Financial Statements — AREC
Balance Sheet
(in millions USD)| Metric | Q3 2025 | Q1 2025 | Q3 2024 | Q2 2024 | Q1 2024 | Q3 2023 | Q2 2023 | Q1 2023 | Q3 2022 | Q2 2022 | Q1 2022 | Q3 2021 | Q2 2021 | Q1 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | 2.08 | 0.02 | 0.84 | 0.55 | 179.81 | 44.71 | 51.53 | 2.42 | 4.86 | 4.89 | 6.30 | 20.13 | 29.13 | 8.33 |
| Short-term Investments | 0.00 | 0.00 | 0.15 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Accounts Receivable | 0.02 | 0.04 | -- | -- | -- | 4.39 | -- | -- | 5.67 | 5.35 | 2.86 | 2.11 | 0.38 | 0.00 |
| Inventory | 1.08 | 1.08 | 2.03 | 2.03 | 0.13 | 2.17 | 0.71 | 2.96 | 0.73 | -- | 1.24 | 0.00 | 0.64 | 0.15 |
| Total Current Assets | 8.40 | 8.63 | 5.71 | 4.45 | 4.82 | 12.35 | 6.39 | 5.75 | 11.22 | 9.98 | 10.89 | 21.50 | 29.39 | 7.73 |
| Property, Plant & Equipment | 16.72 | 16.46 | 17.49 | 42.36 | 11.20 | 11.69 | 9.03 | 9.30 | 15.06 | 20.88 | 22.70 | 23.02 | 21.68 | 22.36 |
| Total Non-current Assets* | 193.96 | 194.13 | 205.89 | 191.07 | 18.11 | 90.57 | 93.69 | 43.75 | 26.09 | 27.70 | 27.67 | 30.40 | 29.07 | 29.98 |
| Total Assets | 202.36 | 202.76 | 211.60 | 195.52 | 216.09 | 102.92 | 100.08 | 49.50 | 37.31 | 37.68 | 38.56 | 51.90 | 58.46 | 37.71 |
| Accounts Payable | 4.76 | 8.96 | -- | -- | -- | 4.33 | -- | -- | 3.32 | -- | -- | 2.75 | 2.56 | 3.05 |
| Short-term Debt | -- | -- | -- | -- | 0.79 | 0.80 | 0.82 | -- | -- | -- | -- | -- | -- | -- |
| Total Current Liabilities | 84.78 | 85.97 | 24.61 | 19.27 | 15.96 | 16.21 | 16.20 | 21.84 | 20.69 | 9.85 | 21.84 | 27.94 | 27.25 | 26.60 |
| Long-term Debt | 0.97 | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
| Total Non-current Liabilities* | 212.63 | 203.29 | 241.38 | 221.87 | 219.94 | 72.02 | 73.14 | 20.31 | 25.69 | 32.52 | 20.37 | 21.19 | 21.90 | 23.46 |
| Total Liabilities | 297.42 | 289.26 | 265.99 | 241.14 | 235.89 | 88.22 | 89.34 | 42.15 | 46.39 | 42.37 | 42.21 | 49.13 | 49.15 | 50.06 |
| Retained Earnings | (276.10) | (273.42) | (234.60) | (226.10) | (184.92) | (163.85) | (167.33) | (170.34) | (176.20) | (170.97) | (168.54) | (155.36) | (146.44) | (139.79) |
| Total Stockholder Equity* | (80.67) | (84.94) | (51.83) | (44.08) | (19.80) | 14.70 | 10.74 | 7.35 | (9.01) | (4.70) | (3.65) | 2.77 | 9.31 | (12.35) |
* Derived from reported values
Income Statement
(in millions USD) (except per-share rows)| Metric | Q4 2025 | Q3 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total Revenue | (0.05) | 0.00 | 0.03 | 0.05 | 0.24 | 0.00 | 0.09 | 0.07 | 5.83 | 1.98 | 8.87 | 4.68 | 9.51 | 16.20 | 9.08 | 4.54 | 2.81 | 0.39 | 0.01 |
| Cost of Revenue* | -- | 0.07 | 0.18 | -- | 0.44 | -- | 0.98 | -- | -- | -- | -- | -- | 9.76 | 0.00 | 2.89 | 2.28 | 3.07 | 0.94 | 0.80 |
| Gross Profit | -- | (0.07) | (0.15) | -- | (0.20) | -- | (0.88) | -- | -- | -- | -- | -- | (0.25) | 16.20 | 6.19 | 2.26 | (1.60) | (0.55) | (0.79) |
| Selling, General & Admin | (0.49) | 2.54 | 3.21 | 12.14 | 3.94 | 2.89 | 2.06 | 3.26 | 1.30 | 1.13 | 1.32 | 1.36 | 0.73 | 0.90 | 1.02 | 1.38 | 0.83 | 0.59 | 1.08 |
| Total Operating Expenses | (4.87) | 4.38 | 5.02 | 12.39 | 8.49 | 6.23 | 6.36 | 2.92 | 4.74 | 9.01 | 11.50 | 82.73 | 14.14 | (20.33) | (13.06) | 13.47 | 10.66 | 5.98 | 5.98 |
| Operating Income | 4.82 | (4.38) | (4.98) | (12.34) | (8.26) | (6.23) | (6.26) | (2.85) | 1.09 | (7.03) | (2.64) | (11.25) | (4.63) | (4.13) | (3.98) | (8.93) | (7.84) | (5.59) | (5.97) |
| Interest Expense | -- | 1.98 | 1.75 | 6.58 | 0.77 | 0.42 | 0.25 | 0.29 | 0.30 | 0.17 | 0.58 | -- | -- | 0.27 | 0.38 | 1.90 | 1.10 | 0.67 | 0.49 |
| Net Income | 78.40 | (7.70) | (6.66) | (30.51) | (9.22) | (6.60) | 6.23 | 11.31 | 3.48 | (1.00) | (3.10) | 8.98 | (5.23) | (2.44) | (2.75) | (10.55) | (8.91) | (6.65) | -- |
| Diluted EPS | 0.89 | (0.05) | (0.08) | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- | -- |
* Derived from reported values
Cash Flow Statement
(in millions USD)| Metric | Q3 2025 | Q1 2025 | Q4 2024 | Q3 2024 | Q2 2024 | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | (9.42) | (1.43) | (5.91) | (3.10) | (5.09) | (8.13) | (5.49) | (3.13) | 1.44 | (7.34) | 17.96 | (3.93) | (2.22) | (5.73) | (11.65) | (7.00) | (3.70) | (6.75) |
| Capital Expenditures | -- | -- | 0.89 | (0.48) | 0.65 | -- | -- | 3.53 | -- | 0.51 | -- | -- | -- | -- | -- | -- | -- | -- |
| Free Cash Flow* | -- | -- | (6.80) | (2.62) | (5.74) | -- | -- | (6.66) | -- | (7.85) | -- | -- | -- | -- | -- | -- | -- | -- |
| Investing Cash Flow | 2.79 | 0.74 | (1.70) | 2.01 | (4.05) | 3.80 | (26.60) | (3.41) | 0.21 | 0.97 | (11.12) | 4.41 | (0.14) | (0.79) | (0.84) | (2.15) | (0.09) | (2.84) |
| Financing Cash Flow | 9.22 | 0.08 | 1.33 | (1.00) | (0.48) | 146.81 | (7.60) | (0.29) | 47.47 | (2.19) | (0.70) | (0.51) | 0.95 | 0.24 | 4.95 | 0.15 | 24.58 | 6.72 |
* Derived from reported values