Alpha Announces Financial Results for Third Quarter 2026
Alpha Metallurgical Resources, Inc. (AMR) filed an SEC Form 8-K — Results of Operations and Financial Condition. FOR IMMEDIATE RELEASE Alpha Announces Financial Results for Third Quarter 2026 • Reports net loss of $9.3 million and Adjusted EBITDA of $29.4 million for third quarter • Announces sales commitments to domestic customers for shipment in 2027 • Issues 2027 operational guidance • P
How this was made
The 30-second read
Why it matters
The issuance of 2027 guidance with higher volume targets and a share repurchase program may attract investors seeking exposure to the metallurgical coal sector, while the net loss highlights ongoing cost challenges.
Market read
The filing provides fresh guidance and operational updates that could move AMR stock in the short term, with broader implications for the metallurgical coal market.
What to watch
Potential delays in equipment replacement at Dominion Terminal and insurance claim outcomes could affect cash flow.
Alpha Announces Financial Results for Third Quarter 2026
Third-quarter shipment volumes, operating cash flow and Adjusted EBITDA improved sequentially, but Alpha remained loss-making, coal sales realization and cost per ton both increased sequentially, and total revenues and Adjusted EBITDA were lower than the prior-year quarter.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, three months ended September 30, 2026GAAP | $562.2M | – | – |
| Coal revenues, three months ended September 30, 2026GAAP | $560.6M | – | – |
| Other revenues, three months ended September 30, 2026GAAP | $1.67M | – | – |
| Non-GAAP coal revenues, three months ended September 30, 2026non-GAAP | $474.1M | – | – |
| Non-GAAP coal sales realization per ton, three months ended September 30, 2026non-GAAP | $121.09 | – | – |
| Tons sold, three months ended September 30, 2026other | 3,915 | – | – |
| Cost of coal sales, three months ended September 30, 2026GAAP | $509,656 | – | – |
| Non-GAAP cost of coal sales, three months ended September 30, 2026non-GAAP | $418.6M | – | – |
| Non-GAAP cost of coal sales per ton, three months ended September 30, 2026non-GAAP | $106.93 | – | – |
| GAAP coal margin, three months ended September 30, 2026GAAP | $9.58M | – | – |
| GAAP coal margin per ton, three months ended September 30, 2026GAAP | $2.45 | – | – |
| Non-GAAP coal margin, three months ended September 30, 2026non-GAAP | $55.45M | – | – |
| Non-GAAP coal margin per ton, three months ended September 30, 2026non-GAAP | $14.16 | – | – |
| Selling, general and administrative expenses, three months ended September 30, 2026GAAP | $18,668 | – | – |
| Loss from operations, three months ended September 30, 2026GAAP | −$8.03M | – | – |
| Net loss, three months ended September 30, 2026GAAP | −$9.29M | – | – |
| Diluted loss per common share, three months ended September 30, 2026GAAP | $(0.73) | – | – |
| Adjusted EBITDA, three months ended September 30, 2026non-GAAP | $29.43M | – | – |
| Operating cash flow, three months ended September 30, 2026GAAP | $46.9M | – | – |
| Capital expenditures, three months ended September 30, 2026other | $33.8M | – | – |
| Total revenues, nine months ended September 30, 2026GAAP | $1.58B | – | – |
| Net loss, nine months ended September 30, 2026GAAP | −$32.58M | – | – |
| Diluted loss per common share, nine months ended September 30, 2026GAAP | $(2.56) | – | – |
| Adjusted EBITDA, nine months ended September 30, 2026non-GAAP | $85.02M | – | – |
| Operating cash flow, nine months ended September 30, 2026GAAP | $115,786 | – | – |
| Capital expenditures, nine months ended September 30, 2026other | −$119.6M | – | – |
| Cash and cash equivalents as of September 30, 2026GAAP | $334.1M | – | – |
| Total long-term debt, including current portion, as of September 30, 2026GAAP | $10.6M | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Met segmentMet segment coal revenues excluding freight & handling were $474.1 million, tons sold were 3.9 million, and net realized pricing was $121.09 per ton. | $560.6M | – | – |
2027 calendar year outlook
- Operating expenses$53 million to $59 million in SG&A costs, excluding non-recurring expenses and non-cash stock compensation; $25 million to $33 million in idle operations expense
- Tax rate0% to 5%
- NoteMetallurgical sales volumes of 13.1 million to 14.1 million tons
- NoteIncidental thermal coal sales volumes of 1.2 million to 1.6 million tons
- NoteMet segment total shipments of 14.3 million to 15.7 million tons
- NoteMet segment cost of coal sales of $104.00 to $110.00 per ton
- NoteNet cash interest income of $2 million to $4 million
- NoteDepreciation, depletion and amortization of $148 million to $162 million
- NoteCapital expenditures of $145 million to $165 million
- NoteCapital contributions to equity affiliates of $28 million to $37 million
Capital returns
- The board authorized a share repurchase program allowing for the expenditure of up to $1.5 billion for the repurchase of common stock.
- As of October 31, 2026, Alpha had acquired approximately 7.1 million shares of common stock at a cost of approximately $1.2 billion, or approximately $166.31 per share.
- The number of common stock shares outstanding as of October 31, 2026 was 12,662,046, not including the potential effect of unvested equity awards.
- Common stock repurchases and related expenses were $(39,734) for the nine months ended September 30, 2026.
What drove it
- Third-quarter tons sold were 3.9 million, compared with 3.5 million in the second quarter.
- Third-quarter Met segment coal sales realization was $121.09 per ton, compared with $118.71 per ton in the second quarter.
- Third-quarter Met segment cost of coal sales per ton was $106.93, compared with $103.07 in the second quarter.
- Alpha committed approximately 3.5 million tons of metallurgical coal to domestic customers for 2027 shipment at an average price of $135.48 per ton.
- As of October 29, 2026, Alpha had committed and priced approximately 87% of its metallurgical coal for 2026 at an average price of $126.69 per ton.
Concerns
- Alpha reported a net loss of $9.3 million for the third quarter and a loss from operations of $(8,030).
- Non-GAAP coal margin per ton was $14.16 in the third quarter, compared with $15.64 in the second quarter and $17.68 in the prior-year quarter.
- The June high-wind storm damaged a stacker reclaimer at Dominion Terminal Associates, and Alpha expects a lengthy timeline to replace the equipment.
- The company said cost pressures continue to influence financial results.
What to watch
- Execution of the 2027 operational guidance range of 14.3 million to 15.7 million total Met segment shipments.
- Met segment cost of coal sales relative to the 2027 guidance range of $104.00 to $110.00 per ton.
- The progress of DTA insurance-provider discussions and the replacement of the damaged stacker reclaimer.
- Seaborne sales development beyond the 3.5 million tons committed to domestic customers for 2027.
- Capital expenditures of $145 million to $165 million and capital contributions to equity affiliates of $28 million to $37 million in 2027.
Balance sheet and cash flow
- Total liquidity was $443.4 million as of September 30, 2026, including cash and cash equivalents of $334.1 million and $184.3 million of unused availability under the ABL, partially offset by a minimum required liquidity of $75.0 million.
- Alpha had no amounts borrowed and $40.7 million in letters of credit outstanding under the ABL as of September 30, 2026.
- Total long-term debt, including the current portion of long-term debt, was $10.6 million as of September 30, 2026.
- Net cash provided by operating activities was $115,786 for the nine months ended September 30, 2026.
- Net cash used in investing activities was $(103,452) for the nine months ended September 30, 2026.
- Net cash used in financing activities was $(41,906) for the nine months ended September 30, 2026.
- Cash and cash equivalents and restricted cash at end of period were $463,313 as of September 30, 2026.
Analysis
Alpha reported a third-quarter net loss of $9.3 million, or $0.73 per diluted share, while Adjusted EBITDA was $29.4 million. The loss narrowed from $12.3 million in the second quarter, and Adjusted EBITDA increased from $25.6 million, but the prior-year quarter recorded a smaller net loss of $5.5 million and higher Adjusted EBITDA of $41.7 million. Total revenues were $562,245 for the quarter, compared with $526,778 in the prior-year quarter.
Operational volume improved sequentially. Tons sold were 3,915 in the third quarter, versus 3,549 in the second quarter, while Met segment coal revenues were $560.6 million, compared with $491.5 million. Non-GAAP coal sales realization increased to $121.09 per ton from $118.71 per ton sequentially and from $114.94 in the prior-year quarter. The quarter's sales mix included 27% domestic metallurgical tons, 22% Australian-indexed export metallurgical tons and 51% export tons sold under other pricing mechanisms.
Costs remained the principal earnings constraint. Non-GAAP cost of coal sales per ton rose to $106.93 from $103.07 in the second quarter and from $97.27 in the prior-year quarter. Although GAAP coal margin increased sequentially to $9,580 from $6,002, non-GAAP coal margin was $55,454 compared with $55,496 in the prior quarter, and non-GAAP coal margin per ton declined to $14.16 from $15.64. Selling, general and administrative expenses were $18,668, compared with $15,697 in the prior-year quarter.
Cash generation improved sequentially, with third-quarter operating cash flow of $46.9 million versus $39.9 million in the second quarter. Capital expenditures were $33.8 million versus $45.1 million sequentially. Alpha ended the quarter with $443.4 million of total liquidity, including $334.1 million of cash and cash equivalents, and reported total long-term debt including the current portion of $10.6 million. The company continues to use capital for repurchases, having acquired approximately 7.1 million shares at a cost of approximately $1.2 billion as of October 31, 2026.
For 2027, Alpha guided to 14.3 million to 15.7 million total Met segment shipments and Met segment cost of coal sales of $104.00 to $110.00 per ton. It has committed approximately 3.5 million tons of metallurgical coal to domestic customers at an average price of $135.48 per ton. The guide incorporates expected effects of the DTA equipment damage, with Alpha planning to use capacity at other Hampton Roads terminals while replacement work proceeds. Planned capital expenditures of $145 million to $165 million and equity-affiliate contributions of $28 million to $37 million include DTA-related activity.
Management, verbatim
Our third quarter volumes improved as compared to the first two quarters of the year, but cost pressures continue to influence our financial results.
Andy Eidson, Alpha’s chief executive officer
Despite what is expected to be a lengthy timeline for replacing the damaged equipment, we do not anticipate significant capital outlays in association with the replacement process.
Andy Eidson, Alpha’s chief executive officer
Today we are pleased to announce the results of our 2027 domestic sales negotiations, with 3.5 million tons committed to domestic customers for shipment next year.
Andy Eidson, Alpha’s chief executive officer
Not in the filing
stated, not guessed- Free cash flow
- Gross margin
- Quarterly total revenue for June 30, 2026
- Quarterly operating income for June 30, 2026
- GAAP effective tax rate
- Dividend declaration or payment
- Prior outlook section for comparison with actual results
Written by an AI language model from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. Consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
Alpha Metallurgical Resources is a U.S. supplier of metallurgical coal used in steelmaking. The filing includes financial results, a share repurchase update, and 2027 guidance.
Ticker impact
Alpha Metallurgical Resources filed an 8‑K reporting Q3 2026 results, a net loss of $9.3 M and issued 2027 operational guidance with sales commitments and volume forecasts.
likely modest upside as investors price in the issued 2027 guidance and strong domestic sales commitments
Guidance above prior expectations can support the stock, while the loss may limit upside; overall market reaction is expected to be cautiously positive.
Market effects
Metallurgical coal segment may see renewed investor interest due to the company's affirmed volume outlook.
Domestic U.S. steel producers could benefit from the secured 3.5 M‑ton domestic sales commitment.
Limited; the guidance pertains mainly to U.S. metallurgical coal markets.
Counterpoint
The reported loss and ongoing equipment damage could signal deeper cost pressures, suggesting a potential downside.
Key entities
- companyAlpha Metallurgical Resources, Inc.
Issuer of the 8‑K filing and subject of the article.
- partnerDominion Terminal Associates
Facility where stacker‑reclaimer damage was reported.
