Alpha Announces Financial Results for Second Quarter 2026

Rhea-AI Summary

Alpha Metallurgical Resources (NYSE: AMR) reported a second quarter 2026 net loss of $12.3 million, or $0.96 per diluted share, versus a net loss of $11.0 million in Q1 2026 and $5.0 million in Q2 2025. Adjusted EBITDA was $25.6 million, down from $30.0 million in the prior quarter. Met segment coal revenues were $491.5 million with 3.5 million tons sold and a net realized price of $118.71 per ton, compared to $523.5 million, 3.6 million tons, and $124.39 per ton in Q1.

Met segment cost of coal sales averaged $103.07 per ton, improving from $107.98. Operating cash flow rose to $39.9 million, while capital expenditures increased to $45.1 million. Liquidity totaled $447.8 million, including $307.6 million of cash and $184.3 million of unused ABL availability, with long-term debt of $11.4 million. The company disclosed storm-related constraints at Dominion Terminal Associates, issued reduced sales volume guidance, increased cost guidance, and noted that about 70% of 2026 metallurgical volumes are committed and priced.

Positive

• Operating cash flow $39.9 million in Q2 2026 vs. $29.0 million in Q1 2026
• Met segment cost of coal sales per ton fell to $103.07 from $107.98 quarter over quarter
• Total liquidity $447.8 million as of June 30, 2026, including $307.6 million cash and no ABL borrowings
• Long-term debt $11.4 million as of June 30, 2026, indicating a lightly levered balance sheet
• 70% of 2026 metallurgical coal committed and priced at an average $128.17 per ton
• 7.0 million shares repurchased for about $1.2 billion at an average price of $166.29, leaving 12,679,045 shares outstanding

Negative

• Q2 2026 net loss of $12.3 million, wider than $11.0 million in Q1 2026 and $5.0 million in Q2 2025
• Adjusted EBITDA declined to $25.6 million from $30.0 million in Q1 2026 and $46.1 million in Q2 2025
• Met segment coal revenues decreased to $491.5 million from $523.5 million quarter over quarter
• Tons of coal sold declined to 3.5 million from 3.6 million in Q1 2026 and 3.9 million in Q2 2025
• Q2 2026 capital expenditures increased to $45.1 million from $40.7 million in Q1 2026 and $34.6 million in Q2 2025
• Company disclosed reduced sales volume guidance and increased cost of coal sales guidance for 2026 amid soft markets and DTA storm impacts

News Explained

As of July 31, 2026, Alpha Metallurgical Resources had spent approximately $1.2 billion to acquire approximately 7.0 million shares against a board authorization of up to $1.5 billion, and reported 12,679,045 shares outstanding, so the buyback remains a capital-allocation program rather than a completed authorization.

Market Context

The earnings-tag record showed an average move of -3.43%, adding historical context to this report. ...

Analysis

The earnings-tag record showed an average move of -3.43%, adding historical context to this report. Recent insider activity was net buying; guidance execution and terminal efficiency remained key risks to monitor.

Key Figures

Net loss: $12.3 million Diluted loss per share: $0.96 Adjusted EBITDA: $25.6 million +5 more

8 metrics

Net loss $12.3 million Q2 2026

Diluted loss per share $0.96 Q2 2026

Adjusted EBITDA $25.6 million Q2 2026

Operating cash flow $39.9 million Q2 2026

Capital expenditures $45.1 million Q2 2026

Total liquidity $447.8 million As of June 30, 2026

Metallurgical coal guidance 13.2–14.0 million tons 2026 guidance

Cost of coal sales guidance $103–$107 per ton 2026 guidance

Previous Earnings Reports

5 past events · Latest: Jul 27 (Negative)

Same Type Pattern 5 events

Date	Event	Sentiment	24h Move	Catalyst
Jul 27	Preliminary earnings results	Negative	+1.8%	Preliminary loss, reduced guidance, and terminal damage preceded a positive reaction.
May 08	First-quarter earnings	Negative	-4.8%	Quarterly loss and weaker operating metrics preceded a negative reaction.
Apr 24	Preliminary earnings results	Negative	-5.9%	Preliminary quarterly loss and operating deterioration preceded a negative reaction.
Feb 27	Fourth-quarter earnings	Negative	-3.2%	Quarterly loss and lower profitability preceded a negative reaction.
Jan 30	Preliminary earnings results	Negative	-5.1%	Preliminary quarterly loss and reduced operating performance preceded a negative reaction.

24h Move is the share-price change in the day after each event; other market factors may also have contributed.

Pattern Detected

Tag-specific earnings reactions were mostly negative, with the exception of the preliminary second-quarter release, which produced a positive reaction.

Key Terms

adjusted ebitda, non-gaap financial measures, asset-based revolving credit facility, non-gaap coal sales realization

4 terms

adjusted ebitda financial

"Reports second quarter net loss of $12.3 million and Adjusted EBITDA of $25.6 million"

Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.

non-gaap financial measures financial

"The discussion below contains "non-GAAP financial measures.""

Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.

asset-based revolving credit facility financial

"unused availability under the asset-based revolving credit facility (ABL)"

A loan arrangement where a lender agrees to make funds available up to a set limit that a borrower can draw, repay, and draw again, with the amount available tied to the value of specific assets (like inventory, receivables, or equipment) pledged as collateral. It matters to investors because it provides flexible working capital while limiting risk exposure: the company can fund growth or cover shortfalls quickly, but borrowing capacity can shrink if asset values fall.

non-gaap coal sales realization financial

"Represents Non-GAAP coal sales realization which is defined and reconciled"

Non-GAAP coal sales realization is a company-reported measure of the average cash value it actually receives per ton of coal after adjustments such as discounts, quality differentials, transportation and contractual fees, but excluding standard accounting rules. For investors it shows the practical selling price and margin drivers more clearly than headline revenue, like a store reporting the net amount it keeps after sales, taxes and delivery — useful for comparing operational performance and pricing trends.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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• Reports second quarter net loss of $12.3 million and Adjusted EBITDA of $25.6 million
  

BRISTOL, Tenn., August 7, 2026 /PRNewswire/ -- Alpha Metallurgical Resources, Inc. (NYSE: AMR), a leading U.S. supplier of metallurgical products for the steel industry, today reported financial results for the second quarter ending June 30, 2026.

	(millions, except per share)
	Three months ended
	Jun. 30, 2026	Mar. 31, 2026	Jun. 30, 2025
Net loss	($12.3)	($11.0)	($5.0)
Net loss per diluted share	($0.96)	($0.86)	($0.38)
Adjusted EBITDA(1)	$25.6	$30.0	$46.1
Operating cash flow	$39.9	$29.0	$53.2
Capital expenditures	($45.1)	($40.7)	($34.6)
Tons of coal sold	3.5	3.6	3.9

1. This is a non-GAAP financial measure.  A reconciliation of Net Loss to Adjusted EBITDA is included in tables accompanying the financial schedules.

"Due to several factors, we closed out the first half of 2026 with fewer tons shipped and higher costs than expected," said Andy Eidson, Alpha's chief executive officer. "Those realities are evident in our second quarter results, and they informed our decision to release adjusted guidance ranges for sales volumes and cost of coal sales. We continue to engage with terminal leaders at Dominion Terminal Associates (DTA) to address the high-wind storm damage that occurred in June. Our reduced sales volume guidance for the balance of the year incorporates our expectations of reduced efficiency at DTA, which we plan to mitigate in part by utilizing our throughput capacity at other East Coast terminals. Once the insurance claims process advances, alongside conversations with third party equipment providers, terminal leadership should gain additional clarity regarding the longer-term plan for replacing the stacker reclaimer. In the immediate term, however, we remain appreciative of the cooperation from DTA leaders in working through these challenges and their resourcefulness in keeping the terminal running as well as possible under the circumstances."

Eidson continued: "With soft met market conditions persisting, our increased cost of coal sales guidance incorporates our expectation of fewer shipped tons for the year, together with the continuation of higher supply costs we've been experiencing."

Financial Performance

Alpha reported a net loss of $12.3 million, or $0.96 per diluted share, for the second quarter, as compared to net loss of $11.0 million, or $0.86 per diluted share, in the first quarter.

Total Adjusted EBITDA was $25.6 million for the second quarter, compared to $30.0 million in the first quarter. 

Coal Revenues

	(millions)
	Three months ended
	Jun. 30, 2026	Mar. 31, 2026
Met segment	$491.5	$523.5
Met segment (excl. freight & handling)(1)	$421.3	$447.3
Tons Sold	(millions)
	Three months ended
	Jun. 30, 2026	Mar. 31, 2026
Met segment	3.5	3.6

1. Represents Non-GAAP coal revenues which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."

Coal Sales Realization⁽¹⁾

	(per ton)
	Three months ended
	Jun. 30, 2026	Mar. 31, 2026
Met segment	$118.71	$124.39

1. Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."

Second quarter net realized pricing for the Met segment was $118.71 per ton.

The table below provides a breakdown of our Met segment coal sold in the second quarter by pricing mechanism.

	(in millions, except per ton data)
Met Segment Sales	Three months ended Jun. 30, 2026
	Tons Sold	Coal Revenues	Realization/ton(1)	% of Met Tons Sold
Domestic	0.9	$124.8	$134.37	30 %
Export - Australian indexed	0.7	$98.5	$143.82	22 %
Export - other pricing mechanisms	1.5	$162.9	$109.08	48 %
Total Met coal revenues	3.1	$386.2	$124.30	100 %
Thermal coal revenues	0.4	$35.1	$79.36
Total Met segment coal revenues (excl. freight & handling)(1)	3.5	$421.3	$118.71

1. Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."

Cost of Coal Sales

	(in millions, except per ton data)
	Three months ended
	Jun. 30, 2026	Mar. 31, 2026
Met segment	$443.7	$474.4
Met segment (excl. freight & handling/idle)(1)	$365.8	$388.3
	(per ton)
Met segment(1)	$103.07	$107.98

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."

Alpha's Met segment cost of coal sales decreased to an average of $103.07 per ton in the second quarter, compared to $107.98 per ton in the first quarter.

Liquidity and Capital Resources

Cash provided by operating activities in the second quarter increased to $39.9 million as compared to $29.0 million in the first quarter. Capital expenditures for the second quarter were $45.1 million compared to $40.7 million for the first quarter.

As of June 30, 2026, the company had total liquidity of $447.8 million, including cash and cash equivalents of $307.6 million, short-term investments of $30.9 million, and $184.3 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 June 30, 2026, the company had no amounts borrowed and $40.7 million in letters of credit outstanding under the ABL. Total long-term debt, including the current portion of long-term debt as of June 30, 2026, was $11.4 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 July 31, 2026, the company had acquired approximately 7.0 million shares of common stock at a cost of approximately $1.2 billion, or approximately $166.29 per share. The number of common stock shares outstanding as of July 31, 2026 was 12,679,045, 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 July 30, 2026, Alpha has committed and priced approximately 70% of its metallurgical coal for 2026 at an average price of $128.17 per ton. At the midpoint of guidance, Alpha's thermal coal is fully committed for the year at an average price of $75.94 per ton.

	2026 Guidance
in millions of tons	Low	High
Metallurgical	13.2	14.0
Thermal	1.0	1.4
Met segment - total shipments	14.2	15.4
Committed/Priced1,2,3	Committed	Volume (in millions of tons)	Average Price
Metallurgical - domestic		3.8	$136.18
Metallurgical - export		5.7	$122.77
Metallurgical total	70 %	9.5	$128.17
Thermal	100 %	1.3	$75.94
Met segment	73 %	10.8	$121.94
Committed/Unpriced1,3	Committed
Metallurgical total	30 %
Thermal	— %
Met segment	27 %
Costs per ton4	Low	High
Met segment	$103.00	$107.00
in millions (except taxes)	Low	High
SG&A5	$53	$59
Idle operations expense	$24	$32
Net cash interest income	$2	$6
DD&A	$160	$174
Capital expenditures	$148	$168
Capital contributions to equity affiliates6	$35	$45
Cash tax rate	0 %	5 %

 

Notes:
1.	Based on committed and priced coal shipments as of July 30, 2026. Committed percentage based on the midpoint of shipment guidance range.
2.	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.
3.	Includes estimates of future coal shipments based upon contract terms and anticipated delivery schedules. Actual coal shipments may vary from these estimates.
4.	Note: The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP cost of coal sales per ton sold financial measures to the most directly comparable GAAP measures without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliation. The most directly comparable GAAP measure, GAAP cost of sales, is not accessible without unreasonable efforts on a forward-looking basis. The reconciling items include freight and handling costs, which are a component of GAAP cost of sales. Management is unable to predict without unreasonable efforts freight and handling costs due to uncertainty as to the end market and FOB point for uncommitted sales volumes and the final shipping point for export shipments. These amounts have varied historically and may continue to vary significantly from quarter to quarter and material changes to these items could have a significant effect on our future GAAP results.
5.	Excludes expenses related to non-cash stock compensation and non-recurring expenses.
6.	Includes contributions to fund normal operations at our DTA export facility and expected capital investments related to the facility upgrades.

Conference Call

The company plans to hold a conference call regarding its second quarter results on August 7, 2026, at 10:00 a.m. Eastern time. The conference call will be available live on the investor section of the company's website at https://alphametresources.com/investors. Analysts who would like to participate in the conference call should dial 877-407-0832 (domestic toll-free) or 201-689-8433 (international) approximately 15 minutes prior to start time.

About Alpha Metallurgical Resources

Alpha Metallurgical Resources (NYSE: AMR) is a Tennessee-based mining company with operations across Virginia and West Virginia. With customers across the globe, high-quality reserves and significant port capacity, Alpha reliably supplies metallurgical products to the steel industry. For more information, visit www.AlphaMetResources.com. 

Forward-Looking Statements

This news release includes forward-looking statements. These forward-looking statements are based on Alpha's expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Alpha's control. Forward-looking statements in this news release or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Alpha to predict these events or how they may affect Alpha. Except as required by law, Alpha has no duty to, and does not intend to, update or revise the forward-looking statements in this news release or elsewhere after the date this release is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this news release may not occur. See Alpha's filings with the U.S. Securities and Exchange Commission for more information.

FINANCIAL TABLES FOLLOW

Non-GAAP Financial Measures

The discussion below contains "non-GAAP financial measures." These are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with generally accepted accounting principles in the United States ("U.S. GAAP" or "GAAP"). Specifically, we make use of the non-GAAP financial measures "Adjusted EBITDA," "non-GAAP coal revenues," "non-GAAP coal sales realization per ton," "non-GAAP cost of coal sales," "non-GAAP cost of coal sales per ton," "non-GAAP coal margin," and "non-GAAP coal margin per ton." In addition to net income (loss), we use Adjusted EBITDA to measure the operating performance of our reportable segment. Adjusted EBITDA does not purport to be an alternative to net income (loss) as a measure of operating performance or any other measure of operating results, financial performance, or liquidity presented in accordance with GAAP. Moreover, this measure is not calculated identically by all companies and therefore may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA is presented because management believes it is a useful indicator of the financial performance of our coal operations. We use non-GAAP coal revenues to present coal revenues generated, excluding freight and handling fulfillment revenues. Non-GAAP coal sales realization per ton is calculated as non-GAAP coal revenues divided by tons sold. We use non-GAAP cost of coal sales to adjust cost of coal sales to remove freight and handling costs, depreciation, depletion and amortization - production (excluding the depreciation, depletion and amortization related to selling, general and administrative functions), accretion on asset retirement obligations, amortization of acquired intangibles, and idled and closed mine costs. Non-GAAP cost of coal sales per ton is calculated as non-GAAP cost of coal sales divided by tons sold. Non-GAAP coal margin is calculated as non-GAAP coal revenues less non-GAAP cost of coal sales. Non-GAAP coal margin per ton is calculated as non-GAAP coal margin divided by tons sold. The presentation of these measures should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP.

Management uses non-GAAP financial measures to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. The definition of these non-GAAP measures may be changed periodically by management to adjust for significant items important to an understanding of operating trends and to adjust for items that may not reflect the trend of future results by excluding transactions that are not indicative of our core operating performance. Furthermore, analogous measures are used by industry analysts to evaluate our operating performance. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate, capital investments and other factors.

Included below are reconciliations of non-GAAP financial measures to GAAP financial measures.

 

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) (Amounts in thousands, except share and per share data)
	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Revenues:
Coal revenues	$        491,505		$        548,675		$      1,015,038		$      1,078,342
Other revenues	1,351		1,599		2,805		3,889
Total revenues	492,856		550,274		1,017,843		1,082,231
Costs and expenses:
Cost of coal sales (exclusive of items shown separately below)	443,663		479,953		918,052		984,537
Depreciation, depletion and amortization	36,044		44,822		75,970		88,732
Accretion on asset retirement obligations	5,214		5,508		10,429		11,122
Amortization of acquired intangibles	876		1,357		1,752		2,714
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above)	17,257		15,216		33,855		30,640
Other operating loss (income)	302		763		(1,283)		2,006
Total costs and expenses	503,356		547,619		1,038,775		1,119,751
(Loss) income from operations	(10,500)		2,655		(20,932)		(37,520)
Other (expense) income:
Interest expense	(962)		(761)		(1,803)		(1,524)
Interest income	2,919		4,199		7,125		8,245
Equity loss in affiliates	(6,717)		(8,736)		(12,450)		(13,696)
Miscellaneous expense, net	(3,587)		(3,559)		(7,145)		(7,091)
Total other expense, net	(8,347)		(8,857)		(14,273)		(14,066)
Loss before income taxes	(18,847)		(6,202)		(35,205)		(51,586)
Income tax benefit	6,595		1,248		11,921		12,685
Net loss	$         (12,252)		$          (4,954)		$         (23,284)		$         (38,901)
Basic loss per common share	$           (0.96)		$           (0.38)		$           (1.83)		$           (2.98)
Diluted loss per common share	$           (0.96)		$           (0.38)		$           (1.83)		$           (2.98)
Weighted average shares – basic	12,713,728		13,057,749		12,756,644		13,052,706
Weighted average shares – diluted	12,713,728		13,057,749		12,756,644		13,052,706

 

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Amounts in thousands, except share and per share data)
	June 30, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$        307,595		$        365,974
Short-term investments	30,887		49,582
Trade accounts receivable, net of allowance for credit losses of $2,714 and $2,519 as of June 30, 2026 and December 31, 2025, respectively	230,565		278,620
Inventories, net	262,435		193,000
Prepaid expenses and other current assets	30,981		31,132
Total current assets	862,463		918,308
Property, plant, and equipment, net of accumulated depreciation and amortization of $837,738 and $774,101 as of June 30, 2026 and December 31, 2025, respectively	637,737		621,866
Owned and leased mineral rights, net of accumulated depletion and amortization of $162,223 and $150,616 as of June 30, 2026 and December 31, 2025, respectively	408,456		416,944
Other acquired intangibles, net of accumulated amortization of $44,825 and $43,072 as of June 30, 2026 and December 31, 2025, respectively	32,700		34,452
Long-term restricted cash	128,219		126,911
Long-term restricted investments	34,453		34,356
Deferred income taxes	8,361		8,087
Other non-current assets	143,358		119,702
Total assets	$      2,255,747		$      2,280,626
Liabilities and Stockholders' Equity
Current liabilities:
Current portion of long-term debt	$           3,199		$           3,575
Trade accounts payable	86,714		66,169
Accrued expenses and other current liabilities	163,346		135,778
Total current liabilities	253,259		205,522
Long-term debt	8,202		9,841
Workers' compensation and black lung obligations	188,596		190,965
Pension obligations	76,077		87,317
Asset retirement obligations	204,242		204,745
Deferred income taxes	5,237		15,433
Other non-current liabilities	21,315		21,308
Total liabilities	756,928		735,131
Commitments and Contingencies
Stockholders' Equity
Preferred stock - par value $0.01, 5,000,000 shares authorized, none issued	—		—
Common stock - par value $0.01, 50,000,000 shares authorized, 22,496,891 issued and 12,685,495 outstanding at June 30, 2026 and 22,437,379 issued and 12,805,909 outstanding at December 31, 2025	225		224
Additional paid-in capital	860,001		852,030
Accumulated other comprehensive loss	(55,187)		(60,433)
Treasury stock, at cost: 9,811,396 shares at June 30, 2026 and 9,631,470 shares at December 31, 2025	(1,377,653)		(1,341,027)
Retained earnings	2,071,433		2,094,701
Total stockholders' equity	1,498,819		1,545,495
Total liabilities and stockholders' equity	$      2,255,747		$      2,280,626

 

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Amounts in thousands)
	Six Months Ended June 30,
	2026		2025
Operating activities:
Net loss	$          (23,284)		$          (38,901)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization	75,970		88,732
Amortization of acquired intangibles	1,752		2,714
(Gain) loss on disposal of assets, net	(2,071)		138
Accretion on asset retirement obligations	10,429		11,122
Employee benefit plans, net	14,646		11,628
Deferred tax benefit	(11,932)		(12,663)
Stock-based compensation	7,972		7,455
Equity loss in affiliates	12,450		13,696
Other, net	2,250		365
Changes in operating assets and liabilities	(19,272)		(8,874)
Net cash provided by operating activities	68,910		75,412
Investing activities:
Capital expenditures	(85,816)		(73,092)
Capital contributions to equity affiliates	(23,325)		(23,509)
Purchases of investment securities	(48,886)		(29,303)
Sales and maturities of investment securities	68,327		30,630
Other, net	2,139		107
Net cash used in investing activities	(87,561)		(95,167)
Financing activities:
Principal repayments of long-term debt	(1,620)		(1,561)
Common stock repurchases and related expenses	(36,728)		(5,155)
Other, net	(72)		(2,557)
Net cash used in financing activities	(38,420)		(9,273)
Net decrease in cash and cash equivalents and restricted cash	(57,071)		(29,028)
Cash and cash equivalents and restricted cash at beginning of period	492,885		604,161
Cash and cash equivalents and restricted cash at end of period	$          435,814		$          575,133
Supplemental disclosure of noncash investing and financing activities:
Accrued capital expenditures	$           10,967		$             7,831

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows.

	As of June 30,
	2026		2025
Cash and cash equivalents	$          307,595		$          449,027
Long-term restricted cash	128,219		126,106
Total cash and cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows	$          435,814		$          575,133

 

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES ADJUSTED EBITDA RECONCILIATION (Amounts in thousands)
	Three Months Ended						Six Months Ended June 30,
	June 30, 2026		March 31, 2026		June 30, 2025		2026		2025
Net loss	$        (12,252)		$        (11,032)		$          (4,954)		$      (23,284)		$      (38,901)
Interest expense	962		841		761		1,803		1,524
Interest income	(2,919)		(4,206)		(4,199)		(7,125)		(8,245)
Income tax benefit	(6,595)		(5,326)		(1,248)		(11,921)		(12,685)
Depreciation, depletion and amortization	36,044		39,926		44,822		75,970		88,732
Non-cash stock compensation expense	4,236		3,736		4,018		7,972		7,455
Accretion on asset retirement obligations	5,214		5,215		5,508		10,429		11,122
Amortization of acquired intangibles	876		876		1,357		1,752		2,714
Adjusted EBITDA	$         25,566		$         30,030		$         46,065		$       55,596		$       51,716

 

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES RESULTS OF OPERATIONS
	Three Months Ended
(In thousands, except for per ton data)	June 30, 2026		March 31, 2026		June 30, 2025
Coal revenues	$        491,505		$        523,533		$        548,675
Less: freight and handling fulfillment revenues	(70,220)		(76,214)		(84,589)
Non-GAAP coal revenues	$        421,285		$        447,319		$        464,086
Non-GAAP coal sales realization per ton	$          118.71		$          124.39		$          119.43
Cost of coal sales (exclusive of items shown separately below)	$        443,663		$        474,389		$        479,953
Depreciation, depletion and amortization - production (1)	35,750		39,606		44,504
Accretion on asset retirement obligations	5,214		5,215		5,508
Amortization of acquired intangibles	876		876		1,357
Total cost of coal sales	485,503		520,086		531,322
Less: freight and handling costs	(70,220)		(76,214)		(84,589)
Less: depreciation, depletion and amortization - production (1)	(35,750)		(39,606)		(44,504)
Less: accretion on asset retirement obligations	(5,214)		(5,215)		(5,508)
Less: amortization of acquired intangibles	(876)		(876)		(1,357)
Less: idled and closed mine costs	(7,654)		(9,872)		(6,520)
Non-GAAP cost of coal sales	$        365,789		$        388,303		$        388,844
Non-GAAP cost of coal sales per ton	$          103.07		$          107.98		$          100.06
GAAP coal margin	$           6,002		$           3,447		$          17,353
GAAP coal margin per ton	$             1.69		$             0.96		$             4.47
Non-GAAP coal margin	$          55,496		$          59,016		$          75,242
Non-GAAP coal margin per ton	$           15.64		$           16.41		$           19.36
Tons sold	3,549		3,596		3,886

(1)	Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

 

	Six Months Ended
(In thousands, except for per ton data)	June 30, 2026		June 30, 2025
Coal revenues	$      1,015,038		$      1,078,342
Less: freight and handling fulfillment revenues	(146,434)		(168,513)
Non-GAAP coal revenues	$        868,604		$        909,829
Non-GAAP coal sales realization per ton	$          121.57		$          119.03
Cost of coal sales (exclusive of items shown separately below)	$        918,052		$        984,537
Depreciation, depletion and amortization - production (1)	75,356		88,096
Accretion on asset retirement obligations	10,429		11,122
Amortization of acquired intangibles	1,752		2,714
Total cost of coal sales	1,005,589		1,086,469
Less: freight and handling costs	(146,434)		(168,513)
Less: depreciation, depletion and amortization - production (1)	(75,356)		(88,096)
Less: accretion on asset retirement obligations	(10,429)		(11,122)
Less: amortization of acquired intangibles	(1,752)		(2,714)
Less: idled and closed mine costs	(17,526)		(12,511)
Non-GAAP cost of coal sales	$        754,092		$        803,513
Non-GAAP cost of coal sales per ton	$          105.54		$          105.12
GAAP coal margin	$           9,449		$          (8,127)
GAAP coal margin per ton	$             1.32		$           (1.06)
Non-GAAP coal margin	$        114,512		$        106,316
Non-GAAP coal margin per ton	$           16.03		$           13.91
Tons sold	7,145		7,644

(1)	Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

 

	Three Months Ended June 30, 2026
(In thousands, except for per ton data)	Tons Sold		Coal Revenues		Non-GAAP Coal sales realization per ton		% of Met Tons Sold
Domestic	929		$    124,829		$      134.37		30 %
Export - Australian indexed	685		98,516		$      143.82		22 %
Export - other pricing mechanisms	1,493		162,863		$      109.08		48 %
Total Met segment - met coal	3,107		386,208		$      124.30		100 %
Met segment - thermal coal	442		35,077		$       79.36
Non-GAAP coal revenues	3,549		421,285		$      118.71
Add: freight and handling fulfillment revenues	—		70,220
Coal revenues	3,549		$    491,505

 

	Six Months Ended June 30, 2026
(In thousands, except for per ton data)	Tons Sold		Coal Revenues		Non-GAAP Coal sales realization per ton		% of Met Tons Sold
Domestic	1,737		$    235,882		$      135.80		27 %
Export - Australian indexed	1,805		260,863		$      144.52		28 %
Export - other pricing mechanisms	2,916		319,844		$      109.69		45 %
Total Met segment - met coal	6,458		816,589		$      126.45		100 %
Met segment - thermal coal	687		52,015		$       75.71
Non-GAAP coal revenues	7,145		868,604		$      121.57
Add: freight and handling fulfillment revenues	—		146,434
Coal revenues	7,145		$  1,015,038

 

INVESTOR & MEDIA CONTACT: EMILY O'QUINN
InvestorRelations@AlphaMetResources.com
CorporateCommunications@AlphaMetResources.com
(423) 573-0369

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SOURCE ALPHA METALLURGICAL RESOURCES, INC.

FAQ

How did Alpha Metallurgical Resources (NYSE: AMR) perform financially in Q2 2026?

Alpha reported a Q2 2026 net loss of $12.3 million and Adjusted EBITDA of $25.6 million. According to Alpha, this compares with a $11.0 million net loss and $30.0 million Adjusted EBITDA in Q1 2026, reflecting lower metallurgical coal revenues and shipment volumes.

What were AMR's Q2 2026 coal sales volumes and realized pricing?

In Q2 2026, Alpha sold 3.5 million tons in its Met segment at a net realized price of $118.71 per ton. According to Alpha, this was down from 3.6 million tons and $124.39 per ton realized in Q1 2026, reflecting softer met market conditions.

What is Alpha Metallurgical Resources' liquidity and debt position as of June 30, 2026?

As of June 30, 2026, Alpha reported $447.8 million in total liquidity and $11.4 million in long-term debt. According to Alpha, liquidity includes $307.6 million of cash, $30.9 million in short-term investments, and $184.3 million of unused ABL capacity, with no borrowings outstanding.

How much stock has AMR repurchased under its $1.5 billion buyback program?

By July 31, 2026, Alpha had repurchased approximately 7.0 million shares for about $1.2 billion, averaging $166.29 per share. According to Alpha, 12,679,045 common shares were outstanding on that date, excluding the potential effect of unvested equity awards.

What 2026 shipment and pricing commitments has Alpha Metallurgical Resources disclosed for AMR?

For 2026, Alpha has committed and priced about 70% of metallurgical coal at an average $128.17 per ton. According to Alpha, thermal coal is fully committed at an average $75.94 per ton, with total Met segment shipment guidance of 14.2–15.4 million tons.

How did the Dominion Terminal Associates storm damage affect AMR's 2026 guidance?

Storm damage at Dominion Terminal Associates led Alpha to reflect reduced sales volume guidance and expected lower terminal efficiency. According to Alpha, it plans to mitigate impacts by using other East Coast terminals while the DTA insurance process and equipment replacement plans proceed.

What cost guidance has Alpha Metallurgical Resources provided for 2026?

Alpha guided 2026 Met segment costs to $103.00–$107.00 per ton, excluding certain items, and increased cost of coal sales guidance. According to Alpha, full-year guidance also includes capital expenditures of $148–$168 million and SG&A of $53–$59 million, excluding specific non-cash items.