Executive OfficerBuy5,000$1.25$6.2KForm 4
Mar 16, 2023Jensen Mark C.Chief Executive OfficerBuy5,000$1.38$6.9KForm 4
Feb 13, 2023Jensen Mark C.Chief Executive OfficerBuy5,000$1.54$7.7KForm 4

All 43 trades can be filtered by person here when JavaScript is on.

From Forms 4 filed with the SEC.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

Executive pay

What the company paid its top executives, from the summary compensation table in its proxy statement. Total pay includes salary, bonus, stock and option awards and other pay, as the company valued them.

YearExecutiveAgeSalaryTotal pay
2024Mark C. JensenCEO46$375.0K$753.0K52
2024Thomas M. SauvePresident47$300.0K$515.4K52
2024Kirk P. TaylorCFO47$300.0K$326.4K52
2024Tarlis R ThompsonCOO43$197.8K$224.5K52
2023Mark C. JensenCEO46$375.0K$1.6M52
2023Thomas M. SauvePresident47$300.0K$1.2M52
2023Kirk P. TaylorCFO47$300.0K$899.8K52
2023Tarlis R ThompsonCOO43$197.8K52

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Oct 16, 2025Raised $40 million in a private offering of equity Form D: 2 investors so far Form D
  2. Oct 14, 2025Raised $33.7 million in a private offering of equity Form D: 2 investors so far Form D

Held by these funds

The largest holders among investment managers' 13F reports for the quarter ending Jun 30, 2026, the top 25 of 98. Change is in shares since the quarter before.

FundSharesValueShare of the fundChange
BlackRock, Inc.6,864,456$14.8M0.0%+5,153,998
Vanguard Capital Management LLC4,291,830$9.2M0.0%+476,708
Geode Capital Management, LLC2,136,179$4.6M0.0%+1,242,748
Susquehanna International Group, Llp1,794,845$3.9M0.0%−555,737
Citigroup Inc1,353,069$2.9M0.0%−132,174
UBS Group AG1,230,186$2.6M0.0%+410,727
Citadel Advisors LLC1,116,295$2.4M0.0%−969,370
State Street Corp957,722$2.1M0.0%+590,800
Northern Trust Corp668,039$1.4M0.0%+509,757
Vanguard Portfolio Management LLC597,497$1.3M0.0%New
Vanguard Fiduciary Trust Co544,950$1.2M0.0%+88,430
Morgan Stanley530,065$1.1M0.0%−107,989
Two Sigma Investments, LP402,876$866.2K0.0%−554,230
Peak6 LLC313,429$673.9K0.0%−133,222
American Century Companies Inc286,960$617.0K0.0%New
Charles Schwab Investment Management Inc262,189$563.7K0.0%+216,189
Millennium Management LLC261,745$562.8K0.0%−1,283,592
Connor, Clark & Lunn Investment Management Ltd.245,744$528.4K0.0%−283,893
Goldman Sachs Group Inc222,303$478.0K0.0%−386,964
Barclays PLC220,211$473.5K0.0%+52,096
Bank of New York Mellon Corp214,926$462.1K0.0%New
Bank Of America Corp /de/158,532$340.8K0.0%−251,698
IMC-Chicago, LLC133,251$286.5K0.0%+52,453
Kingsbury Capital Investment Advisors LLC118,193$254.1K0.2%+9,562
Kmt Wealth Management, LLC118,193$254.1K0.2%New

13F reports cover disclosed long positions in U.S. stocks only.

SEC filer profile

How American Resources Corp is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARAmerican Resources Corp1
  • CIK0001590715
  • Employer ID (EIN)46-39141273
  • Filer statusNon-accelerated filer not an emerging growth company; a smaller reporting company; not a shell company3
  • Incorporated inFlorida3
  • Fiscal year endsDecember 311
  • Industry code (SIC)1220 Silver Ores1
  • SEC reviewing officeOffice of Energy & Transportation, Division of Corporation Finance1
  • Business address12115 Visionary Way, Suite 174, Fishers, IN 460381
  • Phone(317) 855-99261
  • Shares outstanding106,971,272 shares as of May 19, 20263
  • Public float$63.9M as of Jun 30, 20253
  • AuditorGreenGrowth, Los Angeles, California PCAOB ID 65803
  • On EDGAR sinceNov 6, 20131
  • Filings579 in all: 8-K (177), 4 (87), UPLOAD (46), CORRESP (41), 10-Q (35), S-1/A (24), 3 (17), 8-K/A (14)1
    All 40 form types

    10-K (12), 10-K/A (11), 10-Q/A (8), DEF 14C (8), EFFECT (8), NT 10-Q (8), PRE 14C (8), NT 10-K (7), POS AM (7), PRE 14A (6), DEF 14A (5), 4/A (4), 424B5 (4), D (4), PRER14C (4), S-1 (4), S-3/A (4), SC 13G (4), 144 (3), 424B3 (3), DEFA14A (2), S-3 (2), SC 13D (2), SCHEDULE 13G (2), 3/A (1), 424B4 (1), 8-A12B (1), 8-A12G (1), AW WD (1), CERT (1), SC 13G/A (1), SCHEDULE 13G/A (1)

  • Latest filingsAnnual report (10-K) May 20, 2026
    Quarterly report (10-Q) Nov 14, 2025
    Proxy statement (DEF 14A) Mar 9, 2026
    Latest 8-K (8-K) Oct 7, 2026

Securities registered for trading

ClassSymbolExchange
Class A Common, $0.0001 Par ValueARECNASDAQ
WarrantARECWNASDAQ

From the cover page of the 10-K filed May 20, 2026 (Section 12(b) of the Exchange Act).3

Risk factors and legal proceedings

Legal proceedings

From time to time, we are subject to ordinary routine litigation incidental to our normal business operations.

Please see financial statement note 11 for detail on cases.

The opening of Item 3, Legal Proceedings.3

Sources

The numbers on this page point here. Each one links to the record it came from.

  1. 1
  2. 2
  3. 3
  4. 4
  5. 5
  6. 6
  7. 7
  8. 8
  9. 9
  10. 10
  11. 11
  12. 12
  13. 13
  14. 14
  15. 15
  16. 16
  17. 17
  18. 18
  19. 19
  20. 20
  21. 21
  22. 22
  23. 23
  24. 24
  25. 25
  26. 26
  27. 27
  28. 28
  29. 29
  30. 30
  31. 31
    SEC EDGAROther events
  32. 32
  33. 33
    SEC EDGAROther events
  34. 34
  35. 35
  36. 36
    SEC EDGAROther events
  37. 37
  38. 38
  39. 39
  40. 40
  41. 41
  42. 42
  43. 43
  44. 44
  45. 45
  46. 46
  47. 47
  48. 48
  49. 49
  50. 50
  51. 51
  52. 52