Alliance Resource Partners, L.P. Q3 2025 Earnings Recap

Alliance Resource Partners reported a mixed performance in Q3 2025, with total revenues of $571.4 million, a year-over-year decline largely due to lower coal prices, yet showing a sequential recovery driven by increased coal sales volumes.

Key Takeaways

• Revenues decreased 7% year-over-year due to lower coal sales prices, but increased 4.4% sequentially.
• Total coal production rose 8.5% year-over-year to 8.4 million tons, with sales volumes up 3.9% to 8.7 million tons.
• Adjusted EBITDA improved 9% year-over-year to $185.8 million, reflecting better cost efficiencies in mining operations.
• Free cash flow was strong at $151.4 million, resulting in a distribution coverage ratio of 1.37x on a quarterly cash distribution of $0.60 per unit.
• Total liquidity stood at $541.8 million, supported by significant Bitcoin holdings valued at approximately $64.8 million.