| FOR IMMEDIATE RELEASE |  | ||||
Alpha Announces Financial Results for Fourth Quarter and Full Year 2025
•Reports net loss of $17.3 million for the fourth quarter 2025
•Posts Adjusted EBITDA of $28.5 million for the quarter
BRISTOL, Tenn., February 27, 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 fourth quarter and full year ending December 31, 2025.
| (millions, except per share) | |||||||||||
| Three months ended | |||||||||||
| Dec. 31, 2025 | Sept. 30, 2025 | Dec. 31, 2024 | |||||||||
Net loss | ($17.3) | ($5.5) | ($2.1) | ||||||||
Net loss per diluted share | ($1.34) | ($0.42) | ($0.16) | ||||||||
Adjusted EBITDA(1) | $28.5 | $41.7 | $53.2 | ||||||||
Operating cash flow | $19.0 | $50.6 | $56.3 | ||||||||
| Capital expenditures | ($29.0) | ($25.1) | ($42.7) | ||||||||
| Tons of coal sold | 3.8 | 3.9 | 4.1 | ||||||||
__________________________________
1. This is a non-GAAP financial measure. A reconciliation of Net Loss to Adjusted EBITDA is included in tables accompanying the financial schedules.
“Following the previous disclosure of our initial Q4 performance, today we announce definitive financial results for the fourth quarter and full year 2025,” said Andy Eidson, Alpha's chief executive officer. “As previously stated, our fourth quarter numbers reflect the persistent challenges of the met pricing environment that prevailed through much of the 2025 calendar year. Having experienced some quality-specific improvements in the met market, particularly in the Australian low vol indexes, late in Q4 and extending into recent weeks, our first quarter 2026 results will be influenced by those more favorable conditions. From a volume perspective, Alpha’s first quarter tons sold tend to be lower than other quarters. Based on our first two months of the year, we expect this to hold true in 2026.”
Financial Performance
Alpha reported a net loss of $17.3 million, or $1.34 per diluted share, for the fourth quarter 2025, as compared to net loss of $5.5 million, or $0.42 per diluted share, in the third quarter.
Total Adjusted EBITDA was $28.5 million for the fourth quarter, compared to $41.7 million in the third quarter.
Coal Revenues
| (millions) | ||||||||
| Three months ended | ||||||||
| Dec. 31, 2025 | Sept. 30, 2025 | |||||||
| Met Segment | $519.1 | $525.2 | ||||||
Met Segment (excl. freight & handling)(1) | $436.3 | $442.8 | ||||||
| Tons Sold | (millions) | |||||||
| Three months ended | ||||||||
| Dec. 31, 2025 | Sept. 30, 2025 | |||||||
| Met Segment | 3.8 | 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 | ||||||||
| Dec. 31, 2025 | Sept. 30, 2025 | |||||||
| Met Segment | $115.31 | $114.94 | ||||||
__________________________________
1. Represents Non-GAAP coal sales realization which is defined and reconciled under “Non-GAAP Financial Measures” and “Results of Operations.”
Fourth quarter net realized pricing for the Met segment was $115.31 per ton.
The table below provides a breakdown of our Met segment coal sold in the fourth quarter by pricing mechanism.
2
| (in millions, except per ton data) | ||||||||||||||
| Met Segment Sales | Three months ended Dec. 31, 2025 | |||||||||||||
| Tons Sold | Coal Revenues | Realization/ton(1) | % of Met Tons Sold | |||||||||||
| Export - Other Pricing Mechanisms | 1.8 | $187.6 | $106.13 | 50% | ||||||||||
| Domestic | 0.8 | $116.9 | $148.93 | 22% | ||||||||||
| Export - Australian Indexed | 1.0 | $111.4 | $114.96 | 28% | ||||||||||
| Total Met Coal Revenues | 3.5 | $415.9 | $118.10 | 100% | ||||||||||
| Thermal Coal Revenues | 0.3 | $20.4 | $77.80 | |||||||||||
Total Met Segment Coal Revenues (excl. freight & handling)(1) | 3.8 | $436.3 | $115.31 | |||||||||||
__________________________________
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 | ||||||||
| Dec. 31, 2025 | Sept. 30, 2025 | |||||||
| Met Segment | $478.5 | $461.6 | ||||||
Met Segment (excl. freight & handling/idle)(1) | $383.8 | $374.7 | ||||||
| (per ton) | ||||||||
Met Segment(1) | $101.43 | $97.27 | ||||||
__________________________________
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 $101.43 per ton in the fourth quarter, compared to $97.27 per ton in the third quarter.
Liquidity and Capital Resources
Cash provided by operating activities in the fourth quarter decreased to $19.0 million as compared to $50.6 million in the third quarter. Capital expenditures for the fourth quarter were $29.0 million compared to $25.1 million for the third quarter.
As of December 31, 2025, the company had total liquidity of $524.3 million, including cash and cash equivalents of $366.0 million, short-term investments of $49.6 million, and $183.7 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 December 31, 2025, the company had no borrowings and $41.3 million in letters of credit outstanding under the ABL. Total long-term debt, including the current portion of long-term debt as of December 31, 2025, was $13.4 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 February 20, 2026, the company had acquired approximately 6.9 million shares of common stock at a cost of approximately $1.1 billion, or approximately $165.89 per share. The number of common stock shares outstanding as of February 20, 2026 was 12,792,685, not including the potential effect of unvested equity awards.
The timing and amount of share repurchases will be based on various factors, including but not limited to market conditions, the trading price of the stock, applicable legal requirements, compliance with the provisions of the company's debt agreements, and other factors.
2026 Operational Performance Update
As of February 17, 2026, at the midpoint of guidance, Alpha has committed and priced approximately 37% of its metallurgical coal for 2026 at an average price of $134.02 per ton and 77% of its thermal coal for the year at an average price of $73.17 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 | $136.30 | |||||||||
| Metallurgical - Export | 1.5 | $127.53 | |||||||||
| Metallurgical Total | 37 | % | 5.6 | $134.02 | |||||||
| Thermal | 77 | % | 0.7 | $73.17 | |||||||
Met Segment | 40 | % | 6.3 | $127.30 | |||||||
Committed/Unpriced1,3 | Committed | ||||||||||
| Metallurgical Total | 53 | % | |||||||||
| Thermal | — | % | |||||||||
Met Segment | 50 | % | |||||||||
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 February 17, 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.
Annual Meeting of Stockholders
The board of directors has scheduled the annual meeting of stockholders for May 6, 2026.
Conference Call
The company plans to hold a conference call regarding its fourth quarter and full year 2025 results on February 27, 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 cost of coal sales,” and “non-GAAP coal margin.” 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 for our operations 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 for our operations is calculated as non-GAAP cost of coal sales divided by tons sold. Non-GAAP coal margin per ton for our coal operations is calculated as non-GAAP coal sales realization per ton for our coal operations less non-GAAP cost of coal sales per ton for our coal operations. 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 the Company’s 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
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share data)
| Three Months Ended December 31, | Year Ended December 31, | ||||||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | ||||||||||||||||||||
| Revenues: | |||||||||||||||||||||||
| Coal revenues | $ | 519,060 | $ | 615,383 | $ | 2,122,605 | $ | 2,946,579 | |||||||||||||||
| Other revenues | 1,412 | 1,964 | 6,876 | 10,706 | |||||||||||||||||||
| Total revenues | 520,472 | 617,347 | 2,129,481 | 2,957,285 | |||||||||||||||||||
| Costs and expenses: | |||||||||||||||||||||||
| Cost of coal sales (exclusive of items shown separately below) | 478,519 | 540,754 | 1,924,691 | 2,451,601 | |||||||||||||||||||
| Depreciation, depletion and amortization | 41,893 | 40,836 | 174,524 | 167,331 | |||||||||||||||||||
| Accretion on asset retirement obligations | 5,501 | 6,324 | 22,126 | 25,050 | |||||||||||||||||||
| Amortization of acquired intangibles | 1,356 | 1,675 | 5,427 | 6,700 | |||||||||||||||||||
| Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) | 13,821 | 16,831 | 60,158 | 74,000 | |||||||||||||||||||
| Other operating loss | 706 | 936 | 3,921 | 4,749 | |||||||||||||||||||
| Total costs and expenses | 541,796 | 607,356 | 2,190,847 | 2,729,431 | |||||||||||||||||||
| (Loss) income from operations | (21,324) | 9,991 | (61,366) | 227,854 | |||||||||||||||||||
| Other (expense) income: | |||||||||||||||||||||||
| Interest expense | (730) | (583) | (3,019) | (3,811) | |||||||||||||||||||
| Interest income | 3,273 | 4,952 | 15,466 | 18,208 | |||||||||||||||||||
| Equity loss in affiliates | (4,931) | (5,734) | (24,867) | (20,302) | |||||||||||||||||||
| Miscellaneous expense, net | (3,316) | (2,940) | (13,673) | (11,199) | |||||||||||||||||||
| Total other expense, net | (5,704) | (4,305) | (26,093) | (17,104) | |||||||||||||||||||
| (Loss) income before income taxes | (27,028) | 5,686 | (87,459) | 210,750 | |||||||||||||||||||
| Income tax benefit (expense) | 9,757 | (7,815) | 25,772 | (23,171) | |||||||||||||||||||
| Net (loss) income | $ | (17,271) | $ | (2,129) | $ | (61,687) | 187,579 | ||||||||||||||||
| Basic (loss) income per common share | $ | (1.34) | $ | (0.16) | $ | (4.75) | $ | 14.41 | |||||||||||||||
| Diluted (loss) income per common share | $ | (1.34) | $ | (0.16) | $ | (4.75) | $ | 14.28 | |||||||||||||||
| Weighted average shares - basic | 12,865,612 | 13,020,122 | 12,996,148 | 13,013,469 | |||||||||||||||||||
| Weighted average shares - diluted | 12,865,612 | 13,020,122 | 12,996,148 | 13,134,806 | |||||||||||||||||||
8
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share data)
| December 31, 2025 | December 31, 2024 | ||||||||||
| Assets | |||||||||||
| Current assets: | |||||||||||
| Cash and cash equivalents | $ | 365,974 | $ | 481,578 | |||||||
| Short-term investments | 49,582 | — | |||||||||
Trade accounts receivable, net of allowance for credit losses of $2,519 and $2,396 as of December 31, 2025 and 2024, respectively | 278,620 | 362,141 | |||||||||
| Inventories, net | 193,000 | 169,269 | |||||||||
| Prepaid expenses and other current assets | 31,132 | 23,681 | |||||||||
| Total current assets | 918,308 | 1,036,669 | |||||||||
Property, plant, and equipment, net of accumulated depreciation and amortization of $774,101 and $667,260 as of December 31, 2025 and 2024, respectively | 621,866 | 634,871 | |||||||||
Owned and leased mineral rights, net of accumulated depletion and amortization of $150,616 and $124,965 as of December 31, 2025 and 2024, respectively | 416,944 | 443,467 | |||||||||
Other acquired intangibles, net of accumulated amortization of $43,072 and $41,444 as of December 31, 2025 and 2024, respectively | 34,452 | 39,879 | |||||||||
| Long-term restricted cash | 126,911 | 122,583 | |||||||||
| Long-term restricted investments | 34,356 | 43,131 | |||||||||
| Deferred income taxes | 8,087 | 6,516 | |||||||||
| Other non-current assets | 119,702 | 111,592 | |||||||||
| Total assets | $ | 2,280,626 | $ | 2,438,708 | |||||||
| Liabilities and Stockholders’ Equity | |||||||||||
| Current liabilities: | |||||||||||
| Current portion of long-term debt | $ | 3,575 | $ | 2,916 | |||||||
| Trade accounts payable | 66,169 | 96,633 | |||||||||
| Accrued expenses and other current liabilities | 135,778 | 151,560 | |||||||||
| Total current liabilities | 205,522 | 251,109 | |||||||||
| Long-term debt | 9,841 | 2,868 | |||||||||
| Workers’ compensation and black lung obligations | 190,965 | 182,961 | |||||||||
| Pension obligations | 87,317 | 100,597 | |||||||||
| Asset retirement obligations | 204,745 | 189,805 | |||||||||
| Deferred income taxes | 15,433 | 40,486 | |||||||||
| Other non-current liabilities | 21,308 | 21,385 | |||||||||
| Total liabilities | 735,131 | 789,211 | |||||||||
| 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, 22,437,379 issued and 12,805,909 outstanding at December 31, 2025 and 22,383,325 issued and 13,016,390 outstanding at December 31, 2024 | 224 | 224 | |||||||||
| Additional paid-in capital | 852,030 | 839,804 | |||||||||
| Accumulated other comprehensive loss | (60,433) | (50,082) | |||||||||
Treasury stock, at cost: 9,631,470 shares at December 31, 2025 and 9,366,935 shares at December 31, 2024 | (1,341,027) | (1,296,916) | |||||||||
| Retained earnings | 2,094,701 | 2,156,467 | |||||||||
| Total stockholders’ equity | 1,545,495 | 1,649,497 | |||||||||
| Total liabilities and stockholders’ equity | $ | 2,280,626 | $ | 2,438,708 | |||||||
9
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Operating activities: | |||||||||||
| Net (loss) income | $ | (61,687) | $ | 187,579 | |||||||
| Adjustments to reconcile net (loss) income to net cash provided by operating activities: | |||||||||||
| Depreciation, depletion and amortization | 174,524 | 167,331 | |||||||||
| Amortization of acquired intangibles | 5,427 | 6,700 | |||||||||
| Loss (gain) on disposal of assets, net | 1,044 | (169) | |||||||||
| Accretion on asset retirement obligations | 22,126 | 25,050 | |||||||||
| Employee benefit plans, net | 23,397 | 14,551 | |||||||||
| Deferred tax (benefit) expense | (23,740) | 5,563 | |||||||||
| Stock-based compensation | 13,598 | 12,318 | |||||||||
| Equity loss in affiliates | 24,867 | 20,302 | |||||||||
| Other, net | (1,449) | 1,905 | |||||||||
| Changes in operating assets and liabilities | |||||||||||
| Trade accounts receivable, net | 83,399 | 145,379 | |||||||||
| Inventories, net | (21,495) | 64,203 | |||||||||
| Prepaid expenses and other current assets | (3,128) | 14,658 | |||||||||
| Deposits | 183 | 408 | |||||||||
| Other non-current assets | 356 | 1,199 | |||||||||
| Trade accounts payable | (29,141) | (19,339) | |||||||||
| Accrued expenses and other current liabilities | (10,825) | (5,972) | |||||||||
| Workers’ compensation and black lung obligations | (19,959) | (18,660) | |||||||||
| Pension obligations | (16,966) | (12,320) | |||||||||
| Asset retirement obligations | (14,721) | (27,903) | |||||||||
| Other non-current liabilities | (884) | (2,864) | |||||||||
| Net cash provided by operating activities | 144,926 | 579,919 | |||||||||
| Investing activities: | |||||||||||
| Capital expenditures | (127,153) | (198,848) | |||||||||
| Capital contributions to equity affiliates | (38,146) | (32,504) | |||||||||
| Proceeds from disposal of assets | 265 | 1,029 | |||||||||
| Purchases of investment securities | (106,157) | (48,730) | |||||||||
| Sales and maturities of investment securities | 67,165 | 48,036 | |||||||||
| Other, net | 51 | 31 | |||||||||
| Net cash used in investing activities | (203,975) | (230,986) | |||||||||
| Financing activities: | |||||||||||
| Principal repayments of long-term debt | (1,965) | (2,243) | |||||||||
| Dividend and dividend equivalents paid | (415) | (3,077) | |||||||||
| Common stock repurchases and related expenses | (45,155) | (122,299) | |||||||||
| Other, net | (4,692) | (1,278) | |||||||||
| Net cash used in financing activities | (52,227) | (128,897) | |||||||||
| Net (decrease) increase in cash and cash equivalents and restricted cash | (111,276) | 220,036 | |||||||||
| Cash and cash equivalents and restricted cash at beginning of period | 604,161 | 384,125 | |||||||||
10
| Cash and cash equivalents and restricted cash at end of period | $ | 492,885 | $ | 604,161 | |||||||
| Supplemental cash flow information: | |||||||||||
| Cash paid for interest | $ | 1,868 | $ | 2,662 | |||||||
| Cash paid for income taxes (net of refunds received) | $ | 2,118 | $ | 8,379 | |||||||
| Supplemental disclosure of noncash investing and financing activities: | |||||||||||
| Financing leases and capital financing - equipment | $ | 12,057 | $ | 1 | |||||||
| Accrued capital expenditures | $ | 14,272 | $ | 15,523 | |||||||
| Accrued common stock repurchases and stock repurchase excise tax | $ | 327 | $ | — | |||||||
| Accrued dividend payable | $ | 88 | $ | 424 | |||||||
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows.
| As of December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Cash and cash equivalents | $ | 365,974 | $ | 481,578 | |||||||
| Long-term restricted cash | 126,911 | 122,583 | |||||||||
| Total cash and cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows | $ | 492,885 | $ | 604,161 | |||||||
11
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION
(Amounts in thousands)
| Three Months Ended | Year Ended December 31, | ||||||||||||||||||||||||||||
| December 31, 2025 | September 30, 2025 | December 31, 2024 | 2025 | 2024 | |||||||||||||||||||||||||
| Net (loss) income | $ | (17,271) | $ | (5,515) | $ | (2,129) | $ | (61,687) | $ | 187,579 | |||||||||||||||||||
| Interest expense | 730 | 765 | 583 | 3,019 | 3,811 | ||||||||||||||||||||||||
| Interest income | (3,273) | (3,948) | (4,952) | (15,466) | (18,208) | ||||||||||||||||||||||||
| Income tax (benefit) expense | (9,757) | (3,330) | 7,815 | (25,772) | 23,171 | ||||||||||||||||||||||||
| Depreciation, depletion and amortization | 41,893 | 43,899 | 40,836 | 174,524 | 167,331 | ||||||||||||||||||||||||
| Non-cash stock compensation expense | 3,193 | 2,950 | 3,001 | 13,598 | 12,318 | ||||||||||||||||||||||||
| Accretion on asset retirement obligations | 5,501 | 5,503 | 6,324 | 22,126 | 25,050 | ||||||||||||||||||||||||
| Amortization of acquired intangibles | 1,356 | 1,357 | 1,675 | 5,427 | 6,700 | ||||||||||||||||||||||||
Non-recurring mine flood costs (1) | 6,098 | — | — | 6,098 | — | ||||||||||||||||||||||||
| Adjusted EBITDA | $ | 28,470 | $ | 41,681 | $ | 53,153 | $ | 121,867 | $ | 407,752 | |||||||||||||||||||
(1) Non-recurring mine recovery and idle costs due to the water inundation at the Rolling Thunder mine in November 2025.
12
ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS
| Three Months Ended | |||||||||||||||||
| (In thousands, except for per ton data) | December 31, 2025 | September 30, 2025 | December 31, 2024 | ||||||||||||||
| Coal revenues | $ | 519,060 | $ | 525,203 | $ | 615,383 | |||||||||||
| Less: Freight and handling fulfillment revenues | (82,730) | (82,448) | (96,087) | ||||||||||||||
| Non-GAAP Coal revenues | $ | 436,330 | $ | 442,755 | $ | 519,296 | |||||||||||
| Non-GAAP Coal sales realization per ton | $ | 115.31 | $ | 114.94 | $ | 127.84 | |||||||||||
| Cost of coal sales (exclusive of items shown separately below) | $ | 478,519 | $ | 461,635 | $ | 540,754 | |||||||||||
Depreciation, depletion and amortization - production (1) | 41,571 | 43,582 | 40,525 | ||||||||||||||
| Accretion on asset retirement obligations | 5,501 | 5,503 | 6,324 | ||||||||||||||
| Amortization of acquired intangibles | 1,356 | 1,357 | 1,675 | ||||||||||||||
| Total Cost of coal sales | 526,947 | 512,077 | 589,278 | ||||||||||||||
| Less: Freight and handling costs | (82,730) | (82,448) | (96,087) | ||||||||||||||
Less: Depreciation, depletion and amortization - production (1) | (41,571) | (43,582) | (40,525) | ||||||||||||||
| Less: Accretion on asset retirement obligations | (5,501) | (5,503) | (6,324) | ||||||||||||||
| Less: Amortization of acquired intangibles | (1,356) | (1,357) | (1,675) | ||||||||||||||
| Less: Idled and closed mine costs | (11,960) | (4,517) | (2,650) | ||||||||||||||
| Non-GAAP Cost of coal sales | $ | 383,829 | $ | 374,670 | $ | 442,017 | |||||||||||
| Non-GAAP Cost of coal sales per ton | $ | 101.43 | $ | 97.27 | $ | 108.82 | |||||||||||
| GAAP Coal margin | $ | (7,887) | $ | 13,126 | $ | 26,105 | |||||||||||
| GAAP Coal margin per ton | $ | (2.08) | $ | 3.41 | $ | 6.43 | |||||||||||
| Non-GAAP Coal margin | $ | 52,501 | $ | 68,085 | $ | 77,279 | |||||||||||
| Non-GAAP Coal margin per ton | $ | 13.87 | $ | 17.68 | $ | 19.02 | |||||||||||
| Tons sold | 3,784 | 3,852 | 4,062 | ||||||||||||||
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
13
| Year Ended December 31, | |||||||||||
| 2025 | 2024 | ||||||||||
| Coal revenues | $ | 2,122,605 | $ | 2,946,579 | |||||||
| Less: Freight and handling fulfillment revenues | (333,691) | (503,306) | |||||||||
| Non-GAAP Coal revenues | $ | 1,788,914 | $ | 2,443,273 | |||||||
| Non-GAAP Coal sales realization per ton | $ | 117.08 | $ | 142.66 | |||||||
| Cost of coal sales (exclusive of items shown separately below) | $ | 1,924,691 | $ | 2,451,601 | |||||||
Depreciation, depletion and amortization - production (1) | 173,249 | 166,105 | |||||||||
| Accretion on asset retirement obligations | 22,126 | 25,050 | |||||||||
| Amortization of acquired intangibles | 5,427 | 6,700 | |||||||||
| Total Cost of coal sales | 2,125,493 | 2,649,456 | |||||||||
| Less: Freight and handling costs | (333,691) | (503,306) | |||||||||
Less: Depreciation, depletion and amortization - production (1) | (173,249) | (166,105) | |||||||||
| Less: Accretion on asset retirement obligations | (22,126) | (25,050) | |||||||||
| Less: Amortization of acquired intangibles | (5,427) | (6,700) | |||||||||
| Less: Idled and closed mine costs | (28,988) | (29,868) | |||||||||
| Non-GAAP Cost of coal sales | $ | 1,562,012 | $ | 1,918,427 | |||||||
| Non-GAAP Cost of coal sales per ton | $ | 102.23 | $ | 112.01 | |||||||
| GAAP Coal margin | $ | (2,888) | $ | 297,123 | |||||||
| GAAP Coal margin per ton | $ | (0.19) | $ | 17.35 | |||||||
| Non-GAAP Coal margin | $ | 226,902 | $ | 524,846 | |||||||
| Non-GAAP Coal margin per ton | $ | 14.85 | $ | 30.64 | |||||||
| Tons sold | 15,280 | 17,127 | |||||||||
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.
| Three Months Ended December 31, 2025 | |||||||||||||||||||||||
| (In thousands, except for per ton data) | Tons Sold | Coal Revenues | Non-GAAP Coal sales realization per ton | % of Met Tons Sold | |||||||||||||||||||
| Export - other pricing mechanisms | 1,768 | $ | 187,642 | $ | 106.13 | 50 | % | ||||||||||||||||
| Domestic | 785 | 116,913 | $ | 148.93 | 22 | % | |||||||||||||||||
| Export - Australian indexed | 969 | 111,392 | $ | 114.96 | 28 | % | |||||||||||||||||
| Total Met segment - met coal | 3,522 | 415,947 | $ | 118.10 | 100 | % | |||||||||||||||||
| Met segment - thermal coal | 262 | 20,383 | $ | 77.80 | |||||||||||||||||||
| Non-GAAP Coal revenues | 3,784 | 436,330 | $ | 115.31 | |||||||||||||||||||
| Add: Freight and handling fulfillment revenues | — | 82,730 | |||||||||||||||||||||
| Coal revenues | 3,784 | $ | 519,060 | ||||||||||||||||||||
14