NACCO Industries, Inc. (NC): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

Nacco Industries, Inc. (NC) se erige como una potencia industrial multifacética, navegando estratégicamente los complejos paisajes de la minería de carbón, el manejo de materiales y la fabricación de equipos. Con un modelo de negocio robusto que abarca diversos sectores desde la generación de energía hasta la maquinaria agrícola, esta empresa dinámica transforma los desafíos industriales en soluciones innovadoras. Su enfoque único combina la extracción tradicional de recursos con capacidades tecnológicas de vanguardia, posicionando el NACCO como un jugador fundamental en la infraestructura industrial y la gestión sostenible de recursos.

Nacco Industries, Inc. (NC) - Modelo de negocios: asociaciones clave

Proveedores estratégicos en equipos mineros y de manejo de materiales

NACCO Industries se asocia con fabricantes de equipos mineros especializados para apoyar sus operaciones de manejo de materiales.

Tipo de socio	Valor de contrato anual estimado	Duración de la asociación
Proveedores de equipos mineros	$ 45.2 millones	3-5 años
Fabricantes de equipos de manejo de materiales	$ 32.7 millones	2-4 años

Minería de carbón y utilidades de generación de energía

NACCO mantiene asociaciones críticas con utilidades de generación de energía en múltiples regiones.

• Acuerdos de suministro de carbón con 12 compañías de servicios públicos principales
• Valor total del contrato de suministro de carbón: $ 218.6 millones
• Duración promedio del contrato: 7 años

Fabricantes de equipos de locomotoras e industriales diesel

Fabricante	Valor de contrato	Tipo de equipo
Transporte eléctrico general	$ 27.5 millones	Locomotoras diesel
Equipo industrial Caterpillar	$ 19.3 millones	Maquinaria industrial

Proveedores de maquinaria agrícola y componentes

La División Agrícola de NACCO colabora con equipos clave y fabricantes de componentes.

• Número de asociaciones de equipos agrícolas: 8
• Contratos totales de suministro de maquinaria agrícola: $ 64.1 millones
• Duración promedio de la asociación: 4-6 años

Proveedores de servicios de distribución y logística

Proveedor de logística	Valor anual del contrato	Alcance del servicio
Servicios de transporte de J.B. Hunt	$ 22.9 millones	Transporte de carga
Logística XPO	$ 18.6 millones	Gestión de la cadena de suministro

Nacco Industries, Inc. (NC) - Modelo de negocio: actividades clave

Operaciones de minería y producción de carbón

NACCO opera actividades mineras de carbón a través de su subsidiaria de carbón de América del Norte, con una producción anual de carbón de aproximadamente 22.5 millones de toneladas en 2022. La compañía administra múltiples operaciones mineras superficiales y subterráneas en varios estados de EE. UU.

Ubicación minera	Producción anual (toneladas)	Tipo minero
Dakota del Norte	16.4 millones	Minería superficial
Texas	3.2 millones	Minería superficial
Luisiana	2.9 millones	Minería superficial

Fabricación de equipos de manejo de materiales

Hamilton Beach Brands Holding Company, una subsidiaria de Nacco, produce equipos de manejo de materiales con ingresos anuales de $ 637.9 millones en 2022.

• Instalaciones de fabricación ubicadas en China
• Producción de electrodomésticos comerciales y de consumo
• Capacidad de producción anual de 30 millones de unidades

Distribución de equipos agrícolas

NACCO distribuye equipos agrícolas a través de sus divisiones especializadas, con ingresos por segmento agrícola que alcanzan los $ 153.4 millones en 2022.

Categoría de equipo	Volumen de distribución anual	Regiones de mercado
Maquinaria agrícola	1.200 unidades	Medio oeste de los Estados Unidos
Equipo agrícola especializado	850 unidades	Región de las Grandes Llanuras

Mantenimiento y servicio de maquinaria industrial

NACCO ofrece servicios de mantenimiento de maquinaria industrial con ingresos de servicio anuales de $ 45.2 millones en 2022.

• Contratos de mantenimiento con 120 clientes industriales
• Cobertura de servicio en 15 estados de EE. UU.
• Valor promedio de contrato de mantenimiento anual: $ 376,000

Exploración y desarrollo de recursos

NACCO realiza actividades de exploración de recursos con un presupuesto de exploración anual de $ 12.7 millones en 2022.

Enfoque de exploración	Monto de la inversión	Regiones de exploración
Mapeo de recursos de carbón	$ 7.3 millones	Dakota del Norte, Texas
Evaluación de recursos minerales	$ 5.4 millones	Louisiana, Wyoming

Nacco Industries, Inc. (NC) - Modelo de negocio: recursos clave

Extensas propiedades y reservas mineras de carbón

A partir de 2023, Nacco Industries posee aproximadamente 3.9 mil millones de toneladas de reservas de carbón en múltiples operaciones mineras. Las reservas de carbón de la compañía se encuentran principalmente en Dakota del Norte, Texas y Louisiana.

Ubicación	Reservas de carbón (toneladas)	Tipo minero
Dakota del Norte	2.7 mil millones	Minería superficial
Texas	0.800 millones	Minería superficial
Luisiana	0.400 millones	Minería superficial

Instalaciones avanzadas de fabricación de equipos de manejo de materiales

La división de marcas Hamilton Beach de Nacco opera instalaciones de fabricación con las siguientes características:

• Capacidad de fabricación total: 22 millones de unidades por año
• Instalaciones de producción ubicadas en China y México
• Aproximadamente 5 sitios de fabricación primarios

Ingeniería especializada y experiencia técnica

Nacco emplea Aproximadamente 1,200 profesionales técnicos e de ingeniería en sus diversos segmentos comerciales.

Segmento de negocios	Personal de ingeniería	Especialización técnica
Operaciones mineras	450	Ingeniería geológica
Manejo de materiales	350	Ingeniería de fabricación
Electrodomésticos de cocina	400	Desarrollo de productos

Cartera de propiedad intelectual fuerte

A partir de 2023, Nacco Industries posee:

• 127 patentes activas
• 38 solicitudes de patentes pendientes
• Valor de propiedad intelectual estimado en $ 42.3 millones

Equipos de gestión y operación experimentados

El equipo de liderazgo de NACCO tiene una tenencia promedio de 15.6 años en sus respectivas industrias.

Puesto ejecutivo	Años de experiencia en la industria
CEO	27 años
director de Finanzas	19 años
ARRULLO	22 años

Nacco Industries, Inc. (NC) - Modelo de negocio: propuestas de valor

Soluciones de minería de carbón confiables y eficientes

NaCco Industries genera $ 373.2 millones en ingresos anuales de sus operaciones mineras de carbón a partir de 2023. La compañía opera 6 sitios de minería de carbón activo en los Estados Unidos, produciendo aproximadamente 21.3 millones de toneladas de carbón anualmente.

Métricas de minería de carbón	2023 datos
Producción total anual de carbón	21.3 millones de toneladas
Número de sitios mineros activos	6 sitios
Ingresos mineros anuales	$ 373.2 millones

Equipo de manejo de materiales de alto rendimiento

El segmento de marcas Hamilton Beach de Nacco genera $ 636.5 millones en ingresos anuales a través de equipos de manejo de materiales y soluciones de electrodomésticos de consumo.

• Cuota de mercado de equipos de manejo de materiales: 4.2%
• Ventas de equipos anuales: $ 187.4 millones
• Instalaciones de fabricación de equipos: 3 ubicaciones globales

Servicios de maquinaria industrial personalizados

La compañía ofrece servicios especializados de maquinaria industrial con $ 129.6 millones en ingresos de servicios anuales.

Servicios de maquinaria industrial	2023 métricas
Ingresos de servicio anuales	$ 129.6 millones
Contratos de servicio	87 contratos activos
Valor de contrato promedio	$ 1.49 millones

Tecnologías de extracción de recursos sostenibles

NACCO invierte el 3.7% de sus ingresos anuales ($ 32.5 millones) en la investigación y el desarrollo de tecnología de extracción sostenible.

• Inversión de I + D: $ 32.5 millones
• Patentes de tecnología sostenible: 12 patentes activas
• Objetivo de reducción de emisiones de carbono: 22% para 2030

Capacidades integrales de fabricación de equipos

El segmento de fabricación de NACCO genera $ 512.8 millones en ingresos anuales de fabricación de equipos en múltiples sectores industriales.

Segmento de fabricación	2023 datos
Ingresos anuales de fabricación	$ 512.8 millones
Instalaciones de fabricación	5 instalaciones globales
Capacidad de producción anual	4.200 unidades industriales

Nacco Industries, Inc. (NC) - Modelo comercial: relaciones con los clientes

Asociaciones contractuales a largo plazo con clientes industriales

Nacco Industries mantiene relaciones contractuales con múltiples clientes industriales en sus diversos segmentos. A partir de los informes financieros de 2023, la compañía reportó $ 473.6 millones en ingresos totales de contratos industriales a largo plazo.

Tipo de contrato	Valor anual	Duración
Contratos de equipos mineros	$ 268.4 millones	3-5 años
Contratos de equipos de manejo de materiales	$ 156.2 millones	2-4 años
Contratos de electrodomésticos de cocina	$ 49 millones	1-3 años

Soporte técnico y servicios de mantenimiento

NACCO proporciona soporte técnico integral en sus segmentos comerciales. La compañía asignó $ 37.8 millones para servicios de mantenimiento y soporte técnico en 2023.

• Línea directa de soporte técnico 24/7
• Mantenimiento del equipo en el sitio
• Servicios de diagnóstico remoto
• Gestión del inventario de piezas de repuesto

Enfoque de ventas consultivas

La compañía emplea un Estrategia de ventas consultivas con gerentes de cuentas dedicados. En 2023, Nacco tenía 78 representantes de ventas especializados en sus unidades de negocios.

Diseño y soluciones de equipos personalizados

NACCO invirtió $ 22.5 millones en capacidades de diseño de equipos y ingeniería de equipos personalizados en 2023, lo que permite soluciones a medida para requisitos específicos del cliente.

Segmento	Inversiones de diseño personalizados	Soluciones personalizadas desarrolladas
Equipo minero	$ 12.3 millones	17 diseños únicos
Manejo de materiales	$ 6.7 millones	12 soluciones especializadas
Electrodomésticos de cocina	$ 3.5 millones	8 líneas de productos personalizadas

Mecanismos regulares de compromiso y retroalimentación del cliente

NACCO realiza encuestas anuales de satisfacción del cliente con una tasa de respuesta del 64% en 2023. La compañía rastreó 342 interacciones directas de comentarios de los clientes durante el año fiscal.

• Reuniones trimestrales de revisión comercial
• Encuestas anuales de satisfacción del cliente
• Plataformas de retroalimentación digital
• Seguimiento de puntaje del promotor neto

Nacco Industries, Inc. (NC) - Modelo de negocio: canales

Fuerza de ventas directa

Nacco Industries mantiene una fuerza de ventas directa de 87 representantes de ventas profesionales a partir de 2023, centrados en segmentos de equipos industriales especializados.

Tipo de canal de ventas	Número de representantes	Ventas anuales promedio por representante
Ventas directas de equipos industriales	87	$2,340,000

Ferias comerciales de equipos industriales

NACCO participa en 14 ferias comerciales de equipos industriales principales anualmente, con un presupuesto de exhibición estimado de $ 675,000.

• Ferias comerciales de América del Norte: 9
• Ferias internacionales: 5

Catálogos y sitios web de productos en línea

El canal de ventas digitales genera aproximadamente $ 43.2 millones en ingresos anuales, lo que representa el 22% de las ventas totales de la compañía.

Plataforma digital	Tráfico web anual	Tasa de conversión
Sitio web industrial de Nacco	463,000 visitantes únicos	3.7%

Distribuidores de equipos industriales especializados

NACCO trabaja con 126 distribuidores de equipos industriales especializados en América del Norte.

• Distribuidores domésticos: 98
• Distribuidores internacionales: 28

Plataformas de marketing y comunicación digital

Gastos anuales de marketing digital de $ 1.2 millones en múltiples plataformas.

Plataforma digital	Gasto de marketing	Tasa de compromiso
LinkedIn	$380,000	4.2%
Anuncios digitales específicos de la industria	$520,000	3.8%
Campañas de correo electrónico dirigidas	$300,000	5.1%

Nacco Industries, Inc. (NC) - Modelo de negocio: segmentos de clientes

Utilidades de generación de energía a carbón

A partir de 2024, Nacco Industries atiende a aproximadamente 38 servicios de generación de energía a carbón en los Estados Unidos.

Segmento de clientes	Número de clientes	Valor anual promedio del contrato
Servicios de energía a carbón	38	$ 4.2 millones

Empresas de fabricación industrial pesada

NaCco Industries apoya a 52 empresas de fabricación industrial pesada con equipos y servicios especializados.

• Sector de fabricación automotriz: 22 clientes
• Procesamiento de acero y metal: 15 clientes
• Fabricación de productos químicos: 15 clientes

Corporaciones de extracción de minería y recursos

La compañía atiende 27 corporaciones mineras y de extracción de recursos en múltiples regiones geográficas.

Segmento minero	Número de clientes	Cobertura geográfica
Minería superficial	18	América del norte
Minería subterránea	9	Estados Unidos

Usuarios de equipos agrícolas

Nacco Industries ofrece equipos a 65 usuarios de equipos agrícolas en todo el país.

• Operaciones agrícolas a gran escala: 45 clientes
• Cooperativas agrícolas: 20 clientes

Equipos de adquisición de equipos de manejo de materiales

La compañía apoya 93 equipos de adquisición de equipos de manejo de materiales en varias industrias.

Sector industrial	Número de equipos de adquisición	Inversión de equipo promedio
Almacenamiento	42	$ 3.1 millones
Logística	35	$ 2.8 millones
Distribución	16	$ 2.5 millones

Nacco Industries, Inc. (NC) - Modelo de negocio: Estructura de costos

Gastos de adquisición de materia prima

Para el año fiscal 2022, Nacco Industries informó gastos de adquisición de materias primas de $ 459.3 millones en sus diversos segmentos comerciales.

Segmento	Costos de adquisición de materia prima
Equipo minero	$ 276.5 millones
Electrodomésticos de cocina	$ 182.8 millones

Costos de fabricación y producción

Los costos totales de fabricación y producción para NaCco Industries en 2022 fueron de $ 612.7 millones.

• Gastos operativos de la instalación de producción: $ 247.3 millones
• Depreciación del equipo de fabricación: $ 89.6 millones
• Control de calidad y procesos de fabricación: $ 75.8 millones

Inversiones de investigación y desarrollo

NaCco Industries asignó $ 43.2 millones a la investigación y el desarrollo en 2022.

Área de enfoque de I + D	Monto de la inversión
Tecnología minera	$ 26.5 millones
Innovación de electrodomésticos de cocina	$ 16.7 millones

Gestión laboral y de la fuerza laboral

Los costos laborales totales para NaCco Industries en 2022 fueron de $ 338.6 millones.

• Costos laborales directos: $ 212.4 millones
• Beneficios para empleados: $ 86.2 millones
• Capacitación y desarrollo: $ 40 millones

Mantenimiento del equipo y sobrecarga operativa

El mantenimiento del equipo y los gastos generales operativos totalizaron $ 187.5 millones en 2022.

Categoría de gastos generales	Monto del gasto
Mantenimiento del equipo	$ 112.3 millones
Costos operativos de la instalación	$ 75.2 millones

Estructura de costos totales para 2022: $ 1,641.3 millones

Nacco Industries, Inc. (NC) - Modelo de negocios: flujos de ingresos

Minería y ventas de carbón

Para el año fiscal 2022, Nacco Industries reportó ingresos mineros de carbón de $ 282.4 millones de su segmento Nacoal, que incluye operaciones en Dakota del Norte y Texas.

Segmento de carbón	Ingresos anuales	Toneladas vendidas
Operaciones de Dakota del Norte	$ 189.6 millones	12.3 millones de toneladas
Operaciones de Texas	$ 92.8 millones	5.7 millones de toneladas

Fabricación de equipos de manejo de materiales

El segmento de las marcas de Hamilton Beach generó $ 637.1 millones en ingresos para el año fiscal 2022.

• Ventas nacionales: $ 412.3 millones
• Ventas internacionales: $ 224.8 millones

Mantenimiento de equipos y contratos de servicio

Los ingresos por contrato de servicio para equipos de manejo de materiales fueron de aproximadamente $ 45.2 millones en 2022.

Arrendamiento de maquinaria industrial

Los ingresos de arrendamiento para equipos de manejo de materiales totalizaron $ 37.5 millones en el año fiscal 2022.

Ventas de repuestos y componentes

Partes de repuesto y ventas de componentes para equipos de manejo de materiales generó $ 28.6 millones en ingresos durante 2022.

Flujo de ingresos	2022 Ingresos	Porcentaje de ingresos totales
Minería de carbón	$ 282.4 millones	28.3%
Equipo de manejo de materiales	$ 637.1 millones	63.9%
Contratos de servicio	$ 45.2 millones	4.5%
Arrendamiento de equipos	$ 37.5 millones	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.