Alpha Metallurgical Reports $12.3 Million Second-Quarter Net Loss
Key Facts
Alpha Metallurgical reported a net loss of $12.3 million in the second quarter of 2026, according to the company’s latest results available as of October 23. The loss was $11.0 million in the first quarter and $5.0 million in the second quarter of 2025. The CEO said the company ended the first half with "lower shipments and higher costs than expected." The company cited a weak metallurgical coal market and storm damage at Dominion Terminal Associates in June among the challenges it faced.
The performance was reflected in diluted loss per share, which was $0.96 in the second quarter, compared with $0.86 in the first quarter and $0.38 in the same period a year earlier. Adjusted EBITDA fell to $25.6 million, from $30.0 million in the first quarter and $46.1 million in the second quarter of 2025. The quarterly and annual comparisons show weakness in this metric alongside a wider net loss. Pressure was not limited to the bottom line; metallurgical mining segment revenue fell to $491.5 million, from $523.5 million in the first quarter. These figures put the second-quarter results in the context of declining activity and revenue during the first half.
Coal sales were 3.5 million tons in the second quarter, compared with 3.6 million tons in the first quarter and 3.9 million tons in the second quarter of 2025. That represents a decline in volumes sold compared with both periods, as the CEO said shipments came in below expectations. The company also linked first-half challenges to a weak metallurgical coal market, along with costs above plan. It said the storm damaged equipment at Dominion Terminal Associates in June. The terminal is part of the shipping context the CEO cited when describing first-half performance.
The company had total liquidity of $447.8 million as of June 30, 2026, including $307.6 million in cash and cash equivalents and $30.9 million in short-term investments. In its preliminary results statement, Alpha cut its 2026 metallurgical coal sales guidance to a range of 13.2 million to 14.0 million tons. At the same time, it raised its coal sales cost outlook to $103–107 per ton. The revisions reflect weaker volume expectations and higher costs than previously indicated, according to the company’s guidance. These figures remain estimates for the full year, not reported third-quarter results.
The company’s third-quarter 2025 results provide an earlier comparison for performance in this quarter: it reported a net loss of $5.5 million, following a $5.0 million loss in the second quarter of that year, and adjusted EBITDA was $41.7 million. The company announced those results on November 6, 2025, and held its earnings call the same day at 10:00 a.m. Eastern time. This does not establish the date for the announcement of third-quarter 2026 results. The latest published results available as of October 23 are the second-quarter results, which the company announced on August 7.