Alpha Metallurgical Resources, Inc.

alphametresources.com

What Do They Do?

Mines and sells metallurgical coal to steel and coke producers, and thermal coal to utilities and industrial customers.

How Do They Make Money?

Met coal is the main source of coal revenue; customers buy coal produced at the company’s mines and coal sourced from third parties. Export sales are generally spot or short-term, priced at shipment or by an index; domestic sales generally use longer-term fixed-price contracts.

revenue

Segment	Share	Revenue	How money arrives
Coal, Met Sold outright	96% FY2022: 95%		Sold outright
Thermal coal Sold outright	4.3% FY2022: 5.1%		Sold outright

Who Are Their Customers?

Steel and coke producers buy met coal through domestic contracts or export spot and short-term sales; utilities and industrial customers buy thermal coal in the United States and abroad.

Do Revenues Turn Into Profits?

Not on paper. It lost $61.7M in FY2025, but brought in more cash than it spent: $17.8M of free cash flow.

Operating income, FY2025

−3% of revenue

▼ Now a loss vs FY2024 ($227.9M, 8%)

Net income, FY2025

−3% of revenue

▼ Now a loss vs FY2024 ($187.6M, 6%)

Free cash flow, FY2025

1% of revenue

▼ −95% vs FY2024 ($381.1M, 13%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▼ −10%; vs $550.3M in Q2 FY2025
Net income: ▲ +147% (Loss); vs −$5M in Q2 FY2025

Coal, Met share of coal revenues vs 95.8% in Q2 FY2025

Aug 7, 2026 Alpha lowered sales-volume guidance and raised coal-cost guidance The revised outlook reflects expected lower efficiency at Dominion Terminal Associates after storm damage and higher supply costs.

Flat. Revenue was $2.1B in FY2025, about the same as the $2.3B of FY2021.

Thermal coal customers The older report described thermal coal as mainly sold to the domestic power generation industry; the latest describes sales primarily to utilities and industrial customers in the United States and abroad.

Revenue over time

Coal, Met Thermal coal

$5B$2.5B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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