Third quarter 2026
Filed Oct 23, 2026Alpha Announces Preliminary Financial Results for Third Quarter 2026
Preliminary third-quarter results include a net loss of $9.3 million despite $29.4 million of Adjusted EBITDA, with management citing stronger volumes than in the first half alongside continued cost pressure and market volatility affecting realizations.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net lossGAAP | ($9.3 million) | – | – |
| Net loss per diluted shareGAAP | ($0.73) | – | – |
| Adjusted EBITDAnon-GAAP | $29.4M | – | – |
| Tons of coal soldother | 3.9M | – | – |
| Coal revenuesGAAP | $560.6M | – | – |
| Freight and handling fulfillment revenuesother | $86.51M | – | – |
| Non-GAAP coal revenuesnon-GAAP | $474.1M | – | – |
| Non-GAAP coal sales realization per tonnon-GAAP | $121.09 | – | – |
| Cost of coal sales (exclusive of items shown separately below)GAAP | $509.7M | – | – |
| Depreciation, depletion and amortization - productionGAAP | $35.22M | – | – |
| Accretion on asset retirement obligationsGAAP | $5.25M | – | – |
| Amortization of acquired intangiblesGAAP | $876K | – | – |
| Total cost of coal salesGAAP | $551.0M | – | – |
| Idled and closed mine costsother | $4.53M | – | – |
| Non-GAAP cost of coal salesnon-GAAP | $418.6M | – | – |
| Non-GAAP cost of coal sales per tonnon-GAAP | $106.93 | – | – |
| GAAP coal marginGAAP | $9.58M | – | – |
| GAAP coal margin per tonGAAP | $2.45 | – | – |
| Non-GAAP coal marginnon-GAAP | $55.45M | – | – |
| Non-GAAP coal margin per tonnon-GAAP | $14.16 | – | – |
| Interest expenseGAAP | $967K | – | – |
| Interest incomeGAAP | ($2,561 thousand) | – | – |
| Income tax benefitGAAP | ($5,677 thousand) | – | – |
| Non-cash stock compensation expenseGAAP | $4.38M | – | – |
| Domestic met coal tons soldother | 979K | – | – |
| Domestic met coal revenuesother | $133.3M | – | – |
| Domestic met coal sales realization per tonnon-GAAP | $136.17 | – | – |
| Export - Australian indexed met coal tons soldother | 800K | – | – |
| Export - Australian indexed met coal revenuesother | $120.4M | – | – |
| Export - Australian indexed met coal sales realization per tonnon-GAAP | $150.46 | – | – |
| Export - other pricing mechanisms met coal tons soldother | 1.84M | – | – |
| Export - other pricing mechanisms met coal revenuesother | $196.7M | – | – |
| Export - other pricing mechanisms met coal sales realization per tonnon-GAAP | $107.03 | – | – |
| Total Met segment - met coal tons soldother | 3.62M | – | – |
| Total Met segment - met coal revenuesother | $450.4M | – | – |
| Total Met segment - met coal sales realization per tonnon-GAAP | $124.52 | – | – |
| Met segment - thermal coal tons soldother | 298K | – | – |
| Met segment - thermal coal revenuesother | $23.67M | – | – |
| Met segment - thermal coal sales realization per tonnon-GAAP | $79.44 | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| Met segmentManagement said stronger volumes than in the first half were offset by continued cost pressure, while realizations were influenced by market volatility. | $560.6M | – | – |
Capital returns
- As of September 30, 2026, the company had acquired approximately 7.1 million shares of common stock at a cost of approximately $1.2 billion since the start of the program.
- During the third quarter of 2026, the company spent approximately $3.0 million for the repurchase of roughly 18,000 shares.
- The board of directors authorized a share repurchase program allowing for the expenditure of up to $1.5 billion for the repurchase of the company's common stock.
- The number of common stock shares outstanding as of September 30, 2026 was 12,667,855, not including the potential effect of unvested equity awards.
What drove it
- Management cited stronger volumes than in the first half.
- Third-quarter net realized pricing for the Met segment was $121.09 per ton.
- Domestic sales represented 27% of Met tons sold, export Australian-indexed sales represented 22%, and export sales using other pricing mechanisms represented 51%.
- Non-GAAP coal margin was $55,454 thousand and non-GAAP coal margin per ton was $14.16.
Concerns
- Management cited continued cost pressure.
- Management said realizations were influenced by market volatility of the last few months.
- The preliminary financial information may change and could be materially affected by financial closing procedures, final adjustments, and other developments.
- The company reported a net loss of $9.3 million, or $0.73 per diluted share.
What to watch
- Definitive third-quarter 2026 financial results are expected before the market opens on November 6, 2026.
- Management expects to provide more information about results and outlook for 2027 when it announces definitive third-quarter financial results on November 6, 2026.
- Met segment costs, including the reported $106.93 non-GAAP cost of coal sales per ton.
- The evolution of Met segment realizations following the reported $121.09 per ton in the third quarter.
Balance sheet and cash flow
- As of September 30, 2026, total liquidity was $443.4 million.
- Cash and cash equivalents were $334.1 million as of September 30, 2026.
- Unused availability under the asset-based revolving credit facility was $184.3 million, partially offset by a minimum required liquidity of $75.0 million.
- The company had no borrowings 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.
Analysis
Alpha reported preliminary third-quarter 2026 results for the period ended September 30, 2026. The company expects a GAAP net loss of $9.3 million, or $0.73 per diluted share, while Adjusted EBITDA is expected to be $29.4 million. Management described the quarter as one of stronger volumes than in the first half, but said continued cost pressure and market volatility affecting realizations weighed on results.
Coal revenues were $560.6 million, including $86,508 thousand of freight and handling fulfillment revenues. Non-GAAP coal revenues were $474.1 million and tons sold were 3.9 million. Non-GAAP coal sales realization was $121.09 per ton, against non-GAAP cost of coal sales per ton of $106.93. The resulting non-GAAP coal margin was $55,454 thousand, or $14.16 per ton, while GAAP coal margin was $9,580 thousand, or $2.45 per ton.
Within the Met segment sales mix, domestic shipments were 27% of Met tons sold and generated a $136.17 per-ton realization. Export sales indexed to Australian pricing represented 22% of Met tons sold and realized $150.46 per ton. Export sales under other pricing mechanisms were 51% of Met tons sold and realized $107.03 per ton. Total Met segment met coal realization was $124.52 per ton, while thermal coal realization was $79.44 per ton.
Liquidity was $443.4 million at September 30, 2026, including $334.1 million of cash and cash equivalents. The company had no borrowings under the ABL, $40.7 million of letters of credit outstanding, and $10.6 million of total long-term debt including the current portion. Alpha spent approximately $3.0 million to repurchase roughly 18,000 shares during the quarter and had acquired approximately 7.1 million shares at a cost of approximately $1.2 billion since the start of its up to $1.5 billion program.
No quantitative forward guidance was issued in the preliminary release. Management said it expects to provide more information on results and its outlook for 2027 with definitive third-quarter results on November 6, 2026. The release expressly states that the reported figures are preliminary, may change, and could be materially affected by closing procedures, final adjustments, and other developments.
Management, verbatim
As expected, our preliminary third quarter results reflect stronger volumes than in the first half but continued cost pressure.
Andy Eidson, Alpha’s chief executive officer
Our realizations for the quarter were influenced by the market volatility of the last few months.
Andy Eidson, Alpha’s chief executive officer
We look forward to providing more information about our results and outlook for 2027 when we announce our definitive third quarter financial results on November 6.
Andy Eidson, Alpha’s chief executive officer
Not in the filing
stated, not guessed- Prior-year and prior-quarter comparative figures for all reported financial metrics.
- Year-over-year and quarter-over-quarter changes for reported financial metrics.
- GAAP revenue by segment beyond the reported Met segment coal revenue presentation.
- Gross margin.
- Operating income or loss.
- Operating expenses, selling, general and administrative expense, and research and development expense.
- GAAP income tax rate.
- Operating cash flow.
- Free cash flow.
- Capital expenditures.
- Dividend information.
- Quantitative forward revenue, margin, expense, tax-rate, volume, pricing, or EBITDA guidance.
- Prior outlook or prior guidance for comparison.
AlphAI analysis generated 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 cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.