NEW YORK, May 21, 2026, 06:05 (EDT)
American Resources Corp shares last traded unchanged at $2.14 in Thursday premarket dealings, the early session before the 9:30 a.m. New York open, after closing up 10.3% on Wednesday as investors weighed a delayed annual report and a cleaner rare-earth strategy. U.S. regular trading had not opened; Nasdaq’s 2026 calendar lists Memorial Day, May 25, as the next scheduled market closure.
The filing matters now because it removes part of a compliance overhang. Nasdaq told American Resources on April 24 that it was not in compliance with Listing Rule 5250(c)(1) because it had not filed its 2025 Form 10-K, an annual report with audited accounts and risk disclosures; the notice had no immediate effect on the stock’s listing or trading.
SEC records show the company filed the 10-K on May 20 for the year ended Dec. 31, 2025. That makes the move less about a single new contract and more about whether investors accept the post-restructuring balance sheet.
American Resources said the report reflected a shift into rare-earth and critical-mineral feedstock, or raw-material, sourcing and trading after deconsolidating legacy coal operations and ReElement Technologies — taking those units out of the parent company’s consolidated accounts. Chief Executive Mark Jensen said the company was “simplifying our structure” and building a sourcing model “not relying on one mine or one region.” ACCESS Newswire
The numbers were uneven. American Resources reported no revenue in 2025, down from $34,070 a year earlier, while operating expenses fell to $11.3 million from $14.3 million. It posted a $17.8 million loss from continuing operations, but $73.2 million of income from discontinued operations helped lift net income attributable to shareholders to $55.4 million, or 63 cents a share.
Cash gave the filing a second point of support. The balance sheet showed $31.7 million in cash and $40.5 million in short-term investments at year-end, plus $32.4 million of investments in related-party entities. Total equity swung to $93.2 million from a deficit of $80.9 million.
AREC is also trading inside a noisy rare-earth tape. MP Materials and USA Rare Earth, two larger U.S.-listed names tied to rare-earth supply chains, were higher in early trading, while Investors Business Daily reported a sector rebound after a U.S.-China summit left export-control questions unresolved; it cited William Blair analyst Neal Dingmann as saying the group had fallen “unjustly.” Investors
But the cleaner balance sheet does not remove execution risk. The 10-K said disclosure controls and internal control over financial reporting were not effective because of a material weakness — a control problem that can let a major accounting error go undetected — tied to limited accounting staff and weak segregation of duties.
The downside case is plain enough: if feedstock sourcing, recycling and ReElement-linked activity do not turn into operating revenue, investors may treat the 2025 profit as an accounting reset rather than the start of a durable business turn. For now, American Resources has filed the overdue annual report; the next test is whether Wednesday’s rally finds follow-through in the regular session.
