Range Impact, Inc.

What they do

Range Impact acquires large mine sites burdened by legacy reclamation obligations, performs the reclamation work and seeks full bond release, then redevelops the land for long-term recurring revenue from third-party lessees. Incorporated in Nevada in 2007 under prior names including Legend Mining, Stevia First, Vitality Biopharma and Malachite Innovations, it took its current name in December 2023. Acquisitions of Range Environmental and Range Natural Resources in May 2022 and Collins Building in August 2023 expanded its services operations; Collins Building was largely sold in August 2024 and fully divested in December 2025, and Graphium Biosciences was divested in September 2024. Since March 2025 it reports under two segments, Range Land and Range Services.

Revenue drivers

• Range Land — Land ownership and redevelopment: the company holds roughly 30,000 acres of surface interests and over 150,000 acres of metallurgical and thermal coal mineral interests, and earns recurring revenue from third-party lessees including coal mining partners and a solar lease.
• Range Services — Reclamation and related services following the divestiture of the non-core third-party reclamation services business; costs of services were only $105,936 in the first half of 2026, indicating a small remaining base.
• Coal royalties and advisory fees — The Fola Mine acquisition included two coal royalty contracts, and in May 2025 AppleAtcha Land and WV Reclaim agreed to pay a $775,000 advisory fee relating to the Ramp Run Mine sale.

Recent performance

Full-year 2025 revenue was $3.7 million versus $0 in 2024, with net income of $19.2 million including $21,928,500 of bargain purchase gains, and $123,028 of cash generated from operations. First-half 2026 revenue was $2,025,041 against $1,106,089 in the prior-year period, with a loss from continuing operations of $3,627,067 compared to $910,278. Second-quarter 2026 revenue was $1,109,661 versus $1,106,089 a year earlier, and the loss from continuing operations widened to $1,827,862 from $318,871. Operating expenses rose to $5,652,108 in the first half of 2026, driven by $2,951,531 of asset retirement obligation accretion and $1,572,159 of intangible amortization. At June 30, 2026 the company held $646,009 of cash and $85,537,770 of total liabilities, including $79,919,368 of asset retirement obligations.

Strategy

Management has shifted from a service-based model to a land ownership model, acquiring mine sites, performing reclamation itself, obtaining bond release and unlocking the land's value through leases to third parties. In 2025 it acquired the Fola Mine Complex in West Virginia, including 120,154 acres of fee, surface and mineral interests, 15 mining permits and management or reclamation responsibility for 21 additional permits with an estimated $36.6 million asset retirement obligation, as well as a 25-year large-scale solar lease. The company reported ownership or management responsibility for 76 mining permits in West Virginia and Kentucky and reduced bond obligations at the Fola Mine by approximately $2.3 million during 2025. It also exited non-core operations, including the Collins Building divestiture completed in December 2025 and the Graphium Biosciences divestiture in September 2024.

Risks

• Going concern and funding need — The 10-K states the company may not have sufficient funds to operate for 12 months given its $2,110,171 cash balance at December 31, 2025 against near-term cash needs, and management says substantial additional capital will be required.
• Large reclamation obligations — Asset retirement obligations of $79,919,368 at June 30, 2026 dominate the balance sheet, and accretion of these obligations added $2,951,531 to first-half 2026 expenses.
• Dilution from equity issuances — The company has funded itself largely through equity and debt financings, and its risk factors warn existing stockholders may experience substantial dilution from future issuances; shares outstanding rose from 112,282,745 at December 31, 2025 to 121,710,366 at June 30, 2026.
• Earnings not driven by operations — 2025 net income of $19.2 million came primarily from $21,928,500 of bargain purchase gains, and excluding those gains the company reported a net loss of $2,760,822 for the year.

Outlook

Management describes 2025 as a period of strategic progress, citing the acquisition of two large coal mine complexes, the divestiture of the non-core third-party reclamation services business, new lease revenue from coal mining partners and relationships for redeveloping reclaimed land. CEO Michael Cavanaugh stated the company remains enthusiastic about its evolution from a service business to a land ownership business focused on unlocking the value of land it owns through its own reclamation activities. The 10-K states that continuation as a going concern depends on funding future operations through additional financing. No specific revenue or earnings guidance is provided in the excerpts.