The maintained 2026 cost guidance ($95-$101/ton) and 48% met coal booked at $132.37/ton provide a floor for H2 2026 expectations, but the Iran conflict risk to diesel costs is a real wildcard. Watch the May 8 conference call for color on cost trajectory and any revision to the full-year outlook. The $1.5B buyback authorization (with $300M remaining) provides downside support, but the stock is already pricing in a recovery — the 0% analyst bullish consensus suggests limited upside surprise potential.
Price Chart
Executive Summary
Alpha Metallurgical Resources reported Q1 2026 results that were pre-released on April 24, showing a net loss of $11.0M (-$0.86/diluted share) and Adjusted EBITDA of $30.0M, in line with the preliminary figures. While the net loss narrowed significantly from -$33.9M a year ago, coal revenues declined 1.2% YoY to $523.5M, and the company maintained its cost guidance for 2026 but flagged that a persistent Iran conflict could force upward revisions due to diesel and supply cost inflation. The sequential improvement in Adjusted EBITDA ($30.0M vs $28.5M in Q4 2025) and the maintained full-year guidance provide some stability, but the revenue decline and cost headwinds keep the outlook cautious.
Key Financial Metrics
Key Facts
- Q1 2026 net loss of $11.0M (-$0.86/diluted share), compared to net loss of $33.9M (-$2.60) in Q1 2025
- Adjusted EBITDA of $30.0M, up from $5.7M in Q1 2025 and $28.5M in Q4 2025
- Coal revenues of $523.5M, down 1.2% from $529.7M in Q1 2025
- Met segment cost per ton rose to $107.98 from $101.43 in Q4 2025, driven by higher diesel and supply costs
- Maintained 2026 cost guidance of $95-$101/ton, but warned of potential upward revision if Iran conflict persists
- Operating cash flow of $29.0M vs $22.2M in Q1 2025; capital expenditures of $40.7M
- Total liquidity of $476.2M including $317.2M cash; long-term debt of only $12.2M
- Share repurchases of $17.5M in Q1 2026; $1.2B spent cumulatively under $1.5B authorization
- As of April 29, 48% of met coal for 2026 committed and priced at $132.37/ton; thermal coal fully committed at $74.53/ton
- Annual meeting held May 6, 2026; all six director nominees re-elected and RSM LLP ratified as auditor
Financial Impact
Net loss improved $22.9M YoY; Adjusted EBITDA improved $24.3M YoY; coal revenues declined $6.1M YoY
Risk Factors
- Persistent Iran conflict driving diesel and supply costs higher, potentially forcing upward revision to cost guidance
- Lower Q1 volumes (3.6M tons vs 3.8M in Q4 2025) due to planned DTA outage; recovery dependent on H2 shipment cadence
- Elevated cost per ton ($107.98) vs guided range ($95-$101) creates margin pressure if pricing softens
- Coal revenue decline YoY signals potential demand headwinds in met coal markets
- Negative GAAP net income for five consecutive quarters (since Q1 2025)
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001704715-26-000017 |
| Document: amr-20260506.htm | 0001704715-26-000017 |
| Document: 0001704715-26-000017-index-headers.html | 0001704715-26-000017 |
| Document: 0001704715-26-000017-index.html | 0001704715-26-000017 |
| Document: 0001704715-26-000017.txt | 0001704715-26-000017 |
| 8-K Data (Synthetic) | 0001704715-26-000017 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 23, 2026 3d ago | 8-K | $158.20 | awaiting T+5 | — | $164.68 (+4.10%) |
Oct 23, 2026 3d ago | Press Release | $158.20 | awaiting T+5 | — | $164.68 (−4.10%) |
Aug 31, 2026 7w ago | Insider Cluster | $233.41 $226.94 | ▼ −2.77% | ▼ −2.85% | $164.68 (−29.45%) |
Aug 25, 2026 8w ago | Insider Cluster | $215.63 $233.41 | ▲ +8.25% | ▲ +8.78% | $164.68 (−23.63%) |
Aug 7, 2026 11w ago | 8-K | $151.95 $166.05 | ▲ +9.28% | ▲ +8.88% | $164.68 (+8.38%) |
Aug 7, 2026 11w ago | 8-K | $151.95 $166.05 | ▼ −9.28% | ▼ −8.88% | $164.68 (−8.38%) |
Jul 27, 2026 13w ago | 8-K | $145.54 $137.16 | ▲ +5.76% | ▲ +6.83% | $164.68 (−13.15%) |
Jun 18, 2026 18w ago | 8-K | $175.09 $165.25 | ▲ +5.62% | ▲ +3.55% | $164.68 (+5.95%) |
Jun 4, 2026 20w ago | Insider Cluster | $202.38 $200.82 | ▼ −0.77% | ▼ −1.34% | $164.68 (−18.63%) |
Jun 1, 2026 20w ago | 144 | $215.37 $202.38 | ▼ −6.03% | ▼ −3.28% | $164.68 (−23.54%) |
US Market Status
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