Alpha Metallurgical Resources (AMR) Q1 2026 earnings summary

Executive summary

• Adjusted EBITDA for Q1 2026 was $30 million, up from $28.5 million in Q4 2025 and $5.7 million in Q1 2025, with 3.6 million tons shipped, reflecting a slower start as previously guided.

• Net loss for Q1 2026 was $11.03 million, improving from $17.3 million in Q4 2025 and $33.95 million in Q1 2025.

• Higher costs were driven by lower volumes and war-related inflationary impacts, particularly on diesel and supplies.

• Operational teams received third-party recognition for safety, environmental stewardship, and mine rescue.

• The company operates 19 active mines and 8 preparation facilities, with 3,950 employees and 294.5 million tons of reserves as of March 31, 2026.

Financial highlights

• Q1 2026 revenues were $524.99 million, down 1.3% year-over-year; coal revenues were $523.53 million.

• Adjusted EBITDA rose to $30.03 million in Q1 2026 from $5.65 million in Q1 2025.

• Non-GAAP coal margin per ton nearly doubled to $16.41 from $8.27 year-over-year.

• Unrestricted cash was $317.2 million at quarter end, with total liquidity at $476.2 million.

• Capital expenditures were $40.7 million in Q1 2026, up from $29 million in Q4 2025.

Outlook and guidance

• 2026 shipment guidance: 14.4–15.4 million tons metallurgical, 0.7–1.1 million tons thermal.

• Cost of coal sales guidance maintained at $95–$101/ton for the Met segment, with potential upward revision if conflict-driven cost pressures persist.

• 48% of 2026 metallurgical coal is committed and priced at $132.37/ton; thermal coal fully committed at $74.53/ton.

• Capital expenditures for 2026 expected between $148 million and $168 million.

• Section 45X tax credit expected to provide $30–$50 million annual cash benefit through 2029.