Form 8-K

8-K — Alpha Metallurgical Resources, Inc.

Accession: 0001704715-26-000017

Filed: 2026-05-08

Period: 2026-05-06

CIK: 0001704715

SIC: 1221 (BITUMINOUS COAL & LIGNITE SURFACE MINING)

Item: Results of Operations and Financial Condition

Item: Submission of Matters to a Vote of Security Holders

Item: Financial Statements and Exhibits

Documents

8-K — amr-20260506.htm (Primary)

EX-99.1 — PRESS RELEASE DATED MAY 8, 2026 (pressrelease3312026.htm)

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XML — IDEA: XBRL DOCUMENT (R1.htm)

8-K

8-K (Primary)

Filename: amr-20260506.htm · Sequence: 1

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON, D.C. 20549

_______________

FORM 8-K

CURRENT REPORT

Pursuant to Section 13 or 15(d) of the

Securities Exchange Act of 1934

Date of report (Date of earliest event reported): May 6, 2026

ALPHA METALLURGICAL RESOURCES, INC.

(Exact name of registrant as specified in its charter)

Delaware

(State or other jurisdiction of incorporation)

001-38735

81-3015061

(Commission File Number)

(I.R.S. Employer Identification No.)

340 Martin Luther King Jr. Blvd.

Bristol, Tennessee 37620

(Address of principal executive offices, zip code)

(423) 573-0300

(Registrant’s telephone number, including area code)

Not Applicable

(Former name or former address, if changed since last report)

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:

☐ Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐ Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐ Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐ Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:

Title of each class Trading Symbol(s) Name of each exchange on which registered

Common Stock AMR New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging Growth Company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨

TABLE OF CONTENTS

Item 2.02 Results of Operations and Financial Condition

Item 5.07 Submission of Matters to a Vote of Security Holders

Item 9.01 Financial Statements and Exhibits

Signatures

Exhibit Index

Item 2.02 Results of Operations and Financial Condition.

On May 8, 2026, Alpha Metallurgical Resources, Inc. (the “Company”) issued a press release announcing earnings and other financial results for its fiscal quarter ended March 31, 2026. The press release is attached hereto as Exhibit 99.1.

Item 5.07 Submission of Matters to a Vote of Security Holders.

On May 6, 2026, the Company held its annual meeting of stockholders (the “Annual Meeting”) via interactive webcast. As of the record date for the Annual Meeting, March 10, 2026, there were 12,778,859 shares of common stock outstanding and eligible to vote. 10,664,922 of these shares, or 83.45%, were represented in person or by proxy at the Annual Meeting. The final results of the matters voted on at the Annual Meeting are provided below.

Proposal 1: The election of six (6) directors nominated by our board of directors for a term of one year.

Nominee For Withheld Broker Non-Votes

Joanna Baker de Neufville 7,744,965 211,114 2,708,843

Kenneth S. Courtis 7,930,066 26,013 2,708,843

C. Andrew Eidson 7,946,709 9,370 2,708,843

Michael Gorzynski 7,860,977 95,102 2,708,843

Shelly Lombard 7,917,871 38,208 2,708,843

Daniel D. Smith 7,906,136 49,943 2,708,843

Proposal 2: Advisory approval of the Company’s executive compensation.

For: 7,863,358

Against: 85,311

Abstain: 7,410

Broker Non-Votes: 2,708,843

Proposal 3: The ratification of RSM LLP as the Company’s independent registered public accounting firm for the fiscal year ending December 31, 2026.

For: 10,648,652

Against: 6,123

Abstain: 10,147

Item 9.01 Financial Statements and Exhibits.

(d) Exhibits

Exhibit 99.1

Press Release dated May 8, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the duly authorized undersigned.

Alpha Metallurgical Resources, Inc.

Date: May 8, 2026

By:

/s/ J. Todd Munsey

Name: J. Todd Munsey

Title: Chief Financial Officer

EXHIBIT INDEX

Exhibit No. Description

Exhibit 99.1

Press Release dated May 8, 2026

104 Cover Page Interactive Data File (embedded within the Inline XBRL document)

EX-99.1 — PRESS RELEASE DATED MAY 8, 2026

EX-99.1

Filename: pressrelease3312026.htm · Sequence: 2

Document

FOR IMMEDIATE RELEASE

Alpha Releases First Quarter 2026 Financial Results

•Reports first quarter net loss of $11.0 million

•Posts Adjusted EBITDA of $30.0 million for the quarter

BRISTOL, Tenn., May 8, 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 first quarter ending March 31, 2026.

(millions, except per share)

Three months ended

Mar. 31, 2026 Dec. 31, 2025 Mar. 31, 2025

Net loss

($11.0) ($17.3) ($33.9)

Net loss per diluted share

($0.86) ($1.34) ($2.60)

Adjusted EBITDA(1)

$30.0 $28.5 $5.7

Operating cash flow

$29.0 $19.0 $22.2

Capital expenditures ($40.7) ($29.0) ($38.5)

Tons of coal sold 3.6 3.8 3.8

__________________________________

1. This is a non-GAAP financial measure. A reconciliation of Net Loss to Adjusted EBITDA is included in tables accompanying the financial schedules.

“Our results for the first quarter 2026 were driven by lower volumes and higher costs,” said Andy Eidson, Alpha’s chief executive officer. “While we anticipated a slower shipping quarter in connection with planned outages at Dominion Terminal Associates, we experienced a greater-than-expected impact on costs in Q1 as a result of war-related increases to diesel and other supply prices, which we hope will be temporary. Therefore, we are maintaining our cost of coal sales guidance range for the year with the expectation of better cost performance in subsequent quarters. If the Iran conflict persists throughout the year, we expect the resulting impact on diesel and supply costs would require us to revise our cost of coal sales guidance range upward.”

Financial Performance

Alpha reported a net loss of $11.0 million, or $0.86 per diluted share, for the first quarter 2026, as compared to net loss of $17.3 million, or $1.34 per diluted share, in the fourth quarter 2025.

Total Adjusted EBITDA was $30 million for the first quarter, compared to $28.5 million in the fourth quarter 2025.

Coal Revenues

(millions)

Three months ended

Mar. 31, 2026 Dec. 31, 2025

Met segment $523.5 $519.1

Met segment (excl. freight & handling)(1)

$447.3 $436.3

Tons Sold (millions)

Three months ended

Mar. 31, 2026 Dec. 31, 2025

Met segment 3.6 3.8

__________________________________

1. Represents Non-GAAP coal revenues which is defined and reconciled under “Non-GAAP Financial Measures” and “Results of Operations.”

Coal Sales Realization(1)

(per ton)

Three months ended

Mar. 31, 2026 Dec. 31, 2025

Met segment $124.39 $115.31

__________________________________

1. Represents Non-GAAP coal sales realization which is defined and reconciled under “Non-GAAP Financial Measures” and “Results of Operations.”

First quarter net realized pricing for the Met segment was $124.39 per ton.

The table below provides a breakdown of our Met segment coal sold in the first quarter by pricing mechanism.

(in millions, except per ton data)

Met Segment Sales Three months ended Mar. 31, 2026

Tons Sold Coal Revenues

Realization/ton(1)

% of Met Tons Sold

Domestic 0.8 $111.1 $137.27 24%

Export - Australian indexed 1.1 $162.3 $144.95 33%

Export - other pricing mechanisms 1.4 $157.0 $110.32 43%

Total Met coal revenues 3.4 $430.4 $128.40 100%

Thermal coal revenues 0.2 $16.9 $69.41

Total Met segment coal revenues (excl. freight & handling)(1)

3.6 $447.3 $124.39

__________________________________

1. Represents Non-GAAP coal sales realization which is defined and reconciled under “Non-GAAP Financial Measures” and “Results of Operations.”

Cost of Coal Sales

(in millions, except per ton data)

Three months ended

Mar. 31, 2026 Dec. 31, 2025

Met segment $474.4 $478.5

Met segment (excl. freight & handling/idle)(1)

$388.3 $383.8

(per ton)

Met segment(1)

$107.98 $101.43

__________________________________

1. Represents Non-GAAP cost of coal sales and Non-GAAP cost of coal sales per ton which is defined and reconciled under “Non-GAAP Financial Measures” and “Results of Operations.”

Alpha’s Met segment cost of coal sales increased to an average of $107.98 per ton in the first quarter, compared to $101.43 per ton in the fourth quarter 2025. Higher diesel and other supply costs were the primary contributors to the increase in costs.

Liquidity and Capital Resources

Cash provided by operating activities in the first quarter increased to $29.0 million as compared to $19.0 million in the fourth quarter 2025. Capital expenditures for the first quarter were $40.7 million compared to $29.0 million for the fourth quarter 2025.

As of March 31, 2026, the company had total liquidity of $476.2 million, including cash and cash equivalents of $317.2 million, short-term investments of $49.6 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 March 31, 2026, the company had no borrowings 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 March 31, 2026, was $12.2 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 April 30, 2026, the company had acquired approximately 7.0 million shares of common stock at a cost of approximately $1.2 billion, or approximately $166.18 per share. The number of common stock shares outstanding as of April 30, 2026 was 12,714,624, 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.

Results of Alpha’s 2026 Annual Meeting of Stockholders

The company’s annual meeting of stockholders was held on May 6, 2026, and stockholders re-elected all six members of Alpha’s board of directors to additional one-year terms and approved all other items proposed by the board for consideration at the meeting. The complete voting results from the annual meeting have been filed with the Securities and Exchange Commission on Form 8-K.

2026 Operational Performance Update

As of April 29, 2026, Alpha has committed and priced approximately 48% of its metallurgical coal for 2026 at an average price of $132.37 per ton. At the midpoint of guidance, Alpha’s thermal coal is fully committed for the year at an average price of $74.53 per ton.

2026 Guidance

in millions of tons Low High

Metallurgical 14.4 15.4

Thermal 0.7 1.1

Met segment - total shipments 15.1 16.5

Committed/Priced1,2,3

Committed

Volume (in millions of tons)

Average Price

Metallurgical - domestic 4.1 $136.38

Metallurgical - export 3.1 $127.02

Metallurgical total 48 % 7.2 $132.37

Thermal 100 % 1.2 $74.53

Met segment

53 % 8.4 $124.37

Committed/Unpriced1,3

Committed

Metallurgical total 43 %

Thermal — %

Met segment

40 %

Costs per ton4

Low High

Met segment $95.00 $101.00

In millions (except taxes) Low High

SG&A5

$53 $59

Idle operations expense $24 $32

Net cash interest income $2 $6

DD&A $160 $174

Capital expenditures $148 $168

Capital contributions to equity affiliates6

$35 $45

Cash tax rate 0 % 5 %

Notes:

1.Based on committed and priced coal shipments as of April 29, 2026. Committed percentage based on the midpoint of shipment guidance range.

2.Actual average per-ton realizations on committed and priced tons recognized in future periods may vary based on actual freight expense in future periods relative to assumed freight expense embedded in projected average per-ton realizations.

3.Includes estimates of future coal shipments based upon contract terms and anticipated delivery schedules. Actual coal shipments may vary from these estimates.

4.Note: The Company is unable to present a quantitative reconciliation of its forward-looking non-GAAP cost of coal sales per ton sold financial measures to the most directly comparable GAAP measures without unreasonable efforts due to the inherent difficulty in forecasting and quantifying with reasonable accuracy significant items required for the reconciliation. The most directly comparable GAAP measure, GAAP cost of sales, is not accessible without unreasonable efforts on a forward-looking basis. The reconciling items include freight and handling costs, which are a component of GAAP cost of sales. Management is unable to predict without unreasonable efforts freight and handling costs due to uncertainty as to the end market and FOB point for uncommitted sales volumes and the final shipping point for export shipments. These amounts have varied historically and may continue to vary significantly from quarter to quarter and material changes to these items could have a significant effect on our future GAAP results.

5.Excludes expenses related to non-cash stock compensation and non-recurring expenses.

6.Includes contributions to fund normal operations at our DTA export facility and expected capital investments related to the facility upgrades.

Conference Call

The company plans to hold a conference call regarding its first quarter results on May 8, 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.

Forward-Looking Statements

This news release includes forward-looking statements. These forward-looking statements are based on Alpha’s expectations and beliefs concerning future events and involve risks and uncertainties that may cause actual results to differ materially from current expectations. These factors are difficult to predict accurately and may be beyond Alpha’s control. Forward-looking statements in this news release or elsewhere speak only as of the date made. New uncertainties and risks arise from time to time, and it is impossible for Alpha to predict these events or how they may affect Alpha. Except as required by law, Alpha has no duty to, and does not intend to, update or revise the forward-looking statements in this news release or elsewhere after the date this release is issued. In light of these risks and uncertainties, investors should keep in mind that results, events or developments discussed in any forward-looking statement made in this news release may not occur. See Alpha’s filings with the U.S. Securities and Exchange Commission for more information.

FINANCIAL TABLES FOLLOW

Non-GAAP Financial Measures

The discussion below contains “non-GAAP financial measures.” These are financial measures that either exclude or include amounts that are not excluded or included in the most directly comparable measures calculated and presented in accordance with generally accepted accounting principles in the United States (“U.S. GAAP” or “GAAP”). Specifically, we make use of the non-GAAP financial measures “Adjusted EBITDA,” “non-GAAP coal revenues,” “non-GAAP coal sales realization per ton,” “non-GAAP cost of coal sales,” “non-GAAP cost of coal sales per ton,” “non-GAAP coal margin,” and “non-GAAP coal margin per ton.” In addition to net income (loss), we use Adjusted EBITDA to measure the operating performance of our reportable segment. Adjusted EBITDA does not purport to be an alternative to net income (loss) as a measure of operating performance or any other measure of operating results, financial performance, or liquidity presented in accordance with GAAP. Moreover, this measure is not calculated identically by all companies and therefore may not be comparable to similarly titled measures used by other companies. Adjusted EBITDA is presented because management believes it is a useful indicator of the financial performance of our coal operations. We use non-GAAP coal revenues to present coal revenues generated, excluding freight and handling fulfillment revenues. Non-GAAP coal sales realization per ton is calculated as non-GAAP coal revenues divided by tons sold. We use non-GAAP cost of coal sales to adjust cost of coal sales to remove freight and handling costs, depreciation, depletion and amortization - production (excluding the depreciation, depletion and amortization related to selling, general and administrative functions), accretion on asset retirement obligations, amortization of acquired intangibles, and idled and closed mine costs. Non-GAAP cost of coal sales per ton is calculated as non-GAAP cost of coal sales divided by tons sold. Non-GAAP coal margin is calculated as non-GAAP coal revenues less non-GAAP cost of coal sales. Non-GAAP coal margin per ton is calculated as non-GAAP coal margin divided by tons sold. The presentation of these measures should not be considered in isolation, or as a substitute for analysis of our results as reported under GAAP.

Management uses non-GAAP financial measures to supplement GAAP results to provide a more complete understanding of the factors and trends affecting the business than GAAP results alone. The definition of these non-GAAP measures may be changed periodically by management to adjust for significant items important to an understanding of operating trends and to adjust for items that may not reflect the trend of future results by excluding transactions that are not indicative of our core operating performance. Furthermore, analogous measures are used by industry analysts to evaluate our operating performance. Because not all companies use identical calculations, the presentations of these measures may not be comparable to other similarly titled measures of other companies and can differ significantly from company to company depending on long-term strategic decisions regarding capital structure, the tax jurisdictions in which companies operate, capital investments and other factors.

Included below are reconciliations of non-GAAP financial measures to GAAP financial measures.

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited)

(Amounts in thousands, except share and per share data)

Three Months Ended March 31,

2026 2025

Revenues:

Coal revenues $ 523,533 $ 529,667

Other revenues 1,454 2,290

Total revenues 524,987 531,957

Costs and expenses:

Cost of coal sales (exclusive of items shown separately below) 474,389 504,584

Depreciation, depletion and amortization 39,926 43,910

Accretion on asset retirement obligations 5,215 5,614

Amortization of acquired intangibles 876 1,357

Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) 16,598 15,424

Other operating (income) loss (1,585) 1,243

Total costs and expenses 535,419 572,132

Loss from operations (10,432) (40,175)

Other (expense) income:

Interest expense (841) (763)

Interest income 4,206 4,046

Equity loss in affiliates (5,733) (4,960)

Miscellaneous expense, net (3,558) (3,532)

Total other expense, net (5,926) (5,209)

Loss before income taxes (16,358) (45,384)

Income tax benefit 5,326 11,437

Net loss $ (11,032) $ (33,947)

Basic loss per common share $ (0.86) $ (2.60)

Diluted loss per common share $ (0.86) $ (2.60)

Weighted average shares – basic

12,800,037 13,047,607

Weighted average shares – diluted

12,800,037 13,047,607

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited)

(Amounts in thousands, except share and per share data)

March 31, 2026 December 31, 2025

Assets

Current assets:

Cash and cash equivalents $ 317,231 $ 365,974

Short-term investments 49,646 49,582

Trade accounts receivable, net of allowance for credit losses of $2,858 and $2,519 as of March 31, 2026 and December 31, 2025, respectively

302,136 278,620

Inventories, net 213,102 193,000

Prepaid expenses and other current assets 27,360 31,132

Total current assets 909,475 918,308

Property, plant, and equipment, net of accumulated depreciation and amortization of $805,966 and $774,101 as of March 31, 2026 and December 31, 2025, respectively

625,145 621,866

Owned and leased mineral rights, net of accumulated depletion and amortization of $157,070 and $150,616 as of March 31, 2026 and December 31, 2025, respectively

410,489 416,944

Other acquired intangibles, net of accumulated amortization of $43,948 and $43,072 as of March 31, 2026 and December 31, 2025, respectively

33,576 34,452

Long-term restricted cash 127,217 126,911

Long-term restricted investments 34,399 34,356

Deferred income taxes 8,210 8,087

Other non-current assets 133,926 119,702

Total assets $ 2,282,437 $ 2,280,626

Liabilities and Stockholders’ Equity

Current liabilities:

Current portion of long-term debt $ 3,231 $ 3,575

Trade accounts payable 92,984 66,169

Accrued expenses and other current liabilities 151,772 135,778

Total current liabilities 247,987 205,522

Long-term debt 8,977 9,841

Workers’ compensation and black lung obligations 189,527 190,965

Pension obligations 83,281 87,317

Asset retirement obligations 203,632 204,745

Deferred income taxes 10,711 15,433

Other non-current liabilities 21,367 21,308

Total liabilities 765,482 735,131

Commitments and Contingencies

Stockholders’ Equity

Preferred stock - par value $0.01, 5,000,000 shares authorized, none issued

— —

Common stock - par value $0.01, 50,000,000 shares authorized, 22,494,813 issued and 12,752,824 outstanding at March 31, 2026 and 22,437,379 issued and 12,805,909 outstanding at December 31, 2025

225 224

Additional paid-in capital 855,765 852,030

Accumulated other comprehensive loss (58,698) (60,433)

Treasury stock, at cost: 9,741,989 shares at March 31, 2026 and 9,631,470 shares at December 31, 2025

(1,364,022) (1,341,027)

Retained earnings 2,083,685 2,094,701

Total stockholders’ equity 1,516,955 1,545,495

Total liabilities and stockholders’ equity $ 2,282,437 $ 2,280,626

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited)

(Amounts in thousands)

Three Months Ended March 31,

2026 2025

Operating activities:

Net loss $ (11,032) $ (33,947)

Adjustments to reconcile net loss to net cash provided by operating activities:

Depreciation, depletion and amortization 39,926 43,910

Amortization of acquired intangibles 876 1,357

Gain on disposal of assets, net (2,053) (37)

Accretion on asset retirement obligations 5,215 5,614

Employee benefit plans, net 6,266 5,618

Deferred tax benefit (5,329) (11,416)

Stock-based compensation 3,736 3,437

Equity loss in affiliates 5,733 4,960

Other, net 2,476 135

Changes in operating assets and liabilities (16,768) 2,550

Net cash provided by operating activities 29,046 22,181

Investing activities:

Capital expenditures (40,668) (38,450)

Capital contributions to equity affiliates (13,403) (9,836)

Purchases of investment securities (27,826) (14,663)

Sales and maturities of investment securities 28,240 15,080

Other, net 62 94

Net cash used in investing activities (53,595) (47,775)

Financing activities:

Principal repayments of long-term debt (915) (822)

Common stock repurchases and related expenses (22,901) (5,155)

Other, net (72) (415)

Net cash used in financing activities (23,888) (6,392)

Net decrease in cash and cash equivalents and restricted cash (48,437) (31,986)

Cash and cash equivalents and restricted cash at beginning of period 492,885 604,161

Cash and cash equivalents and restricted cash at end of period $ 444,448 $ 572,175

Supplemental disclosure of noncash investing and financing activities:

Accrued capital expenditures $ 11,089 $ 10,785

The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Condensed Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Condensed Consolidated Statements of Cash Flows.

As of March 31,

2026 2025

Cash and cash equivalents $ 317,231 $ 447,990

Long-term restricted cash 127,217 124,185

Total cash and cash equivalents and restricted cash shown in the Condensed Consolidated Statements of Cash Flows $ 444,448 $ 572,175

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

ADJUSTED EBITDA RECONCILIATION

(Amounts in thousands)

Three Months Ended

March 31, 2026 December 31, 2025 March 31, 2025

Net loss $ (11,032) $ (17,271) $ (33,947)

Interest expense 841 730 763

Interest income (4,206) (3,273) (4,046)

Income tax benefit (5,326) (9,757) (11,437)

Depreciation, depletion and amortization 39,926 41,893 43,910

Non-cash stock compensation expense 3,736 3,193 3,437

Accretion on asset retirement obligations 5,215 5,501 5,614

Amortization of acquired intangibles 876 1,356 1,357

Non-recurring mine flood costs (1)

— 6,098 —

Adjusted EBITDA $ 30,030 $ 28,470 $ 5,651

(1) Non-recurring mine recovery and idle costs due to the water inundation at the Rolling Thunder mine in November 2025.

ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES

RESULTS OF OPERATIONS

Three Months Ended

(In thousands, except for per ton data) March 31, 2026 December 31, 2025 March 31, 2025

Coal revenues $ 523,533 $ 519,060 $ 529,667

Less: freight and handling fulfillment revenues (76,214) (82,730) (83,924)

Non-GAAP coal revenues $ 447,319 $ 436,330 $ 445,743

Non-GAAP coal sales realization per ton $ 124.39 $ 115.31 $ 118.61

Cost of coal sales (exclusive of items shown separately below) $ 474,389 $ 478,519 $ 504,584

Depreciation, depletion and amortization - production (1)

39,606 41,571 43,592

Accretion on asset retirement obligations 5,215 5,501 5,614

Amortization of acquired intangibles 876 1,356 1,357

Total cost of coal sales 520,086 526,947 555,147

Less: freight and handling costs (76,214) (82,730) (83,924)

Less: depreciation, depletion and amortization - production (1)

(39,606) (41,571) (43,592)

Less: accretion on asset retirement obligations (5,215) (5,501) (5,614)

Less: amortization of acquired intangibles (876) (1,356) (1,357)

Less: idled and closed mine costs (9,872) (11,960) (5,991)

Non-GAAP cost of coal sales $ 388,303 $ 383,829 $ 414,669

Non-GAAP cost of coal sales per ton $ 107.98 $ 101.43 $ 110.34

GAAP coal margin $ 3,447 $ (7,887) $ (25,480)

GAAP coal margin per ton $ 0.96 $ (2.08) $ (6.78)

Non-GAAP coal margin $ 59,016 $ 52,501 $ 31,074

Non-GAAP coal margin per ton $ 16.41 $ 13.87 $ 8.27

Tons sold 3,596 3,784 3,758

(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.

Three Months Ended March 31, 2026

(In thousands, except for per ton data) Tons Sold Coal Revenues Non-GAAP Coal sales realization per ton % of Met Tons Sold

Domestic 809 $ 111,053 $ 137.27 24 %

Export - Australian indexed 1,120 162,348 $ 144.95 33 %

Export - other pricing mechanisms 1,423 156,981 $ 110.32 43 %

Total Met segment - met coal 3,352 430,382 $ 128.40 100 %

Met segment - thermal coal 244 16,937 $ 69.41

Non-GAAP coal revenues 3,596 447,319 $ 124.39

Add: freight and handling fulfillment revenues — 76,214

Coal revenues 3,596 $ 523,533

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v3.26.1

Cover

May 06, 2026

Cover [Abstract]

Document Type

8-K

Document Period End Date

May 06, 2026

Entity Registrant Name

ALPHA METALLURGICAL RESOURCES, INC.

Entity Incorporation, State or Country Code

Entity File Number

001-38735

Entity Tax Identification Number

81-3015061

Entity Address, Address Line One

340 Martin Luther King Jr. Blvd.

Entity Address, City or Town

Bristol

Entity Address, State or Province

Entity Address, Postal Zip Code

37620

City Area Code

423

Local Phone Number

573-0300

Written Communications

false

Soliciting Material

false

Pre-commencement Tender Offer

false

Pre-commencement Issuer Tender Offer

false

Title of 12(b) Security

Common Stock

Trading Symbol

AMR

Security Exchange Name

NYSE

Entity Emerging Growth Company

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Entity Central Index Key

0001704715

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