Alpha Reports $17.3M Q4 Loss, Adjusted EBITDA Falls 32% to $28.5M
Alpha posted a Q4 net loss of $17.3M (–$1.34 per share) and Adjusted EBITDA of $28.5M, down from $41.7M in Q3, as coal volumes slid to 3.8M tons and costs rose to $101.43 per ton. It repurchased 6.9M shares at $165.89 each, pricing 37% of 2026 met coal at $134.02/ton.
1. Financial Performance Q4 2025
Alpha posted a net loss of $17.3 million, or $1.34 per diluted share, for the fourth quarter of 2025, compared with a $5.5 million loss in Q3. Adjusted EBITDA declined to $28.5 million from $41.7 million, driven by a 3.8 million-ton metallurgical coal volume and per-ton production costs rising to $101.43.
2. Share Repurchase Program
Under its $1.5 billion authorization, Alpha repurchased approximately 6.9 million shares at an average price of $165.89 each as of February 20, reducing outstanding shares to 12.79 million. Future repurchases will depend on market conditions, trading price, and compliance with debt covenants.
3. 2026 Coal Pricing Commitments and Guidance
As of mid-February, the company has committed 37% of its 2026 metallurgical coal at $134.02 per ton and 77% of its thermal coal at $73.17 per ton. Full-year shipment guidance remains 15.1–16.5 million tons of met coal and 0.7–1.1 million tons of thermal coal.
4. Liquidity and Capital Resources
At December 31, 2025, Alpha held $366.0 million in cash, $49.6 million in short-term investments, and $183.7 million of unused revolver capacity, for total liquidity of $524.3 million. Long-term debt stood at $13.4 million with no outstanding borrowings under its asset-based facility.