AMR earnings analysis
What we found in AMR's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Alpha Metallurgical Resources reported a challenging Q1 2026, with revenues of $523.5 million, slightly missing expectations. The company continues to face headwinds from high operating costs, resulting in a diluted EPS loss of $0.86, in line with consensus estimates, yet showing a slight improvement in Adjusted EBITDA to $30.0 million from the previous quarter.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Performance
- Revenue totaled $523.5 million, just below the estimated $536.6 million, reflecting a slight decline from $532 million in the previous quarter.
- Narrowed Net Loss
- Net loss reduced to $11 million, or $0.86 per share, from a net loss of $142 million, or $2.6 EPS, in Q1 2025.
- Adjusted EBITDA Increase
- Adjusted EBITDA increased to $30 million from $19 million in Q4 2025, showing operational resilience.
- Cash Flow Improvement
- Operating cash flow improved to positive $25 million compared to negative $16 million in Q1 2025.
- Coal Sales Stability
- Stable coal sale realizations amidst ongoing geopolitical tensions.
- Strong Liquidity Position
- Maintained $225 million availability under the revolving credit facility with no borrowings.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Rising Operating Costs
- Continued high operating expenses impacted gross margin, which fell to 5.2% from 10.9% year-over-year.
- Geopolitical Risks
- Ongoing conflicts affecting coal prices and supply chains exacerbate financial uncertainty.
- Shipping and Supply Chain Issues
- Planned shipping outages may impact future coal deliveries and customer contracts.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.86
- Gross margin
- 5.2%
- Operating margin
- -7.6%
What they said about what is next.
Management indicates maintaining cost guidance for coal sales, with potential adjustments pending geopolitical developments.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 27, 2026
- Alpha Metallurgical Resources describes a focused metallurgical coal strategy with a substantial reserve base (294.5 million tons of proven and probable reserves) and majority export-terminal access (65.0% interest in…
- 10-K · February 28, 2025
- Alpha Metallurgical Resources presents a pure‑play metallurgical coal platform with a reported reserve base of 298.6 million tons (287.8 million tons metallurgical) and a 65.0% interest in the Dominion Terminal…
- 10-Q · August 5, 2024
- Alpha reported Q2 revenue of $803,969,000 and diluted EPS of $4.49. Revenue and export volumes held up, but margins and EPS compressed materially versus prior periods; operating income fell to $70,676,000. The company…
- 10-Q · May 8, 2023
- Alpha reported Q1 revenue of $911,235,000 and diluted EPS of $17.01, down versus Q1 2022 revenue of $1,071,964,000 and diluted EPS of $20.52. Operating income remained strong at $314,501,000 (operating margin ~34.5%)…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing AMR makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever