Alta Mesa Resources Stock Earnings Reports

Alpha Metallurgical Resources reported Q3 2025 adjusted EBITDA of $41.7 million on shipments of 3.9 million tons. Cost of coal sales for the metallurgical segment improved to $97.27/ton (best quarterly performance since 2021), while weighted-average met realizations declined to $117.62/ton. The company generated $50.6 million of operating cash flow in the quarter, ended September 30 with ~$408.5 million of unrestricted cash (total liquidity $568.5 million), and had no ABL borrowings. Q3 capex was $25.1 million. Management is exercising cost discipline and planning for 2026 but is not yet providing guidance while domestic contract negotiations and budgeting continue. At the midpoint of 2025 guidance, ~85% of met tonnage is committed and priced at an average of $122.57/ton, 13% is committed but not yet priced, and the incidental thermal portion is fully committed and priced at ~$80.27/ton. Operational highlights include another quarter of productivity gains (tons per man-hour +2%) and progress on the Kingston Wildcat low-vol mine, which is in development production and targeted to ramp to ~1 million tons annual run-rate in 2026. Market commentary emphasized range-bound metallurgical coal indices, continued demand uncertainty for steel, and a recent CSX derailment that temporarily affected access to export terminals (Alpha has inventory at DTA and is working with customers and the railroad). Management noted they are selectively evaluating M&A/tuck-in opportunities but prioritizing liquidity preservation given market uncertainty.