Nacco Industries reports net loss on solar asset impairments
The diversified industrial company reported a net loss of $1.0 million for the second quarter of 2026.
Nacco Industries (NC), a diversified industrial company, reported a net loss of $1.0 million for the second quarter of 2026. The result followed a net profit of $8.8 million in the first quarter of 2026, a swing driven by $12.0 million in solar asset impairment charges within its ReGen Resources segment.
Despite the bottom-line loss, the company saw an acceleration in top-line growth. Revenue for the second quarter rose 6% year-over-year to $72.3 million. This followed a 4% decrease in revenue during the first quarter of 2026. Gross profit for the period increased 123% year-over-year to $15.2 million, a sharper increase than the 48% year-over-year gain reported in the previous quarter.
Consolidated Adjusted EBITDA reached $15.9 million, which was 72% higher than in the same period last year. However, the figure declined 3% from the $16.4 million reported in the first quarter of 2026.
Performance within the Utility Coal Mining segment continued to weaken. Revenue in that division decreased 25% year-over-year in the second quarter. This represented a steeper decline than the 13% year-over-year decrease reported in the first quarter.
Nacco strengthened its balance sheet during the period. Total liquidity rose to $114.6 million as of June 30, 2026, up from $102.7 million as of March 31, 2026. The company also reduced its outstanding debt to $120.1 million from $126.4 million over the same interval.
The company appointed Patrick J. Burns as an independent director to the Board of Directors effective August 19, 2026.
Management expects operating performance to moderate in the second half of the year.