Coronado Global Resources (CRN) Q1 2026 earnings summary

Executive summary

• Completed a major expansion and initiated a structural business reset focused on cash flow improvement, operational efficiency, and contract management, with AlixPartners' support.

• Net loss attributable to shareholders was $318.6 million for Q1 2026, driven by higher operating costs and a $159.8 million impairment charge from idling the Logan mine.

• Buchanan more than doubled EBITDA to $30 million quarter-over-quarter, following successful expansion and operational improvements.

• Stanwell contract reset and revised arrangements contributed $50 million in cash, structurally improving liquidity and cash generation profile.

• Safety remains a top priority following two fatal incidents, with intensified safety initiatives and enhanced risk management.

Financial highlights

• Group average realized metallurgical coal price increased 11.2% quarter-on-quarter to $165.4/ton, with coal revenues up 4% year-over-year to $467.2 million.

• Mining cash cost per ton produced rose to $135.3, up 40.6% quarter-over-quarter, driven by lower volumes and fixed-cost absorption.

• Available liquidity at quarter-end was $121 million in cash, with $95 million in working capital levers fully available and unused.

• Impairment charge of $159.8 million related to the Logan mine idling.

• Net debt stood at $582.4 million as of March 31, 2026.

Outlook and guidance

• Full-year production and cost guidance remain unchanged, with operational run rates and unit costs trending to achieve targets, subject to FX movements.

• Expecting cash flow uplift in Q2 from improved production rates and March index pricing (~$35/ton benefit).

• Forward PLV HCC benchmark prices remain supportive at $230/ton into mid-2026.

• Management expects current cash and forecasted cash flows to be sufficient for at least one year.

• No new large-scale capital programs planned; focus remains on cash preservation and balance sheet improvement.