Welcome to our dedicated page for RANGE IMPACT news (Ticker: RNGE), a resource for investors and traders seeking the latest updates and insights on RANGE IMPACT stock.
Range Impact, Inc. (OTCQB: RNGE) is a public impact investing company headquartered in Cleveland, Ohio and focused on acquiring, reclaiming and repurposing mine sites and other undervalued land in economically disadvantaged communities throughout Appalachia. This news page aggregates company announcements, press releases and related updates for investors and observers tracking RNGE.
Readers can find coverage of Range Impact’s major land acquisitions, including detailed disclosures about the Fola Mine Complex in West Virginia and the Premier Elkhorn and Cambrian Coal mine complexes in eastern Kentucky. News items describe how the company assumes reclamation obligations, manages mining permits and engages with mining operators through coal royalty agreements and leases.
Company news also highlights developments in Range Impact’s evolving business model, such as its transition from a service-based reclamation business to a land ownership strategy, the sale of its cannabinoid drug development subsidiary, and the exit from its abandoned mine land services business. Financial updates, including quarterly results and capital raises through securities purchase agreements, are reported through earnings-related press releases and associated SEC filings.
In addition, Range Impact issues announcements about its uplisting to the OTCQB Venture Market, consulting agreements tied to potential landfill development at former mine sites, and progress on long-term solar lease arrangements at the Fola Mine Complex. Investors who follow RNGE news can use this page to monitor how the company’s impact investing strategy, reclamation activities and land portfolio in Appalachia evolve over time.
Range Impact (OTC: RNGE) has announced the sale of non-core assets as part of its strategic plan to focus on reclaiming and repurposing Company-owned mine land in Appalachia. On August 22, 2024, the Company's subsidiary, Collins Building & Contracting, sold a mechanics shop, stone quarry, and related assets to entities controlled by Roger L. Collins, Jr. In exchange, $2,940,836 of debt was cancelled and discharged.
This decision comes after a review of the Company's abandoned mine land (AML) reclamation business in West Virginia, which was deemed administratively and operationally challenging. CEO Michael Cavanaugh stated that exiting this line of business allows Range Impact to concentrate on reclaiming and repurposing its own mine land, which is believed to offer greater long-term value creation opportunities for shareholders.
Range Impact (OTC: RNGE) reported its Q2 2024 financial results, showing a decline in revenue and negative Adjusted EBITDA. Key highlights include:
- Consolidated revenue of $2,349,738 in Q2 2024, down from $3,998,267 in Q2 2023
- Consolidated Adjusted EBITDA of ($312,994) in Q2 2024, compared to $479,405 in Q2 2023
- Net loss of $1,225,681 in Q2 2024, versus a net income of $36,762 in Q2 2023
The decline was primarily attributed to a mining contractor's performance failure and misalignment between revenues and costs in the Range Reclaim segment. Management plans to review business segments and take steps to reposition the company for future growth and profitability.
Range Impact (OTC: RNGE) reported first-quarter results for 2024, showing a consolidated revenue increase to $3,909,893, up $895,006 from 1Q 2023. However, the company's consolidated Adjusted EBITDA decreased to $67,034, down from $170,961 in 1Q 2023.
The Range Reclaim segment saw a revenue decline by $1,482,504 to $1,505,983, while Range Minerals, a newly separate segment, reported $1,982,115 in revenue. Range Security also showed strong growth, with revenue up to $421,795 from $26,400 in 1Q 2023.
Operating expenses increased to $1,075,541, contributing to a net loss of $751,149, compared to a net loss of $226,860 in 1Q 2023. Cash flow from operations turned negative at $(1,113,045). The company emphasizes its commitment to reclaiming and repurposing mine sites for sustainable economic activity in Appalachia.
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