Alpha Metallurgical Resources Issues 2026 Sales Guidance
Alpha Metallurgical Resources issued guidance expectations for the 2026 calendar year. "Upon completion of Alpha's budgeting process for the coming year, we are communicating our guidance expectations for 2026," said Andy Eidson, Alpha's chief executive officer. "While market conditions continue to appear challenging in the immediate term, we are looking ahead and finding ways to best position ourselves for strength when steel demand returns and markets improve. Alpha's 2026 guidance reflects our priorities of continuing focus on Safe Production, maintaining a close eye on efficiency and cost containment, as well as investing in the completion of our Kingston Wildcat low vol mine that will positively impact our portfolio's quality mix." For 2026 sales volumes, Alpha expects to ship between 14.4M and 15.4M metallurgical tons and an additional 0.7M to 1.1M tons of incidental thermal coal, for a total range of 15.1M to 16.5M tons for the year. The company expects its cost of coal sales to be between $95.00 and $101.00 per ton next year. The estimated impact of the Section 45X credit is inherent in the cost of coal sales per ton guidance. SG&A costs are expected to be between $53M and $59M, excluding non-recurring expenses and non-cash stock compensation. The company anticipates idle operations expense to be between $24M and $32M. The range for net cash interest income is expected to be $2M to $6M, while the range for depreciation, depletion and amortization is forecast to be $160M to $174M. Alpha is planning for capital expenditures between $148M to $168M in 2026, which includes sustaining maintenance capital as well as development capital for the completion of the Kingston Wildcat mine. Contributions to equity affiliates are expected in the range of $35M to $45M, which includes both cash contributions for normal operations of Dominion Terminal Associates as well as Alpha's share of the 2026 planned investments in DTA's facility upgrade program. The company expects a 2026 cash tax rate of between 0% and 5%.
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Alpha Metallurgical Resources Reports Preliminary Q4 2025 Financial Results
- Financial Performance Overview: Alpha Metallurgical Resources expects a net loss of $17.3 million for Q4 2025, translating to a diluted loss per share of $1.34, reflecting the challenging met coal market environment throughout most of 2025, although low-vol met coal indexes improved in Q4, most benefits are deferred to Q1 2026.
- Adjusted EBITDA Figures: The Adjusted EBITDA for Q4 stands at $28.5 million, despite incurring approximately $6 million in non-recurring mine recovery and idle costs, indicating strong cost control performance, with full-year costs at the lower end of guidance.
- Coal Sales Performance: The company sold 3.8 million tons of met coal in Q4, generating coal revenues of $519.1 million, with non-GAAP coal revenues at $436.3 million, demonstrating resilience in sales amidst price pressures.
- Liquidity and Capital Resources: As of December 31, 2025, the company reported total liquidity of $524.3 million, including $366 million in cash and cash equivalents, showcasing financial robustness that supports future investments and operations.
Ramaco Resources (METC) Upgraded to Buy by Jefferies with $30 Price Target
- Rating Upgrade: Jefferies upgraded Ramaco Resources from Hold to Buy with a $30 price target, indicating a clear upside risk to consensus met coal price forecasts, which could drive the stock higher.
- Geopolitical Impact: The ongoing escalation of geopolitical risks related to critical minerals is viewed positively for Ramaco's stock, potentially boosting investor confidence and attracting more capital inflows.
- Performance Dependency: Significant upside in Ramaco's shares is contingent upon rising met coal prices and operational performance, alongside the successful development of the Brook Mine rare earth elements project to unlock long-term growth potential.
- Industry Outlook: Jefferies analysts express optimism for coal miners, reiterating Buy ratings on Warrior Met Coal, Core Natural Resources, and Peabody Energy, reflecting confidence in the overall sector and potential investment opportunities.
