Alpha Metallurgical Resources (AMR) Q3 2025 earnings summary

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.