Alpha Metallurgical Resources (AMR) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenues were $492.9 million, with a net loss of $12.3 million and Adjusted EBITDA of $25.6 million, both down from prior periods due to lower coal sales volumes, higher costs, and storm-related disruptions at DTA.

• The company operates 21 active mines and 8 preparation plants, employing 3,950 people as of June 30, 2026.

• Shipment and cost guidance for 2026 were revised downward, with 70–73% of metallurgical coal tonnage committed and priced at $128.17/ton.

• Met coal markets remain weak, with subdued global steel demand and stagnant U.S. East Coast indexes.

• Major storm damage at DTA reduced terminal efficiency, impacting shipment guidance and requiring operational adjustments.

Financial highlights

• Q2 2026 adjusted EBITDA: $25.6 million (down 44.5% YoY); net loss: $12.3 million; coal revenues: $491.5 million.

• Q2 2026 shipments: 3.5 million tons, down from 3.6 million in Q1 and 3.9 million in Q2 2025.

• Weighted average realization for metallurgical sales: $118.71/ton in Q2 2026, down from $124.39/ton in Q1.

• Cost of coal sales for Met segment: $103.07/ton in Q2 2026, down from $107.98/ton in Q1.

• Total liquidity at quarter-end: $447.8 million, including $307.6 million in cash.

Outlook and guidance

• 2026 shipment guidance: 13.2–14.0 million tons metallurgical coal, 1.0–1.4 million tons thermal coal.

• Cost guidance for met segment: $103–$107/ton; capital expenditures expected at $148–$168 million.

• 70–73% of 2026 metallurgical shipments committed and priced at $128.17/ton; thermal coal fully committed at $75.94/ton.

• IRC Section 45X tax credit expected to provide $20–$40 million annual cash benefit through 2029.

• Shipment guidance assumes reduced DTA capacity through year-end due to storm damage.