Alpha Metallurgical Reports $28.5M Q4 EBITDA, Locks in 4.1M Tons at $136.30
Alpha Metallurgical Resources reported Q4 adjusted EBITDA of $28.5M on 3.8M tons shipped, down from $41.7M on 3.9M tons, while SG&A fell to $10.9M. The company holds $524.3M liquidity, secured 4.1M domestic tons at $136.30 average for 2026, but warns index divergence and high-vol oversupply could weigh on future realizations.
1. Q4 Financial Results
Alpha reported Q4 2025 adjusted EBITDA of $28.5 million on 3.8 million tons sold, down from $41.7 million on 3.9 million tons in Q3. Average metallurgical realizations rose modestly to $115.31 per ton with a weighted average of $118.10, while thermal byproduct realizations fell to $77.80 and SG&A declined to $10.9 million.
2. Liquidity and 2026 Sales Commitments
Alpha finished 2025 with $366 million in unrestricted cash, $49.6 million in short-term investments and total liquidity of $524.3 million. It has secured 4.1 million domestic tons for 2026 at an average price of $136.30, with 37% of metallurgical tons priced at $134.02 and 53% committed but unpriced.
3. Market Conditions and Price Risks
Management cautioned that divergence between Australian PLV and U.S. East Coast indices, driven by Queensland supply disruptions and high-vol oversupply, could pressure future realizations. As of December 31, Australian PLV was $218 per metric ton (+14.6%) and U.S. East Coast low-vol averaged $178 (+4.5%), with further index increases into February.
4. Kingston Wildcat Ramp-Up
The Kingston Wildcat longwall operation is ramping toward near 1 million tons annual capacity, targeting roughly 500,000 tons production in 2026. Management highlighted marked cost performance improvements and logistics enhancements to support the mine’s full-scale output.