STOCK TITAN

Alpha Metallurgical (NYSE: AMR) signals Q2 loss, cuts 2026 coal outlook

(Moderate)
(Neutral)
Form Type
8-K

Rhea-AI Filing Summary

Alpha Metallurgical Resources released preliminary second‑quarter 2026 results showing a net loss of $12.3 million, or $0.96 per diluted share, on coal revenues of $491.5 million. Adjusted EBITDA was $25.6 million, with 3.5 million tons of coal sold and non‑GAAP coal sales realization of $118.71 per ton. Non‑GAAP cost of coal sales averaged $103.07 per ton, reflecting lighter‑than‑expected shipment volumes, met coal market weakness, and higher supplies and maintenance costs.

As of June 30, 2026, liquidity totaled $447.8 million, including $307.6 million of cash and cash equivalents, $30.9 million of short‑term investments, and $184.3 million of unused ABL availability, against total long‑term debt of $11.4 million and no borrowings under the ABL. Under its $1.5 billion share repurchase authorization, Alpha has bought back about 7.0 million shares for $1.2 billion to date, including roughly 69,000 shares for $13.5 million in the quarter, leaving 12,685,495 shares outstanding as of June 30, 2026.

For 2026, metallurgical coal sales volume guidance was reduced to 13.2–14.0 million tons and total shipment expectations to 14.2–15.4 million tons, while cost of coal sales guidance increased to $103.00–$107.00 per ton. Definitive second‑quarter results and further Dominion Terminal Associates updates are expected on August 7, 2026.

Positive

  • Total liquidity of $447.8 million and long‑term debt of only $11.4 million as of June 30, 2026 provide meaningful financial flexibility despite current market and operational headwinds.
  • Alpha has repurchased about 7.0 million shares for approximately $1.2 billion under its buyback authorization, including roughly 69,000 shares for $13.5 million in Q2 2026.

Negative

  • Preliminary Q2 2026 results indicate a $12.3 million net loss, or $0.96 per diluted share, despite coal revenues of $491.5 million.
  • 2026 total shipment guidance was reduced to 14.2–15.4 million tons from 15.1–16.5 million tons, while cost of coal sales guidance increased to $103.00–$107.00 per ton from $95.00–$101.00, reflecting lower expected volumes and higher unit costs.

Filing Explained

The July 27 release remains preliminary and furnished; GAAP coal margin was $6,002 thousand versus $55,496 thousand on the non-GAAP measure.

This is a Form 8-K under Item 2.02, the results-of-operations category used to report specified material events.

Alpha furnished preliminary second-quarter results on July 27, 2026; the disclosure updates the quarter's operating information but does not establish final GAAP results because the figures may change.

The release reports a GAAP coal margin of $6,002 thousand, while its non-GAAP reconciliation reports $55,496 thousand after excluding freight and handling, depreciation, accretion, amortization, and idled and closed-mine costs.

The two margins therefore measure different scopes: the larger non-GAAP figure is an adjusted operating measure, not the quarter's GAAP coal margin.

Item 2.02 Results of Operations and Financial Condition Financial
Disclosure of earnings results, typically an earnings press release or preliminary financials.
Item 9.01 Financial Statements and Exhibits Exhibits
Financial statements, pro forma financial information, and exhibit attachments filed with this report.
Net loss $12.3 million Preliminary results for quarter ended June 30, 2026
Net loss per diluted share $0.96 Preliminary Q2 2026
Adjusted EBITDA $25.6 million Preliminary Q2 2026
Non-GAAP coal revenues $421.3 million Three months ended June 30, 2026, excluding freight and handling
Non-GAAP cost of coal sales per ton $103.07 per ton Three months ended June 30, 2026
Total liquidity $447.8 million As of June 30, 2026
Total long-term debt $11.4 million Including current portion as of June 30, 2026
2026 total shipment guidance 14.2–15.4 million tons Revised full-year 2026 range, down from 15.1–16.5 million tons
Adjusted EBITDA financial
"For the second quarter, total Adjusted EBITDA was $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 coal revenues financial
"We use non-GAAP coal revenues to present coal revenues generated, excluding freight and handling."
Non-GAAP coal revenues are a company’s reported income from selling coal after removing or adjusting items that the firm considers one-time, extraordinary, or not part of regular operations (for example, certain taxes, inventory accounting changes, or one-off charges). Investors use this adjusted figure to try to see the business’s underlying selling performance—like looking at a car’s running cost excluding occasional repairs—but because companies choose what to exclude, it can differ from audited GAAP revenue and requires scrutiny.
non-GAAP coal sales realization per ton financial
"Non-GAAP coal sales realization per ton is calculated as non-GAAP coal revenues divided by tons sold."
asset retirement obligations financial
"Accretion on asset retirement obligations was included in the EBITDA reconciliation."
Asset retirement obligations are a company’s recorded promise to pay for dismantling, cleaning up, or restoring property when a long-lived asset is retired — for example decommissioning a plant or removing equipment. Companies estimate the future cleanup cost today and book it as a liability (and add the cost to the asset), so it affects the balance sheet, reported profits over time, and future cash needs; investors watch it like a planned bill that can reduce cash available for returns.
metallurgical products technical
"Alpha is a leading U.S. supplier of metallurgical products for the steel industry."
Net loss $12.3 million
Net loss per diluted share $0.96
Adjusted EBITDA $25.6 million
Tons of coal sold 3.5 million tons
Guidance

For 2026, shipment guidance was revised to 14.2–15.4 million tons and cost of coal sales guidance to $103.00–$107.00 per ton.

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

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FAQ

What preliminary Q2 2026 results did Alpha Metallurgical Resources (AMR) report?

Alpha expects a Q2 2026 net loss of $12.3 million, or $0.96 per diluted share, with Adjusted EBITDA of $25.6 million. Coal revenues were $491.5 million and 3.5 million tons of coal were sold, with non‑GAAP sales realization of $118.71 per ton.

How did Alpha Metallurgical Resources (AMR) change its 2026 shipment guidance?

Alpha cut 2026 total shipment expectations to 14.2–15.4 million tons, down from 15.1–16.5 million tons. Metallurgical coal guidance is now 13.2–14.0 million tons, while incidental thermal coal guidance increased to 1.0–1.4 million tons from 0.7–1.1 million tons.

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

As of June 30, 2026, Alpha had total liquidity of $447.8 million, including $307.6 million in cash and equivalents and $30.9 million in short‑term investments. It had $184.3 million of unused ABL availability, no ABL borrowings, and total long‑term debt of $11.4 million.

How much stock has Alpha Metallurgical Resources (AMR) repurchased under its program?

Under its $1.5 billion repurchase authorization, Alpha has bought back approximately 7.0 million shares for about $1.2 billion since inception. During Q2 2026 alone, it repurchased roughly 69,000 shares for $13.5 million, leaving 12,685,495 shares outstanding on June 30, 2026.

What are Alpha Metallurgical Resources' (AMR) updated 2026 cost of coal sales expectations?

For 2026, Alpha raised its cost of coal sales guidance to $103.00–$107.00 per ton, up from $95.00–$101.00 per ton. The increase reflects lower expected shipment volumes and higher supplies and maintenance costs, including impacts from equipment damage at Dominion Terminal Associates.

When will Alpha Metallurgical Resources (AMR) release definitive Q2 2026 results?

Alpha plans to release definitive Q2 2026 results on August 7, 2026, before the market opens. A conference call discussing the quarter is expected the same day at 10:00 a.m. Eastern time, accessible via the company’s investor relations website.
false000170471500017047152026-07-272026-07-27

UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
_______________

FORM 8-K
 
 CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported): July 27, 2026

 ALPHA METALLURGICAL RESOURCES, INC.
(Exact name of registrant as specified in its charter)
 
Delaware
(State or other jurisdiction of incorporation) 
001-38735
81-3015061
(Commission File Number)
(I.R.S. Employer Identification No.)
 
340 Martin Luther King Jr. Blvd.
Bristol, Tennessee 37620
(Address of principal executive offices, zip code)
 
(423) 573-0300
(Registrant’s telephone number, including area code)
 
Not Applicable
(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
 Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Securities registered pursuant to Section 12(b) of the Act:
Title of each classTrading Symbol(s)Name of each exchange on which registered
Common StockAMRNew York Stock Exchange
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
Emerging Growth Company      
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ 



TABLE OF CONTENTS
Item 2.02 Results of Operations and Financial Condition
Item 9.01 Financial Statements and Exhibits
Signatures
Exhibit Index




Item 2.02 Results of Operations and Financial Condition. 

On July 27, 2026, Alpha Metallurgical Resources, Inc. (the “Company”) issued a press release announcing certain preliminary financial results for its fiscal quarter ended June 30, 2026. The press release is attached hereto as Exhibit 99.1.

This Current Report on Form 8-K and the earnings press release attached hereto are being furnished by the Registrant pursuant to Item 2.02 “Results of Operations and Financial Condition.” In accordance with General Instruction B.2 of Form 8-K, the information contained in this Current Report on Form 8-K, including Exhibit 99.1, shall not be deemed “filed” for the purposes of Section 18 of the Securities Exchange Act of 1934, as amended, or otherwise subject to the liability of that section or Sections 11 and 12(a)(2) of the Securities Act of 1933, as amended. In addition, this information shall not be deemed incorporated by reference into any of the Registrant’s filings with the Securities and Exchange Commission, except as shall be expressly set forth by specific reference in any such filing.

Item 9.01 Financial Statements and Exhibits. 

(d) Exhibits
Exhibit 99.1
Press Release dated July 27, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)




SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the duly authorized undersigned.
Alpha Metallurgical Resources, Inc.
Date: July 27, 2026
By:
/s/ J. Todd Munsey
Name: J. Todd Munsey
Title: Chief Financial Officer





EXHIBIT INDEX
Exhibit No.Description
Exhibit 99.1
Press Release dated July 27, 2026
104Cover Page Interactive Data File (embedded within the Inline XBRL document)




FOR IMMEDIATE RELEASE
image.jpg
        

                                                                 
Alpha Announces Preliminary Financial Results for Second Quarter 2026
Company Reduces Shipment Guidance, Raises Cost Expectations
BRISTOL, Tenn., July 27, 2026 - 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 second quarter ending June 30, 2026. The company plans to release its definitive second quarter financial results on August 7, 2026.

(millions, except per share)
Three months ended
Jun. 30, 2026
Net loss
($12.3)
Net loss per diluted share
($0.96)
Adjusted EBITDA(1)
$25.6
Tons of coal sold3.5
__________________________________
1. This is a non-GAAP financial measure. A reconciliation of Net loss to Adjusted EBITDA is included in tables accompanying the financial schedules.


“Today we are providing an early look at our financial results for the second quarter, which included lighter-than-expected shipment volumes,” said Andy Eidson, Alpha’s chief executive officer. “Based on our first half performance, continued met coal market weakness, and the previously announced equipment damage at Dominion Terminal Associates (DTA), we are reducing our expected sales volumes for the year. As a result of lower tonnage and higher supplies and maintenance costs, we are raising our cost of coal sales guidance to reflect these challenges. While the wind-related equipment damage at DTA is unfortunate, we are grateful to the terminal leaders who have worked safely and resourcefully to keep the terminal operational at its best possible efficiency given the circumstances. We expect to provide more information about our plans at DTA when we announce our definitive Q2 financial results on August 7.”

amrpressreleasefooter.jpg



Preliminary Financial Performance

Alpha expects to report a net loss of $12.3 million, or $0.96 per diluted share, for the second quarter 2026.

For the second quarter, total Adjusted EBITDA was $25.6 million.

Coal Revenues
(millions)
Three months ended
Jun. 30, 2026
Met segment$491.5
Met segment (excl. freight & handling)(1)
$421.3

Tons Sold(millions)
Three months ended
Jun. 30, 2026
Met segment3.5
__________________________________
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
Met segment$118.71
__________________________________
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.

2



(in millions, except per ton data)
Met Segment SalesThree months ended Jun. 30, 2026
Tons SoldCoal Revenues
Realization/ton(1)
% of Met Tons Sold
Domestic0.9$124.8$134.3730%
Export - Australian indexed0.7$98.5$143.8222%
Export - other pricing mechanisms1.5$162.9$109.0848%
Total Met coal revenues3.1$386.2$124.30100%
Thermal coal revenues0.4$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
Met segment$443.7
Met segment (excl. freight & handling/idle)(1)
$365.8


(per ton)
Met segment(1)
$103.07
__________________________________
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 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 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 June 30, 2026, was $11.4 million.





3



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 June 30, 2026, the company had acquired approximately 7.0 million shares of common stock at a cost of approximately $1.2 billion since the start of the program. During the second quarter of 2026, the company spent approximately $13.5 million for the repurchase of roughly 69,000 shares. The number of common stock shares outstanding as of June 30, 2026 was 12,685,495, 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 Guidance Adjustments

Alpha is lowering its 2026 metallurgical coal sales volume guidance to a range of 13.2 million to 14.0 million tons, down from the prior range of 14.4 million to 15.4 million tons. The company is increasing incidental thermal coal sales volume guidance to a range of 1.0 million to 1.4 million tons, up from the prior range of 0.7 million to 1.1 million tons. This brings total shipment expectations for the year to a range of 14.2 million to 15.4 million tons, down from 15.1 million to 16.5 million tons.

The company is increasing its cost of coal sales guidance to $103.00 to $107.00, up from the prior range of $95.00 to $101.00 per ton.

An update on operational performance and percentages of committed and priced tonnage at the midpoint of guidance will be announced alongside Alpha’s definitive second quarter financial results on August 7, 2026.


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 second quarter 2026 financial results before the market opens on Friday, August 7, 2026. The company also expects to hold a conference call
4



regarding its second quarter 2026 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.
5



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.
6



ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
PRELIMINARY ADJUSTED EBITDA RECONCILIATION
(Amounts in thousands)
Three Months Ended
June 30, 2026
Net loss $(12,252)
Interest expense962 
Interest income(2,919)
Income tax benefit(6,595)
Depreciation, depletion, and amortization36,044 
Non-cash stock compensation expense4,236 
Accretion on asset retirement obligations5,214 
Amortization of acquired intangibles876 
Adjusted EBITDA$25,566 


7



ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
PRELIMINARY RESULTS OF OPERATIONS
Three Months Ended
(In thousands, except for per ton data)June 30, 2026
Coal revenues$491,505 
Less: freight and handling fulfillment revenues(70,220)
Non-GAAP coal revenues$421,285 
Non-GAAP coal sales realization per ton$118.71 
Cost of coal sales (exclusive of items shown separately below)$443,663 
Depreciation, depletion and amortization - production (1)
35,750 
Accretion on asset retirement obligations5,214 
Amortization of acquired intangibles876 
Total cost of coal sales$485,503 
Less: freight and handling costs(70,220)
Less: depreciation, depletion and amortization - production (1)
(35,750)
Less: accretion on asset retirement obligations(5,214)
Less: amortization of acquired intangibles(876)
Less: idled and closed mine costs(7,654)
Non-GAAP cost of coal sales$365,789 
Non-GAAP cost of coal sales per ton$103.07 
GAAP coal margin $6,002 
GAAP coal margin per ton$1.69 
Non-GAAP coal margin$55,496 
Non-GAAP coal margin per ton$15.64 
Tons sold3,549 
(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 SoldCoal RevenuesNon-GAAP Coal sales realization per ton% of Met Tons Sold
Domestic929 $124,829 $134.37 30 %
Export - Australian indexed685 98,516 $143.82 22 %
Export - other pricing mechanisms1,493 162,863 $109.08 48 %
Total Met segment - met coal3,107 386,208 $124.30 100 %
Met segment - thermal coal442 35,077 $79.36 
Non-GAAP coal revenues3,549 421,285 $118.71 
Add: freight and handling fulfillment revenues— 70,220 
Coal revenues3,549 $491,505 
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Filing Exhibits & Attachments

4 documents