AMR Filings — Alpha Metallurgical Resources, Inc. - FilingSpy
AMR
Alpha Metallurgical Resources, Inc.
A Tennessee-based miner that digs metallurgical coal—the kind used to make steel—from the Appalachian hills of Virginia and West Virginia, shipping most of it to steelmakers in Asia. The company rose from the bankruptcy of the original Alpha Natural Resources, operating for years as Contura Energy before taking the Alpha Metallurgical name in 2021. The "Wildcat" in its new Kingston Wildcat mine borrows from the old mining term for prospecting in unproven ground.
Alpha's Q2 coal margin fell 19% as shipment delays and lower purchased coal volumes offset a $7.1M tax credit.
The cost-cutting story that narrowed losses in recent quarters hit a volume-driven setback. fell 10.4% to $492.9 million and the dropped 19.2% to $15.64 as shipment delays at the DTA terminal and reduced purchased coal volumes more than offset a $7.1 million Section 45X tax credit. The balance sheet remains debt-free with $307.6 million in cash, but the path back to profitability now depends on clearing the export bottleneck and converting 70% of committed met coal tons priced at $128.17 into shipped revenue.
Key takeaways
The fell 19.2% to $15.64, as a 3.0% increase in cost per ton and a 0.6% decline in the sales realization compressed the spread, partially offset by a $7.1 million IRC Section 45X tax credit recorded as a reduction to cost of coal sales.
declined 10.4% to $492.9 million, driven by an 8.7% drop in coal sales volumes that management attributed to reduced purchased coal and shipment delays at the DTA terminal — a storm-damaged stacker reclaimer at the terminal may prolong the bottleneck.
Total revenues decreased 10.4% to $492.9 million, driven by an 8.7% decline in coal sales volumes due to reduced purchased coal and shipment delays at the DTA terminal.
per ton fell 19.2% to $15.64 as a 0.6% lower sales realization and 3.0% higher cost per ton compressed margins, partially offset by a $7.1 million IRC Section 45X tax credit.
fell 44.5% to $25.6 million, reflecting the lower coal margin, while the company posted an operating loss of $10.5 million and a net loss of $12.3 million, or $0.96 per diluted share.
was $39.9 million, down 25.1% , and remained negative at -$5.3 million as continued to outpace cash generation.
Liquidity stood at $447.8 million with $307.6 million in cash and no borrowings under the $225.0 million , though the proposed DCMWC black lung collateral rule could require an additional $80–$100 million.
Full-year 2026 met coal shipment is 13.2–14.0 million tons, with 70% of metallurgical tons committed and priced at an average of $128.17 per ton as of July 30, 2026.
What changed
The Q1 2026 watch item on whether the richer sales mix from Kingston Wildcat could sustain pricing improvement was partially answered: the average sales realization dipped 0.6% sequentially, suggesting the mix shift was not enough to offset broader pricing pressure or the volume disruption at DTA.
The Q1 2026 watch item on keeping negative materialized: capex remained elevated, and free cash flow stayed negative at -$5.3 million, though it improved from -$11.6 million in Q1 as rose 37.2% sequentially.
The Q1 2026 watch item on a or declaration remains unresolved — management made no announcement despite $307.6 million in cash and negligible debt, suggesting continued caution on the pricing environment.
The DCMWC black lung collateral rule remains unresolved and continues to appear as a risk factor, with the potential $80–$100 million collateral requirement unchanged from prior quarters.
What to watch
The Met 's coal sales realization per ton in Q3 2026, to confirm whether the 0.6% sequential pricing decline is a temporary blip from the DTA disruption or the start of renewed erosion, particularly as 70% of 2026 met tons are priced at $128.17 per ton.
The pace of coal shipments through the DTA terminal in Q3 2026, to gauge whether the storm-damaged stacker reclaimer continues to constrain export volumes and whether the 8.7% volume decline reverses.
Any declaration of a or resumption of share repurchases, as a signal of management's confidence that the margin recovery is durable, with $307.6 million in cash and negligible debt.
The outcome of the DCMWC 2025 Final Rule on black lung self-insurance collateral, which could require $80–$100 million in additional collateral and materially reduce the $447.8 million liquidity position.
declined 44.5% to $25.6 million, primarily reflecting the lower .
Liquidity remained strong at $447.8 million, with $307.6 million in cash and no borrowings under the ABL Facility, though a storm-damaged stacker reclaimer at DTA may slow coal handling.
Full-year 2026 met coal shipment is 13.2–14.0 million tons, with 70% of metallurgical tons committed and priced at an average of $128.17 per ton as of July 30, 2026.
In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in the “Risk Factors” section contained in our Annual Report on Form 10-K for the year ended December 31, 2025, together with the cautionary statement under th…
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In addition to the other information set forth in this report, you should carefully consider the risk factors discussed in the “Risk Factors” section contained in our Annual Report on Form 10-K for the year ended December 31, 2025, together with the cautionary statement under the caption “Cautionary Note Regarding Forward-Looking Statements” included elsewhere in this Quarterly Report on Form 10-Q. These described risks are not the only risks we face. Additional risks and uncertainties not currently known to us or that we currently deem to be immaterial also may materially adversely affect our business, financial condition and/or operating results.