Business
American Resources Corporation Reports Second Quarter 2022 Financial Results and Provides Business Outlook
Record quarterly revenues of $16.2 million represents the best in Company's history with significant expansion opportunities over the balance of the
About this update from American Resources Corporation
[{"type":"text","content":"Record quarterly revenues of $16.2 million represents the best in Company's history with significant expansion opportunities over the balance of the yearCompany boasts 78% quarter-over-quarter revenue growth; adjusted EBITDA for the 2Q 2022 of $11.5 millionThe first domestic, commercial producer of separated and high-purity REEs from recycled permanent magnetsOn track to commercially produce separated and high-purity battery elements from recycled lithium-based batteries in 4Q 2022Company's patented chromatographic separation and purification process defining itself as the only complete recycling solution for all the critical and REEs in the EV powertrainCompany's carbon platform well positioned to capitalize on continued market strength and opportunities over the next several yearsCompany to host update conference call today at 4:30 PM ETFISHERS, IN / ACCESSWIRE / August 15, 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 second quarter of 2022 and provided a corporate update. The Company will host a conference call and webcast, today, August 15, 2022, at 4:30 PM ET (details below).Mark Jensen, Chairman and CEO of American Resources Corporation commented, \"The second quarter of 2022 continued to showcase the steady progression of our carbon business resulting in 78% quarter-over-quarter revenue growth. Today, we continue to see the fruits of our investments and have our carbon platform in position to drive continued carbon production growth forward. We continue to see constrained supply throughout the industry and as a result, we find ourselves as one of the few sources of needed supply growth. Additionally, our newly rebranded ReElement Technologies (\"ReElement\") division recently achieved a major milestone of being the first domestic, commercial producer of isolated and high-purity rare-earth elements. While we are confident in our team, process and technology, our results from our first commercial runs exceeded our expectations by achieving greater than 99.5% pure neodymium, dysprosium and praseodymium. We fully believe our chromatography technology w...