Alta Mesa Resources Stock Earnings Reports

Alpha Metallurgical Resources reported Q1 2026 adjusted EBITDA of $30.0 million on 3.6 million tons sold (down from 3.8 million tons). Metallurgical realizations improved quarter-over-quarter (weighted average $128.40/ton in Q1 vs. $118.10/ton in Q4) driven by stronger low-vol indexes, including Australian PLV, but unusual and widening spreads exist between Australian PLV and U.S. East Coast indices (notably a large Low Vol to High Vol A gap). Cost of coal sales rose (met segment cost $107.98/ton vs. $101.43/ton in Q4) driven by lower productive volumes, higher diesel and supplies/repair costs; SG&A ex-items increased to $13.5 million. Liquidity remained strong with ~$476 million total liquidity and no ABL borrowings; capex was $40.7 million in Q1. At the midpoint of guidance, 48% of met tons are committed and priced (avg $132.03/ton) and 43% committed but unpriced. Management expects improved operational performance and shipment cadence in Q2–Q3 and believes it is possible to finish the year near the top end of cost guidance ($95–$101/ton) but warns sustained inflationary impacts from the Iran conflict could force upward guidance revisions. Wildcat (low-vol) mine is ramping with development concluding in Q2 and production ramping in Q3–Q4. Market risks include freight increases, seaborne thermal volatility, oversupply in high-vol markets, and continued geopolitical-driven energy/commodity volatility.