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Alpha Metallurgical Resources (AMR) investor relations material
Alpha Metallurgical Resources Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary8 Aug, 2025
Executive summary
Achieved Adjusted EBITDA of $46.1M in Q2 2025, up from $5.7M in Q1, but down from $116.0M in Q2 2024, with 3.9M tons shipped and significant cost improvements despite challenging market conditions.
Reported a net loss of $5.0M for Q2 2025, a significant improvement from Q1 2025 but down from $58.9M net income in Q2 2024, driven by lower coal prices and volumes.
Ended Q2 2025 with $556.9M in total liquidity and $449M in cash, up nearly 15% from Q1, with no borrowings under the ABL facility.
Board approved the restart of the share buyback program after five quarters of inactivity, with $400M remaining authorization.
Best quarterly cost of coal sales performance since 2021, driven by cost-saving initiatives.
Financial highlights
Q2 2025 coal revenues were $548.7M, down 31.4% year-over-year, with tons sold dropping 14.6%; Adjusted EBITDA margin was 8.4%.
Non-GAAP coal sales realization per ton was $119.43, down 15.8% year-over-year; cost of coal sales per ton was $100.06, down 8.5%.
Operating cash flow was $53.2M in Q2 2025, up from $22.2M in Q1 2025.
Capital expenditures for Q2 2025 were $34.6M, down from $38.5M in Q1 2025.
Net loss for Q2 2025 was $4.95M, or $(0.38) per share, compared to net income of $58.9M, or $4.53 per share, in Q2 2024.
Outlook and guidance
Lowered 2025 cost of coal sales guidance to $101–$107/ton, with SG&A guidance reduced to $48M–$54M and net cash interest income raised to $6M–$12M.
Capital expenditures for 2025 guided at $130M–$150M, with $98M for sustaining maintenance.
As of July 30, 2025, 69–72% of 2025 met coal sales committed and priced at $127.37/ton; 100% of thermal coal at $80.52/ton.
Management expects a $30M–$50M annual cash benefit from Section 45X tax credit for metallurgical coal from 2026–2029.
Management believes current liquidity is sufficient for near-term obligations, but regulatory and market risks could impact future cash needs.
Why did Alpha refrain from share repurchases?
Explain the drivers of cost reduction.
Detail the impact of the Section 45X credit.
What is the estimated annual cash benefit from Section 45X?
How much of the cost savings was due to productivity?
When is the DTA infrastructure enhancement project expected to be completed?
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Next Alpha Metallurgical Resources earnings date
Q3 20256 Nov, 2025
Next Alpha Metallurgical Resources earnings date
Q3 20256 Nov, 2025
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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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