Alpha Metallurgical Q1 Loss Narrows to $11M, Adjusted EBITDA $30M
Alpha Metallurgical Resources posted a net loss of $11.0 million in Q1 2026, narrowing from $17.3 million in Q4 with adjusted EBITDA rising to $30.0 million. Coal sales totaled 3.6 million tons at a net realization of $124.39/ton, while cost per ton climbed to $107.98 due to higher diesel prices.
1. Financial Results
Alpha reported a Q1 net loss of $11.0 million, or $0.86 per diluted share, improving from a $17.3 million loss in Q4 2025. Adjusted EBITDA rose to $30.0 million versus $28.5 million, while operating cash flow increased to $29.0 million and capital expenditures reached $40.7 million.
2. Coal Sales and Pricing
Coal shipments amounted to 3.6 million tons, down from 3.8 million in the prior quarter. Net realized pricing averaged $124.39 per ton, driven by domestic sales at $137.27/ton (0.8 million tons) and Australian-indexed exports at $144.95/ton (1.1 million tons).
3. Cost Drivers and Guidance
Cost of coal sales per ton increased to $107.98 from $101.43, primarily due to war-related diesel and supply price hikes. The company maintained its full-year cost guidance but warned that a prolonged Iran conflict could necessitate an upward revision.
4. Liquidity and Capital Structure
As of March 31, 2026, liquidity totaled $476.2 million, including $317.2 million in cash and $49.6 million in short-term investments, with no borrowings under its revolving credit facility. Long-term debt stood at $12.2 million, and a $1.5 billion share repurchase program remains authorized.