Alpha Announces Financial Results for Fourth Quarter and Full Year 2025

www.prnewswire.com 28 Feb 2026 04:58 Original ↗

LMB Q4 Earnings

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Alpha Resources (AMR) presents a mixed outlook with operational cash generation ($28.5M Adjusted EBITDA) demonstrating underlying business viability, but deteriorating profitability trends (Q4 net loss of -$17.3M, a 215% sequential increase) and weakening quarter-over-quarter EBITDA (-31.7%) signal material headwinds in the metallurgical coal market. While management's commentary on improving Australian pricing into 2026 offers a potential recovery catalyst, the acknowledged 'persistent challenges' throughout 2025, combined with expected seasonal Q1 volume softness and limited near-term visibility, suggest investors should await concrete evidence of pricing stabilization before increasing exposure.

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<ul>
<li>Reports net loss of $17.3 million for the fourth quarter 2025</li>
<li>Posts Adjusted EBITDA of $28.5 million for the quarter</li>
</ul>
BRISTOL, Tenn., Feb. 27, 2026 /PRNewswire/ -- Alpha Metallurgical Resources, Inc. (NYSE: <a href="#financial-modal">AMR</a>), a leading U.S. supplier of metallurgical products for the steel industry, today reported financial results for the fourth quarter and full year ending December 31, 2025.
<table>
<row span="4"><cell>(millions, except per share)</cell>
</row>
<row span="4"><cell>Three months ended</cell>
</row>
<row span="4"><cell>Dec. 31, 2025</cell>
<cell>Sept. 30, 2025</cell>
<cell>Dec. 31, 2024</cell>
</row>
<row span="4"><cell>Net loss</cell>
<cell>($17.3)</cell>
<cell>($5.5)</cell>
<cell>($2.1)</cell>
</row>
<row span="4"><cell>Net loss per diluted share</cell>
<cell>($1.34)</cell>
<cell>($0.42)</cell>
<cell>($0.16)</cell>
</row>
<row span="4"><cell>Adjusted EBITDA(1)</cell>
<cell>$28.5</cell>
<cell>$41.7</cell>
<cell>$53.2</cell>
</row>
<row span="4"><cell>Operating cash flow</cell>
<cell>$19.0</cell>
<cell>$50.6</cell>
<cell>$56.3</cell>
</row>
<row span="4"><cell>Capital expenditures</cell>
<cell>($29.0)</cell>
<cell>($25.1)</cell>
<cell>($42.7)</cell>
</row>
<row><cell>Tons of coal sold</cell>
<cell>3.8</cell>
<cell>3.9</cell>
<cell>4.1</cell>
</row>
</table>
<table>
<row><cell>__________________________________</cell>
</row>
<row><cell>1. This is a non-GAAP financial measure. A reconciliation of Net Loss to Adjusted EBITDA is included in tables accompanying the financial schedules.</cell>
</row>
</table>
"Following the previous disclosure of our initial Q4 performance, today we announce definitive financial results for the fourth quarter and full year 2025," said Andy Eidson, Alpha's chief executive officer. "As previously stated, our fourth quarter numbers reflect the persistent challenges of the met pricing environment that prevailed through much of the 2025 calendar year. Having experienced some quality-specific improvements in the met market, particularly in the Australian low vol indexes, late in Q4 and extending into recent weeks, our first quarter 2026 results will be influenced by those more favorable conditions. From a volume perspective, Alpha's first quarter tons sold tend to be lower than other quarters. Based on our first two months of the year, we expect this to hold true in 2026."
Financial Performance
Alpha reported a net loss of $17.3 million, or $1.34 per diluted share, for the fourth quarter 2025, as compared to net loss of $5.5 million, or $0.42 per diluted share, in the third quarter.
Total Adjusted EBITDA was $28.5 million for the fourth quarter, compared to $41.7 million in the third quarter.
Coal Revenues
<table>
<row span="3"><cell>(millions)</cell>
</row>
<row span="3"><cell>Three months ended</cell>
</row>
<row span="3"><cell>Dec. 31, 2025</cell>
<cell>Sept. 30, 2025</cell>
</row>
<row span="3"><cell>Met Segment</cell>
<cell>$519.1</cell>
<cell>$525.2</cell>
</row>
<row span="3"><cell>Met Segment (excl. freight & handling)(1)</cell>
<cell>$436.3</cell>
<cell>$442.8</cell>
</row>
<row span="3"><cell>Tons Sold</cell>
<cell>(millions)</cell>
</row>
<row span="3"><cell>Three months ended</cell>
</row>
<row span="3"><cell>Dec. 31, 2025</cell>
<cell>Sept. 30, 2025</cell>
</row>
<row><cell>Met Segment</cell>
<cell>3.8</cell>
<cell>3.9</cell>
</row>
</table>
<table>
<row><cell>__________________________________</cell>
</row>
<row><cell>1. Represents Non-GAAP coal revenues which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."</cell>
</row>
</table>
Coal Sales Realization(1)
<table>
<row span="3"><cell>(per ton)</cell>
</row>
<row span="3"><cell>Three months ended</cell>
</row>
<row span="3"><cell>Dec. 31, 2025</cell>
<cell>Sept. 30, 2025</cell>
</row>
<row><cell>Met Segment</cell>
<cell>$115.31</cell>
<cell>$114.94</cell>
</row>
</table>
<table>
<row><cell>__________________________________</cell>
</row>
<row><cell>1. Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."</cell>
</row>
</table>
Fourth quarter net realized pricing for the Met segment was $115.31 per ton.
The table below provides a breakdown of our Met segment coal sold in the fourth quarter by pricing mechanism.
<table>
<row span="5"><cell>(in millions, except per ton data)</cell>
</row>
<row span="5"><cell>Met Segment Sales</cell>
<cell>Three months ended Dec. 31, 2025</cell>
</row>
<row span="5"><cell>Tons Sold</cell>
<cell>Coal Revenues</cell>
<cell>Realization/ton(1)</cell>
<cell>% of Met Tons </cell>
</row>
<row span="5"><cell>Export - Other Pricing Mechanisms</cell>
<cell>1.8</cell>
<cell>$187.6</cell>
<cell>$106.13</cell>
<cell>50 %</cell>
</row>
<row span="5"><cell>Domestic</cell>
<cell>0.8</cell>
<cell>$116.9</cell>
<cell>$148.93</cell>
<cell>22 %</cell>
</row>
<row span="5"><cell>Export - Australian Indexed</cell>
<cell>1.0</cell>
<cell>$111.4</cell>
<cell>$114.96</cell>
<cell>28 %</cell>
</row>
<row span="5"><cell>Total Met Coal Revenues</cell>
<cell>3.5</cell>
<cell>$415.9</cell>
<cell>$118.10</cell>
<cell>100 %</cell>
</row>
<row span="5"><cell>Thermal Coal Revenues</cell>
<cell>0.3</cell>
<cell>$20.4</cell>
<cell>$77.80</cell>
</row>
<row><cell>Total Met Segment Coal Revenues (excl. freight & handling)(1)</cell>
<cell>3.8</cell>
<cell>$436.3</cell>
<cell>$115.31</cell>
</row>
</table>
<table>
<row><cell>__________________________________</cell>
</row>
<row><cell>1. Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."</cell>
</row>
</table>
Cost of Coal Sales
<table>
<row span="3"><cell>(in millions, except per ton data)</cell>
</row>
<row span="3"><cell>Three months ended</cell>
</row>
<row span="3"><cell>Dec. 31, 2025</cell>
<cell>Sept. 30, 2025</cell>
</row>
<row span="3"><cell>Met Segment</cell>
<cell>$478.5</cell>
<cell>$461.6</cell>
</row>
<row span="3"><cell>Met Segment (excl. freight & handling/idle)(1)</cell>
<cell>$383.8</cell>
<cell>$374.7</cell>
</row>
<row span="3"><cell>(per ton)</cell>
</row>
<row><cell>Met Segment(1)</cell>
<cell>$101.43</cell>
<cell>$97.27</cell>
</row>
</table>
<table>
<row><cell>__________________________________</cell>
</row>
<row><cell>1. Represents Non-GAAP cost of coal sales and Non-GAAP cost of coal sales per ton which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."</cell>
</row>
</table>
Alpha's Met segment cost of coal sales increased to an average of $101.43 per ton in the fourth quarter, compared to $97.27 per ton in the third quarter.
Liquidity and Capital Resources
Cash provided by operating activities in the fourth quarter decreased to $19.0 million as compared to $50.6 million in the third quarter. Capital expenditures for the fourth quarter were $29.0 million compared to $25.1 million for the third quarter.
As of December 31, 2025, the company had total liquidity of $524.3 million, including cash and cash equivalents of $366.0 million, short-term investments of $49.6 million, and $183.7 million of unused availability under the asset-based revolving credit facility (ABL), partially offset by a minimum required liquidity of $75.0 million as required by the ABL. As of December 31, 2025, the company had no borrowings and $41.3 million in letters of credit outstanding under the ABL. Total long-term debt, including the current portion of long-term debt as of December 31, 2025, was $13.4 million.
Share Repurchase Program
As previously announced, Alpha's board of directors authorized a share repurchase program allowing for the expenditure of up to $1.5 billion for the repurchase of the company's common stock. As of February 20, 2026, the company had acquired approximately 6.9 million shares of common stock at a cost of approximately $1.1 billion, or approximately $165.89 per share. The number of common stock shares outstanding as of February 20, 2026 was 12,792,685, not including the potential effect of unvested equity awards.
The timing and amount of share repurchases will be based on various factors, including but not limited to market conditions, the trading price of the stock, applicable legal requirements, compliance with the provisions of the company's debt agreements, and other factors.
2026 Operational Performance Update
As of February 17, 2026, at the midpoint of guidance, Alpha has committed and priced approximately 37% of its metallurgical coal for 2026 at an average price of $134.02 per ton and 77% of its thermal coal for the year at an average price of $73.17 per ton.
<table>
<row span="4"><cell>2026 Guidance</cell>
</row>
<row span="4"><cell>in millions of tons</cell>
<cell>Low</cell>
<cell>High</cell>
</row>
<row span="4"><cell>Metallurgical</cell>
<cell>14.4</cell>
<cell>15.4</cell>
</row>
<row span="4"><cell>Thermal</cell>
<cell>0.7</cell>
<cell>1.1</cell>
</row>
<row span="4"><cell>Met Segment - Total Shipments</cell>
<cell>15.1</cell>
<cell>16.5</cell>
</row>
<row span="4"><cell>Committed/Priced1,2,3</cell>
<cell>Committed</cell>
<cell>Volume </cell>
<cell>Average Price</cell>
</row>
<row span="4"><cell>Metallurgical - Domestic</cell>
<cell>4.1</cell>
<cell>$136.30</cell>
</row>
<row span="4"><cell>Metallurgical - Export</cell>
<cell>1.5</cell>
<cell>$127.53</cell>
</row>
<row span="4"><cell>Metallurgical Total</cell>
<cell>37 %</cell>
<cell>5.6</cell>
<cell>$134.02</cell>
</row>
<row span="4"><cell>Thermal</cell>
<cell>77 %</cell>
<cell>0.7</cell>
<cell>$73.17</cell>
</row>
<row span="4"><cell>Met Segment</cell>
<cell>40 %</cell>
<cell>6.3</cell>
<cell>$127.30</cell>
</row>
<row span="4"><cell>Committed/Unpriced1,3</cell>
<cell>Committed</cell>
</row>
<row span="4"><cell>Metallurgical Total</cell>
<cell>53 %</cell>
</row>
<row span="4"><cell>Thermal</cell>
<cell>— %</cell>
</row>
<row span="4"><cell>Met Segment</cell>
<cell>50 %</cell>
</row>
<row span="4"><cell>Costs per ton4</cell>
<cell>Low</cell>
<cell>High</cell>
</row>
<row span="4"><cell>Met Segment</cell>
<cell>$95.00</cell>
<cell>$101.00</cell>
</row>
<row span="4"><cell>In millions (except taxes)</cell>
<cell>Low</cell>
<cell>High</cell>
</row>
<row span="4"><cell>SG&A5</cell>
<cell>$53</cell>
<cell>$59</cell>
</row>
<row span="4"><cell>Idle Operations Expense</cell>
<cell>$24</cell>
<cell>$32</cell>
</row>
<row span="4"><cell>Net Cash Interest Income</cell>
<cell>$2</cell>
<cell>$6</cell>
</row>
<row span="4"><cell>DD&A</cell>
<cell>$160</cell>
<cell>$174</cell>
</row>
<row span="4"><cell>Capital Expenditures</cell>
<cell>$148</cell>
<cell>$168</cell>
</row>
<row span="4"><cell>Capital Contributions to Equity Affiliates6</cell>
<cell>$35</cell>
<cell>$45</cell>
</row>
<row><cell>Cash Tax Rate</cell>
<cell>0 %</cell>
<cell>5 %</cell>
</row>
</table>
<table>
<row span="2"><cell>Notes:</cell>
</row>
<row span="2"><cell>1.</cell>
<cell>Based on committed and priced coal shipments as of February 17, 2026. Committed percentage based on the midpoint of shipment guidance range.</cell>
</row>
<row span="2"><cell>2.</cell>
<cell>Actual average per-ton realizations on committed and priced tons recognized in future periods may vary based on actual freight expense in future periods relative to assumed freight expense embedded in projected average per-ton realizations.</cell>
</row>
<row span="2"><cell>3.</cell>
<cell>Includes estimates of future coal shipments based upon contract terms and anticipated delivery schedules. Actual coal shipments may vary from these estimates.</cell>
</row>
<row span="2"><cell>4.</cell>
<cell>Note: The Company is unable to present a quantitative reconcilia

Alpha Announces Financial Results for Fourth Quarter and Full Year 2025

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