false000170471500017047152025-02-282025-02-28

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): February 28, 2025

 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 classTrading Symbol(s)Name of each exchange on which registered
Common StockAMRNew 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. ¨ 





Item 2.02 Results of Operations and Financial Condition. 

On February 28, 2025, Alpha Metallurgical Resources, Inc. (the “Company”) issued a press release announcing earnings and other financial results for its fiscal quarter and year ended December 31, 2024. The press release is attached hereto as Exhibit 99.1.

Item 9.01 Financial Statements and Exhibits. 

(d) Exhibits
Exhibit 99.1
Press Release dated February 28, 2025
104Cover 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: February 28, 2025
By:
/s/ J. Todd Munsey
Name: J. Todd Munsey
Title: Chief Financial Officer




EXHIBIT INDEX
Exhibit No.Description
Exhibit 99.1
104Cover Page Interactive Data File (embedded within the Inline XBRL document)




FOR IMMEDIATE RELEASE
image.jpg
        

                                                                 
Alpha Announces Financial Results for Fourth Quarter and Full Year 2024

•Reports net loss of $2.1 million for the fourth quarter 2024
•Posts Adjusted EBITDA of $53.2 million for the quarter
•Reduces 2025 volume guidance for metallurgical coal shipments to 14.5 million to 15.5 million tons
•Increases full-year cost of coal sales guidance range to $103.00 to $110.00 per ton
•Reduced letters of credit outstanding by $15 million during the quarter
BRISTOL, Tenn., February 28, 2025 - Alpha Metallurgical Resources, Inc. (NYSE: AMR), a leading U.S. supplier of metallurgical products for the steel industry, today reported financial results for the fourth quarter and full year ending December 31, 2024.

(millions, except per share)
Three months ended
Dec. 31, 2024Sept. 30, 2024Dec. 31, 2023
Net (loss) income
($2.1)$3.8$176.0
Net (loss) income per diluted share
($0.16)$0.29$12.88
Adjusted EBITDA(1)
$53.2$49.0$266.3
Operating cash flow
$56.3$189.5$199.4
Capital expenditures($42.7)($31.5)($61.5)
Tons of coal sold4.14.14.6
__________________________________
1. These are non-GAAP financial measures. A reconciliation of Net Income to Adjusted EBITDA is included in tables accompanying the financial schedules.


"As expected, the weak metallurgical coal market negatively impacted our results for the fourth quarter," said Andy Eidson, Alpha's chief executive officer. "We continue to see lower levels of
amrpressreleasefooter.jpg

met coal demand which is keeping pricing subdued. As always, we strive to accurately assess the landscape and take actions as necessary to match our business to those realities. The adjustments we're announcing today to our full year 2025 guidance for met coal shipment volumes and costs of coal sales are reflective of lower amounts of purchased coal than previously expected, as well as the impact of severe weather in both January and February on our operating plans. As we look ahead, our priorities continue to be the safe operation of our mines and the financial protection of the business against these difficult market circumstances."

Financial Performance

Alpha reported a net loss of $2.1 million, or $0.16 per diluted share, for the fourth quarter 2024, as compared to net income of $3.8 million, or $0.29 per diluted share, in the third quarter.

Total Adjusted EBITDA was $53.2 million for the fourth quarter, compared to $49.0 million in the third quarter.


Coal Revenues
(millions)
Three months ended
Dec. 31, 2024Sept. 30, 2024
Met Segment$615.4$669.8
Met Segment (excl. freight & handling)(1)
$519.3$550.7

Tons Sold(millions)
Three months ended
Dec. 31, 2024Sept. 30, 2024
Met Segment4.14.1
__________________________________
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
Dec. 31, 2024Sept. 30, 2024
Met Segment$127.84$132.76
__________________________________
1. Represents Non-GAAP coal sales realization which is defined and reconciled under "Non-GAAP Financial Measures" and "Results of Operations."

Fourth quarter net realized pricing for the Met segment was $127.84 per ton.

2


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

(in millions, except per ton data)
Met Segment SalesThree months ended Dec. 31, 2024
Tons SoldCoal Revenues
Realization/ton(1)
% of Met Tons Sold
Export - Other Pricing Mechanisms1.7$206.9$122.2446%
Domestic1.0$156.4$158.9326%
Export - Australian Indexed1.0$130.3$124.7128%
Total Met Coal Revenues3.7$493.7$132.63100%
Thermal Coal Revenues0.3$25.6$75.39
Total Met Segment Coal Revenues (excl. freight & handling)(1)
4.1$519.3$127.84
__________________________________
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
Dec. 31, 2024Sept. 30, 2024
Met Segment$540.8$598.7
Met Segment (excl. freight & handling/idle)(1)
$442.0$474.0

(per ton)
Met Segment(1)
$108.82$114.27

__________________________________
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 decreased to an average of $108.82 per ton in the fourth quarter, compared to $114.27 per ton in the third quarter.

Liquidity and Capital Resources

Cash provided by operating activities in the fourth quarter decreased to $56.3 million as compared to $189.5 million in the third quarter. The third quarter benefited from a decrease in working capital of $144.5 million. Capital expenditures for the fourth quarter were $42.7 million compared to $31.5 million for the third quarter.

As of December 31, 2024, the company had total liquidity of $519.4 million, including cash and cash equivalents of $481.6 million and $112.9 million of unused availability under the asset-
3


based revolving credit facility (ABL), partially offset by a minimum required liquidity of $75.0 million as required by the ABL. As of December 31, 2024, the company had no borrowings and $42.1 million in letters of credit outstanding under the ABL, a reduction of $15.0 million in letters of credit outstanding as compared to the third quarter. Total long-term debt, including the current portion of long-term debt as of December 31, 2024, was $5.8 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 February 21, 2025, the company has acquired approximately 6.6 million shares of common stock at a cost of approximately $1.1 billion, or approximately $165.74 per share. The number of common stock shares outstanding as of February 21, 2025 was 13,052,684. The outstanding share count does not include the potentially dilutive effect of unvested equity awards.

The timing and amount of share repurchases will continue to be determined by the company's management based on its evaluation of market conditions, the trading price of the stock, applicable legal requirements, compliance with the provisions of the company's debt agreements, and other factors.


2025 Guidance Adjustments and Performance Update

Alpha is reducing its full-year 2025 guidance for metallurgical coal shipment volumes. The new metallurgical coal shipments guidance range is 14.5 million tons to 15.5 million tons, down from the prior range of 15.0 million tons to 16.0 million tons. Additionally, the company is increasing its 2025 cost of coal sales guidance range to $103.00 to $110.00 per ton, up from the prior range of $103.00 to $108.00 per ton.

As of February 20, 2025, Alpha has committed and priced approximately 32% of its metallurgical coal for 2025 at an average price of $143.81 per ton and 95% of its thermal coal for the year at an average price of $80.74 per ton.

4


2025 Guidance
in millions of tonsLowHigh
Metallurgical14.5 15.5 
Thermal1.0 1.4 
Met Segment - Total Shipments15.5 16.9 
Committed/Priced1,2,3
CommittedAverage Price
Metallurgical - Domestic$152.94 
Metallurgical - Export$113.11 
Metallurgical Total32 %$143.81 
Thermal95 %$80.74 
Met Segment
37 %$131.73 
Committed/Unpriced1,3
Committed
Metallurgical Total57 %
Thermal— %
Met Segment
53 %
Costs per ton4
LowHigh
Met Segment$103.00 $110.00 
In millions (except taxes)LowHigh
SG&A5
$53 $59 
Idle Operations Expense$18 $28 
Net Cash Interest Income$2 $10 
DD&A$165 $185 
Capital Expenditures$152 $182 
Capital Contributions to Equity Affiliates6
$44 $54 
Cash Tax Rate0 %5 %
Notes:    
1.Based on committed and priced coal shipments as of February 20, 2025. 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.
5



Annual Meeting of Stockholders
The board of directors has scheduled the annual meeting of stockholders for May 7, 2025.


Conference Call
The company plans to hold a conference call regarding its fourth quarter results on February 28, 2025, 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.
6


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 cost of coal sales,” and “non-GAAP coal margin.” In addition to net income, 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 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 for our operations 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, net, and idled and closed mine costs. Non-GAAP cost of coal sales per ton for our operations is calculated as non-GAAP cost of coal sales divided by tons sold. Non-GAAP coal margin per ton for our coal operations is calculated as non-GAAP coal sales realization per ton for our coal operations less non-GAAP cost of coal sales per ton for our coal operations. 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 the Company’s 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. For comparability purposes, certain immaterial segment information for the three and twelve months ended December 31, 2023 have been recast to conform to the current year presentation.


7


ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
(Amounts in thousands, except share and per share data)
Three Months Ended December 31,Year Ended December 31,
2024202320242023
Revenues:
Coal revenues$615,383 $957,127 $2,946,579 $3,456,630 
Other revenues1,964 2,864 10,706 14,787 
Total revenues617,347 959,991 2,957,285 3,471,417 
Costs and expenses:
Cost of coal sales (exclusive of items shown separately below)540,754 668,879 2,451,601 2,356,138 
Depreciation, depletion and amortization40,836 42,638 167,331 136,869 
Accretion on asset retirement obligations6,324 6,371 25,050 25,500 
Amortization of acquired intangibles, net1,675 2,065 6,700 8,523 
Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above)16,831 26,139 74,000 82,390 
Other operating loss (income)936 577 4,749 (1,088)
Total costs and expenses607,356 746,669 2,729,431 2,608,332 
Income from operations9,991 213,322 227,854 863,085 
Other (expense) income:
Interest expense(583)(1,601)(3,811)(6,923)
Interest income4,952 3,022 18,208 11,933 
Loss on extinguishment of debt— (2,753)— (2,753)
Equity loss in affiliates(5,734)(6,681)(20,302)(18,263)
Miscellaneous expense, net(2,940)(763)(11,199)(1,620)
Total other expense, net(4,305)(8,776)(17,104)(17,626)
Income before income taxes5,686 204,546 210,750 845,459 
Income tax expense(7,815)(28,530)(23,171)(123,503)
Net (loss) income$(2,129)$176,016 $187,579 $721,956 
Basic (loss) income per common share$(0.16)$13.35 $14.41 $51.18 
Diluted (loss) income per common share$(0.16)$12.88 $14.28 $49.30 
Weighted average shares - basic13,020,122 13,187,100 13,013,469 14,106,466 
Weighted average shares - diluted13,020,122 13,662,021 13,134,806 14,642,856 
8


ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
(Amounts in thousands, except share and per share data)
December 31, 2024December 31, 2023
Assets
Current assets:
Cash and cash equivalents$481,578 $268,207 
Trade accounts receivable, net of allowance for credit losses of $2,396 and $234 as of December 31, 2024 and 2023, respectively
362,141 509,682 
Inventories, net169,269 231,344 
Prepaid expenses and other current assets23,681 39,064 
Total current assets1,036,669 1,048,297 
Property, plant, and equipment, net of accumulated depreciation and amortization of $667,260 and $558,905 as of December 31, 2024 and 2023, respectively
634,871 588,992 
Owned and leased mineral rights, net of accumulated depletion and amortization of $124,965 and $99,826 as of December 31, 2024 and 2023, respectively
443,467 451,160 
Other acquired intangibles, net of accumulated amortization of $41,444 and $38,543 as of December 31, 2024 and 2023, respectively
39,879 46,579 
Long-term restricted cash122,583 115,918 
Long-term restricted investments43,131 40,597 
Deferred income taxes6,516 8,028 
Other non-current assets111,592 106,486 
Total assets$2,438,708 $2,406,057 
Liabilities and Stockholders’ Equity
Current liabilities:
Current portion of long-term debt$2,916 $3,582 
Trade accounts payable96,633 128,836 
Accrued expenses and other current liabilities151,560 177,512 
Total current liabilities251,109 309,930 
Long-term debt2,868 6,792 
Workers’ compensation and black lung obligations182,961 189,226 
Pension obligations100,597 101,908 
Asset retirement obligations189,805 166,509 
Deferred income taxes40,486 39,142 
Other non-current liabilities21,385 18,622 
Total liabilities789,211 832,129 
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, 22,383,325 issued and 13,016,390 outstanding at December 31, 2024 and 22,058,135 issued and 12,938,679 outstanding at December 31, 2023
224 221 
Additional paid-in capital839,804 834,482 
Accumulated other comprehensive loss(50,082)(40,587)
Treasury stock, at cost: 9,366,935 shares at December 31, 2024 and 9,119,456 shares at December 31, 2023
(1,296,916)(1,189,715)
Retained earnings2,156,467 1,969,527 
Total stockholders’ equity1,649,497 1,573,928 
Total liabilities and stockholders’ equity$2,438,708 $2,406,057 
9


ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
(Amounts in thousands)
Year Ended December 31,
20242023
Operating activities:
Net income$187,579 $721,956 
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, depletion and amortization167,331 136,869 
Amortization of acquired intangibles, net6,700 8,523 
Amortization of debt issuance costs and accretion of debt discount1,118 1,947 
Loss on extinguishment of debt— 2,753 
Gain on disposal of assets, net(169)(6,817)
Accretion on asset retirement obligations25,050 25,500 
Employee benefit plans, net14,551 8,376 
Deferred income taxes5,563 39,722 
Stock-based compensation12,318 19,017 
Equity loss in affiliates20,302 18,263 
Other, net787 (363)
Changes in operating assets and liabilities
Trade accounts receivable, net145,379 (102,477)
Inventories, net64,203 (27,900)
Prepaid expenses and other current assets14,658 7,596 
Deposits408 80,729 
Other non-current assets1,199 3,837 
Trade accounts payable(19,339)15,666 
Accrued expenses and other current liabilities(5,972)(9,087)
Acquisition-related obligations— (28,254)
Asset retirement obligations(27,903)(19,189)
Other non-current liabilities(33,844)(45,508)
Net cash provided by operating activities579,919 851,159 
Investing activities:
Capital expenditures(198,848)(245,373)
Proceeds on disposal of assets1,029 8,173 
Cash paid for business acquired— (11,919)
Purchases of investment securities(48,730)(207,065)
Sales and maturities of investment securities48,036 320,961 
Capital contributions to equity affiliates(32,504)(30,812)
Other, net31 35 
Net cash used in investing activities(230,986)(166,000)
Financing activities:
Principal repayments of long-term debt(2,243)(2,314)
Dividend and dividend equivalents paid(3,077)(113,013)
Common stock repurchases and related expenses(122,299)(540,071)
Other, net(1,278)(1,030)
Net cash used in financing activities(128,897)(656,428)
10


Net increase in cash and cash equivalents and restricted cash220,036 28,731 
Cash and cash equivalents and restricted cash at beginning of period384,125 355,394 
Cash and cash equivalents and restricted cash at end of period$604,161 $384,125 
Supplemental cash flow information:
Cash paid for interest$2,662 $5,207 
Cash paid for income taxes$12,144 $79,221 
Cash received for income tax refunds$3,765 $30 
Supplemental disclosure of noncash investing and financing activities:
Financing leases and capital financing - equipment$1 $3,195 
Accrued capital expenditures$15,523 $25,004 
Accrued common stock repurchases and stock repurchase excise tax$— $8,118 
Accrued dividend payable$424 $2,863 


The following table provides a reconciliation of cash and cash equivalents and restricted cash reported within the Consolidated Balance Sheets that sum to the total of the same such amounts shown in the Consolidated Statements of Cash Flows.
As of December 31,
20242023
Cash and cash equivalents$481,578 $268,207 
Long-term restricted cash122,583 115,918 
Total cash and cash equivalents and restricted cash shown in the Consolidated Statements of Cash Flows$604,161 $384,125 

11


ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
ADJUSTED EBITDA RECONCILIATION
(Amounts in thousands)
Three Months EndedYear Ended December 31,
December 31, 2024September 30, 2024December 31, 202320242023
Net (loss) income$(2,129)$3,804 $176,016 $187,579 $721,956 
Interest expense583 1,041 1,601 3,811 6,923 
Interest income(4,952)(5,145)(3,022)(18,208)(11,933)
Income tax expense (benefit)7,815 (4,087)28,530 23,171 123,503 
Depreciation, depletion and amortization40,836 42,414 42,638 167,331 136,869 
Non-cash stock compensation expense3,001 3,013 9,339 12,318 19,017 
Loss on extinguishment of debt— — 2,753 — 2,753 
Accretion on asset retirement obligations6,324 6,326 6,371 25,050 25,500 
Amortization of acquired intangibles, net1,675 1,675 2,065 6,700 8,523 
Adjusted EBITDA$53,153 $49,041 $266,291 $407,752 $1,033,111 



12


ALPHA METALLURGICAL RESOURCES, INC. AND SUBSIDIARIES
RESULTS OF OPERATIONS

Three Months Ended
(In thousands, except for per ton data)December 31, 2024September 30, 2024December 31, 2023
Coal revenues$615,383 $669,783 $957,127 
Coal revenues - All Other— — (2,946)
Coal revenues - Met615,383 669,783 954,181 
Less: Freight and handling fulfillment revenues - Met(96,087)(119,093)(119,539)
Non-GAAP Coal revenues - Met$519,296 $550,690 $834,642 
Non-GAAP Coal sales realization per ton - Met$127.84 $132.76 $183.76 
Cost of coal sales (exclusive of items shown separately below)$540,754 $598,725 $668,879 
Depreciation, depletion and amortization - production (1)
40,525 42,108 42,325 
Accretion on asset retirement obligations6,324 6,326 6,371 
Amortization of acquired intangibles, net1,675 1,675 2,065 
Total Cost of coal sales589,278 648,834 719,640 
Total Cost of coal sales - All Other— — (18,101)
Total Cost of coal sales - Met589,278 648,834 701,539 
Less: Freight and handling costs - Met(96,087)(119,093)(119,539)
Less: Depreciation, depletion and amortization - production - Met (1)
(40,525)(42,108)(33,295)
Less: Accretion on asset retirement obligations - Met(6,324)(6,326)(3,721)
Less: Amortization of acquired intangibles, net - Met(1,675)(1,675)(2,065)
Less: Idled and closed mine costs - Met(2,650)(5,625)(2,435)
Non-GAAP Cost of coal sales - Met$442,017 $474,007 $540,484 
Non-GAAP Cost of coal sales per ton - Met$108.82 $114.27 $119.00 
GAAP Coal margin - Met$26,105 $20,949 $252,642 
GAAP Coal margin per ton - Met$6.43 $5.05 $55.62 
Non GAAP Coal margin - Met$77,279 $76,683 $294,158 
Non GAAP Coal margin per ton - Met$19.02 $18.49 $64.76 
Tons sold - Met4,062 4,148 4,542 
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.


13


Year Ended December 31,
20242023
Coal revenues$2,946,579 $3,456,630 
Coal revenues - All Other— (49,987)
Coal revenues - Met2,946,579 3,406,643 
Less: Freight and handling fulfillment revenues - Met(503,306)(438,783)
Non-GAAP Coal revenues - Met$2,443,273 $2,967,860 
Non-GAAP Coal sales realization per ton - Met$142.66 $179.40 
Cost of coal sales (exclusive of items shown separately below)$2,451,601 $2,356,138 
Depreciation, depletion and amortization - production (1)
166,105 135,668 
Accretion on asset retirement obligations25,050 25,500 
Amortization of acquired intangibles, net6,700 8,523 
Total Cost of coal sales2,649,456 2,525,829 
Total Cost of coal sales - All Other— (71,978)
Total Cost of coal sales - Met2,649,456 2,453,851 
Less: Freight and handling costs - Met(503,306)(438,783)
Less: Depreciation, depletion and amortization - production - Met (1)
(166,105)(125,716)
Less: Accretion on asset retirement obligations - Met(25,050)(14,886)
Less: Amortization of acquired intangibles, net - Met(6,700)(8,523)
Less: Idled and closed mine costs - Met(29,868)(18,580)
Non-GAAP Cost of coal sales - Met$1,918,427 $1,847,363 
Non-GAAP Cost of coal sales per ton - Met$112.01 $111.67 
GAAP Coal margin - Met$297,123 $952,792 
GAAP Coal margin per ton - Met$17.35 $57.59 
Non GAAP Coal margin - Met$524,846 $1,120,497 
Non GAAP Coal margin per ton - Met$30.64 $67.73 
Tons sold - Met17,127 16,543 
(1) Depreciation, depletion and amortization - production excludes the depreciation, depletion and amortization related to selling, general and administrative functions.


14


Three Months Ended December 31, 2024
(In thousands, except for per ton data)Tons SoldCoal RevenuesNon-GAAP Coal sales realization per ton% of Met Tons Sold
Export - other pricing mechanisms1,693 $206,948 $122.24 46 %
Domestic984 156,390 $158.93 26 %
Export - Australian indexed1,045 130,324 $124.71 28 %
Total Met segment - met coal3,722 493,662 $132.63 100 %
Met segment - thermal coal340 25,634 $75.39 
Non-GAAP Coal revenues4,062 519,296 $127.84 
Add: Freight and handling fulfillment revenues— 96,087 
Coal revenues4,062 $615,383 
15

v3.25.0.1
Cover
Feb. 28, 2025
Cover [Abstract]  
Document Type 8-K
Document Period End Date Feb. 28, 2025
Entity Registrant Name ALPHA METALLURGICAL RESOURCES, INC.
Entity Incorporation, State or Country Code DE
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 TN
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 false
Amendment Flag false
Entity Central Index Key 0001704715
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