Alpha's Third-Quarter Coal Volumes Recover After a Weak First Half

The Tip Desk · October 27, 2026 · 3 min read

Preliminary Adjusted EBITDA was $29.4 million on 3.9 million tons sold, with a $9.3 million net loss.

Alpha Metallurgical Resources (AMR), a Tennessee-based supplier of metallurgical coal, said preliminary third-quarter results showed volumes recovering after a lighter first half, even as costs stayed elevated and the company remained in the red.

The company expects a net loss of $9.3 million, or $0.73 a share, for the three months ended September 30, 2026, narrower than the $12.3 million loss, or $0.96 a share, in the second quarter. Adjusted EBITDA is expected at $29.4 million. Coal sold increased to 3.9 million tons from 3.5 million tons in the second quarter. Chief executive Andy Eidson said volumes were stronger than in the first half but that cost pressure continued, and that realizations were influenced by market volatility in the prior months.

Met segment coal revenues rose to $560.6 million from $491.5 million. Non-GAAP coal revenues excluding freight and handling were $474.1 million. Net realized pricing for the Met segment was $121.09 a ton, up from $118.71 a ton in the second quarter.

Met coal excluding thermal rose to 3.6 million tons from 3.1 million, with realization of $124.52 a ton. Export sales on other pricing mechanisms remained the largest mix at 1.8 million tons, or 51% of Met tons, with realization of $107.03 a ton. Domestic Met tons were 1.0 million, or 27% of the mix, at $136.17 a ton. Australian-indexed export tons were 0.8 million, with realization of $150.46 a ton. Thermal coal tons fell to 0.3 million, with thermal revenues of $23.7 million.

Total GAAP cost of coal sales was $551.0 million. Non-GAAP cost excluding freight, handling and idle costs was $418.6 million, or $106.93 a ton. Non-GAAP coal margin was $55.5 million, or $14.16 a ton. GAAP coal margin was $9.6 million, or $2.45 a ton.

In the second quarter, Eidson had cited fewer tons shipped and higher costs than expected, Dominion Terminal Associates wind damage, and soft met market conditions, and the company had reduced shipment guidance and raised cost of coal sales guidance. Third-quarter volumes of 3.9 million tons matched the year-earlier second-quarter tonnage of 3.9 million tons reported in the second-quarter release.

As of September 30, 2026, total liquidity was $443.4 million, including $334.1 million of cash and $184.3 million of unused availability under the asset-based revolving credit facility, partially offset by a $75.0 million minimum liquidity requirement. The company had no borrowings and $40.7 million in letters of credit outstanding under the ABL. Total long-term debt, including the current portion, was $10.6 million.

Under a $1.5 billion share-repurchase authorization, Alpha spent about $3.0 million in the third quarter to buy roughly 18,000 shares. Since the program began, it had acquired about 7.1 million shares at a cost of about $1.2 billion. Shares outstanding were 12,667,855 at September 30, excluding unvested equity awards.

The company plans to release definitive third-quarter results on November 6, 2026, and said it looks forward to providing more information about results and the 2027 outlook at that time. Preliminary figures may change.