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Company Reduces Shipment Guidance, Raises Cost Expectations

, /PRNewswire/ -- Alpha Metallurgical Resources, Inc. (NYSE: AMR), a leading U.S. supplier of metallurgical products for the steel industry, today announced preliminary financial results for the second quarter ending June 30, 2026. The company plans to release its definitive second quarter financial results on August 7, 2026.

(millions, except per share)

Three months ended

Jun. 30, 2026

Net loss

($12.3)

Net loss per diluted share

($0.96)

Adjusted EBITDA(1)

$25.6

Tons of coal sold

3.5

__________________________________

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

"Today we are providing an early look at our financial results for the second quarter, which included lighter-than-expected shipment volumes," said Andy Eidson, Alpha's chief executive officer. "Based on our first half performance, continued met coal market weakness, and the previously announced equipment damage at Dominion Terminal Associates (DTA), we are reducing our expected sales volumes for the year. As a result of lower tonnage and higher supplies and maintenance costs, we are raising our cost of coal sales guidance to reflect these challenges. While the wind-related equipment damage at DTA is unfortunate, we are grateful to the terminal leaders who have worked safely and resourcefully to keep the terminal operational at its best possible efficiency given the circumstances. We expect to provide more information about our plans at DTA when we announce our definitive Q2 financial results on August 7."

Preliminary Financial Performance

Alpha expects to report a net loss of $12.3 million, or $0.96 per diluted share, for the second quarter 2026.

For the second quarter, total Adjusted EBITDA was $25.6 million. 

Coal Revenues

(millions)

Three months ended

Jun. 30, 2026

Met segment

$491.5

Met segment (excl. freight & handling)(1)

$421.3

Tons Sold

(millions)

Three months ended

Jun. 30, 2026

Met segment

3.5

__________________________________

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

Jun. 30, 2026

Met segment

$118.71

__________________________________

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

Second quarter net realized pricing for the Met segment was $118.71 per ton.

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

(in millions, except per ton data)

Met Segment Sales

Three months ended Jun. 30, 2026

Tons Sold

Coal Revenues

Realization/ton(1)

% of Met Tons Sold

Domestic

0.9

$124.8

$134.37

30 %

Export - Australian indexed

0.7

$98.5

$143.82

22 %

Export - other pricing mechanisms

1.5

$162.9

$109.08

48 %

Total Met coal revenues

3.1

$386.2

$124.30

100 %

Thermal coal revenues

0.4

$35.1

$79.36

Total Met segment coal revenues (excl. freight & handling)(1)

3.5

$421.3

$118.71

__________________________________

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

Jun. 30, 2026

Met segment

$443.7

Met segment (excl. freight & handling/idle)(1)

$365.8

(per ton)

Met segment(1)

$103.07

__________________________________

1. Represents Non-GAAP cost of coal sales and Non-GAAP cost of coal sales per ton which are defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."

Liquidity and Capital Resources

As of June 30, 2026, the company had total liquidity of $447.8 million, including cash and cash equivalents of $307.6 million, short-term investments of $30.9 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 June 30, 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 June 30, 2026, was $11.4 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 June 30, 2026, the company had acquired approximately 7.0 million shares of common stock at a cost of approximately $1.2 billion since the start of the program. During the second quarter of 2026, the company spent approximately $13.5 million for the repurchase of roughly 69,000 shares. The number of common stock shares outstanding as of June 30, 2026 was 12,685,495, 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 Guidance Adjustments

Alpha is lowering its 2026 metallurgical coal sales volume guidance to a range of 13.2 million to 14.0 million tons, down from the prior range of 14.4 million to 15.4 million tons. The company is increasing incidental thermal coal sales volume guidance to a range of 1.0 million to 1.4 million tons, up from the prior range of 0.7 million to 1.1 million tons. This brings total shipment expectations for the year to a range of 14.2 million to 15.4 million tons, down from 15.1 million to 16.5 million tons.

The company is increasing its cost of coal sales guidance to $103.00 to $107.00, up from the prior range of $95.00 to $101.00 per ton.

An update on operational performance and percentages of committed and priced tonnage at the midpoint of guidance will be announced alongside Alpha's definitive second quarter financial results on August 7, 2026.

Note About Preliminary Results

The financial results presented in this release are preliminary and may change. This preliminary financial information includes calculations or figures that have been prepared internally by management. There can be no assurance that the Company's actual results for the periods presented herein will not differ from the preliminary financial results presented herein, and such changes could be material. These preliminary financial results should not be viewed as a substitute for full financial statements prepared in accordance with GAAP and are not necessarily indicative of the results to be achieved for any future periods. This preliminary financial information could be impacted by the effects of the Company's financial closing procedures, final adjustments, and other developments.

Earnings Announcement and Conference Call 

The company plans to announce its definitive second quarter 2026 financial results before the market opens on Friday, August 7, 2026. The company also expects to hold a conference call regarding its second quarter 2026 results on August 7, 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.

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.

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

PRELIMINARY ADJUSTED EBITDA RECONCILIATION

(Amounts in thousands)

Three Months Ended

June 30, 2026

Net loss

$             (12,252)

Interest expense

962

Interest income

(2,919)

Income tax benefit

(6,595)

Depreciation, depletion, and amortization

36,044

Non-cash stock compensation expense

4,236

Accretion on asset retirement obligations

5,214

Amortization of acquired intangibles

876

Adjusted EBITDA

$              25,566

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

PRELIMINARY RESULTS OF OPERATIONS

Three Months Ended

(In thousands, except for per ton data)

June 30, 2026

Coal revenues

$                  491,505

Less: freight and handling fulfillment revenues

(70,220)

Non-GAAP coal revenues

$                  421,285

Non-GAAP coal sales realization per ton

$                    118.71

Cost of coal sales (exclusive of items shown separately below)

$                  443,663

Depreciation, depletion and amortization - production (1)

35,750

Accretion on asset retirement obligations

5,214

Amortization of acquired intangibles

876

Total cost of coal sales

$                  485,503

Less: freight and handling costs

(70,220)

Less: depreciation, depletion and amortization - production (1)

(35,750)

Less: accretion on asset retirement obligations

(5,214)

Less: amortization of acquired intangibles

(876)

Less: idled and closed mine costs

(7,654)

Non-GAAP cost of coal sales

$                  365,789

Non-GAAP cost of coal sales per ton

$                    103.07

GAAP coal margin

$                      6,002

GAAP coal margin per ton

$                        1.69

Non-GAAP coal margin

$                    55,496

Non-GAAP coal margin per ton

$                      15.64

Tons sold

3,549

(1)

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

Three Months Ended June 30, 2026

(In thousands, except for per ton data)

Tons Sold

Coal Revenues

Non-GAAP
Coal sales
realization per
ton

% of Met Tons Sold

Domestic

929

$    124,829

$      134.37

30 %

Export - Australian indexed

685

98,516

$      143.82

22 %

Export - other pricing mechanisms

1,493

162,863

$      109.08

48 %

Total Met segment - met coal

3,107

386,208

$      124.30

100 %

Met segment - thermal coal

442

35,077

$        79.36

Non-GAAP coal revenues

3,549

421,285

$      118.71

Add: freight and handling fulfillment revenues

—

70,220

Coal revenues

3,549

$    491,505

INVESTOR & MEDIA CONTACT: EMILY O'QUINN
[email protected]
[email protected]
(423) 573-0369

SOURCE ALPHA METALLURGICAL RESOURCES, INC.

July 16, 2026 21:56 ET  | Source: AMR Resources Acquisition Corp

GRAND CAYMAN, Cayman Islands, July 16, 2026 (GLOBE NEWSWIRE) -- AMR Resources Acquisition Corp (Nasdaq: AMACU) (the “Company”) announced today the pricing of its initial public offering of 25,000,000 units at $10.00 per unit. The units will be listed on the Global Market tier of The Nasdaq Stock Market LLC (“Nasdaq”) and begin trading on July 17, 2026, under the ticker symbol “AMACU.” Each unit consists of one Class A ordinary share and one-half of one redeemable warrant, each whole warrant entitling the holder thereof to purchase one Class A ordinary share at a price of $11.50 per share, subject to certain adjustments. No fractional warrants will be issued upon separation of the units and only whole warrants will trade. An amount equal to $10.00 per unit will be deposited into a trust account upon the closing of the offering. Once the securities constituting the units begin separate trading, the Class A ordinary shares and warrants are expected to be listed on Nasdaq under the symbols “AMAC” and “AMACW,” respectively. The offering is expected to close on July 20, 2026, subject to customary closing conditions. The Company has granted the underwriters a 45-day option to purchase up to an additional 3,750,000 units at the initial public offering price to cover over-allotments, if any.

BTIG, LLC is acting as sole book-running manager for the offering.

Winston Taylor LLP is serving as legal counsel to the Company. Loeb & Loeb LLP is serving as legal counsel to BTIG, LLC.

A registration statement relating to the securities has been filed with the U.S. Securities and Exchange Commission (“SEC”) and became effective on July 16, 2026.The offering is being made only by means of a prospectus. When available, copies of the prospectus may be obtained from BTIG, LLC, Attention: 65 East 55th Street, New York, New York 10022, or by email at [email protected], or by accessing the SEC’s website, www.sec.gov.

This press release shall not constitute an offer to sell or a solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.

About AMR Resources Acquisition Corp

The Company is a blank check company incorporated as an exempted company under the laws of the Cayman Islands, which will seek to effect a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses or entities. While it may pursue an acquisition opportunity in any business, industry, sector or geographical location, it intends to focus on industries that complement the management team’s and board of director’s background and network, and to capitalize on the ability of its management team and board of directors to identify and acquire a business, focusing on the mineral resources sector. AMR Resources Sponsors LLC is the company sponsor.

Forward-Looking Statements

This press release includes “forward-looking statements,” including with respect to the Company’s initial public offering (“IPO”) and search for an initial business combination. Forward-looking statements are statements that are not historical facts. Such forward-looking statements are subject to risks and uncertainties, which could cause actual results to differ from the forward-looking statements. The Company expressly disclaims any obligations or undertaking to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in the Company’s expectations with respect thereto or any change in events, conditions or circumstances on which any statement is based. No assurance can be given that the offering discussed above will be completed on the terms described, or at all. Forward-looking statements are subject to numerous conditions, many of which are beyond the control of the Company, including those set forth in the Risk Factors section of the Registration Statement and related preliminary prospectus filed in connection with the IPO with the SEC. Copies are available on the SEC’s website, www.sec.gov.

Contact:

AMR Resources Acquisition Corp
71 Fort Street, PO Box 500
Grand Cayman, Cayman Islands, KY1-1106
Telephone: (302) 202-1553
E-mail: [email protected]

AMR Resources Acquisition Corp.
71 Fort Street, PO Box 500
Grand Cayman, Cayman Islands, KY1-1106
Telephone: (302) 202-1553  www.amrresources.us

, /PRNewswire/ -- Alpha Metallurgical Resources, Inc. (NYSE: AMR), a leading U.S. supplier of metallurgical products for the steel industry, today announced that a key piece of equipment at Dominion Terminal Associates (DTA) in Newport News, Va. sustained significant damage as a result of high winds in Sunday evening's storm. The equipment, a stacker reclaimer machine, is one of two such devices at DTA used to move coal into and out of stockpiles at the terminal. The second stacker reclaimer machine, which was refurbished earlier this year, remains intact and operational.

At this time, DTA officials are working to understand the scope of the damage to the stacker reclaimer, which sustained wind gusts of more than 80 miles per hour during an evening storm on June 14. The machine is currently inoperable. As a result, Alpha is has sent force majeure letters to affected customers. With a 65% majority ownership interest in DTA, Alpha utilizes the terminal for most of its export shipments but maintains additional shipping capacity at neighboring terminals.

Terminal leaders are working to determine a timeline and plan of action for the damaged stacker reclaimer.

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.

INVESTOR & MEDIA CONTACT: EMILY O'QUINN
[email protected]
[email protected]
(423) 573-0369

SOURCE ALPHA METALLURGICAL RESOURCES, INC.

Alpha Metallurgical Resources, Inc. (NYSE: AMR - Get Free Report) Director Kenneth Courtis bought 10,000 shares of the company's stock in a transaction dated Wednesday, March 11th. The stock was purchased at an average price of $186.87 per share, with a total value of $1,868,700.00. Following the completion of the transaction, the director directly owned 866,537

Kenneth S. Courtis, a director of Alpha Metallurgical Resources, reported the purchase of 10,000 shares in multiple open-market transactions on March 11, 2026, according to a recent SEC Form 4 filing.

Transaction summaryMetricValueShares traded10,000Transaction value~$1.87 millionPost-transaction common shares (direct)866,537Post-transaction value (direct ownership)~$162.52 millionTransaction value based on SEC Form 4 weighted average purchase price ($186.87); post-transaction value based on March 11, 2026 market close (price not provided in source).

Key questionsHow does this transaction compare to Kenneth S. Courtis's historical trading activity?
This purchase is closely aligned with the median size of his recent buy and sell trades, with the 10,000-share acquisition closely approximating the 10,621-share median for all event types over his 20 reported trades since May 2023.What was the market context around the time of this transaction?
Shares of Alpha Metallurgical Resources closed at $187.55 on March 11, 2026, up from an open of $179.75, while the company recorded a one-year total return of 48% as of that date.What is the current scale of Courtis's direct ownership after this transaction?
Following the purchase, Courtis directly holds 866,537 shares, valued at approximately $162.52 million using the March 11, 2026 closing price.Company overviewMetricValuePrice (as of market close March 11, 2026)$186.87Market capitalization$2.41 billionRevenue (TTM)$2.13 billion1-year price change48%* 1-year performance calculated using March 11, 2026 as the reference date.

Company snapshotAlpha Metallurgical Resources produces, processes, and sells metallurgical and thermal coal, operating multiple active mines and coal preparation facilities in Virginia and West Virginia.The firm generates revenue primarily through the extraction and sale of coal products to both domestic and international markets, with a focus on supplying the steel and power generation industries.Its main customers include steel producers, utility companies, and industrial users requiring high-quality coal for energy and manufacturing applications.Alpha Metallurgical Resources operates at scale as a leading U.S. coal producer, leveraging a diversified portfolio of mining assets and preparation plants. The company’s strategy centers on supplying metallurgical coal to the steel industry and thermal coal to power generators, emphasizing operational efficiency and market responsiveness. Its competitive edge lies in its established presence in key Appalachian coal basins and its ability to serve both domestic and international demand.

What this transaction means for investorsThis purchase seems like a conviction-driven move amid a broader pattern of buying, and the roughly 20% stock surge since the buying seems to suggest the move was smart.

Under the hood, Alpha Metallurgical Resources reported a net loss of $17.3 million in the fourth quarter, while its Adjusted EBITDA came in at $28.5 million, reflecting the tough metallurgical coal pricing environment through much of 2025. However, there’s a glimmer of hope as pricing improved toward the end of the quarter, with management hinting at more favorable conditions heading into early 2026. The firm’s balance sheet is also a strong point, boasting around $524 million in liquidity and minimal long-term debt, plus they’ve been actively returning capital through a hefty $1.5 billion buyback program.

Ultimately, the key takeaway here is that this investment remains a cyclical play tied to steel demand and coal prices, and the insider buying here following a 48% annual gain, coupled with an additional 20% uptick after the purchase, suggests management sees more upside.

Jonathan Ponciano has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

Posted by Defense World Staff on Apr 6th, 2026

Alpha Metallurgical Resources (NYSE:AMR – Get Free Report) and Lifezone Metals (NYSE:LZM – Get Free Report) are both basic materials companies, but which is the superior business? We will contrast the two companies based on the strength of their dividends, valuation, earnings, profitability, analyst recommendations, risk and institutional ownership.

Analyst Recommendations This is a summary of recent ratings and price targets for Alpha Metallurgical Resources and Lifezone Metals, as reported by MarketBeat.

Sell Ratings Hold Ratings Buy Ratings Strong Buy Ratings Rating Score Alpha Metallurgical Resources 2 4 0 0 1.67 Lifezone Metals 1 0 1 0 2.00 Alpha Metallurgical Resources currently has a consensus price target of $196.00, indicating a potential downside of 6.25%. Lifezone Metals has a consensus price target of $7.00, indicating a potential upside of 88.98%. Given Lifezone Metals’ stronger consensus rating and higher possible upside, analysts clearly believe Lifezone Metals is more favorable than Alpha Metallurgical Resources.

Insider and Institutional Ownership 84.3% of Alpha Metallurgical Resources shares are held by institutional investors. 16.0% of Alpha Metallurgical Resources shares are held by company insiders. Strong institutional ownership is an indication that hedge funds, endowments and large money managers believe a company is poised for long-term growth.

Earnings & Valuation This table compares Alpha Metallurgical Resources and Lifezone Metals”s revenue, earnings per share and valuation.

Gross Revenue Price/Sales Ratio Net Income Earnings Per Share Price/Earnings Ratio Alpha Metallurgical Resources $2.13 billion 1.25 -$61.69 million ($4.74) -44.11 Lifezone Metals $1.06 million 298.80 -$13.63 million ($4.67) -0.79 Lifezone Metals has lower revenue, but higher earnings than Alpha Metallurgical Resources. Alpha Metallurgical Resources is trading at a lower price-to-earnings ratio than Lifezone Metals, indicating that it is currently the more affordable of the two stocks.

Profitability This table compares Alpha Metallurgical Resources and Lifezone Metals’ net margins, return on equity and return on assets.

Net Margins Return on Equity Return on Assets Alpha Metallurgical Resources -2.90% -3.88% -2.63% Lifezone Metals N/A N/A N/A Risk & Volatility Alpha Metallurgical Resources has a beta of 0.73, meaning that its share price is 27% less volatile than the S&P 500. Comparatively, Lifezone Metals has a beta of 0.78, meaning that its share price is 22% less volatile than the S&P 500.

Summary Lifezone Metals beats Alpha Metallurgical Resources on 11 of the 14 factors compared between the two stocks.

About Alpha Metallurgical Resources (Get Free Report)

Alpha Metallurgical Resources, Inc., a mining company, produces, processes, and sells met and thermal coal in Virginia and West Virginia. The company offers metallurgical coal products. It operates twenty-two active mines and nine coal preparation and load-out facilities. The company was formerly known as Contura Energy, Inc. and changed its name to Alpha Metallurgical Resources, Inc. in February 2021. Alpha Metallurgical Resources, Inc. was incorporated in 2016 and is headquartered in Bristol, Tennessee.

About Lifezone Metals (Get Free Report)

Lifezone Metals Limited engages in the extraction and refining of metals. It supplies lower-carbon and sulfur dioxide emission metals to the battery storage, EV, and hydrogen markets. The company’s products include nickel, copper, and cobalt. Its flagship project is the Kabanga nickel project in North-West Tanzania. The company is based in Ramsey, Isle of Man.

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, /PRNewswire/ -- Alpha Metallurgical Resources, Inc. (NYSE: AMR), a leading U.S. supplier of metallurgical products for the steel industry, today announced preliminary financial results for the first quarter ending March 31, 2026. The company plans to release its definitive first quarter financial results on May 8, 2026.

(millions, except per share)

Three months ended

Mar. 31, 2026

Net loss

($11.0)

Net loss per diluted share

($0.86)

Adjusted EBITDA(1)

$30.0

Tons of coal sold

3.6

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

"As discussed in February on our most recent earnings call, lower volumes and higher costs negatively impacted our first quarter 2026 results," said Andy Eidson, Alpha's chief executive officer. "With a planned month-long outage for equipment upgrades at Dominion Terminal Associates, our Q1 shipments were lower than our anticipated quarterly cadence for the balance of the calendar year. Additionally, we expected to incur elevated costs in the first quarter, primarily due to repair and maintenance needs across the portfolio. Elevated supply costs, such as the significant increase in diesel pricing since the start of the year, also contributed to a higher cost of coal sales for the quarter. Despite our prior communication of these anticipated headwinds, consensus expectations for the quarter did not reflect these realities, which is why we are offering today's preliminary results ahead of our definitive earnings disclosures in early May. We look forward to providing additional context about our Q1 results and 2026 expectations at that time."

Preliminary Financial Performance

Alpha expects to report a net loss of $11.0 million, or $0.86 per diluted share, for the first quarter 2026.

For the first quarter, total Adjusted EBITDA was $30.0 million. 

Coal Revenues

(millions)

Three months ended

Mar. 31, 2026

Met segment

$523.5

Met segment (excl. freight & handling)(1)

$447.3

Tons Sold

(millions)

Three months ended

Mar. 31, 2026

Met segment

3.6

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

Met segment

$124.39

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 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

Met segment

$474.4

Met segment (excl. freight & handling/idle)(1)

$388.3

(per ton)

Met segment(1)

$107.98

1. Represents Non-GAAP cost of coal sales and Non-GAAP cost of coal sales per ton which are defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."

Liquidity and Capital Resources

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 March 31, 2026, the company had acquired approximately 7.0 million shares of common stock at a cost of approximately $1.2 billion since the start of the program. During the first quarter of 2026, the company spent approximately $17.5 million for the repurchase of roughly 87,000 shares. The number of common stock shares outstanding as of March 31, 2026 was 12,752,824, 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.

Note About Preliminary Results

The financial results presented in this release are preliminary and may change. This preliminary financial information includes calculations or figures that have been prepared internally by management. There can be no assurance that the Company's actual results for the periods presented herein will not differ from the preliminary financial results presented herein, and such changes could be material. These preliminary financial results should not be viewed as a substitute for full financial statements prepared in accordance with GAAP and are not necessarily indicative of the results to be achieved for any future periods. This preliminary financial information could be impacted by the effects of the Company's financial closing procedures, final adjustments, and other developments.

Earnings Announcement and Conference Call 

The company plans to announce its definitive first quarter 2026 financial results before the market opens on Friday, May 8, 2026. The company also expects to hold a conference call regarding its first quarter 2026 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.

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, net, 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.

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

ADJUSTED EBITDA RECONCILIATION

(Amounts in thousands)

Three Months Ended

March 31, 2026

Net loss

$             (11,032)

Interest expense

841

Interest income

(4,206)

Income tax benefit

(5,326)

Depreciation, depletion, and amortization

39,926

Non-cash stock compensation expense

3,736

Accretion on asset retirement obligations

5,215

Amortization of acquired intangibles

876

Adjusted EBITDA

$               30,030

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

RESULTS OF OPERATIONS

Three Months Ended

(In thousands, except for per ton data)

March 31, 2026

Coal revenues

$                  523,533

Less: freight and handling fulfillment revenues

(76,214)

Non-GAAP coal revenues

$                  447,319

Non-GAAP coal sales realization per ton

$                    124.39

Cost of coal sales (exclusive of items shown separately below)

$                  474,389

Depreciation, depletion and amortization - production (1)

39,606

Accretion on asset retirement obligations

5,215

Amortization of acquired intangibles

876

Total cost of coal sales

$                  520,086

Less: freight and handling costs

(76,214)

Less: depreciation, depletion and amortization - production (1)

(39,606)

Less: accretion on asset retirement obligations

(5,215)

Less: amortization of acquired intangibles

(876)

Less: idled and closed mine costs

(9,872)

Non-GAAP cost of coal sales

$                  388,303

Non-GAAP cost of coal sales per ton

$                    107.98

GAAP coal margin

$                      3,447

GAAP coal margin per ton

$                        0.96

Non-GAAP coal margin

$                    59,016

Non-GAAP coal margin per ton

$                      16.41

Tons sold

3,596

(1)

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

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

INVESTOR & MEDIA CONTACT: EMILY O'QUINN
[email protected] 
[email protected] 
(423) 573-0369

SOURCE ALPHA METALLURGICAL RESOURCES, INC.

Wall Street expects a year-over-year increase in earnings on higher revenues when Alpha Metallurgical (AMR - Free Report) reports results for the quarter ended March 2026. While this widely-known consensus outlook is important in gauging the company's earnings picture, a powerful factor that could impact its near-term stock price is how the actual results compare to these estimates.

The earnings report, which is expected to be released on May 8, might help the stock move higher if these key numbers are better than expectations. On the other hand, if they miss, the stock may move lower.

While the sustainability of the immediate price change and future earnings expectations will mostly depend on management's discussion of business conditions on the earnings call, it's worth handicapping the probability of a positive EPS surprise.

Zacks Consensus EstimateThis company is expected to post quarterly earnings of $3.27 per share in its upcoming report, which represents a year-over-year change of +225.8%.

Revenues are expected to be $594.9 million, up 11.8% from the year-ago quarter.

Estimate Revisions TrendThe consensus EPS estimate for the quarter has remained unchanged over the last 30 days. This is essentially a reflection of how the covering analysts have collectively reassessed their initial estimates over this period.

Investors should keep in mind that the direction of estimate revisions by each of the covering analysts may not always get reflected in the aggregate change.

Price, Consensus and EPS Surprise

Earnings WhisperEstimate revisions ahead of a company's earnings release offer clues to the business conditions for the period whose results are coming out. This insight is at the core of our proprietary surprise prediction model -- the Zacks Earnings ESP (Expected Surprise Prediction).

The Zacks Earnings ESP compares the Most Accurate Estimate to the Zacks Consensus Estimate for the quarter; the Most Accurate Estimate is a more recent version of the Zacks Consensus EPS estimate. The idea here is that analysts revising their estimates right before an earnings release have the latest information, which could potentially be more accurate than what they and others contributing to the consensus had predicted earlier.

Thus, a positive or negative Earnings ESP reading theoretically indicates the likely deviation of the actual earnings from the consensus estimate. However, the model's predictive power is significant for positive ESP readings only.

A positive Earnings ESP is a strong predictor of an earnings beat, particularly when combined with a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold). Our research shows that stocks with this combination produce a positive surprise nearly 70% of the time, and a solid Zacks Rank actually increases the predictive power of Earnings ESP.

Please note that a negative Earnings ESP reading is not indicative of an earnings miss. Our research shows that it is difficult to predict an earnings beat with any degree of confidence for stocks with negative Earnings ESP readings and/or Zacks Rank of 4 (Sell) or 5 (Strong Sell).

How Have the Numbers Shaped Up for Alpha Metallurgical?For Alpha Metallurgical, the Most Accurate Estimate is lower than the Zacks Consensus Estimate, suggesting that analysts have recently become bearish on the company's earnings prospects. This has resulted in an Earnings ESP of -126.30%.

On the other hand, the stock currently carries a Zacks Rank of #2.

So, this combination makes it difficult to conclusively predict that Alpha Metallurgical will beat the consensus EPS estimate.

Does Earnings Surprise History Hold Any Clue?Analysts often consider to what extent a company has been able to match consensus estimates in the past while calculating their estimates for its future earnings. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number.

For the last reported quarter, it was expected that Alpha Metallurgical would post a loss of$1.34 per share when it actually produced a loss of -$1.34, delivering no surprise.

Over the last four quarters, the company has beaten consensus EPS estimates just once.

Bottom LineAn earnings beat or miss may not be the sole basis for a stock moving higher or lower. Many stocks end up losing ground despite an earnings beat due to other factors that disappoint investors. Similarly, unforeseen catalysts help a number of stocks gain despite an earnings miss.

That said, betting on stocks that are expected to beat earnings expectations does increase the odds of success. This is why it's worth checking a company's Earnings ESP and Zacks Rank ahead of its quarterly release. Make sure to utilize our Earnings ESP Filter to uncover the best stocks to buy or sell before they've reported.

Alpha Metallurgical doesn't appear a compelling earnings-beat candidate. However, investors should pay attention to other factors too for betting on this stock or staying away from it ahead of its earnings release.

An Industry Player's Expected ResultsAnother stock from the Zacks Mining - Miscellaneous industry, Wheaton Precious Metals Corp. (WPM - Free Report) , is soon expected to post earnings of $1.15 per share for the quarter ended March 2026. This estimate indicates a year-over-year change of +109.1%. Revenues for the quarter are expected to be $767.02 million, up 63.1% from the year-ago quarter.

The consensus EPS estimate for Wheaton Precious Metals has been revised 11.5% higher over the last 30 days to the current level. However, a higher Most Accurate Estimate has resulted in an Earnings ESP of +7.44%.

This Earnings ESP, combined with its Zacks Rank #3 (Hold), suggests that Wheaton Precious Metals will most likely beat the consensus EPS estimate. The company beat consensus EPS estimates in each of the trailing four quarters.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Reports first quarter net loss of $11.0 million Posts Adjusted EBITDA of $30.0 million for the quarter , /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 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. 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.

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.

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.

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.

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

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

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

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.

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.

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

INVESTOR & MEDIA CONTACT: EMILY O'QUINN
[email protected] 
[email protected] 
(423) 573-0369

SOURCE ALPHA METALLURGICAL RESOURCES, INC.

Alpha Metallurgical Resources, Inc. (AMR) Q1 2026 Earnings Call Transcript

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