Warrior Met Coal Inc

warriormetcoal.com

What Do They Do?

Mines and sells steelmaking coal to steel producers in Europe, South America and Asia, and sells natural gas recovered from its coal seams.

How Do They Make Money?

Steelmakers pay for coal after domestic shipments are loaded onto railcars or trucks, or export vessels load at Mobile; natural gas buyers pay after gas enters a pipeline.

revenue

Segment	Share	Revenue	How money arrives
Sales Sold outright	97% FY2022: 98%		Sold outright
Product and Service, Other Sold outright	2.5% FY2022: 1.8%		Sold outright

Who Are Their Customers?

Sells mostly to foreign steel producers in Asia, Europe and South America under indexed fixed-supply contracts, with some spot sales; strategic partners sometimes assist with marketing.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 39% from three customers

Do Revenues Turn Into Profits?

Yes. It kept 4 cents of every revenue dollar as net income in FY2025.

Operating income, FY2025

3% of revenue

▼ −82% vs FY2024 ($254.9M, 17%)

Net income, FY2025

4% of revenue

▼ −77% vs FY2024 ($250.6M, 16%)

How Are They Changing?

Since the FY2025 annual report

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

Revenue: ▲ +71%; vs $297.5M in Q2 FY2025
Net income: ▲ +1460%; vs $5.6M in Q2 FY2025

Sales share of revenue vs 97.0% in Q2 FY2025

Aug 5, 2026 Raises full-year volume guidance Second-quarter results were accompanied by a raised full-year volume outlook, citing continued customer reception of Blue Creek coal.

Growing. Revenue grew 24% in 4 years, from $1.1B in FY2021 to $1.3B in FY2025, about 5% a year.

Blue Creek becomes an operating mine The older report describes Blue Creek as a development project; the latest includes it among operating mines and says mining began there.

Expanded marketing in Asia The older report describes marketing as focused mainly on Europe and South America; the latest says Asian marketing has expanded and targets buyers in India and Southeast Asia.

Revenue over time

Sales Product and Service, Other

$2B$1B$0

FY2021 FY2022 FY2023 FY2024 FY2025

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