Alpha Metallurgical (NYSE: AMR) narrows Q1 loss, lifts coal pricing and details 2026 outlook

Rhea-AI Filing Summary

Alpha Metallurgical Resources reported a first quarter 2026 net loss of $11.0 million, or $0.86 per diluted share, an improvement from recent quarters as operations remained profitable on a cash basis. Adjusted EBITDA rose to $30.0 million, supported by metallurgical coal revenues of $523.5 million and stronger pricing.

Met segment coal sales realization increased to $124.39 per ton, while non-GAAP cost of coal sales climbed to $107.98 per ton on higher diesel and supply costs tied to the Iran conflict. Alpha ended March 31, 2026 with $476.2 million in liquidity, including $317.2 million of cash and no ABL borrowings, and total long-term debt of $12.2 million. The company has repurchased roughly 7.0 million shares for about $1.2 billion under its $1.5 billion authorization. For 2026, Alpha guides metallurgical shipments to 15.1–16.5 million tons and expects Met segment costs of $95–$101 per ton, with about 48% of metallurgical volume already committed and priced at an average $132.37 per ton. Stockholders re-elected all six directors and approved all board proposals at the annual meeting.

Insights

Coal sector equity analyst

Improving cash performance but cost pressure and war-related risk remain key themes.

Alpha posted a Q1 2026 net loss of $11.0M, yet generated $30.0M in Adjusted EBITDA and $29.0M operating cash flow. Higher metallurgical coal realizations of $124.39 per ton helped offset lower volumes and elevated input costs.

Met segment non-GAAP cost of coal sales increased to $107.98 per ton from the prior quarter, driven mainly by diesel and supply inflation linked to the Iran conflict. Management maintained full-year Met cost guidance of $95–$101 per ton but noted sustained conflict could force an upward revision.

Liquidity appears robust with total liquidity of $476.2M and only $12.2M of long-term debt as of March 31, 2026. Roughly 48% of 2026 metallurgical tons are committed and priced at $132.37 per ton, and the thermal book is fully committed at $74.53 per ton. Subsequent filings will show how realized costs track against guidance and whether geopolitical factors continue to affect input prices.

8-K Event Classification

3 items: 2.02, 5.07, 9.01

3 items

Item 2.02 Results of Operations and Financial Condition Financial

Disclosure of earnings results, typically an earnings press release or preliminary financials.

Item 5.07 Submission of Matters to a Vote of Security Holders Governance

Results of a shareholder vote on proposals at an annual or special meeting.

Item 9.01 Financial Statements and Exhibits Exhibits

Financial statements, pro forma financial information, and exhibit attachments filed with this report.

Key Figures

Net loss: $11.0M Adjusted EBITDA: $30.0M Metallurgical coal revenues: $523.5M +5 more

8 metrics

Net loss $11.0M Three months ended March 31, 2026

Adjusted EBITDA $30.0M Three months ended March 31, 2026

Metallurgical coal revenues $523.5M Met segment, Q1 2026

Met coal sales realization $124.39/ton Non-GAAP Met segment realization, Q1 2026

Non-GAAP cost of coal sales $107.98/ton Met segment cost per ton, Q1 2026

Total liquidity $476.2M As of March 31, 2026

Long-term debt $12.2M Including current portion, March 31, 2026

Committed metallurgical volume 48% at $132.37/ton 2026 metallurgical coal as of April 29, 2026

Key Terms

Adjusted EBITDA, non-GAAP coal revenues, non-GAAP cost of coal sales, asset retirement obligations, +2 more

6 terms

Adjusted EBITDA financial

"Total Adjusted EBITDA was $30 million for the first quarter, compared to $28.5 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

"Represents Non-GAAP coal revenues which is defined and reconciled under “Non-GAAP Financial Measures”"

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 cost of coal sales financial

"Represents Non-GAAP cost of coal sales and Non-GAAP cost of coal sales per ton"

asset retirement obligations financial

"Accretion on asset retirement obligations | 5,215 | | | 5,614"

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.

share repurchase program financial

"authorized a share repurchase program allowing for the expenditure of up to $1.5 billion"

A share repurchase program is when a company buys back its own shares from the marketplace. This reduces the total number of shares available, which can increase the value of each remaining share and signal confidence in the company's prospects. For investors, it often suggests that the company believes its stock is undervalued or that it has extra cash to return to shareholders.

metallurgical coal financial

"Alpha Metallurgical Resources, Inc. ... supplier of metallurgical products for the steel industry"

Metallurgical coal is a type of coal used primarily to make coke, a porous, carbon-rich material that helps melt iron ore and remove impurities during steel production. Investors watch metallurgical coal because its price and availability track global steel demand and construction activity; think of it as the charcoal that fuels the steel 'barbecue'—shortages or large price swings can squeeze steelmakers' profits and ripple through industries tied to infrastructure and manufacturing.

Offering Details

earnings_snapshot

Offering

Offering Type earnings_snapshot

Understanding 8-K Material Events →

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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): May 6, 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 class			Trading Symbol(s)			Name of each exchange on which registered
Common Stock			AMR			New 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 5.07 Submission of Matters to a Vote of Security Holders

Item 9.01 Financial Statements and Exhibits

Signatures

Exhibit Index

Item 2.02 Results of Operations and Financial Condition. 

On May 8, 2026, Alpha Metallurgical Resources, Inc. (the “Company”) issued a press release announcing earnings and other financial results for its fiscal quarter ended March 31, 2026. The press release is attached hereto as Exhibit 99.1.

Item 5.07 Submission of Matters to a Vote of Security Holders.

On May 6, 2026, the Company held its annual meeting of stockholders (the “Annual Meeting”) via interactive webcast. As of the record date for the Annual Meeting, March 10, 2026, there were 12,778,859 shares of common stock outstanding and eligible to vote. 10,664,922 of these shares, or 83.45%, were represented in person or by proxy at the Annual Meeting. The final results of the matters voted on at the Annual Meeting are provided below.

Proposal 1: The election of six (6) directors nominated by our board of directors for a term of one year.

Nominee						For						Withheld						Broker Non-Votes
Joanna Baker de Neufville						7,744,965						211,114						2,708,843
Kenneth S. Courtis						7,930,066						26,013						2,708,843
C. Andrew Eidson						7,946,709						9,370						2,708,843
Michael Gorzynski						7,860,977						95,102						2,708,843
Shelly Lombard						7,917,871						38,208						2,708,843
Daniel D. Smith						7,906,136						49,943						2,708,843

Proposal 2: Advisory approval of the Company’s executive compensation.

For:						7,863,358
Against:						85,311
Abstain:						7,410
Broker Non-Votes:						2,708,843

Proposal 3: The ratification of RSM LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026.

For:						10,648,652
Against:						6,123
Abstain:						10,147

Item 9.01 Financial Statements and Exhibits. 

(d) Exhibits

Exhibit 99.1			Press Release dated May 8, 2026
104			Cover 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: May 8, 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 May 8, 2026
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

FOR IMMEDIATE RELEASE

Alpha Releases First Quarter 2026 Financial Results

•Reports first quarter net loss of $11.0 million

•Posts Adjusted EBITDA of $30.0 million for the quarter

BRISTOL, Tenn., May 8, 2026 - Alpha Metallurgical Resources, Inc. (NYSE: AMR), a leading U.S. supplier of metallurgical products for the steel industry, today reported financial results for the first quarter ending March 31, 2026.

			(millions, except per share)
			Three months ended
			Mar. 31, 2026			Dec. 31, 2025			Mar. 31, 2025
Net loss			($11.0)			($17.3)			($33.9)
Net loss per diluted share			($0.86)			($1.34)			($2.60)
Adjusted EBITDA(1)			$30.0			$28.5			$5.7
Operating cash flow			$29.0			$19.0			$22.2
Capital expenditures			($40.7)			($29.0)			($38.5)
Tons of coal sold			3.6			3.8			3.8

__________________________________

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

“Our results for the first quarter 2026 were driven by lower volumes and higher costs,” said Andy Eidson, Alpha’s chief executive officer. “While we anticipated a slower shipping quarter in connection with planned outages at Dominion Terminal Associates, we experienced a greater-than-expected impact on costs in Q1 as a result of war-related increases to diesel and other supply prices, which we hope will be temporary. Therefore, we are maintaining our cost of coal sales guidance range for the year with the expectation of better cost performance in subsequent quarters. If the Iran conflict persists throughout the year, we expect the resulting impact on diesel and supply costs would require us to revise our cost of coal sales guidance range upward.”

Financial Performance

Alpha reported a net loss of $11.0 million, or $0.86 per diluted share, for the first quarter 2026, as compared to net loss of $17.3 million, or $1.34 per diluted share, in the fourth quarter 2025.

Total Adjusted EBITDA was $30 million for the first quarter, compared to $28.5 million in the fourth quarter 2025.

Coal Revenues

(millions)

Three months ended

Mar. 31, 2026

Dec. 31, 2025

Met segment

$523.5

$519.1

Met segment (excl. freight & handling)(1) $447.3 $436.3

Tons Sold

(millions)

Three months ended

Mar. 31, 2026

Dec. 31, 2025

Met segment

3.6

3.8

__________________________________

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

Mar. 31, 2026

Dec. 31, 2025

Met segment

$124.39

$115.31

__________________________________

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

First quarter net realized pricing for the Met segment was $124.39 per ton.

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

2

			(in millions, except per ton data)
Met Segment Sales			Three months ended Mar. 31, 2026
			Tons Sold			Coal Revenues			Realization/ton(1)			% of Met Tons Sold
Domestic			0.8			$111.1			$137.27			24%
Export - Australian indexed			1.1			$162.3			$144.95			33%
Export - other pricing mechanisms			1.4			$157.0			$110.32			43%
Total Met coal revenues			3.4			$430.4			$128.40			100%
Thermal coal revenues			0.2			$16.9			$69.41
Total Met segment coal revenues (excl. freight & handling)(1)			3.6			$447.3			$124.39

__________________________________

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
			Mar. 31, 2026			Dec. 31, 2025
Met segment			$474.4			$478.5
Met segment (excl. freight & handling/idle)(1)			$388.3			$383.8

(per ton)

Met segment(1)

$107.98

$101.43

__________________________________

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 increased to an average of $107.98 per ton in the first quarter, compared to $101.43 per ton in the fourth quarter 2025. Higher diesel and other supply costs were the primary contributors to the increase in costs.

Liquidity and Capital Resources

Cash provided by operating activities in the first quarter increased to $29.0 million as compared to $19.0 million in the fourth quarter 2025. Capital expenditures for the first quarter were $40.7 million compared to $29.0 million for the fourth quarter 2025.

As of March 31, 2026, the company had total liquidity of $476.2 million, including cash and cash equivalents of $317.2 million, short-term investments of $49.6 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 March 31, 2026, the company had no borrowings and $40.7 million in letters of credit outstanding under the ABL.

3

Total long-term debt, including the current portion of long-term debt as of March 31, 2026, was $12.2 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 April 30, 2026, the company had acquired approximately 7.0 million shares of common stock at a cost of approximately $1.2 billion, or approximately $166.18 per share. The number of common stock shares outstanding as of April 30, 2026 was 12,714,624, 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.

Results of Alpha’s 2026 Annual Meeting of Stockholders

The company’s annual meeting of stockholders was held on May 6, 2026, and stockholders re-elected all six members of Alpha’s board of directors to additional one-year terms and approved all other items proposed by the board for consideration at the meeting. The complete voting results from the annual meeting have been filed with the Securities and Exchange Commission on Form 8-K.

2026 Operational Performance Update

As of April 29, 2026, Alpha has committed and priced approximately 48% of its metallurgical coal for 2026 at an average price of $132.37 per ton. At the midpoint of guidance, Alpha’s thermal coal is fully committed for the year at an average price of $74.53 per ton.

4

			2026 Guidance
in millions of tons			Low			High
Metallurgical			14.4			15.4
Thermal			0.7			1.1
Met segment - total shipments			15.1			16.5
Committed/Priced1,2,3			Committed			Volume (in millions of tons)			Average Price
Metallurgical - domestic						4.1			$136.38
Metallurgical - export						3.1			$127.02
Metallurgical total			48		%	7.2			$132.37
Thermal			100		%	1.2			$74.53
Met segment			53		%	8.4			$124.37
Committed/Unpriced1,3			Committed
Metallurgical total			43		%
Thermal			—		%
Met segment			40		%
Costs per ton4			Low			High
Met segment			$95.00			$101.00
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 April 29, 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.

5

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 first quarter results on May 8, 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.

6

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.

7

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Amounts in thousands, except share and per share data)

			Three Months Ended March 31,
			2026						2025
Revenues:
Coal revenues			$	523,533					$	529,667
Other revenues			1,454						2,290
Total revenues			524,987						531,957
Costs and expenses:
Cost of coal sales (exclusive of items shown separately below)			474,389						504,584
Depreciation, depletion and amortization			39,926						43,910
Accretion on asset retirement obligations			5,215						5,614
Amortization of acquired intangibles			876						1,357
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above)			16,598						15,424
Other operating (income) loss			(1,585)						1,243
Total costs and expenses			535,419						572,132
Loss from operations			(10,432)						(40,175)
Other (expense) income:
Interest expense			(841)						(763)
Interest income			4,206						4,046
Equity loss in affiliates			(5,733)						(4,960)
Miscellaneous expense, net			(3,558)						(3,532)
Total other expense, net			(5,926)						(5,209)
Loss before income taxes			(16,358)						(45,384)
Income tax benefit			5,326						11,437
Net loss			$	(11,032)					$	(33,947)
Basic loss per common share			$	(0.86)					$	(2.60)
Diluted loss per common share			$	(0.86)					$	(2.60)
Weighted average shares – basic			12,800,037						13,047,607
Weighted average shares – diluted			12,800,037						13,047,607

8

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(Amounts in thousands, except share and per share data)

			March 31, 2026						December 31, 2025
Assets
Current assets:
Cash and cash equivalents			$	317,231					$	365,974
Short-term investments			49,646						49,582
Trade accounts receivable, net of allowance for credit losses of $2,858 and $2,519 as of March 31, 2026 and December 31, 2025, respectively			302,136						278,620
Inventories, net			213,102						193,000
Prepaid expenses and other current assets			27,360						31,132
Total current assets			909,475						918,308
Property, plant, and equipment, net of accumulated depreciation and amortization of $805,966 and $774,101 as of March 31, 2026 and December 31, 2025, respectively			625,145						621,866
Owned and leased mineral rights, net of accumulated depletion and amortization of $157,070 and $150,616 as of March 31, 2026 and December 31, 2025, respectively			410,489						416,944
Other acquired intangibles, net of accumulated amortization of $43,948 and $43,072 as of March 31, 2026 and December 31, 2025, respectively			33,576						34,452
Long-term restricted cash			127,217						126,911
Long-term restricted investments			34,399						34,356
Deferred income taxes			8,210						8,087
Other non-current assets			133,926						119,702
Total assets			$	2,282,437					$	2,280,626
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt			$	3,231					$	3,575
Trade accounts payable			92,984						66,169
Accrued expenses and other current liabilities			151,772						135,778
Total current liabilities			247,987						205,522
Long-term debt			8,977						9,841
Workers’ compensation and black lung obligations			189,527						190,965
Pension obligations			83,281						87,317
Asset retirement obligations			203,632						204,745
Deferred income taxes			10,711						15,433
Other non-current liabilities			21,367						21,308
Total liabilities			765,482						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, 22,494,813 issued and 12,752,824 outstanding at March 31, 2026 and 22,437,379 issued and 12,805,909 outstanding at December 31, 2025			225						224
Additional paid-in capital			855,765						852,030
Accumulated other comprehensive loss			(58,698)						(60,433)
Treasury stock, at cost: 9,741,989 shares at March 31, 2026 and 9,631,470 shares at December 31, 2025			(1,364,022)						(1,341,027)
Retained earnings			2,083,685						2,094,701
Total stockholders’ equity			1,516,955						1,545,495
Total liabilities and stockholders’ equity			$	2,282,437					$	2,280,626

9

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Amounts in thousands)

			Three Months Ended March 31,
			2026						2025
Operating activities:
Net loss			$	(11,032)					$	(33,947)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation, depletion and amortization			39,926						43,910
Amortization of acquired intangibles			876						1,357
Gain on disposal of assets, net			(2,053)						(37)
Accretion on asset retirement obligations			5,215						5,614
Employee benefit plans, net			6,266						5,618
Deferred tax benefit			(5,329)						(11,416)
Stock-based compensation			3,736						3,437
Equity loss in affiliates			5,733						4,960
Other, net			2,476						135
Changes in operating assets and liabilities			(16,768)						2,550
Net cash provided by operating activities			29,046						22,181
Investing activities:
Capital expenditures			(40,668)						(38,450)
Capital contributions to equity affiliates			(13,403)						(9,836)
Purchases of investment securities			(27,826)						(14,663)
Sales and maturities of investment securities			28,240						15,080
Other, net			62						94
Net cash used in investing activities			(53,595)						(47,775)
Financing activities:
Principal repayments of long-term debt			(915)						(822)
Common stock repurchases and related expenses			(22,901)						(5,155)
Other, net			(72)						(415)
Net cash used in financing activities			(23,888)						(6,392)
Net decrease in cash and cash equivalents and restricted cash			(48,437)						(31,986)
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			$	444,448					$	572,175
Supplemental disclosure of noncash investing and financing activities:
Accrued capital expenditures			$	11,089					$	10,785

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 March 31,
			2026						2025
Cash and cash equivalents			$	317,231					$	447,990
Long-term restricted cash			127,217						124,185
Total cash and cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows			$	444,448					$	572,175

10

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

ADJUSTED EBITDA RECONCILIATION

(Amounts in thousands)

			Three Months Ended
			March 31, 2026						December 31, 2025						March 31, 2025
Net loss			$	(11,032)					$	(17,271)					$	(33,947)
Interest expense			841						730						763
Interest income			(4,206)						(3,273)						(4,046)
Income tax benefit			(5,326)						(9,757)						(11,437)
Depreciation, depletion and amortization			39,926						41,893						43,910
Non-cash stock compensation expense			3,736						3,193						3,437
Accretion on asset retirement obligations			5,215						5,501						5,614
Amortization of acquired intangibles			876						1,356						1,357
Non-recurring mine flood costs (1)			—						6,098						—
Adjusted EBITDA			$	30,030					$	28,470					$	5,651

(1) Non-recurring mine recovery and idle costs due to the water inundation at the Rolling Thunder mine in November 2025.

11

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

RESULTS OF OPERATIONS

			Three Months Ended
(In thousands, except for per ton data)			March 31, 2026						December 31, 2025						March 31, 2025
Coal revenues			$	523,533					$	519,060					$	529,667
Less: freight and handling fulfillment revenues			(76,214)						(82,730)						(83,924)
Non-GAAP coal revenues			$	447,319					$	436,330					$	445,743
Non-GAAP coal sales realization per ton			$	124.39					$	115.31					$	118.61
Cost of coal sales (exclusive of items shown separately below)			$	474,389					$	478,519					$	504,584
Depreciation, depletion and amortization - production (1)			39,606						41,571						43,592
Accretion on asset retirement obligations			5,215						5,501						5,614
Amortization of acquired intangibles			876						1,356						1,357
Total cost of coal sales			520,086						526,947						555,147
Less: freight and handling costs			(76,214)						(82,730)						(83,924)
Less: depreciation, depletion and amortization - production (1)			(39,606)						(41,571)						(43,592)
Less: accretion on asset retirement obligations			(5,215)						(5,501)						(5,614)
Less: amortization of acquired intangibles			(876)						(1,356)						(1,357)
Less: idled and closed mine costs			(9,872)						(11,960)						(5,991)
Non-GAAP cost of coal sales			$	388,303					$	383,829					$	414,669
Non-GAAP cost of coal sales per ton			$	107.98					$	101.43					$	110.34
GAAP coal margin			$	3,447					$	(7,887)					$	(25,480)
GAAP coal margin per ton			$	0.96					$	(2.08)					$	(6.78)
Non-GAAP coal margin			$	59,016					$	52,501					$	31,074
Non-GAAP coal margin per ton			$	16.41					$	13.87					$	8.27
Tons sold			3,596						3,784						3,758

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

12

			Three Months Ended March 31, 2026
(In thousands, except for per ton data)			Tons Sold						Coal Revenues						Non-GAAP Coal sales realization per ton						% of Met Tons Sold
Domestic			809						$	111,053					$	137.27					24		%
Export - Australian indexed			1,120						162,348						$	144.95					33		%
Export - other pricing mechanisms			1,423						156,981						$	110.32					43		%
Total Met segment - met coal			3,352						430,382						$	128.40					100		%
Met segment - thermal coal			244						16,937						$	69.41
Non-GAAP coal revenues			3,596						447,319						$	124.39
Add: freight and handling fulfillment revenues			—						76,214
Coal revenues			3,596						$	523,533

13

FAQ

How did Alpha Metallurgical Resources (AMR) perform financially in Q1 2026?

Alpha reported a net loss of $11.0 million, or $0.86 per diluted share, for Q1 2026. However, it generated $30.0 million in Adjusted EBITDA and $29.0 million of operating cash flow, reflecting positive cash earnings despite the accounting loss.

What were Alpha Metallurgical Resources’ key coal pricing and cost metrics in Q1 2026?

In Q1 2026, Alpha’s Met segment achieved coal sales realization of $124.39 per ton. Non-GAAP cost of coal sales averaged $107.98 per ton, up from the prior quarter due mainly to higher diesel and supply costs associated with the Iran conflict.

What is Alpha Metallurgical Resources’ liquidity and debt position as of March 31, 2026?

As of March 31, 2026, Alpha held $317.2 million in cash and cash equivalents and total liquidity of $476.2 million, including ABL availability. The company reported total long-term debt of $12.2 million and no borrowings outstanding under its asset-based revolving credit facility.

How much stock has Alpha Metallurgical Resources repurchased under its buyback program?

Under a $1.5 billion share repurchase authorization, Alpha had bought approximately 7.0 million shares as of April 30, 2026. The total cost was about $1.2 billion, equating to an average purchase price of roughly $166.18 per share of common stock.

What 2026 volume and cost guidance has Alpha Metallurgical Resources provided?

For 2026, Alpha guides metallurgical shipments to 15.1–16.5 million tons and thermal shipments to 0.7–1.1 million tons. It expects Met segment costs of $95–$101 per ton and has already committed and priced about 48% of metallurgical tons at $132.37 per ton.

What were the results of Alpha Metallurgical Resources’ 2026 annual meeting of stockholders?

At the May 6, 2026 annual meeting, stockholders re-elected all six directors for one-year terms. They also approved the advisory vote on executive compensation and ratified RSM LLP as the independent registered public accounting firm for the year ending December 31, 2026.

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