AREC - American Resources GAAP EPS of -$0.04 beats by $0.02 revenue of $8.87M misses by $1.33M

2023-05-15 16:43:31 ET

• American Resources press release ( NASDAQ: AREC ): Q1 GAAP EPS of -$0.04 beats by $0.02 .
• Revenue of $8.87M (-2.3% Y/Y) misses by $1.33M .
• "Looking forward to the remainder of 2023, our belief in and excitement over the opportunities we have in front of us continues to reach an all-time high. We have positioned our McCoy Elkhorn complex as a major growth driver for our American Carbon division. We continue to expand production at our set of Carnegie mines with a focus of adding a second operating section at our Carnegie 1 mine which will add incremental metallurgical carbon production feeding our onsite processing facility at McCoy. Beyond our McCoy Elkhorn complex, we are confident the closing of our previously announced $45 million tax exempt industrial development bond through the state of West Virginia will close in the short term which will support the upgrades and development of our Wyoming County Coal complex for advanced carbon and critical mineral processing. As we have mentioned in the past, we remain focused on monetizing our substantial carbon assets in ways that best benefits out shareholders, and we continue to evaluate options including internally operating, joint ventures, leases and divestitures," continued Mr. Jensen.

For further details see: