EX-99.1 2 pressrelease9302025.htm PRESS RELEASE DATED NOVEMBER 6, 2025 Document

FOR IMMEDIATE RELEASE
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Alpha Announces Third Quarter 2025 Financial Results

•Reports third quarter net loss of $5.5 million
•Records Adjusted EBITDA of $41.7 million for the quarter
•Posts total liquidity of $568.5 million as of September 30
•Achieves back-to-back record quarterly cost of coal sales performance since 2021
•Reduces 2025 guidance range for capital contributions to equity affiliates
BRISTOL, Tenn., November 6, 2025 - Alpha Metallurgical Resources, Inc. (NYSE: AMR), a leading U.S. supplier of metallurgical products for the steel industry, today reported financial results for the third quarter ending September 30, 2025.

(millions, except per share)
Three months ended
Sep. 30, 2025June 30, 2025Sep. 30, 2024
Net (loss) income
($5.5)($5.0)$3.8
Net (loss) income per diluted share
($0.42)($0.38)$0.29
Adjusted EBITDA(1)
$41.7$46.1$49.0
Operating cash flow
$50.6$53.2$189.5
Capital expenditures($25.1)($34.6)($31.5)
Tons of coal sold3.93.94.1
__________________________________
1. These are non-GAAP financial measures. A reconciliation of Net Income to Adjusted EBITDA is included in tables accompanying the financial schedules.


"In back-to-back quarters, the highlight of our quarterly results is our cost performance," said Andy Eidson, Alpha's chief executive officer. "Reducing costs by almost three dollars as compared to last quarter's excellent results is an achievement to be proud of. I appreciate the team's hard work in achieving this milestone, especially given the difficult market backdrop we continue to experience."

amrpressreleasefootera.jpg

Eidson continued: "Looking ahead, we remain focused on domestic negotiations for 2026 tons and building out our budget for the coming year. Once we gain clarity on these important details, we will provide more information about our expectations and guidance for 2026."

Financial Performance

Alpha reported a net loss of $5.5 million, or $0.42 per diluted share, for the third quarter 2025, as compared to net loss of $5.0 million, or $0.38 per diluted share, in the second quarter.

Total Adjusted EBITDA was $41.7 million for the third quarter, compared to $46.1 million in the second quarter.


Coal Revenues
(millions)
Three months ended
Sep. 30, 2025June 30, 2025
Met Segment$525.2$548.7
Met Segment (excl. freight & handling)(1)
$442.8$464.1

Tons Sold(millions)
Three months ended
Sep. 30, 2025June 30, 2025
Met Segment3.93.9
__________________________________
1. Represents Non-GAAP coal revenues which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."


Coal Sales Realization(1)
(per ton)
Three months ended
Sep. 30, 2025June 30, 2025
Met Segment$114.94$119.43
__________________________________
1. Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."

Third quarter net realized pricing for the Met segment was $114.94 per ton.

The table below provides a breakdown of our Met segment coal sold in the third quarter by pricing mechanism.

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(in millions, except per ton data)
Met Segment SalesThree months ended Sep. 30, 2025
Tons SoldCoal Revenues
Realization/ton(1)
% of Met Tons Sold
Export - Other Pricing Mechanisms1.4$153.3$107.2540%
Domestic0.9$130.1$151.6324%
Export - Australian Indexed1.3$136.0$106.3936%
Total Met Coal Revenues3.6$419.3$117.62100%
Thermal Coal Revenues0.3$23.4$81.64
Total Met Segment Coal Revenues (excl. freight & handling)(1)
3.9$442.8$114.94
__________________________________
1. Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."


Cost of Coal Sales
(in millions, except per ton data)
Three months ended
Sep. 30, 2025June 30, 2025
Met Segment$461.6$480.0
Met Segment (excl. freight & handling/idle)(1)
$374.7$388.8

(per ton)
Met Segment(1)
$97.27$100.06

__________________________________
1. Represents Non-GAAP cost of coal sales and Non-GAAP cost of coal sales per ton which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."


Alpha's Met segment cost of coal sales decreased to an average of $97.27 per ton in the third quarter, compared to $100.06 per ton in the second quarter.


Liquidity and Capital Resources

Cash provided by operating activities in the third quarter decreased to $50.6 million as compared to $53.2 million in the second quarter. Capital expenditures for the third quarter were $25.1 million compared to $34.6 million for the second quarter.

As of September 30, 2025, the company had total liquidity of $568.5 million, including cash and cash equivalents of $408.5 million, short-term investments of $49.4 million, and $185.5 million of unused availability under the asset-based revolving credit facility (ABL), partially offset by a minimum required liquidity of $75.0 million as required by the ABL. As of September 30, 2025, the company had no borrowings and $39.5 million in letters of credit outstanding under the ABL. Total long-term debt, including the current portion of long-term debt as of September 30, 2025, was $5.0 million.
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Share Repurchase Program

As previously announced, Alpha's board of directors authorized a share repurchase program allowing for the expenditure of up to $1.5 billion for the repurchase of the company's common stock. As of October 31, 2025, the company had acquired approximately 6.8 million shares of common stock at a cost of approximately $1.1 billion since the start of the program. The number of common stock shares outstanding as of October 31, 2025 was 12,858,024, not including the potential effect of unvested equity awards.

The timing and amount of share repurchases will be based on various factors, including but not limited to market conditions, the trading price of the stock, applicable legal requirements, compliance with the provisions of the company's debt agreements, and other factors.


2025 Guidance Adjustments and Performance Update

Alpha is lowering its 2025 guidance range for capital contributions to equity affiliates to between $35 million and $41 million, down from the prior range of $44 million to $54 million.

As of October 29, 2025, Alpha has committed and priced approximately 85% of its metallurgical coal for 2025 at an average price of $122.57 per ton and 100% of its thermal coal for the year at an average price of $80.27 per ton.

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2025 Guidance
in millions of tonsLowHigh
Metallurgical13.8 14.8 
Thermal0.8 1.2 
Met Segment - Total Shipments14.6 16.0 
Committed/Priced1,2,3
CommittedAverage Price
Metallurgical - Domestic$152.25 
Metallurgical - Export$110.84 
Metallurgical Total85 %$122.57 
Thermal100 %$80.27 
Met Segment
87 %$118.97 
Committed/Unpriced1,3
Committed
Metallurgical Total13 %
Thermal— %
Met Segment
12 %
Costs per ton4
LowHigh
Met Segment$101.00 $107.00 
In millions (except taxes)LowHigh
SG&A5
$48 $54 
Idle Operations Expense$21 $29 
Net Cash Interest Income$6 $12 
DD&A$165 $185 
Capital Expenditures$130 $150 
Capital Contributions to Equity Affiliates6
$35 $41 
Cash Tax Rate0 %5 %
Notes:    
1.Based on committed and priced coal shipments as of October 29, 2025. Committed percentage based on the midpoint of shipment guidance range.
2.Actual average per-ton realizations on committed and priced tons recognized in future periods may vary based on actual freight expense in future periods relative to assumed freight expense embedded in projected average per-ton realizations.
3.Includes estimates of future coal shipments based upon contract terms and anticipated delivery schedules. Actual coal shipments may vary from these estimates.
4.Note: The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP cost of coal sales per ton sold financial measures to the most directly comparable GAAP measures without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliation. The most directly comparable GAAP measure, GAAP cost of sales, is not accessible without unreasonable efforts on a forward-looking basis. The reconciling items include freight and handling costs, which are a component of GAAP cost of sales. Management is unable to predict without unreasonable efforts freight and handling costs due to uncertainty as to the end market and FOB point for uncommitted sales volumes and the final shipping point for export shipments. These amounts have varied historically and may continue to vary significantly from quarter to quarter and material changes to these items could have a significant effect on our future GAAP results.
5.Excludes expenses related to non-cash stock compensation and non-recurring expenses.
6.Includes contributions to fund normal operations at our DTA export facility and expected capital investments related to the facility upgrades.
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Conference Call
The company plans to hold a conference call regarding its third quarter results on November 6, 2025, at 10:00 a.m. Eastern time. The conference call will be available live on the investor section of the company’s website at https://alphametresources.com/investors. Analysts who would like to participate in the conference call should dial 877-407-0832 (domestic toll-free) or 201-689-8433 (international) approximately 15 minutes prior to start time.

About Alpha Metallurgical Resources

Alpha Metallurgical Resources (NYSE: AMR) is a Tennessee-based mining company with operations across Virginia and West Virginia. With customers across the globe, high-quality reserves and significant port capacity, Alpha reliably supplies metallurgical products to the steel industry. For more information, visit www.AlphaMetResources.com.


Forward-Looking Statements

This news release includes forward-looking statements. These forward-looking statements are based on Alpha's expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Alpha’s control. Forward-looking statements in this news release or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Alpha to predict these events or how they may affect Alpha. Except as required by law, Alpha has no duty to, and does not intend to, update or revise the forward-looking statements in this news release or elsewhere after the date this release is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this news release may not occur. See Alpha’s filings with the U.S. Securities and Exchange Commission for more information.
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FINANCIAL TABLES FOLLOW

Non-GAAP Financial Measures

The discussion below contains “non-GAAP financial measures.” These are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP” or “GAAP”). Specifically, we make use of the non-GAAP financial measures “Adjusted EBITDA,” “non-GAAP coal revenues,” “non-GAAP cost of coal sales,” and “non-GAAP coal margin.” In addition to net income, we use Adjusted EBITDA to measure the operating performance of our reportable segment. Adjusted EBITDA does not purport to be an alternative to net income as a measure of operating performance or any other measure of operating results, financial performance, or liquidity presented in accordance with GAAP. Moreover, this measure is not calculated identically by all companies and therefore may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA is presented because management believes it is a useful indicator of the financial performance of our coal operations. We use non-GAAP coal revenues to present coal revenues generated, excluding freight and handling fulfillment revenues. Non-GAAP coal sales realization per ton for our operations is calculated as non-GAAP coal revenues divided by tons sold. We use non-GAAP cost of coal sales to adjust cost of coal sales to remove freight and handling costs, depreciation, depletion and amortization - production (excluding the depreciation, depletion and amortization related to selling, general and administrative functions), accretion on asset retirement obligations, amortization of acquired intangibles, net, and idled and closed mine costs. Non-GAAP cost of coal sales per ton for our operations is calculated as non-GAAP cost of coal sales divided by tons sold. Non-GAAP coal margin per ton for our coal operations is calculated as non-GAAP coal sales realization per ton for our coal operations less non-GAAP cost of coal sales per ton for our coal operations. The presentation of these measures should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP.

Management uses non-GAAP financial measures to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. The definition of these non-GAAP measures may be changed periodically by management to adjust for significant items important to an understanding of operating trends and to adjust for items that may not reflect the trend of future results by excluding transactions that are not indicative of our core operating performance. Furthermore, analogous measures are used by industry analysts to evaluate the Company’s operating performance. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate, capital investments and other factors.

Included below are reconciliations of non-GAAP financial measures to GAAP financial measures.

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ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)
(Amounts in thousands, except share and per share data)
Three Months Ended September 30, Nine Months Ended September 30,
 2025202420252024
Revenues:   
Coal revenues$525,203 $669,783 $1,603,545 $2,331,196 
Other revenues1,575 2,114 5,464 8,742 
Total revenues526,778 671,897 1,609,009 2,339,938 
Costs and expenses:  
Cost of coal sales (exclusive of items shown separately below)461,635 598,725 1,446,172 1,910,847 
Depreciation, depletion and amortization43,899 42,414 132,631 126,495 
Accretion on asset retirement obligations5,503 6,326 16,625 18,726 
Amortization of acquired intangibles, net1,357 1,675 4,071 5,025 
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above)15,697 15,987 46,337 57,169 
Other operating loss1,209 1,461 3,215 3,813 
Total costs and expenses529,300 666,588 1,649,051 2,122,075 
Income (loss) from operations(2,522)5,309 (40,042)217,863 
Other (expense) income:  
Interest expense(765)(1,041)(2,289)(3,228)
Interest income3,948 5,145 12,193 13,256 
Equity loss in affiliates(6,240)(7,011)(19,936)(14,568)
Miscellaneous expense, net(3,266)(2,685)(10,357)(8,259)
Total other expense, net(6,323)(5,592)(20,389)(12,799)
(Loss) income before income taxes(8,845)(283)(60,431)205,064 
Income tax benefit (expense)3,330 4,087 16,015 (15,356)
Net (loss) income$(5,515)$3,804 $(44,416)$189,708 
Basic (loss) income per common share$(0.42)$0.29 $(3.41)$14.58 
Diluted (loss) income per common share$(0.42)$0.29 $(3.41)$14.43 
Weighted average shares – basic
13,015,413 13,017,820 13,040,138 13,011,234 
Weighted average shares – diluted
13,015,413 13,092,019 13,040,138 13,146,566 
8


ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)
(Amounts in thousands, except share and per share data)
September 30, 2025December 31, 2024
Assets  
Current assets:  
Cash and cash equivalents$408,519 $481,578 
Short-term investments49,405 — 
Trade accounts receivable, net of allowance for credit losses of $2,542 and $2,396 as of September 30, 2025 and December 31, 2024, respectively
289,182 362,141 
Inventories, net210,030 169,269 
Prepaid expenses and other current assets32,808 23,681 
Total current assets989,944 1,036,669 
Property, plant, and equipment, net of accumulated depreciation and amortization of $759,337 and $667,260 as of September 30, 2025 and December 31, 2024, respectively
614,196 634,871 
Owned and leased mineral rights, net of accumulated depletion and amortization of $146,498 and $124,965 as of September 30, 2025 and December 31, 2024, respectively
421,583 443,467 
Other acquired intangibles, net of accumulated amortization of $45,515 and $41,444 as of September 30, 2025 and December 31, 2024, respectively
35,808 39,879 
Long-term restricted cash125,796 122,583 
Long-term restricted investments34,201 43,131 
Deferred income taxes6,981 6,516 
Other non-current assets116,790 111,592 
Total assets$2,345,299 $2,438,708 
Liabilities and Stockholders’ Equity  
Current liabilities:  
Current portion of long-term debt$2,119 $2,916 
Trade accounts payable83,355 96,633 
Accrued expenses and other current liabilities165,061 151,560 
Total current liabilities250,535 251,109 
Long-term debt2,854 2,868 
Workers’ compensation and black lung obligations178,233 182,961 
Pension obligations87,995 100,597 
Asset retirement obligations187,216 189,805 
Deferred income taxes25,510 40,486 
Other non-current liabilities20,832 21,385 
Total liabilities753,175 789,211 
Commitments and Contingencies
Stockholders’ Equity
Preferred stock - par value $0.01, 5,000,000 shares authorized, none issued
— — 
Common stock - par value $0.01, 50,000,000 shares authorized, 22,437,379 issued and 12,919,308 outstanding at September 30, 2025 and 22,383,325 issued and 13,016,390 outstanding at December 31, 2024
224 224 
Additional paid-in capital848,838 839,804 
Accumulated other comprehensive loss(48,083)(50,082)
Treasury stock, at cost: 9,518,071 shares at September 30, 2025 and 9,366,935 shares at December 31, 2024
(1,320,825)(1,296,916)
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Retained earnings 2,111,970 2,156,467 
Total stockholders’ equity1,592,124 1,649,497 
Total liabilities and stockholders’ equity$2,345,299 $2,438,708 
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ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)
(Amounts in thousands)
Nine Months Ended September 30,
20252024
Operating activities: 
Net (loss) income$(44,416)$189,708 
Adjustments to reconcile net (loss) income to net cash provided by operating activities:
Depreciation, depletion and amortization132,631 126,495 
Amortization of acquired intangibles, net4,071 5,025 
Amortization of debt issuance costs and accretion of debt discount889 839 
Loss on disposal of assets860 31 
Accretion on asset retirement obligations16,625 18,726 
Employee benefit plans, net19,369 15,123 
Deferred income taxes(15,997)3,254 
Stock-based compensation10,405 9,317 
Equity loss in affiliates19,936 14,568 
Other, net(2,054)(97)
Changes in operating assets and liabilities(16,359)140,672 
Net cash provided by operating activities125,960 523,661 
Investing activities:
Capital expenditures(98,196)(156,167)
Proceeds from disposal of assets101 763 
Purchases of investment securities(87,973)(37,015)
Sales and maturities of investment securities48,739 36,529 
Capital contributions to equity affiliates(28,405)(22,865)
Other, net42 24 
Net cash used in investing activities(165,692)(178,731)
Financing activities:
Principal repayments of long-term debt(1,362)(1,748)
Debt issuance costs(2,159)— 
Dividend equivalents paid(415)(3,077)
Common stock repurchases and related expenses(25,153)(117,648)
Other, net(1,025)(945)
Net cash used in financing activities(30,114)(123,418)
Net (decrease) increase in cash and cash equivalents and restricted cash(69,846)221,512 
Cash and cash equivalents and restricted cash at beginning of period604,161 384,125 
Cash and cash equivalents and restricted cash at end of period$534,315 $605,637 
Supplemental disclosure of noncash investing and financing activities:
Accrued capital expenditures$11,559 $6,845 
Accrued stock repurchase excise tax$127 $4,652 
The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows.
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As of September 30,
20252024
Cash and cash equivalents$408,519 $484,560 
Long-term restricted cash125,796 121,077 
Total cash and cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows$534,315 $605,637 

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ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION
(Amounts in thousands)
Three Months EndedNine Months Ended September 30
September 30, 2025June 30, 2025September 30, 202420252024
Net (loss) income$(5,515)$(4,954)$3,804 $(44,416)$189,708 
Interest expense765 761 1,041 2,289 3,228 
Interest income(3,948)(4,199)(5,145)(12,193)(13,256)
Income tax (benefit) expense(3,330)(1,248)(4,087)(16,015)15,356 
Depreciation, depletion and amortization43,899 44,822 42,414 132,631 126,495 
Non-cash stock compensation expense2,950 4,018 3,013 10,405 9,317 
Accretion on asset retirement obligations5,503 5,508 6,326 16,625 18,726 
Amortization of acquired intangibles, net1,357 1,357 1,675 4,071 5,025 
Adjusted EBITDA$41,681 $46,065 $49,041 $93,397 $354,599 



13


ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS

Three Months Ended
(In thousands, except for per ton data)September 30, 2025June 30, 2025September 30, 2024
Coal revenues$525,203 $548,675 $669,783 
Less: Freight and handling fulfillment revenues(82,448)(84,589)(119,093)
Non-GAAP Coal revenues$442,755 $464,086 $550,690 
Non-GAAP Coal sales realization per ton$114.94 $119.43 $132.76 
Cost of coal sales (exclusive of items shown separately below)$461,635 $479,953 $598,725 
Depreciation, depletion and amortization - production (1)
43,582 44,504 42,108 
Accretion on asset retirement obligations5,503 5,508 6,326 
Amortization of acquired intangibles, net1,357 1,357 1,675 
Total Cost of coal sales512,077 531,322 648,834 
Less: Freight and handling costs(82,448)(84,589)(119,093)
Less: Depreciation, depletion and amortization - production (1)
(43,582)(44,504)(42,108)
Less: Accretion on asset retirement obligations(5,503)(5,508)(6,326)
Less: Amortization of acquired intangibles, net(1,357)(1,357)(1,675)
Less: Idled and closed mine costs(4,517)(6,520)(5,625)
Non-GAAP Cost of coal sales$374,670 $388,844 $474,007 
Non-GAAP Cost of coal sales per ton$97.27 $100.06 $114.27 
GAAP Coal margin $13,126 $17,353 $20,949 
GAAP Coal margin per ton$3.41 $4.47 $5.05 
Non-GAAP Coal margin$68,085 $75,242 $76,683 
Non-GAAP Coal margin per ton$17.68 $19.36 $18.49 
Tons sold3,852 3,886 4,148 
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

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Nine Months Ended
(In thousands, except for per ton data)September 30, 2025September 30, 2024
Coal revenues$1,603,545 $2,331,196 
Less: Freight and handling fulfillment revenues(250,961)(407,219)
Non-GAAP Coal revenues$1,352,584 $1,923,977 
Non-GAAP Coal sales realization per ton$117.66 $147.26 
Cost of coal sales (exclusive of items shown separately below)$1,446,172 $1,910,847 
Depreciation, depletion and amortization - production (1)
131,678 125,580 
Accretion on asset retirement obligations16,625 18,726 
Amortization of acquired intangibles, net4,071 5,025 
Total Cost of coal sales1,598,546 2,060,178 
Less: Freight and handling costs(250,961)(407,219)
Less: Depreciation, depletion and amortization - production (1)
(131,678)(125,580)
Less: Accretion on asset retirement obligations(16,625)(18,726)
Less: Amortization of acquired intangibles, net(4,071)(5,025)
Less: Idled and closed mine costs(17,028)(27,218)
Non-GAAP Cost of coal sales$1,178,183 $1,476,410 
Non-GAAP Cost of coal sales per ton$102.49 $113.00 
GAAP Coal margin $4,999 $271,018 
GAAP Coal margin per ton$0.43 $20.74 
Non-GAAP Coal margin$174,401 $447,567 
Non-GAAP Coal margin per ton$15.17 $34.26 
Tons sold11,496 13,065 
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.



Three Months Ended September 30, 2025
(In thousands, except for per ton data)Tons SoldCoal RevenuesNon-GAAP Coal sales realization per ton% of Met Tons Sold
Export - other pricing mechanisms1,429 $153,260 $107.25 40 %
Domestic858 130,098 $151.63 24 %
Export - Australian indexed1,278 135,967 $106.39 36 %
Total Met segment - met coal3,565 419,325 $117.62 100 %
Met segment - thermal coal287 23,430 $81.64 
Non-GAAP Coal revenues3,852 442,755 $114.94 
Add: Freight and handling fulfillment revenues— 82,448 
Coal revenues3,852 $525,203 
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