Alpha Metallurgical Resources, Inc. reported a net loss of $61.7 million for the year ended December 31, 2025, compared to a net income of $187.6 million in 2024. Total revenues decreased by 28.0% to $2.13 billion in 2025 from $2.96 billion in 2024, primarily due to a 19.3% decline in average coal sales realization. Coal sales volumes decreased by 10.8% to 15.28 million tons in 2025 from 17.13 million tons in 2024. Adjusted EBITDA decreased by 70.1% to $121.9 million in 2025 from $407.8 million in 2024. The company reduced production levels at its Jerry Fork and Black Eagle mines and temporarily idled its Long Branch surface mine in 2025 due to soft met coal pricing and weak global steel demand. The Elk Run mining complex, including the Checkmate Powellton mine, was temporarily idled in November 2024 due to softening met coal prices and higher operating costs during its early start-up phase. The new Kingston Wildcat underground mine, producing Low-Vol quality met coal, is expected to begin production in the first quarter of 2026. The company maintains a substantial reserve base of 294.5 million tons of proven and probable reserves as of December 31, 2025, with 282.8 million tons being metallurgical reserves. Capital expenditures for 2025 were $127.2 million, with an expectation to spend between $148 million and $168 million in 2026. The fixed dividend program was ended in Q4 2023, and the share repurchase program was suspended from March 2024 until August 2025, with $361.3 million remaining available as of December 31, 2025.