Alpha Announces Preliminary Financial Results for Third Quarter 2026

Alpha had no borrowings under its asset-based revolving credit facility at September 30, although letters of credit remained outstanding.

Rhea-AI Summary

Alpha Metallurgical Resources (AMR) expects a preliminary third-quarter 2026 net loss of $9.3 million for the period ended September 30. The expected loss is $0.73 per diluted share, alongside adjusted EBITDA, a non-GAAP earnings measure, of $29.4 million. Coal revenues were $560.6 million on 3.9 million tons sold. Excluding freight and handling, realized pricing was $121.09 per ton; non-GAAP coal costs were $106.93 per ton.

Alpha said volumes were stronger than in the first half, but cost pressure continued. At September 30, total liquidity was $443.4 million, including $334.1 million in cash and cash equivalents, while total long-term debt, including its current portion, was $10.6 million. Third-quarter share repurchases totaled approximately $3.0 million. Results remain preliminary and may change; Alpha plans to release definitive results on November 6, 2026.

7 points · 0 major

PositiveiHow this balance works

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0 major · 5 points

Hollow bars mark forward-looking points. How the balance works

Positive

• Moderate pointPreliminary third-quarter adjusted EBITDA of $29.4 million was positive despite the expected net loss.
• Moderate pointThird-quarter volumes were stronger than in the first half, Alpha said.
• Moderate pointPreliminary third-quarter coal revenues of $560.6 million accompanied 3.9 million tons sold.
• Moderate pointPreliminary third-quarter GAAP coal margin was $9.580 million, or $2.45 per ton.
• Moderate pointSeptember 30 liquidity totaled $443.4 million, including $334.1 million in cash and cash equivalents.

2 minor points

• Minor pointAsset-based revolving credit facility had no borrowings and $184.3 million of unused availability at September 30.
• Minor pointThird-quarter repurchases returned approximately $3.0 million through purchases of roughly 18,000 shares.

Negative

• Moderate pointPreliminary third-quarter net loss of $9.3 million equaled $0.73 per diluted share.
• Moderate pointContinued cost pressure affected preliminary third-quarter results, Alpha said.
• Minor pointTotal long-term debt, including its current portion, was $10.6 million at September 30.
• Minor pointCredit facility required $75.0 million minimum liquidity; outstanding letters of credit totaled $40.7 million at September 30.
• Minor point. Forward-looking: it has not happened yet and may not happen.Preliminary results remain subject to closing procedures and final adjustments; changes could be material.

News Explained

At September 30, reported liquidity included 184.3 million dollars in unused ABL availability, subject to a 75 million dollar minimum-liquidity requirement.

In this preliminary-results release, as of September 30, 2026, Alpha reported about $1.2 billion spent since the start of its board-authorized common-stock repurchase program, which permits up to $1.5 billion; future purchase timing and amounts depend on stated factors.

The September 30 liquidity figure also included $184.3 million in unused ABL availability, partially offset by the facility's $75.0 million minimum-liquidity requirement; Alpha reported no ABL borrowings and $40.7 million in outstanding letters of credit.

Key Figures

Net loss: $9.3 million Net loss per diluted share: $0.73 Adjusted EBITDA: $29.4 million +4 more

Net loss

$9.3 million

Preliminary Q3 2026

Net loss per diluted share

$0.73

Preliminary Q3 2026

Adjusted EBITDA

$29.4 million

Preliminary Q3 2026

Met segment coal revenues

$474.1 million

Preliminary Q3 2026; excluding freight and handling

Tons sold

3.9 million

Preliminary Q3 2026

Met segment realized pricing

$121.09 per ton

Q3 2026

Total liquidity

$443.4 million

As of September 30, 2026

Previous Earnings Reports

2 past events · Latest: Aug 07

Same Type 2 events

1. Aug 07

   quarterly earnings

   24h Move

   -0.1%

   Reported a $12.3 million net loss and $25.6 million Adjusted EBITDA for Q2.

2. May 08

   quarterly earnings

   24h Move

   -4.8%

   Reported an $11.0 million net loss and $30.0 million Adjusted EBITDA for Q1.

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

Key Terms

asset-based revolving credit facility

1 terms

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.

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

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BRISTOL, Tenn., Oct. 23, 2026 /PRNewswire/ -- Alpha Metallurgical Resources, Inc. (NYSE: AMR), a leading U.S. supplier of metallurgical products for the steel industry, today announced preliminary financial results for the third quarter ending September 30, 2026. The company plans to release its definitive third quarter financial results on November 6, 2026.

	(millions, except per share)
	Three months ended
	Sep. 30, 2026
Net loss	($9.3)
Net loss per diluted share	($0.73)
Adjusted EBITDA(1)	$29.4
Tons of coal sold	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.

"As expected, our preliminary third quarter results reflect stronger volumes than in the first half but continued cost pressure," said Andy Eidson, Alpha's chief executive officer. "Our realizations for the quarter were influenced by the market volatility of the last few months. We look forward to providing more information about our results and outlook for 2027 when we announce our definitive third quarter financial results on November 6."

Preliminary Financial Performance

Alpha expects to report a net loss of $9.3 million, or $0.73 per diluted share, for the third quarter 2026.

For the third quarter, total Adjusted EBITDA is expected to be $29.4 million. 

Coal Revenues
	(millions)
	Three months ended
	Sep. 30, 2026
Met segment	$560.6
Met segment (excl. freight & handling)(1)	$474.1
Tons Sold	(millions)
	Three months ended
	Sep. 30, 2026
Met segment	3.9

__________________________________

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
	Sep. 30, 2026
Met segment	$121.09

__________________________________

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

Third quarter net realized pricing for the Met segment was $121.09 per ton.

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

	(in millions, except per ton data)
Met Segment Sales	Three months ended Sep. 30, 2026
	Tons Sold	Coal Revenues	Realization/ton(1)	% of Met Tons Sold
Domestic	1.0	$133.3	$136.17	27 %
Export - Australian indexed	0.8	$120.4	$150.46	22 %
Export - other pricing mechanisms	1.8	$196.7	$107.03	51 %
Total Met coal revenues	3.6	$450.4	$124.52	100 %
Thermal coal revenues	0.3	$23.7	$79.44
Total Met segment coal revenues (excl. freight & handling)(1)	3.9	$474.1	$121.09

__________________________________

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
	Sep. 30, 2026
Met segment	$509.7
Met segment (excl. freight & handling/idle)(1)	$418.6
	(per ton)
Met segment(1)	$106.93

__________________________________

1. Represents Non-GAAP cost of coal sales and Non-GAAP cost of coal sales per ton which are defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."

Liquidity and Capital Resources

As of September 30, 2026, the company had total liquidity of $443.4 million, including cash and cash equivalents of $334.1 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 September 30, 2026, the company had no borrowings 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 September 30, 2026, was $10.6 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 September 30, 2026, the company had acquired approximately 7.1 million shares of common stock at a cost of approximately $1.2 billion since the start of the program. During the third quarter of 2026, the company spent approximately $3.0 million for the repurchase of roughly 18,000 shares. The number of common stock shares outstanding as of September 30, 2026 was 12,667,855, 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.

Note About Preliminary Results

The financial results presented in this release are preliminary and may change. This preliminary financial information includes calculations or figures that have been prepared internally by management. There can be no assurance that the Company's actual results for the periods presented herein will not differ from the preliminary financial results presented herein, and such changes could be material. These preliminary financial results should not be viewed as a substitute for full financial statements prepared in accordance with GAAP and are not necessarily indicative of the results to be achieved for any future periods. This preliminary financial information could be impacted by the effects of the Company's financial closing procedures, final adjustments, and other developments.

Earnings Announcement and Conference Call 

The company plans to announce its definitive third quarter 2026 financial results before the market opens on Friday, November 6, 2026. The company also expects to hold a conference call regarding its third quarter 2026 results on November 6, 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 PRELIMINARY ADJUSTED EBITDA RECONCILIATION (Amounts in thousands)
	Three Months Ended
	September 30, 2026
Net loss	$              (9,293)
Interest expense	967
Interest income	(2,561)
Income tax benefit	(5,677)
Depreciation, depletion, and amortization	35,486
Non-cash stock compensation expense	4,381
Accretion on asset retirement obligations	5,249
Amortization of acquired intangibles	876
Adjusted EBITDA	$              29,428

 

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES PRELIMINARY RESULTS OF OPERATIONS
	Three Months Ended
(In thousands, except for per ton data)	September 30, 2026
Coal revenues	$                 560,579
Less: freight and handling fulfillment revenues	(86,508)
Non-GAAP coal revenues	$                 474,071
Non-GAAP coal sales realization per ton	$                   121.09
Cost of coal sales (exclusive of items shown separately below)	$                 509,656
Depreciation, depletion and amortization - production (1)	35,218
Accretion on asset retirement obligations	5,249
Amortization of acquired intangibles	876
Total cost of coal sales	$                 550,999
Less: freight and handling costs	(86,508)
Less: depreciation, depletion and amortization - production (1)	(35,218)
Less: accretion on asset retirement obligations	(5,249)
Less: amortization of acquired intangibles	(876)
Less: idled and closed mine costs	(4,531)
Non-GAAP cost of coal sales	$                 418,617
Non-GAAP cost of coal sales per ton	$                   106.93
GAAP coal margin	$                     9,580
GAAP coal margin per ton	$                       2.45
Non-GAAP coal margin	$                   55,454
Non-GAAP coal margin per ton	$                     14.16
Tons sold	3,915

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

     

	Three Months Ended September 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	979		$    133,312		$      136.17		27 %
Export - Australian indexed	800		120,370		$      150.46		22 %
Export - other pricing mechanisms	1,838		196,715		$      107.03		51 %
Total Met segment - met coal	3,617		450,397		$      124.52		100 %
Met segment - thermal coal	298		23,674		$        79.44
Non-GAAP coal revenues	3,915		474,071		$      121.09
Add: freight and handling fulfillment revenues	—		86,508
Coal revenues	3,915		$    560,579

 

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

AI-generated questions and answers. How Rhea-AI works. Not financial advice.

What were Alpha Metallurgical Resources' preliminary third-quarter 2026 earnings?

Alpha expects a net loss of $9.3 million, or $0.73 per diluted share, for the quarter ended September 30, 2026. Expected adjusted EBITDA, a non-GAAP earnings measure, is $29.4 million. These results are preliminary and may change.

When will AMR release definitive third-quarter 2026 results?

Alpha plans to release definitive third-quarter 2026 financial results before the market opens on November 6, 2026. The company also expects to discuss its results and outlook for 2027 when it announces those results.

How did Alpha's third-quarter 2026 coal pricing vary by sales channel?

Preliminary non-GAAP realized pricing was $136.17 per ton domestically, $150.46 per ton for Australian-indexed exports and $107.03 per ton for exports using other pricing mechanisms. Those channels represented 27%, 22% and 51% of metallurgical coal tons sold, respectively. Thermal coal realized $79.44 per ton.

How much stock had Alpha repurchased through September 30, 2026?

Alpha had acquired approximately 7.1 million shares at a cost of approximately $1.2 billion since the program began. The board-authorized program permits expenditures of up to $1.5 billion. Shares outstanding at September 30 totaled 12,667,855, excluding the potential effect of unvested equity awards.