Business
American Resources Corporation Reports First Quarter 2022 Financial Results and Provides Business Outlook
Company reports adjusted EBITDA for the 1Q 2022 of $5.8 millionOn track be the first in the U.S. to produce isolated and purified critical and rare earth
About this update from American Resources Corporation
[{"type":"text","content":"Company reports adjusted EBITDA for the 1Q 2022 of $5.8 millionOn track be the first in the U.S. to produce isolated and purified critical and rare earth elements (REEs) and bring the most environmentally-safe refining solutions to the domestic marketplaceSignificant increase in carbon demand and price realization being seen as Company scales operations and on track this March to realize operating profitCurrent specialty and metallurgical carbon backlog represents approximately $110 millionCompany highly aligned with major U.S. priorities in both infrastructure and electrificationStrong balance sheet provides financial strength and flexibility to execute on its innovation, collaboration and growth plansCompany to host update conference call today at 4:30 PM ETFISHERS, IN / ACCESSWIRE / May 16, 2022 / American Resources Corporation (NASDAQ:AREC) (\"American Resources\" or the \"Company\"), a next generation and socially responsible supplier of rare earth and critical elements, carbon and advanced carbon materials to the new infrastructure and electrification marketplace, today announced financial results for the first quarter of 2022 and provided a corporate update. The Company will host a conference call and webcast, today, May 16, 2022, at 4:30 PM ET (details below).Mark Jensen, Chairman and CEO of American Resources Corporation commented, \"The first three months of 2022 showcased the steady progression of our carbon business. As we've recently discussed, the majority of our carbon sales during the first quarter occurred in the March month as we realized a more consistent run rate of production with additional operating sections now online at our producing mines. Today, we continue to see the fruits of our investments and continue to drive carbon production growth forward at our current operations. 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. We remain on track to having our 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 ...