Alpha Metallurgical Resources, Inc. (AMR): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el mundo dinámico de la minería de carbón y los recursos energéticos, Alpha Metalugical Resources, Inc. (AMR) se erige como una potencia estratégica, transformando desafíos geológicos complejos en soluciones de carbón metalúrgico y térmico de alto valor. Al aprovechar las tecnologías mineras avanzadas, las asociaciones estratégicas y un compromiso con la sostenibilidad, AMR navega por el intrincado panorama de los mercados mundiales de energía, entregando productos de carbón premium a fabricantes de acero, servicios eléctricos y sectores industriales en todo el mundo. Su modelo de negocio innovador representa un enfoque sofisticado para la extracción de recursos, la creación de valor y la responsabilidad ambiental que los distingue en una industria en rápida evolución.

Alpha Metallurgical Resources, Inc. (AMR) - Modelo de negocios: asociaciones clave

Acuerdos estratégicos de suministro de carbón con servicios eléctricos

Los recursos metalúrgicos alfa mantienen asociaciones críticas con servicios eléctricos para el suministro de carbón. A partir de 2023, los socios de utilidad clave de la compañía incluyen:

Socio de servicios públicos	Suministro anual de carbón (toneladas)	Duración del contrato
Utilidades de interconexión de PJM	4.2 millones de toneladas	2024-2026
Autoridad del valle de Tennessee	2.8 millones de toneladas	2024-2025

Proveedores de tecnología de minería de pared larga

AMR colabora con socios avanzados de tecnología minera:

• Joy Global (Komatsu Mining Corp) - Equipo de paredes largas
• Sistemas mineros de Caterpillar
• Sandvik Mining and Rock Technology

Socios de transporte y logística

Compañero de transporte	Volumen de transporte anual	Tipo de servicio
Norfolk Southern Railway	6.5 millones de toneladas	Transporte ferroviario de carbón
Transporte CSX	4.3 millones de toneladas	Transporte ferroviario de carbón
Maverick Transportation LLC	1.2 millones de toneladas	Logística de camiones

Socios de servicio ambiental y de recuperación

Inversiones clave de asociación ambiental para 2024:

• Tetra Tech Environmental Services - Contrato de $ 3.7 millones
• Gestión de recursos ambientales (ERM) - Servicios de cumplimiento de $ 2.5 millones
• Servicios de consultoría de Stantec - Proyectos de recuperación de $ 1.8 millones

Fabricantes de equipos y proveedores de mantenimiento

Fabricante de equipos	Inversión de equipos anuales	Valor de contrato de mantenimiento
Komatsu America	$ 22.6 millones	$ 4.3 millones
Maquinaria de construcción de hitachi	$ 18.9 millones	$ 3.7 millones

Alpha Metalugury Resources, Inc. (AMR) - Modelo de negocio: actividades clave

Operaciones mineras de carbón metalúrgico y térmico

A partir de 2024, los recursos metalúrgicos alfa opera 8 complejos mineros activos en los Apalaches. Capacidad de producción anual total: 15.5 millones de toneladas de carbón.

Segmento minero	Producción anual (toneladas)	Ubicación
Carbón metalúrgico	9.2 millones	Apalaches centrales
Carbón térmico	6.3 millones	Apalaches del norte

Procesamiento y preparación del carbón

AMR mantiene 4 instalaciones de preparación de carbón con tecnologías de procesamiento avanzado.

• Capacidad de procesamiento: 16.5 millones de toneladas por año
• Eficiencia promedio de lavado de carbón: 92.5%
• Tecnologías de mejora de la calidad del carbón implementadas

Exploración y desarrollo de recursos

Presupuesto de exploración anual: $ 42.3 millones en 2024.

Actividad de exploración	Inversión
Encuestas geológicas	$ 18.7 millones
Programas de perforación	$ 23.6 millones

Iniciativas de gestión ambiental y sostenibilidad

Inversiones de cumplimiento ambiental: $ 35.6 millones en 2024.

• Proyectos de captura de metano
• Programas de recuperación de tierras
• Tecnologías de reducción de emisiones

Ventas y marketing de productos de carbón

Desglose de ventas 2024:

Segmento de mercado	Volumen de ventas (toneladas)	Ganancia
Exportación metalúrgica	6.8 millones	$ 872.4 millones
Industria del acero nacional	2.4 millones	$ 312.6 millones
Generación de energía	6.3 millones	$ 504.2 millones

Alpha Metalugury Resources, Inc. (AMR) - Modelo de negocio: recursos clave

Reservas de carbón metalúrgico de alta calidad en Apalaches

Reservas de carbón totalmente probadas y probables al 31 de diciembre de 2022: 312.7 millones de toneladas

Ubicación	Cantidad de reserva	Tipo de carbón
Apalaches centrales	247.5 millones de toneladas	Carbón metalúrgico de alta volatilidad
Apalaches del norte	65.2 millones de toneladas	Carbón metalúrgico de baja volatilidad

Equipos y tecnología de minería avanzada

Gastos de capital para equipos y tecnología en 2022: $ 69.3 millones

• Sistemas de minería de muro largo
• Equipo minero continuo
• Sistemas de ventilación avanzados
• Tecnología de monitoreo en tiempo real

Fuerza laboral calificada con experiencia minera profunda

Categoría de empleado	Número de empleados
Fuerza de trabajo total	1.080 empleados
Años promedio de experiencia	15.6 años

Fuerte infraestructura financiera y operativa

Métricas financieras clave para 2022:

• Ingresos totales: $ 1.87 mil millones
• Ingresos netos: $ 471.2 millones
• Ebitda: $ 619.3 millones
• Equivalentes en efectivo y efectivo: $ 268.4 millones

Relaciones establecidas de clientes

Sector	Clientes clave	Porcentaje de ventas
Industria siderúrgica	ArcelorMittal, EE. UU.	62%
Sector energético	Utilidades eléctricos	38%

Alpha Metalugical Resources, Inc. (AMR) - Modelo de negocio: propuestas de valor

Carbón metalúrgico de alta calidad para la producción de acero

Los recursos metalúrgicos alfa producen carbón metalúrgico con las siguientes especificaciones:

Tipo de carbón	Métricas de calidad	Volumen de producción (2023)
Carbón metalúrgico de baja volátil de baja volátil	CSN 8-9, azufre <0.5%	7.2 millones de toneladas
Carbón metalúrgico volátil medio	CSN 6-7, azufre <1%	4.5 millones de toneladas

Suministro de carbón confiable y consistente para los mercados energéticos

Métricas de rendimiento de la cadena de suministro:

• Capacidad anual de suministro de carbón: 12.5 millones de toneladas
• Tasa de cumplimiento del contrato: 98.7%
• Confiabilidad de entrega: 99.2%

Compromiso con la sostenibilidad ambiental

Indicadores de desempeño ambiental:

Métrica de sostenibilidad	2023 rendimiento
Reducción de emisiones de carbono	Reducción del 15% desde la línea de base 2020
Tasa de reciclaje de agua	72%
Recuperación de tierras	650 acres rehabilitado

Precios competitivos y producción eficiente

Métricas de eficiencia de costo y producción:

• Costo de producción por tonelada: $ 78.50
• Margen operativo: 22.3%
• Reducción de costos de producción total: 8.5% desde el año anterior

Experiencia técnica en operaciones mineras complejas

Capacidades técnicas overview:

Capacidad de minería	Detalles operativos
Profundidad de minería subterránea	Hasta 1,200 pies
Flota de equipos mineros	42 sistemas avanzados de pared larga
Personal técnico	867 ingenieros mineros especializados

Alpha Metallurgical Resources, Inc. (AMR) - Modelo de negocios: relaciones con los clientes

Asociaciones a largo plazo basadas en contratos

A partir de 2024, los recursos metalúrgicos alfa mantienen contratos estratégicos a largo plazo con clientes clave en los sectores de acero y energía. La cartera de contratos de la compañía incluye:

Segmento de clientes	Duración del contrato	Volumen anual (toneladas métricas)
Fabricación de acero	5-7 años	3.2 millones
Generación de energía	3-5 años	2.7 millones

Gestión de cuentas dedicada

AMR emplea un enfoque especializado de gestión de cuentas con la siguiente estructura:

• 12 gerentes de cuentas dedicados
• Promedio de la relación de la relación con el cliente: 6.3 años
• Tasa de retención de clientes: 87.5%

Soporte técnico y consulta

Los servicios de soporte técnico incluyen:

Servicio de apoyo	Compromiso anual	Tiempo de respuesta
Consulta técnica en el sitio	124 visitas al cliente	48 horas
Soporte técnico remoto	376 consultas	24 horas

Soluciones de productos de carbón personalizadas

Capacidades de personalización:

• 7 especificaciones distintas de productos de carbón
• Tiempo de desarrollo de mezcla personalizada: 45-60 días
• Pedidos anuales de productos personalizados: 42

Rendimiento regular e informes de calidad

Las métricas de informes para los clientes incluyen:

Categoría de informes	Frecuencia	Métricas rastreadas
Informe de garantía de calidad	Trimestral	8 Indicadores de rendimiento
Rendimiento de la cadena de suministro	Mensual	5 métricas logísticas

Alpha Metalugury Resources, Inc. (AMR) - Modelo de negocio: canales

Equipo de ventas directas

A partir de 2024, los recursos metalúrgicos alfa mantienen un equipo de ventas directo dedicado centrado en los mercados de carbón metalúrgico. La fuerza de ventas de la compañía cubre aproximadamente 12 regiones geográficas clave en los Estados Unidos.

Métrica del equipo de ventas	2024 datos
Representantes de ventas directas totales	37
Volumen de ventas anual promedio por representante	425,000 toneladas
Cobertura geográfica	12 regiones

Conferencias de la industria y ferias comerciales

Los recursos metalúrgicos alfa participan en eventos estratégicos de la industria para expandir el alcance del mercado.

• Carbón anual & Participación de la conferencia de acero
• Expo de comercio metalúrgico internacional
• Cumbre de Energía de América del Norte

Plataforma en línea y comunicación digital

La compañía utiliza canales digitales sofisticados para la participación del cliente.

Canal digital	2024 métricas
Sitio web de la empresa tráfico mensual	47,500 visitantes únicos
Consultas de ventas digitales	1,275 por trimestre
Usuarios de portales de clientes en línea	2.350 cuentas registradas

Redes estratégicas de desarrollo de negocios

Los recursos metalúrgicos alfa aprovechan las asociaciones estratégicas para expandir la penetración del mercado.

• Redes de asociación clave:
• Alianza de fabricación de acero
• Consorcio Global Energy Traders
• Grupo internacional de exportadores de carbón

Plataformas de comercio de productos básicos

La Compañía participa activamente en múltiples plataformas de comercio de productos básicos para transacciones de mercado eficientes.

Plataforma comercial	Volumen de transacción 2024
Intercambio de carbón global	3.2 millones de toneladas
Plataforma de comercio de metales internacionales	1.7 millones de toneladas
Mercado de productos básicos digitales	875,000 toneladas

Alpha Metallurgical Resources, Inc. (AMR) - Modelo de negocio: segmentos de clientes

Fabricantes de acero

Los recursos metalúrgicos alfa sirven a fabricantes de acero con volúmenes de producción de carbón metalúrgico de 3,1 millones de toneladas en 2022. Los clientes clave incluyen:

Cliente	Consumo anual de carbón	Valor de contrato
ArcelorMittal	750,000 toneladas	$ 187.5 millones
Cleveland Cliffs	500,000 toneladas	$ 125 millones

Utilidades eléctricos

AMR suministra carbón térmico a servicios eléctricos con 2.2 millones de toneladas vendidas en 2022.

• Clientes de la región de interconexión de PJM
• Contratos de la Autoridad del Valle de Tennessee
• Valor promedio del contrato: $ 62 por tonelada

Empresas de energía global

El segmento de energía internacional representa el 35% de las ventas de carbón de AMR, por un total de 1,5 millones de toneladas en 2022.

Región	Volumen de exportación	Ganancia
Europa	600,000 toneladas	$ 93.6 millones
Asia	450,000 toneladas	$ 70.2 millones

Sectores de fabricación industrial

Ventas de carbón metalúrgico a fabricantes industriales: 800,000 toneladas en 2022.

• Producción de cemento
• Fabricación de productos químicos
• Procesamiento de aluminio

Compradores internacionales de carbón metalúrgico

Cuota de mercado de exportación: 22% de la producción total, que representa 1.1 millones de toneladas en 2022.

País	Volumen de importación	Precio medio
India	350,000 toneladas	$ 185/tonelada
Japón	250,000 toneladas	$ 210/tonelada
Corea del Sur	200,000 toneladas	$ 195/tonelada

Alpha Metalugury Resources, Inc. (AMR) - Modelo de negocio: Estructura de costos

Equipo de minería y mantenimiento

En 2023, los recursos metalúrgicos alfa informaron gastos de capital totales de $ 146.1 millones. El mantenimiento del equipo y los costos de reemplazo fueron significativos, con maquinaria minera especializada que representa una parte sustancial de los gastos operativos.

Equipo de minería subterránea

Maquinaria de minería de superficie

Mantenimiento y reparación

Categoría de equipo	Costo anual ($)
62,500,000
48,300,000
35,200,000

Gastos de mano de obra y de la fuerza laboral

A partir de 2023, los costos relacionados con la fuerza laboral para AMR totalizaron aproximadamente $ 273.4 millones anuales.

• Salario anual promedio por trabajador minero: $ 87,500
• Total de empleados: 3,120
• Beneficios y costos de seguro: $ 42.6 millones

Transporte y logística

Los gastos de transporte para carbón y productos metalúrgicos en 2023 ascendieron a $ 187.3 millones.

Modo de transporte	Costo anual ($)
Transporte ferroviario	114,500,000
Transporte de camiones	52,800,000
Puerto y logística de envío	20,000,000

Cumplimiento y recuperación ambiental

Los costos de cumplimiento ambiental para AMR en 2023 fueron de $ 45.2 millones.

• Gastos de cumplimiento regulatorio: $ 18.7 millones
• Recuperación y restauración de tierras: $ 26.5 millones

Exploración y desarrollo de recursos

Los gastos de desarrollo de recursos en 2023 alcanzaron los $ 89.6 millones.

Categoría de desarrollo	Inversión anual ($)
Encuestas geológicas	22,300,000
NUEVA EXPLACIÓN DEL SITIO	37,500,000
Evaluación de recursos	29,800,000

Alpha Metallurgical Resources, Inc. (AMR) - Modelo de negocios: flujos de ingresos

Ventas de carbón metalúrgico

Para el año fiscal 2023, los recursos metalúrgicos alfa informaron un volumen de ventas de carbón metalúrgico de 9,4 millones de toneladas. El precio promedio realizado para el carbón metalúrgico fue de $ 208 por tonelada, generando aproximadamente $ 1.96 mil millones en ingresos de este segmento.

Métricas de carbón metalúrgico	2023 datos
Volumen de ventas	9.4 millones de toneladas
Precio promedio realizado	$ 208 por tonelada
Ingresos totales	$ 1.96 mil millones

Ventas de carbón térmico

En 2023, los recursos metalúrgicos alfa generaron ventas de carbón térmico de 2.1 millones de toneladas, con un precio promedio realizado de $ 47 por tonelada, lo que resultó en aproximadamente $ 98.7 millones en ingresos por carbón térmico.

Métricas de carbón térmico	2023 datos
Volumen de ventas	2.1 millones de toneladas
Precio promedio realizado	$ 47 por tonelada
Ingresos totales	$ 98.7 millones

Ingresos del mercado de exportación

Los ingresos por exportaciones para recursos metalúrgicos alfa en 2023 representaron el 35% de las ventas totales de carbón, y las ventas internacionales alcanzaron $ 780 millones.

Precios de contrato de suministro a largo plazo

• Duración promedio del contrato: 3-5 años
• Contratos de precios fijos: aproximadamente el 60% de las ventas totales
• Valor total del contrato: $ 2.3 mil millones

Fuentes de subproducto y ingresos auxiliares

Las fuentes de ingresos suplementarias incluyen:

• Producción de Coca -Cola: $ 156 millones
• Servicios de transporte y logística: $ 45 millones
• Ventas y servicios de equipos mineros: $ 22 millones

Fuentes de ingresos de subproductos	2023 ingresos
Producción de coca	$ 156 millones
Servicios de transporte	$ 45 millones
Servicios de equipos	$ 22 millones

Alpha Metallurgical Resources, Inc. (AMR) - Canvas Business Model: Value Propositions

You're looking at the core promises Alpha Metallurgical Resources, Inc. (AMR) makes to its customers, which is really about delivering the right coal, reliably, at a price that makes sense for steelmakers. Honestly, in this market, that's a tough balancing act, but the numbers show where they focus their value.

Reliable supply of premium, high-quality metallurgical (met) coal for steelmaking.

Alpha Metallurgical Resources, Inc. positions itself as the largest and most diverse domestic metallurgical coal supplier in the United States. You can see their scale when you look at their 2024 sales volume, which hit 17.1 million tons of metallurgical coal sold. While 2025 has been tougher, with shipment guidance lowered to a range of 13.8 million to 14.8 million tons, the underlying asset base is built for volume. Plus, they're bringing new capacity online; the Kingston Wildcat project is on schedule to begin development cuts in coal by late 2025, targeting a full production run-rate of 1 million tons per year in 2026. That's the commitment to future supply you're looking for.

Product diversification: offering Low Vol, Mid Vol, High Vol-A, and High Vol-B met coal.

The diversification isn't just a talking point; it's baked into their production profile, letting them serve different steelmaking needs. Here's the breakdown from their August 2025 investor slides:

Coal Type	Percentage of Met Tons Sold (August 2025)
High Vol-A	37%
High Vol-B	31%
Mid Vol	19%
Low Vol	13%

This mix gives them access to various markets, and you see specific mine complexes catering to certain customers; for example, the Marfork complex is predominately (~60%) sold to domestic customers on annual contracts, often involving the High Vol-A and High Vol-B blends.

Supply chain reliability due to integrated mining, processing, and port access.

Reliability comes from controlling the process from the seam to the ship. Alpha Metallurgical Resources, Inc. operates an asset footprint that includes 19 mines, 8 preparation plants, 2 standalone loadouts, 1 dock, and 1 export terminal (DTA). The prep plants act as the Free On Board (FOB) point of sale, which streamlines logistics. Their cost discipline is a key part of this value; their non-GAAP cost per ton improved to $97.27 in Q3 2025, down from $110.34 in Q1 2025. For export volumes, tons priced against Atlantic indices achieved $119.39 per ton in Q1 2025, showing they can capture value even when moving product globally.

Consistent domestic supply via annual fixed-price contracts, offering price stability.

A significant portion of their output is locked in via contracts, which helps smooth out the volatility of the spot market. As of the August 2025 update, about 76% of shipments target export markets, leaving 24% typically contracted domestically on fixed-price annual agreements. This domestic book acts as a natural hedge. You've got clear visibility on the next year, too; for 2026, Alpha secured approximately 3.6 million tons of domestic metallurgical coal at an average price of $136.75 per ton. To give you context on the current year's pricing, as of October 29, 2025, 85% of the 2025 met tons were already committed and priced at an average of $122.57/ton.

Finance: draft 13-week cash view by Friday.

Alpha Metallurgical Resources, Inc. (AMR) - Canvas Business Model: Customer Relationships

You're looking at how Alpha Metallurgical Resources, Inc. manages its relationships with the entities that pay for its metallurgical coal, and honestly, it's a tale of two markets: domestic certainty versus global price discovery.

Dedicated sales teams managing long-term, fixed-price contracts with domestic customers.

For the domestic side of the business, the relationship is built on locking in terms. Management noted in the Q3 2025 earnings call that domestic customers generally prefer to execute fixed price, 1-year contracts, meaning spot market activity is minimal in that segment. This structure provides a bedrock of predictable revenue, even when global prices are volatile. As of the latest guidance midpoint in late 2025, Alpha Metallurgical Resources, Inc. had committed and priced 85% of its metallurgical tonnage for the full 2025 year. This high commitment level reflects the success of securing these long-term domestic agreements. The company is currently focused on planning for 2026, but management has withheld formal 2026 guidance, citing the need to finalize ongoing domestic sales negotiations first.

Transactional relationships for the majority of export sales, linked to global indices.

The export relationship is far more transactional, directly tied to the ebb and flow of international commodity benchmarks. Export sales represent the majority of the business, with approximately 72% of the company's coal revenues for the three months ended September 30, 2025, coming from customers outside the United States. These sales are priced against various global indices, which means realization prices shift quarter-to-quarter. For instance, looking at the third quarter of 2025, the pricing mechanisms yielded distinct results:

Pricing Mechanism (Q3 2025)	Realized Price Per Ton
Export met tons priced against Atlantic indices and other pricing mechanisms	$107.25 per ton
Export coal priced on Australian indices	$106.39 per ton

To give you a sense of the movement, here's how those compare to the prior quarter's export realizations:

• Export met tons realized $113.82 per ton in Q2 2025 (Atlantic/other).
• Export coal realized $109.75 per ton in Q2 2025 (Australian indices).
• The total weighted average realization for metallurgical sales in Q3 2025 was $114.94 per ton, down from $119.43 per ton in Q2 2025.

Investor relations focused on capital returns (share buybacks) and cost discipline.

Investor relationships are heavily managed around two core themes: demonstrating relentless operational efficiency and deploying excess capital back to shareholders. Management's focus on cost discipline has been a major talking point, especially as market conditions softened through 2025. They achieved record cost performance for the second quarter in a row by Q3 2025. Here are the key metrics underpinning that discipline:

• Q3 2025 Cost of coal sales for the metallurgical segment hit $97.27 per ton.
• This Q3 cost represents the lowest level achieved by Alpha Metallurgical Resources, Inc. since 2021.
• Selling, general, and administrative expenses (SG&A, excluding certain items) were $13.2 million in Q3 2025.
• Cash provided by operating activities was $50.6 million in Q3 2025, supporting liquidity.

Regarding capital returns, the company has been active with its repurchase program, which signals confidence to the market. Alpha Metallurgical Resources, Inc. has almost $400 million of its original $1.5 billion share repurchase program outstanding as of late 2025. The company maintained a strong liquidity position, ending Q3 2025 with total liquidity of $568.5 million, which includes $408.5 million in cash and cash equivalents.

Finance: draft 13-week cash view by Friday.

Alpha Metallurgical Resources, Inc. (AMR) - Canvas Business Model: Channels

You're looking at how Alpha Metallurgical Resources, Inc. (AMR) gets its product-high-quality metallurgical coal-from the Appalachian mines to the end-user steel mills, both here in the US and overseas. The channel strategy balances the stability of fixed-price domestic contracts with the higher pricing power of the global export market.

The direct sales force handles the domestic side, which is designed to provide a natural hedge against volatile international pricing. For the 2025 fiscal year, based on the revised total shipment guidance midpoint of approximately 15.3 million tons, the domestic channel accounts for roughly 24% of the total volume, translating to an estimated 3.67 million tons committed to domestic steel mills. This fixed-price domestic business contrasts with the export side, which is more exposed to global indices.

For export sales, Alpha Metallurgical Resources relies heavily on its strategic transportation assets. The company maintains a 65% ownership stake in Dominion Terminal Associates (DTA), a key coal export terminal located in Newport News, Virginia. This terminal, along with access to Pier 6, serves as the primary gateway for international shipments. The export channel is the dominant revenue driver, targeted to account for approximately 76% of the estimated 2025 shipments, or about 11.63 million tons. To give you a concrete example of past realized pricing, in 2024, the average realized price for exported coal was $140/ton, compared to $152/ton for domestic sales.

The physical movement of the coal relies on extensive rail transport networks connecting the Central Appalachian mines to the East Coast ports. This hub-and-spoke logistics pattern is critical for optimizing quality blends and ensuring timely delivery. Alpha Metallurgical Resources plans to invest an average of $27.0 million per year over the next five years specifically for infrastructure and equipment upgrades at the DTA terminal to maintain this critical throughput capability.

Here's a quick look at the sales mix and estimated 2025 volume distribution, using the midpoint of the total 2025 shipment guidance range of 14.6 million to 16.0 million tons:

Channel Segment	Estimated 2025 Volume Share	Estimated 2025 Volume (Tons)	Example Realized Price (2024)
Domestic Sales Force	24%	~3.67 million	$152/ton
Export via DTA/Pier 6	76%	~11.63 million	$140/ton

The export market itself is diversified across several regions, which helps manage risk, although the domestic channel provides a fixed-price cushion. The company's product mix-which includes Low Vol, Mid Vol, High Vol-A, and High Vol-B-is designed to meet varied customer specifications across these channels.

Key components of the logistics and distribution network include:

• - Direct sales force targeting domestic steel mills, representing approximately 24% of expected 2025 volume.
• - Export sales channeled primarily through the 65%-owned Dominion Terminal Associates (DTA) facility.
• - Approximately 25% of the total export volume is typically destined for India and other Asia-Pacific markets.
• - Rail transport networks, including connections to CSX, move product from Appalachian prep plants to the East Coast ports.

For forward visibility, Alpha Metallurgical Resources has already secured a significant portion of its next year's domestic sales, committing approximately 3.6 million tons of metallurgical coal for 2026 at an average price of $136.75 per ton. That's a concrete number locking in revenue before the full 2026 budget is set.

Finance: draft 13-week cash view by Friday.

Alpha Metallurgical Resources, Inc. (AMR) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Alpha Metallurgical Resources, Inc. (AMR) as of late 2025, and it's overwhelmingly about steelmaking inputs.

International Steel Producers (Export Market) represent the primary destination for Alpha Metallurgical Resources, Inc.'s high-quality metallurgical coal. For the three months ended June 30, 2025, approximately 72% of coal revenues were generated from sales to customers outside the United States. This segment is highly sensitive to global steel production rates, particularly in Asia and South America.

Domestic US Steel Manufacturers form the stable, contracted base of the business. While the export market drives a larger share of revenue, domestic contracts provide crucial price visibility. Alpha Metallurgical Resources, Inc. announced commitments for 2026 covering approximately 3.6 million tons of metallurgical coal to domestic customers at an average price of $136.75 per ton. This commitment includes a very small amount of carryover tons from 2025.

Thermal Coal Users are an incidental segment, dealing with the sale of lower-quality thermal coal, which is used for power generation rather than steel production. This segment is significantly smaller than the metallurgical coal business.

Here's a look at the product volume split based on the second quarter of 2025 performance:

Customer Type Proxy	Product Focus	Volume Share (Q2 2025)	Tonnage Sold (Q2 2025)
International & Domestic Steel Producers	Metallurgical Coal	92%	3.5 million tons
Thermal Coal Users	Thermal Coal	8%	0.3 million tons

The company's focus remains squarely on the metallurgical side, where they had 100% of their thermal coal for the year committed and priced at an average of $80.52 per ton as of July 30, 2025. For the core metallurgical product in 2025, 85% of tonnage was committed and priced at an average of $122.57 per ton as of the same date. Finance: review the 2026 domestic contract price of $136.75 per ton against the Q3 2025 average realization of $114.94 per ton for pricing strategy alignment.

Alpha Metallurgical Resources, Inc. (AMR) - Canvas Business Model: Cost Structure

You're looking at the core expenses driving Alpha Metallurgical Resources, Inc.'s operations as we move through late 2025. The focus here is on managing the outflows, especially as shipment volumes have seen some adjustments this year.

Variable Costs

The primary variable cost component is directly tied to production and sales volume. Alpha Metallurgical Resources, Inc. has tightened its outlook on this front.

• - Cost of Coal Sales (CoCS) targeted at a range of $101.00 per ton to $107.00 per ton for the full 2025 fiscal year.

This guidance reflects significant operational improvements; for instance, the Cost of Coal Sales for the Met segment decreased to $100.06 per ton in the second quarter of 2025, down from $110.34 per ton in the first quarter. This Q2 performance was driven by increased productivity, lower labor costs, and reduced repair and maintenance expenditures.

Fixed Costs and Operating Expenses

Fixed costs include overhead, administrative expenses, and costs associated with idled assets. Management has been actively adjusting these expectations for the remainder of 2025.

The guidance for Idle Operations Expense-costs for facilities not actively producing-was raised to a range of $21 million to $29 million for the year. Separately, Selling, General & Administrative (SG&A) expense guidance was reduced to a new range of $48 million to $54 million. Labor and maintenance are embedded within both CoCS and fixed overhead, with Q2 showing efficiency gains contributing to lower labor and maintenance expenses.

Here is a look at the key operational expense guidance points for 2025:

Expense Category	2025 Guidance Range (Full Year)	Notes
Cost of Coal Sales (CoCS)	$101.00 - $107.00 per ton	Variable cost, recently lowered from prior guidance.
Idle Operations Expense	$21 million - $29 million	Increased from prior range of $18 million to $28 million.
Selling, General & Administrative (SG&A)	$48 million - $54 million	Reduced from prior range of $53 million to $59 million.

Capital Expenditures (CapEx)

Alpha Metallurgical Resources, Inc. has deliberately scaled back planned spending to protect liquidity amid market softness. You can see the latest planned investment level here:

• - Capital Expenditures (CapEx) guidance for 2025 is set in the range of $130 million to $150 million.

This represented a reduction of $27 million at the midpoint from the previous guidance range of $152 million to $182 million. The reduction included approximately $8 million in development CapEx and $19 million in maintenance capital.

Transportation and Logistics Costs

A significant portion of the cost structure involves moving the product to market. These costs are essential for realizing sales prices, particularly for export volumes.

• - Transportation and logistics costs, including rail and port fees, are a material component of the overall cost base, though specific dollar guidance for these line items was not provided in the latest updates.

Alpha Metallurgical Resources, Inc. (AMR) - Canvas Business Model: Revenue Streams

You're looking at how Alpha Metallurgical Resources, Inc. (AMR) brings in the money, which is almost entirely tied to the global steel market's appetite for their product. The primary revenue stream is, without question, the sale of metallurgical coal.

• Metallurgical Coal Sales: This is the core business. For the full 2025 calendar year, Alpha Metallurgical Resources, Inc. (AMR) is guiding for shipments between 13.8 million to 14.8 million metallurgical tons.
• Export Sales: A significant portion of that met coal is sold internationally. These sales are priced against the volatile Atlantic and Australian met coal indices, meaning their realized price can swing quite a bit quarter-to-quarter based on global benchmarks.
• Domestic Sales: For the coal sold into the U.S. market, Alpha Metallurgical Resources, Inc. (AMR) relies on fixed-price contracts. As of July 30, 2025, the company had committed and priced approximately 69% of its 2025 metallurgical coal at an average price of $127.37 per ton. To give you a sense of the market's pressure, the realized price for the Met segment in Q2 2025 was $119.43 per ton.
• Total 2025 Revenue Forecast: Analyst consensus for the full-year 2025 revenue is forecasted around $2.31 billion.

It helps to see the committed volumes laid out, especially when you look at how much is locked in versus how much is exposed to spot pricing. Here's a quick look at the commitment status as of late July 2025:

Coal Type	2025 Volume Guidance Range (Tons)	Committed/Priced as of July 30, 2025	Average Committed Price (if applicable)
Metallurgical Coal	13.8 million to 14.8 million	69%	$127.37 per ton (Domestic)
Thermal Coal (Incidental)	0.8 million to 1.2 million	100%	$80.52 per ton (Average for the year)

You can see that while the thermal coal is fully priced, the bulk of the revenue potential-the metallurgical coal-still has about 31% of its volume exposed to the volatile export indices for the remainder of 2025. The realized pricing in Q1 2025 was $118.61 per ton, showing the immediate impact of those index movements. Also, remember that total sales volume guidance for 2025, combining both types, is expected to be between 14.6 million and 16.0 million tons.