Alpha Metallurgical Resources, Inc. Earnings Recaps
Q2 2026
Aug 11, 2026
Alpha Metallurgical’s shares rose modestly by 1.1% following results that reflected ongoing headwinds including reduced shipment guidance and elevated costs, while operational disruptions at the DTA terminal continued to weigh on volumes and margins.
Key takeaways
- Adjusted EBITDA decreased sequentially to $25.6 million in Q2 from $30 million in Q1, reflecting softer volumes and lower realizations.
- Shipment volumes fell slightly to 3.5 million tons from 3.6 million tons in Q1, with FY 2026 shipment guidance lowered by 1 million tons amid terminal capacity limitations and weak global steel demand.
- Cost of coal sales increased materially with the full-year guidance midpoint raised by $7 per ton due to higher diesel and materials costs driven by external factors such as the Iran war.
- Operational challenges at DTA terminal, including storm damage to key equipment, continue to limit throughput and complicate recovery timelines.
- Liquidity remains strong with $447.8 million available at quarter-end, though cash and short-term investments declined slightly from Q1; capex increased to $45.1 million, signaling ongoing investments amid uncertain volumes.
Q1 2026
May 9, 2026
Shares fell 4.8% following the quarter as investors reacted negatively to margin compression driven by rising costs and a cautious cost outlook, despite modest volume and cash flow improvements.
Key takeaways
- Adjusted EBITDA rose slightly to $30 million from $28.5 million year-over-year, but cost of coal sales increased notably to $107.98 per ton from $101.43 in Q4, driven by higher diesel and supply expenses.
- Metallurgical coal sales volumes declined to 3.6 million tons from 3.8 million tons in the prior quarter, reflecting some underlying demand weakness.
- Realizations improved for metallurgical coal to a weighted average of $128.40 per ton, helped by supply issues in Australia, though incidental thermal coal prices softened to $69.41 per ton.
- SG&A expenses excluding non-cash items rose to $13.5 million, up from $10.9 million, indicating higher operating costs beyond raw coal expenses.
- Management flagged the potential for upward revisions to cost guidance if inflationary impacts from the Iranian conflict persist, underscoring a cautious outlook that weighed on investor sentiment.
Q3 2025
Nov 7, 2025
Alpha Metallurgical Resources delivered solid Q3 results with adjusted EBITDA of $41.7 million and continued cost discipline, achieving the best cost of coal sales since 2021 at $97.27 per ton, though faced with declining metallurgical coal realizations.
Key takeaways
- Adjusted EBITDA declined to $41.7 million from $46.1 million in Q2, maintaining shipment volumes of 3.9 million tons.
- Metallurgical segment realizations decreased to a weighted-average of $117.62 per ton, down from $122.84 per ton in Q2.
- Cost of coal sales successfully reduced to $97.27 per ton for the second consecutive quarter.
- Unrestricted cash totaled $408.5 million, with total liquidity reaching $568.5 million, reflecting effective cash management.
- Development production commenced at the Kingston Wildcat mine, targeting a full annual run rate of approximately 1 million tons by 2026.