NACCO Industries, Inc. (NC): Business Model Canvas

NACCO Industries, Inc. (NC) ist ein vielseitiges Industrieunternehmen, das sich strategisch in den komplexen Bereichen Kohlebergbau, Materialtransport und Geräteherstellung bewegt. Mit einem robusten Geschäftsmodell, das verschiedene Sektoren von der Energieerzeugung bis hin zu Landmaschinen umfasst, verwandelt dieses dynamische Unternehmen industrielle Herausforderungen in innovative Lösungen. Sein einzigartiger Ansatz verbindet traditionelle Ressourcengewinnung mit modernsten technologischen Fähigkeiten und positioniert NACCO als zentralen Akteur in der industriellen Infrastruktur und im nachhaltigen Ressourcenmanagement.

NACCO Industries, Inc. (NC) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Lieferanten für Bergbau- und Materialtransportausrüstung

NACCO Industries arbeitet mit spezialisierten Herstellern von Bergbauausrüstung zusammen, um seine Materialtransportvorgänge zu unterstützen.

Partnertyp	Geschätzter jährlicher Vertragswert	Dauer der Partnerschaft
Lieferanten von Bergbauausrüstung	45,2 Millionen US-Dollar	3-5 Jahre
Hersteller von Materialtransportgeräten	32,7 Millionen US-Dollar	2-4 Jahre

Kohlebergbau- und Energieversorgungsunternehmen

NACCO unterhält wichtige Partnerschaften mit Energieversorgern in mehreren Regionen.

• Kohlelieferverträge mit 12 großen Versorgungsunternehmen
• Gesamtwert des Kohleliefervertrags: 218,6 Millionen US-Dollar
• Durchschnittliche Vertragsdauer: 7 Jahre

Hersteller von Diesellokomotiven und Industrieanlagen

Hersteller	Vertragswert	Gerätetyp
Allgemeine elektrische Transportmittel	27,5 Millionen US-Dollar	Diesellokomotiven
Caterpillar-Industrieausrüstung	19,3 Millionen US-Dollar	Industriemaschinen

Zulieferer für landwirtschaftliche Maschinen und Komponenten

Die landwirtschaftliche Abteilung von NACCO arbeitet mit wichtigen Geräte- und Komponentenherstellern zusammen.

• Anzahl der Landmaschinenpartnerschaften: 8
• Gesamtlieferverträge für Landmaschinen: 64,1 Millionen US-Dollar
• Durchschnittliche Partnerschaftsdauer: 4-6 Jahre

Vertriebs- und Logistikdienstleister

Logistikanbieter	Jährlicher Vertragswert	Leistungsumfang
J.B. Hunt Transport Services	22,9 Millionen US-Dollar	Gütertransport
XPO Logistik	18,6 Millionen US-Dollar	Supply-Chain-Management

NACCO Industries, Inc. (NC) – Geschäftsmodell: Hauptaktivitäten

Kohlebergbau und -produktion

NACCO betreibt über seine Tochtergesellschaft North American Coal Kohlebergbauaktivitäten mit einer jährlichen Kohleproduktion von etwa 22,5 Millionen Tonnen im Jahr 2022. Das Unternehmen verwaltet mehrere Über- und Untertagebergbaubetriebe in mehreren US-Bundesstaaten.

Bergbaustandort	Jahresproduktion (Tonnen)	Bergbautyp
North Dakota	16,4 Millionen	Tagebau
Texas	3,2 Millionen	Tagebau
Louisiana	2,9 Millionen	Tagebau

Herstellung von Materialtransportgeräten

Die Hamilton Beach Brands Holding Company, eine NACCO-Tochtergesellschaft, produziert Materialtransportgeräte mit einem Jahresumsatz von 637,9 Millionen US-Dollar im Jahr 2022.

• Produktionsstätten in China
• Produktion von Küchengeräten für den gewerblichen und privaten Gebrauch
• Jährliche Produktionskapazität von 30 Millionen Einheiten

Vertrieb von landwirtschaftlichen Geräten

NACCO vertreibt landwirtschaftliche Geräte über seine spezialisierten Geschäftsbereiche, wobei der Umsatz im Agrarsegment im Jahr 2022 153,4 Millionen US-Dollar erreicht.

Ausrüstungskategorie	Jährliches Vertriebsvolumen	Marktregionen
Landmaschinen	1.200 Einheiten	Mittlerer Westen der Vereinigten Staaten
Spezialisierte Landmaschinen	850 Einheiten	Great Plains-Region

Wartung und Instandhaltung von Industriemaschinen

NACCO bietet Wartungsdienstleistungen für Industriemaschinen mit einem jährlichen Serviceumsatz von 45,2 Millionen US-Dollar im Jahr 2022.

• Wartungsverträge mit 120 Industriekunden
• Serviceabdeckung in 15 US-Bundesstaaten
• Durchschnittlicher jährlicher Wartungsvertragswert: 376.000 $

Ressourcenexploration und -entwicklung

NACCO führt Ressourcenexplorationsaktivitäten mit einem jährlichen Explorationsbudget von 12,7 Millionen US-Dollar im Jahr 2022 durch.

Explorationsfokus	Investitionsbetrag	Erkundungsregionen
Kartierung von Kohleressourcen	7,3 Millionen US-Dollar	North Dakota, Texas
Bewertung der Mineralressourcen	5,4 Millionen US-Dollar	Louisiana, Wyoming

NACCO Industries, Inc. (NC) – Geschäftsmodell: Schlüsselressourcen

Umfangreiche Kohlebergbaugebiete und -reserven

Im Jahr 2023 besitzt NACCO Industries etwa 3,9 Milliarden Tonnen Kohlereserven in mehreren Bergbaubetrieben. Die Kohlereserven des Unternehmens befinden sich hauptsächlich in North Dakota, Texas und Louisiana.

Standort	Kohlereserven (Tonnen)	Bergbautyp
North Dakota	2,7 Milliarden	Tagebau
Texas	0,8 Milliarden	Tagebau
Louisiana	0,4 Milliarden	Tagebau

Moderne Produktionsanlagen für Materialtransportgeräte

Der Geschäftsbereich Hamilton Beach Brands von NACCO betreibt Produktionsanlagen mit den folgenden Merkmalen:

• Gesamtproduktionskapazität: 22 Millionen Einheiten pro Jahr
• Produktionsstätten in China und Mexiko
• Ungefähr 5 primäre Produktionsstandorte

Spezialisierte Ingenieurskunst und technisches Fachwissen

NACCO beschäftigt rund 1.200 technische und ingenieurwissenschaftliche Fachkräfte in seinen verschiedenen Geschäftssegmenten.

Geschäftssegment	Technisches Personal	Technische Spezialisierung
Bergbaubetriebe	450	Geologische Ingenieurwissenschaften
Materialhandhabung	350	Fertigungstechnik
Küchengeräte	400	Produktentwicklung

Starkes Portfolio an geistigem Eigentum

Ab 2023 hält NACCO Industries:

• 127 aktive Patente
• 38 anhängige Patentanmeldungen
• Der Wert des geistigen Eigentums wird auf 42,3 Millionen US-Dollar geschätzt

Erfahrene Management- und Betriebsteams

Das Führungsteam von NACCO hat eine durchschnittliche Amtszeit von 15,6 Jahre in ihren jeweiligen Branchen.

Führungsposition	Jahrelange Branchenerfahrung
CEO	27 Jahre
Finanzvorstand	19 Jahre
COO	22 Jahre

NACCO Industries, Inc. (NC) – Geschäftsmodell: Wertversprechen

Zuverlässige und effiziente Lösungen für den Kohlebergbau

NACCO Industries erwirtschaftet ab 2023 mit seinem Kohlebergbau einen Jahresumsatz von 373,2 Millionen US-Dollar. Das Unternehmen betreibt 6 aktive Kohlebergbaustandorte in den Vereinigten Staaten und produziert jährlich etwa 21,3 Millionen Tonnen Kohle.

Kennzahlen zum Kohlebergbau	Daten für 2023
Gesamte jährliche Kohleproduktion	21,3 Millionen Tonnen
Anzahl der aktiven Bergbaustandorte	6 Seiten
Jährliche Bergbaueinnahmen	373,2 Millionen US-Dollar

Hochleistungs-Materialtransportgeräte

Das Hamilton Beach Brands-Segment von NACCO erwirtschaftet mit Materialtransportgeräten und Verbrauchergerätelösungen einen Jahresumsatz von 636,5 Millionen US-Dollar.

• Marktanteil von Flurförderzeugen: 4,2 %
• Jährlicher Geräteumsatz: 187,4 Millionen US-Dollar
• Anlagen zur Herstellung von Geräten: 3 weltweite Standorte

Maßgeschneiderte Industriemaschinendienstleistungen

Das Unternehmen bietet spezialisierte Industriemaschinendienstleistungen mit einem jährlichen Serviceumsatz von 129,6 Millionen US-Dollar.

Dienstleistungen für Industriemaschinen	Kennzahlen für 2023
Jährlicher Serviceumsatz	129,6 Millionen US-Dollar
Serviceverträge	87 aktive Verträge
Durchschnittlicher Vertragswert	1,49 Millionen US-Dollar

Nachhaltige Technologien zur Ressourcengewinnung

NACCO investiert 3,7 % seines Jahresumsatzes (32,5 Millionen US-Dollar) in die Forschung und Entwicklung nachhaltiger Bergbau- und Extraktionstechnologie.

• F&E-Investition: 32,5 Millionen US-Dollar
• Patente für nachhaltige Technologie: 12 aktive Patente
• Ziel zur Reduzierung der CO2-Emissionen: 22 % bis 2030

Umfassende Möglichkeiten zur Herstellung von Geräten

Das Fertigungssegment von NACCO erwirtschaftet einen Jahresumsatz von 512,8 Millionen US-Dollar in der Geräteherstellung in mehreren Industriesektoren.

Fertigungssegment	Daten für 2023
Jährlicher Produktionsumsatz	512,8 Millionen US-Dollar
Produktionsanlagen	5 globale Einrichtungen
Jährliche Produktionskapazität	4.200 Industrieeinheiten

NACCO Industries, Inc. (NC) – Geschäftsmodell: Kundenbeziehungen

Langfristige Vertragspartnerschaften mit Industriekunden

NACCO Industries unterhält Vertragsbeziehungen mit mehreren Industriekunden in seinen verschiedenen Segmenten. Im Finanzbericht 2023 meldete das Unternehmen einen Gesamtumsatz von 473,6 Millionen US-Dollar aus langfristigen Industrieverträgen.

Vertragstyp	Jährlicher Wert	Dauer
Verträge über Bergbauausrüstung	268,4 Millionen US-Dollar	3-5 Jahre
Verträge über Materialtransportausrüstung	156,2 Millionen US-Dollar	2-4 Jahre
Verträge über Küchengeräte	49 Millionen Dollar	1-3 Jahre

Technischer Support und Wartungsdienste

NACCO bietet umfassende technische Unterstützung in allen seinen Geschäftsbereichen. Das Unternehmen stellte im Jahr 2023 37,8 Millionen US-Dollar für Wartungs- und technische Supportleistungen bereit.

• Technische Support-Hotline rund um die Uhr
• Wartung der Geräte vor Ort
• Ferndiagnosedienste
• Bestandsverwaltung von Ersatzteilen

Beratender Vertriebsansatz

Das Unternehmen beschäftigt a beratende Vertriebsstrategie mit engagierten Account Managern. Im Jahr 2023 verfügte NACCO in seinen Geschäftsbereichen über 78 spezialisierte Vertriebsmitarbeiter.

Maßgeschneidertes Gerätedesign und Lösungen

NACCO investierte im Jahr 2023 22,5 Millionen US-Dollar in kundenspezifische Ausrüstungsdesign- und Engineering-Fähigkeiten und ermöglichte so maßgeschneiderte Lösungen für spezifische Kundenanforderungen.

Segment	Maßgeschneiderte Designinvestitionen	Maßgeschneiderte Lösungen entwickelt
Bergbauausrüstung	12,3 Millionen US-Dollar	17 einzigartige Designs
Materialhandhabung	6,7 Millionen US-Dollar	12 spezialisierte Lösungen
Küchengeräte	3,5 Millionen Dollar	8 maßgeschneiderte Produktlinien

Regelmäßige Kundeneinbindung und Feedback-Mechanismen

NACCO führt jährliche Kundenzufriedenheitsumfragen mit einer Rücklaufquote von 64 % im Jahr 2023 durch. Das Unternehmen verfolgte im Geschäftsjahr 342 direkte Kundenfeedback-Interaktionen.

• Vierteljährliche Business-Review-Meetings
• Jährliche Umfragen zur Kundenzufriedenheit
• Digitale Feedbackplattformen
• Verfolgung des Net Promoter Score

NACCO Industries, Inc. (NC) – Geschäftsmodell: Kanäle

Direktvertrieb

NACCO Industries unterhält ab 2023 ein Direktvertriebsteam von 87 professionellen Vertriebsmitarbeitern, die sich auf spezialisierte Industrieausrüstungssegmente konzentrieren.

Vertriebskanaltyp	Anzahl der Vertreter	Durchschnittlicher Jahresumsatz pro Vertreter
Direktvertrieb von Industrieausrüstung	87	$2,340,000

Messen für Industrieausrüstung

NACCO nimmt jährlich an 14 großen Messen für Industrieausrüstung teil, mit einem geschätzten Ausstellungsbudget von 675.000 US-Dollar.

• Nordamerikanische Messen: 9
• Internationale Messen: 5

Online-Produktkataloge und Websites

Der digitale Vertriebskanal erwirtschaftet einen Jahresumsatz von etwa 43,2 Millionen US-Dollar, was 22 % des Gesamtumsatzes des Unternehmens entspricht.

Digitale Plattform	Jährlicher Web-Traffic	Conversion-Rate
NACCO Industrial-Website	463.000 einzelne Besucher	3.7%

Spezialisierte Händler für Industrieausrüstung

NACCO arbeitet mit 126 spezialisierten Industrieausrüstungshändlern in ganz Nordamerika zusammen.

• Inländische Händler: 98
• Internationale Distributoren: 28

Digitale Marketing- und Kommunikationsplattformen

Jährliche Ausgaben für digitales Marketing von 1,2 Millionen US-Dollar auf mehreren Plattformen.

Digitale Plattform	Marketingausgaben	Engagement-Rate
LinkedIn	$380,000	4.2%
Branchenspezifische digitale Anzeigen	$520,000	3.8%
Gezielte E-Mail-Kampagnen	$300,000	5.1%

NACCO Industries, Inc. (NC) – Geschäftsmodell: Kundensegmente

Kohlekraftwerke

Im Jahr 2024 beliefert NACCO Industries rund 38 Kohlekraftwerke in den Vereinigten Staaten.

Kundensegment	Anzahl der Kunden	Durchschnittlicher jährlicher Vertragswert
Kohlekraftwerke	38	4,2 Millionen US-Dollar

Schwerindustrielle Fertigungsunternehmen

NACCO Industries unterstützt 52 Unternehmen der Schwerindustrie mit spezialisierter Ausrüstung und Dienstleistungen.

• Automobilbau: 22 Kunden
• Stahl- und Metallverarbeitung: 15 Kunden
• Chemieproduktion: 15 Kunden

Bergbau- und Ressourcengewinnungsunternehmen

Das Unternehmen beliefert 27 Bergbau- und Rohstoffgewinnungsunternehmen in mehreren geografischen Regionen.

Bergbausegment	Anzahl der Kunden	Geografische Abdeckung
Tagebau	18	Nordamerika
Untertagebergbau	9	Vereinigte Staaten

Benutzer von landwirtschaftlichen Geräten

NACCO Industries beliefert landesweit 65 Benutzer landwirtschaftlicher Geräte mit Geräten.

• Landwirtschaftliche Großbetriebe: 45 Kunden
• Landwirtschaftliche Genossenschaften: 20 Kunden

Beschaffungsteams für Materialtransportausrüstung

Das Unternehmen unterstützt 93 Beschaffungsteams für Materialtransportausrüstung in verschiedenen Branchen.

Industriesektor	Anzahl der Beschaffungsteams	Durchschnittliche Ausrüstungsinvestition
Lagerhaltung	42	3,1 Millionen US-Dollar
Logistik	35	2,8 Millionen US-Dollar
Verteilung	16	2,5 Millionen Dollar

NACCO Industries, Inc. (NC) – Geschäftsmodell: Kostenstruktur

Kosten für die Beschaffung von Rohstoffen

Für das Geschäftsjahr 2022 meldete NACCO Industries in seinen verschiedenen Geschäftsbereichen Rohstoffbeschaffungskosten in Höhe von 459,3 Millionen US-Dollar.

Segment	Kosten für die Beschaffung von Rohstoffen
Bergbauausrüstung	276,5 Millionen US-Dollar
Küchengeräte	182,8 Millionen US-Dollar

Herstellungs- und Produktionskosten

Die gesamten Herstellungs- und Produktionskosten für NACCO Industries beliefen sich im Jahr 2022 auf 612,7 Millionen US-Dollar.

• Betriebskosten der Produktionsanlage: 247,3 Millionen US-Dollar
• Abschreibung der Produktionsausrüstung: 89,6 Millionen US-Dollar
• Qualitätskontrolle und Herstellungsprozesse: 75,8 Millionen US-Dollar

Forschungs- und Entwicklungsinvestitionen

NACCO Industries stellte im Jahr 2022 43,2 Millionen US-Dollar für Forschung und Entwicklung bereit.

F&E-Schwerpunktbereich	Investitionsbetrag
Bergbautechnologie	26,5 Millionen US-Dollar
Küchengeräte-Innovation	16,7 Millionen US-Dollar

Arbeits- und Personalmanagement

Die gesamten Arbeitskosten für NACCO Industries beliefen sich im Jahr 2022 auf 338,6 Millionen US-Dollar.

• Direkte Arbeitskosten: 212,4 Millionen US-Dollar
• Leistungen an Arbeitnehmer: 86,2 Millionen US-Dollar
• Schulung und Entwicklung: 40 Millionen US-Dollar

Gerätewartung und Betriebsaufwand

Die Wartungs- und Betriebskosten für die Ausrüstung beliefen sich im Jahr 2022 auf insgesamt 187,5 Millionen US-Dollar.

Overhead-Kategorie	Ausgabenbetrag
Gerätewartung	112,3 Millionen US-Dollar
Betriebskosten der Anlage	75,2 Millionen US-Dollar

Gesamtkostenstruktur für 2022: 1.641,3 Millionen US-Dollar

NACCO Industries, Inc. (NC) – Geschäftsmodell: Einnahmequellen

Kohlebergbau und -verkauf

Für das Geschäftsjahr 2022 meldete NACCO Industries Einnahmen aus dem Kohlebergbau in Höhe von 282,4 Millionen US-Dollar aus seinem NACoal-Segment, das Betriebe in North Dakota und Texas umfasst.

Kohlesegment	Jahresumsatz	Tonnen verkauft
Operationen in North Dakota	189,6 Millionen US-Dollar	12,3 Millionen Tonnen
Texas-Operationen	92,8 Millionen US-Dollar	5,7 Millionen Tonnen

Herstellung von Materialtransportgeräten

Das Segment Hamilton Beach Brands erwirtschaftete im Geschäftsjahr 2022 einen Umsatz von 637,1 Millionen US-Dollar.

• Inlandsumsatz: 412,3 Millionen US-Dollar
• Internationaler Umsatz: 224,8 Millionen US-Dollar

Wartungs- und Serviceverträge für Geräte

Die Einnahmen aus Serviceverträgen für Materialtransportgeräte beliefen sich im Jahr 2022 auf etwa 45,2 Millionen US-Dollar.

Leasing von Industriemaschinen

Die Leasingeinnahmen für Flurförderzeuge beliefen sich im Geschäftsjahr 2022 auf insgesamt 37,5 Millionen US-Dollar.

Ersatzteil- und Komponentenverkauf

Der Verkauf von Ersatzteilen und Komponenten für Flurförderzeuge generierte im Jahr 2022 einen Umsatz von 28,6 Millionen US-Dollar.

Einnahmequelle	Umsatz 2022	Prozentsatz des Gesamtumsatzes
Kohlebergbau	282,4 Millionen US-Dollar	28.3%
Materialtransportausrüstung	637,1 Millionen US-Dollar	63.9%
Serviceverträge	45,2 Millionen US-Dollar	4.5%
Ausrüstungsleasing	37,5 Millionen US-Dollar	3.8%

NACCO Industries, Inc. (NC) - Canvas Business Model: Value Propositions

You're looking at the core promises NACCO Industries, Inc. makes to its customers and stakeholders as of late 2025. This is where the rubber meets the road for their diversified natural resources strategy.

Reliable Fuels: Secure, long-term, low-cost coal supply for power plants

The Utility Coal Mining segment, anchored by long-term mining contracts, provides the foundation. For the first nine months of 2025, NACCO Industries reported consolidated revenues of $210.4 million. In the third quarter of 2025 specifically, Utility Coal Mining revenues rose 11% year-over-year due to an increase in tons delivered at Mississippi Lignite Mining Company, as that power plant returned to running both of its boilers after mid-July 2024. The value proposition here is stability, evidenced by the anticipation of steady customer demand continuing through the remainder of 2025 and into 2026.

Contract Mining: Operational efficiency and expertise for diverse minerals (e.g., lithium, aggregates)

The Contract Mining segment is showing clear growth momentum. For Q3 2025, revenues, net of reimbursed costs, grew 22%, driven by an increase in tons delivered and parts sales. This segment is expanding its scope beyond traditional services; for instance, Phase 1 lithium production from a key project is estimated to start in late 2027. Furthermore, North American Mining secured a new multi-year contract in October 2025 for U.S. Army Corps of Engineers work in Palm Beach County, Florida. The segment's strong performance contributed to the overall consolidated gross profit improving 38% over Q3 2024, reaching $10.0 million in Q3 2025.

Financial Diversification: Royalty income stream from oil and gas assets

The Minerals and Royalties segment provides a hedge and income diversification. This segment demonstrated substantial year-over-year operating profit improvement in Q3 2025. While Q4 2025 operating profit is expected to decrease compared to 2024 based on current market expectations for natural gas and oil prices, the full-year operating profit is still projected to increase over 2024, excluding a $4.5 million gain on sale recognized in Q2 2024. This segment's performance is partly due to recent investments made by Catapult.

Environmental Solutions: Comprehensive stream/wetland mitigation and reclamation services

The environmental solutions arm, Mitigation Resources of North America, is moving toward profitability. While profitability was previously expected for full-year 2025, temporary delays in federal permitting have pushed that milestone to 2026. This shows a commitment to long-term environmental projects, even with near-term scheduling shifts.

Risk Mitigation: Contract structure shifts capital and reclamation risk to the customer

The structure of NACCO Industries, Inc.'s business model is designed to transfer significant risk. This is most evident when comparing year-over-year operating profit figures. For example, Q3 2024 operating profit of $19.7 million included a $13.6 million business interruption insurance recovery related to a power plant issue, which did not recur in Q3 2025, resulting in a Q3 2025 operating profit of $6.8 million. This highlights how contract terms dictate the flow of non-operational income. Financially, the company maintained a strong liquidity position at September 30, 2025, with $152.0 million total liquidity, consisting of $52.7 million in cash and $99.3 million in revolving credit facility availability. The company also declared a regular quarterly cash dividend of 25.25 cents per share, payable on December 15, 2025.

Here's a quick look at key financial metrics around the time of the Q3 2025 report:

Metric	Value (Q3 2025)	Comparison/Context
Consolidated Revenue	$76.6 million	Up 24% year-over-year
Consolidated Gross Profit	$10.0 million	Up 38% over Q3 2024
Consolidated Operating Profit	$6.8 million	Up sequentially from Q2 2025 breakeven
Consolidated Net Income	$13.3 million	Down from $15.6 million in Q3 2024
Diluted EPS	$1.78	Down from $2.14 in Q3 2024
Total Debt Outstanding	$80.2 million	As of September 30, 2025

The company also has a new stock repurchase program approved for up to $20 million of Class A common stock through December 31, 2027.

Finance: draft 13-week cash view by Friday.

NACCO Industries, Inc. (NC) - Canvas Business Model: Customer Relationships

You're looking at how NACCO Industries, Inc. locks in its business, and honestly, the customer relationship side is all about duration and deep integration, especially in the Utility Coal Mining segment. These aren't quick gigs; they're foundational partnerships.

Dedicated, long-term contractual relationships, often spanning decades

The bedrock of NACCO Industries' stability comes from its Utility Coal Mining segment, which operates under service agreements measured in decades with power generation companies. This structure is key because it completely removes exposure to the volatility of the spot coal market. For example, the annuity-like earnings from operations like Coteau, Falkirk, and Coyote Creek provide steady profit and cash flow over the long-term, with MLMC expected to contribute significant cash flow over the remaining seven years of its current contract. This long-term view is what management believes creates a robust foundation for cash flow growth.

Embedded operational teams at customer sites for utility coal mining

The integration goes deep here. In the Utility Coal Mining segment, the operation is designed to supply 100% of the fuel needed to run the adjacent power plant. This level of commitment means your operational teams are essentially an extension of the utility's fuel supply chain. While I don't have a hard count of embedded personnel as of late 2025, the nature of these contracts requires full operational control and presence to ensure that unwavering supply.

Direct B2B sales and service for specialized contract mining projects

For the Contract Mining segment, relationships are built on direct business-to-business service delivery for aggregates and other industrial minerals. You see this commitment in action with recent wins. Just in September 2025, North American Mining secured a new 10-year limestone mining contract in Ft. Myers, Florida, which was the third quarry for that same customer. Furthermore, contracts executed in 2024 are projected to deliver net present value after-tax cash flows of approximately $20 million over contract terms that range from 6 to 20 years. This shows you're selling deep expertise, not just tonnage.

Here's a quick look at how the business performed in Q3 2025, which reflects the strength of these relationships:

Metric (Q3 2025)	Amount	Context
Consolidated Revenue	$76.6 million	Up 24% year-over-year.
Contract Mining Revenue (Net of Reimbursed Costs)	Grew 22%	Driven by tons delivered and parts sales.
Total Liquidity	$152.0 million	Comprised of $52.7 million cash and $99.3 million revolver availability.
Total Debt Outstanding	$80.2 million	As of September 30, 2025.

Transactional relationship for parts sales and certain services

Not every interaction is a multi-decade commitment. For parts sales and certain maintenance services across the mining operations, the relationship leans more transactional, though still B2B focused. The importance of this revenue stream is clear: improved margins and increased parts sales in the Contract Mining segment led to significant increases in both operating profit and Segment Adjusted EBITDA for Q3 2025. NACCO Natural Resources, through Strata Equipment Solutions, stocks a large parts inventory to support these needs.

Ongoing regulatory compliance and reporting for environmental services

The environmental services arm, Mitigation Resources of North America, builds relationships based on solving complex regulatory and restoration needs. This involves stream and wetland mitigation, plus reclamation construction. The trust here is built on successful execution of compliance-driven work. For instance, after being named a designated provider for abandoned mine land restoration by the State of Texas, the business secured a restoration project in Kentucky in January 2025 that is expected to start adding to earnings beginning in 2026. This shows a clear path from regulatory need to contracted, future-dated revenue.

• Utility Coal Mining contracts eliminate exposure to spot coal market price volatility.
• Contract Mining segment saw revenue growth partly due to an increase in parts sales.
• Mitigation Resources reported its second consecutive quarter of profitability in Q1 2025.
• The company is pursuing growth by leveraging core natural resources management skills.

Finance: draft 13-week cash view by Friday.

NACCO Industries, Inc. (NC) - Canvas Business Model: Channels

You're looking at how NACCO Industries, Inc. gets its value propositions to the market, which is a mix of direct engagement and strategic partnerships across its natural resource segments. Here's the breakdown of those channels as of late 2025, grounded in their Q3 2025 performance.

Direct sales force for securing and managing long-term mining contracts

The Contract Mining segment relies heavily on direct sales and relationship management to secure and maintain long-term contracts. This channel is crucial for volume stability, as evidenced by the segment's revenue growth. Revenues for the Contract Mining segment, net of reimbursed costs, grew 22% year-over-year in Q3 2025, driven by an increase in tons delivered due to higher customer demand. This segment also utilizes its direct sales channel to push equipment parts.

North American Mining, a key part of this channel, recently expanded its direct service reach into large-scale civil infrastructure. They secured a new multi-year contract in Palm Beach County, Florida, for a U.S. Army Corps of Engineers project, where they will provide excavation services to move more than 25 million tons of material. Furthermore, North American Mining acts as the exclusive MTECK dragline distributor in 48 U.S. states via its subsidiary, Strata Equipment Solutions, which is a direct equipment sales component tied to their mining services.

Catapult Mineral Partners for acquiring and managing mineral interests

The Minerals and Royalties segment, led by Catapult Mineral Partners, uses a direct acquisition and management channel for its oil and gas mineral and royalty interests portfolio. This team employs a data-driven approach to capital deployment. A concrete example of this channel in action is the July 2025 completion of a $4.2 million acquisition of mineral interests in the Midland Basin. This specific transaction added 10,500 gross acres and approximately 400 net royalty acres to their holdings. The segment's full-year operating profit is expected to increase over 2024, partly due to these recent Catapult investments.

Mitigation Resources of North America direct project bids and execution

Mitigation Resources of North America uses a direct bidding and execution channel for its stream and wetland mitigation and ecological restoration services. This business is structured to layer new projects on top of existing ones for more consistent results, with expectations for full-year profitability beginning in 2025. As of March 31, 2025, the company had projects spanning seven states: Alabama, Florida, Georgia, Mississippi, Pennsylvania, Tennessee, and Texas. They also secured a restoration project in Kentucky in January 2025, which is expected to start contributing to earnings in 2026. Their execution channel involves detailed site work, such as replacing topsoil at a minimum depth of six inches on awarded reclamation projects.

Direct sales of equipment parts to contract mining customers

The direct sale of equipment parts is an integrated channel within the Contract Mining segment, directly supporting existing contract mining customers. This is a measurable revenue driver. The increase in parts sales was a key factor contributing to the 22% year-over-year growth in Contract Mining revenues (net of reimbursed costs) for the third quarter of 2025. This channel helps bolster profitability alongside the core mining tonnage delivery.

Investor Relations website for public company communication

NACCO Industries, Inc. uses its Investor Relations website, ir.nacco.com, as the primary digital channel for official public company communication, especially around financial events. For instance, the Q3 2025 earnings conference call was webcast live on this site on November 6, 2025. The company also uses this platform to host archives of webcasts and provide access to SEC filings. This channel supports the company's overall financial structure, which, as of September 30, 2025, included total liquidity of $152.0 million.

Here's a quick look at the scale of operations supporting these channels as of late 2025:

Channel/Segment Driver	Metric/Value	Latest Reporting Period Data Point
Consolidated Revenue	$76.6 million	Q3 2025 Revenue
Contract Mining Revenue Growth (Net of Reimbursed Costs)	22% increase	Q3 2025 Year-over-Year Growth
Catapult Mineral Partners Acquisition Size	$4.2 million	July 2025 Midland Basin Acquisition
Catapult Mineral Partners Acreage Added	10,500 gross acres	July 2025 Midland Basin Acquisition
Mitigation Resources Project Footprint	7 states	As of March 31, 2025
North American Mining Excavation Volume	More than 25 million tons	New Florida Everglades Contract
Total Liquidity	$152.0 million	As of September 30, 2025

The direct sales force for contract mining is clearly driving volume, while Catapult's direct investment channel is adding tangible assets. It's all about direct engagement where the resources are.

• Direct sales force secures long-term contracts for industrial minerals.
• Catapult Mineral Partners uses a data-driven approach for asset deployment.
• Mitigation Resources executes direct bids for environmental restoration services.
• Parts sales directly support contract mining customers for revenue uplift.
• The Investor Relations website serves as the official digital communication hub.

Finance: review the cash flow impact of the $4.2 million Catapult acquisition against the $1.9 million dividend paid in Q3 2025 by end of day.

NACCO Industries, Inc. (NC) - Canvas Business Model: Customer Segments

You're looking at the customer base for NACCO Industries, Inc. as of late 2025. It's a diversified natural resource company, and its customer segments reflect that mix, moving beyond just the legacy coal business.

The Utility Coal Mining segment, operated by North American Coal®, remains the foundation, anchored by long-term mining contracts. Its primary customers are the entities powering the grid.

• U.S. electric utility companies.
• An independent power provider.
• The customer at Mississippi Lignite Mining Company (MLMC) is a power plant served by the mine.

For the third quarter of 2025, this segment saw its revenues rise by 11%, driven by an increase in tons delivered at MLMC, as the customer's power plant resolved prior operational constraints. You should note that the prior year's Q3 results included a $13.6 million business interruption insurance recovery, which makes direct year-over-year operating profit comparisons tricky. Still, management anticipates steady customer demand for the remainder of 2025 and into 2026 at the unconsolidated mining operations.

The growth engine is shifting, and the Contract Mining segment serves a different set of industrial customers. This segment is a trusted mining partner for producers needing specific materials.

Customer Type	Specific Industry/Project	2025 Financial Context
Producers of industrial minerals and aggregates	Limestone producers; sand and gravel producers	Segment showed strong year-over-year growth in Q3 2025 revenues.
Lithium producers	Exclusive contract miner for the Thacker Pass lithium project in northern Nevada	Represents a strategic move into future-facing resource development.

The Minerals and Royalties segment deals with customers who pay to extract resources from NACCO Industries, Inc.'s owned mineral interests. This group is heavily influenced by commodity prices.

• Oil and gas exploration and production (E&P) companies paying royalties.
• Coal producers paying royalties (to a lesser extent).

Royalty revenues saw an increase, mainly driven by higher natural gas prices. For instance, in Q3 2025, the segment benefited from strategic acquisitions, including $4.2 million in the Midland Basin. Furthermore, this segment includes Mitigation Resources of North America®, which targets developers and construction firms.

• Developers and construction firms needing environmental mitigation credits.
• Services include stream and wetland mitigation banking and reclamation construction.

Finally, you, as a financial observer or investor, are a critical segment. NACCO Industries, Inc. actively manages capital allocation to this group through direct returns.

Here's the quick math on shareholder returns announced in November 2025:

Capital Return Mechanism	Amount/Rate	Term/Date
Regular Quarterly Cash Dividend (Class A & B)	$0.2525 per share	Payable December 15, 2025
New Stock Repurchase Program Authorization	Up to $20 million of Class A Common Stock	Through December 31, 2027
Prior Repurchases Completed Under Expiring Program	Over $12 million	Prior to November 2025 announcement

The company reported consolidated revenues of $76.6 million for the third quarter of 2025, with net income at $13.3 million for that same period. As of September 30, 2025, total debt stood at $80.2 million, balanced by total liquidity of $152 million, which included $52.7 million in cash. This financial posture supports the continued commitment to dividends and opportunistic share retirement.

Finance: draft 13-week cash view by Friday.

NACCO Industries, Inc. (NC) - Canvas Business Model: Cost Structure

You're looking at the cost base for NACCO Industries, Inc. (NC) as of late 2025, and it's clear that capital intensity drives a large part of the expense profile. The heavy nature of mining operations means significant, unavoidable fixed costs tied to the asset base.

High fixed costs related to heavy mining equipment and depreciation/depletion are a structural reality for NACCO Industries, Inc. While the specific depreciation and depletion expense for the full year 2025 isn't itemized in the latest reports, the planned investment level gives you a sense of the asset base supporting these costs. The company guided consolidated capital expenditures for 2025 to total approximately $58 million. This spending is allocated across segments:

• Minerals Management: $20 million
• NAMining (North American Mining): $17 million
• Coal Mining: approximately $13 million
• ReGen Resources and other growth businesses: $8 million

The cost structure is also heavily influenced by the planned exit from a defined benefit plan. NACCO Industries, Inc. plans to terminate its pension plan in the fourth quarter of 2025, which will trigger a significant non-cash settlement charge. This charge is anticipated to lead to a substantial year-over-year decrease in both net income and EBITDA for the full year 2025 compared to 2024.

Variable costs, though not explicitly detailed as a single line item for fuel or repairs, are embedded within the Cost of Goods Sold (COGS) and operational expenses. For the third quarter of 2025, the consolidated gross profit was $10.0 million on revenues of $76.6 million. This implies that the direct costs of service delivery-which include fuel, consumables, and routine repairs-were substantial, even with improved margins in Contract Mining and Minerals & Royalties segments. The Contract Mining segment noted improved margins and higher parts sales as drivers of its operating profit increase.

Employee-related costs, including wages and benefits, are reflected in both segment operating expenses and the unallocated corporate overhead. The unallocated expense line specifically increased due to higher medical costs and share-based compensation tied to the share price. These costs weigh on the consolidated operating profit, which was $6.8 million in Q3 2025, down from $19.7 million in Q3 2024 (which included a $13.6 million insurance recovery).

Selling, general, and administrative (SG&A) expenses for corporate overhead are captured within the unallocated expenses. Beyond medical costs, this category also includes business development spending. This corporate layer is essential for managing the diversified portfolio but adds to the fixed cost base that must be covered by operating segment performance. The Q3 2025 operating profit of $6.8 million was sequentially better than the Q2 2025 breakeven result, showing sequential operational leverage, but the year-over-year comparison is skewed by the 2024 insurance benefit.

Here's a snapshot of the key financial metrics that frame the cost structure as of the third quarter of 2025:

Financial Metric	Amount (Q3 2025)	Context/Date
Consolidated Revenue	$76.6 million	Three months ended September 30, 2025
Consolidated Gross Profit	$10.0 million	Three months ended September 30, 2025
Consolidated Operating Profit	$6.8 million	Three months ended September 30, 2025
Consolidated EBITDA	$12.5 million	Three months ended September 30, 2025
Contract Mining Operating Profit	$1.9 million	Three months ended September 30, 2025
Minerals & Royalties Operating Profit	$8.0 million	Three months ended September 30, 2025
Total Debt Outstanding	$80.2 million	As of September 30, 2025
Total Liquidity	$152.0 million	As of September 30, 2025

The cost structure is clearly one where operational efficiency in the segments must consistently overcome fixed overhead and the eventual non-cash impact of the pension settlement. Finance: draft 13-week cash view by Friday.

NACCO Industries, Inc. (NC) - Canvas Business Model: Revenue Streams

You're looking at the revenue generation engine for NACCO Industries, Inc. as of late 2025. It's a mix of long-term contracts and natural resource pricing exposure. Here's the quick math on where the money is coming from across the operating segments, based on the latest reported figures.

Consolidated Q3 2025 revenues hit $76.6 million, marking a strong 24% increase year-over-year. This growth shows momentum building across the core businesses.

The revenue streams are detailed by segment below. Note that the segment names were updated in 2025 to better reflect the business activities.

Revenue Stream Segment	Q3 2025 Revenue (Millions)	Year-over-Year Change	Key Driver/Metric
Utility Coal Mining	$19.7 million	Up 11%	Tons delivered increased to 6,078 thousand from 5,809 thousand in Q3 2024. Revenue is based on contractually determined per-ton sales price.
Contract Mining	$45.6 million	Grew 22% (net of reimbursed costs)	Increase in tons delivered (grew 20% YoY to 14.385 million) and increased parts sales. Revenue includes fees for services.
Minerals and Royalties	$9.3 million	Increase from $8.8 million in Q3 2024	Driven by higher natural gas prices impacting royalty revenues.

You'll see that the Minerals and Royalties segment showed a specific increase in its earlier reporting period; its revenues increased by 4.8% in Q1 2025, directly tied to higher natural gas prices. This segment's revenue stream is sensitive to those commodity markets.

For the environmental solutions business, Mitigation Resources of North America revenue comes from environmental project fees, specifically stream and wetland mitigation solutions and reclamation construction services. While performance is variable based on permit and project timing, management indicated an expectation to achieve full-year profitability in 2025, a key milestone following years of investment.

Here's a summary of the revenue component drivers you need to track:

• Utility Coal Mining: Revenue tied directly to the contractually determined per-ton sales price.
• Contract Mining: Revenue derived from fees for services rendered, supplemented by increased parts sales.
• Minerals and Royalties: Income stream highly influenced by market prices for natural gas and oil.
• Mitigation Resources: Revenue stream generated from environmental project fees.

The Contract Mining segment, in particular, is expanding its revenue base through new long-term contracts, like the new multi-year Everglades civil project and a 10-year limestone contract.

Finance: draft 13-week cash view by Friday.