Alpha Metallurgical Resources reported a first-quarter 2026 net loss of $11.0 million, narrowing from a $17.3 million loss in the fourth quarter of 2025 and from a $33.9 million loss in the first quarter of 2025. Loss per diluted share improved to 86 cents from $1.34 in the prior quarter and $2.60 a year earlier.
Adjusted EBITDA rose to $30.0 million in the quarter, up from $28.5 million in the fourth quarter and $5.7 million in the year-earlier period.
Coal volumes slipped quarter over quarter. Tons of coal sold fell to 3.6 million from 3.8 million in the fourth quarter of 2025 and matched the 3.8 million tons sold in the first quarter of 2025. Met segment coal revenues increased to $523.5 million from $519.1 million in the prior quarter, while met segment revenues excluding freight and handling rose to $447.3 million from $436.3 million.
Pricing strengthened. Met segment coal sales realization climbed to $124.39 per ton from $115.31 per ton in the fourth quarter. Within the met segment, domestic sales totaled 0.8 million tons at $137.27 per ton, export sales priced to the Australian index totaled 1.1 million tons at $144.95 per ton, and other export pricing mechanisms accounted for 1.4 million tons at $110.32 per ton. Thermal coal contributed 0.2 million tons at $69.41 per ton.
Costs moved higher. Met segment cost of coal sales increased to $107.98 per ton from $101.43 per ton in the fourth quarter. Management said higher diesel and other supply costs were the main drivers. Met segment coal sales excluding freight and handling and idle operations came in at $388.3 million, up from $383.8 million.
Cash generation improved sharply. Operating cash flow increased to $29.0 million from $19.0 million in the prior quarter, while capital expenditures rose to $40.7 million from $29.0 million.
Liquidity stood at $476.2 million at March 31, 2026, including $317.2 million in cash and cash equivalents, $49.6 million in short-term investments, and $184.3 million of unused availability under the company’s revolving credit facility, offset by a $75.0 million minimum required liquidity level. Alpha had no borrowings under the facility and $40.7 million in letters of credit outstanding. Total long-term debt, including the current portion, was $12.2 million.
On buybacks, Alpha said it had repurchased about 7.0 million shares for roughly $1.2 billion as of April 30, 2026, at an average price of $166.18 per share. Shares outstanding at that date were 12,714,624.
For 2026, Alpha said it had committed and priced about 48% of its metallurgical coal at an average price of $132.37 per ton as of April 29. Thermal coal was fully committed at the midpoint of guidance at an average price of $74.53 per ton. The company’s 2026 shipment guidance calls for 14.4 million to 15.4 million tons of metallurgical coal and 0.7 million to 1.1 million tons of thermal coal, for total met segment shipments of 15.1 million to 16.5 million tons. Today the company's shares have moved 0.23% to a price of $193.87. Check out the company's full 8-K submission here.
