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Warrior Met Coal (HCC) investor relations material
Warrior Met Coal Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.
Executive summary
Achieved first commercial sales from Blue Creek mine ahead of schedule, with 239,000–348,000 short tons sold/produced in Q2 2025, accelerating longwall startup to early Q1 2026.
Sales and production volumes increased 6% year-over-year, driven by Blue Creek ramp-up.
Maintained strong liquidity and positive operating cash flows despite a 24%–30% drop in steelmaking coal prices.
Net income for Q2 2025 was $5.6M ($0.11 per share), down sharply from $70.7M ($1.35 per share) in Q2 2024.
Disciplined cost control and early Blue Creek sales supported margins amid challenging market conditions.
Financial highlights
Q2 2025 revenues were $297.5M–$298M, down from $396.5M–$397M year-over-year.
Adjusted EBITDA was $53.6M–$54M (18% margin), down from $115.9M–$116M (29% margin) year-over-year.
Free cash flow for Q2 2025 was negative $56.7M–$57M, mainly due to Blue Creek investment.
Cash cost of sales per short ton improved 18% year-over-year to $101–$101.17.
Liquidity at quarter-end was $545M, including $383M in cash and equivalents.
Outlook and guidance
Full-year 2025 sales guidance: 8.8–9.5M short tons; production: 8.3–9.1M short tons.
Cash cost of sales expected at $110–$120 per ton, trending near the low end year-to-date.
Blue Creek longwall startup accelerated to early Q1 2026; 2026 production could approach 3.6M–4M tons.
Blue Creek nameplate capacity increased 25% to 5.4M metric tons, with potential to reach 6.0M.
Key risks: trade/tariff policies, HCC index pricing, longwall moves, labor contracts, and inflation.
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