November 6, 2026 - Alpha Metallurgical Resources, Inc. (NYSE: AMR), a leading U.S. supplier of metallurgical products for the steel industry, today reported financial results for the third quarter ending September 30, 2026.

"Our third quarter volumes improved as compared to the first two quarters of the year, but cost pressures continue to influence our financial results," said Andy Eidson, Alpha's chief executive officer. "We remain committed to managing these cost challenges and continually evaluating the portfolio against the needs of the metallurgical coal market. Our 2027 operational guidance reflects our current expectations of the coming calendar year, and these estimates incorporate our analysis of potential financial impact and 2027 terminal capabilities following the June storm damage to a stacker reclaimer at Dominion Terminal Associates (DTA) in Newport News. Terminal leaders have worked diligently to keep operations moving, and conversations with DTA's insurance provider continue to progress positively to address the equipment damage caused by the high-wind storm. 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. Additionally, we are confident in our plans to minimize the disruption to our sales and logistics processes by also utilizing our throughput capacity at other Hampton Roads terminals while work is underway to replace the damaged machinery at DTA. As evidenced by our more normalized third quarter shipment volumes, we are optimistic about the ability to continue providing excellent customer service in 2027 and beyond."

Eidson added: "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. These commitments provide a solid foundation on which we will build our seaborne sales for 2027."

Financial Performance

Alpha reported a net loss of $9.3 million, or $0.73 per diluted share, for the third quarter, as compared to net loss of $12.3 million, or $0.96 per diluted share, in the second quarter.

Total Adjusted EBITDA was $29.4 million for the third quarter, compared to $25.6 million in the second quarter.  

Third quarter net realized pricing for the Met segment was $121.09 per ton.

Alpha's Met segment cost of coal sales increased to an average of $106.93 per ton in the third quarter, compared to $103.07 per ton in the second quarter.

Liquidity and Capital Resources

Cash provided by operating activities in the third quarter increased to $46.9 million as compared to $39.9 million in the second quarter. Capital expenditures for the third quarter were $33.8 million compared to $45.1 million for the second quarter.

As of September 30, 2026, the company had total liquidity of $443.4 million, including cash and cash equivalents of $334.1 million and $184.3 million of unused availability under the asset-based revolving credit facility (ABL), partially offset by a minimum required liquidity of $75.0 million as required by the ABL. As of September 30, 2026, the company had no amounts borrowed and $40.7 million in letters of credit outstanding under the ABL. Total long-term debt, including the current portion of long-term debt as of September 30, 2026, was $10.6 million.

Share Repurchase Program

As previously announced, Alpha's 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. As of October 31, 2026, the company 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.

The timing and amount of share repurchases will be based on various factors, including but not limited to market conditions, the trading price of the stock, applicable legal requirements, compliance with the provisions of the company's debt agreements, and other factors.

2027 Domestic Sales Commitments

Alpha has committed approximately 3.5 million tons of metallurgical coal to domestic customers for shipment in the 2027 calendar year at an average price of $135.48 per ton.

Issuance of 2027 Operational Guidance

The company is issuing operational guidance for the 2027 calendar year. For sales volumes, Alpha expects to ship between 13.1 million and 14.1 million metallurgical tons, as well as another 1.2 million to 1.6 million tons of incidental thermal coal, bringing total 2027 shipment expectations to a range of 14.3 million to 15.7 million tons for the year.

Alpha projects 2027 cost of coal sales of between $104.00 and $110.00 per ton.

Selling, general and administrative (SG&A) costs are expected to be between $53 million and $59 million in 2027, excluding non-recurring expenses and non-cash stock compensation. Idle operations expense is expected to be between $25 million and $33 million. Alpha anticipates 2027 net cash interest income of $2 million to $4 million, and depreciation, depletion and amortization of $148 million to $162 million.

The company expects capital expenditures, including carryover, development and maintenance capital, in the range of $145 million to $165 million.

Contributions to equity affiliates are expected in the range of $28 million to $37 million, which include cash contributions for normal operations of Dominion Terminal Associates as well as Alpha's 2027 share of the investments in DTA's previously announced facility upgrade program.

The company expects a 2027 cash tax rate of between 0% and 5%.

2026 Operational Performance Update

As of October 29, 2026, Alpha has committed and priced approximately 87% of its metallurgical coal for 2026 at an average price of $126.69 per ton. At the midpoint of guidance, Alpha's thermal coal is fully committed for the year at an average price of $76.06 per ton.

Conference Call

The company plans to hold a conference call regarding its third quarter results on November 6, 2026, at 10:00 a.m. Eastern time. The conference call will be available live on the investor section of the company's website at https://alphametresources.com/investors. Analysts who would like to participate in the conference call should dial 877-407-0832 (domestic toll-free) or 201-689-8433 (international) approximately 15 minutes prior to start time.

About Alpha Metallurgical Resources

Alpha Metallurgical Resources (NYSE: AMR) is a Tennessee-based mining company with operations across Virginia and West Virginia. With customers across the globe, high-quality reserves and significant port capacity, Alpha reliably supplies metallurgical products to the steel industry. For more information, visit www.AlphaMetResources.com.

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