Posts Adjusted EBITDA of $30.0 million for the quarter
BRISTOL, Tenn., May 8, 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 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.
(in millions, except per ton data)
Met Segment Sales
Three months ended Mar. 31, 2026
Tons Sold
Coal Revenues
Realization/ton(1)
% of Met TonsSold
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. 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.
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.
