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Alpha Metallurgical Resources (AMR) investor relations material

Alpha Metallurgical Resources Q3 2025 earnings summary

Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
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Q3 2025 earnings summary6 Nov, 2025

Executive summary

  • Q3 2025 reported a net loss of $5.5 million, with adjusted EBITDA of $41.7 million and 3.9 million tons shipped, reflecting a decrease in earnings and lower metallurgical coal prices.

  • Revenue for Q3 2025 was $526.8 million, down 21.6% year-over-year, and nine-month revenue was $1.61 billion, down 31.2% year-over-year.

  • Achieved record cost performance in coal sales, with cost of coal sales at $97.27 per ton, the lowest since 2021.

  • Total liquidity stood at $568.5 million as of September 30, 2025.

  • Maintains a strong safety and environmental record, with multiple awards for Virginia operations.

Financial highlights

  • Adjusted EBITDA for Q3 2025 was $41.7 million, down from $46.1 million in Q2 and $49.0 million in Q3 2024.

  • Coal revenues for Q3 2025 were $525.2 million, with tons sold declining 7.1% to 3.85 million.

  • Non-GAAP coal sales realization per ton for the Met segment was $114.94, with cost of coal sales at $97.27 per ton.

  • Capital expenditures for Q3 2025 were $25.1 million, down from $34.6 million in Q2.

  • Cash and cash equivalents at quarter-end were $408.5 million.

Outlook and guidance

  • 85% of 2025 metallurgical tonnage is committed and priced at $122.57 per ton; 13% is committed but not yet priced.

  • 2025 shipment guidance: 13.8–16.0 million tons metallurgical and byproduct, with met segment cost guidance at $101–$107 per ton.

  • Capital expenditures for 2025 expected at $130–$150 million, with $35–$41 million in capital contributions to equity affiliates.

  • No 2026 guidance issued yet due to ongoing domestic contract negotiations and market uncertainty.

  • Section 45X tax credit for metallurgical coal (2026–2029) may provide $30–$50 million annual cash benefit.

Impact of market recovery on cost structure
Contingency for delayed 2026 domestic contracts?
Focus of M&A in current market?
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Frequently asked questions

Alpha Metallurgical Resources, Inc. engages in the production, processing, and sale of metallurgical and thermal coal in Virginia and West Virginia. The company also holds interest in a coal preparation plant; and real estate properties. Alpha Metallurgical Resources, Inc. was founded in 1999 and is headquartered in Abingdon, Virginia

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