Alpha Metallurgical Resources, Inc. (AMR): Business Model Canvas [Jan-2025 Mis à jour]

Dans le monde dynamique de l'extraction du charbon et des ressources énergétiques, Alpha Metallurgical Resources, Inc. (AMR) est une puissance stratégique, transformant des défis géologiques complexes en solutions de charbon métallurgiques et thermiques à grande valeur. En tirant parti des technologies minières avancées, des partenariats stratégiques et un engagement envers la durabilité, AMR navigue dans le paysage complexe des marchés mondiaux de l'énergie, en fournissant des produits de charbon haut de gamme aux fabricants d'acier, aux services publics d'électricité et aux secteurs industriels du monde entier. Leur modèle commercial innovant représente une approche sophistiquée de l'extraction des ressources, de la création de valeur et de la responsabilité environnementale qui les distingue dans une industrie en évolution rapide.

Alpha Metallurgical Resources, Inc. (AMR) - Modèle d'entreprise: partenariats clés

Accords stratégiques d'approvisionnement en charbon avec des services publics électriques

Alpha Metallurgical Resources maintient des partenariats critiques avec les services publics d'électricité pour l'approvisionnement en charbon. En 2023, les principaux partenaires des services publics de la société comprennent:

Partenaire public	Approvisionnement annuel au charbon (tonnes)	Durée du contrat
Utilitaires d'interconnexion PJM	4,2 millions de tonnes	2024-2026
Autorité du Tennessee Valley	2,8 millions de tonnes	2024-2025

Fournisseurs de technologies d'extraction de parois longues

AMR collabore avec Advanced Mining Technology Partners:

• Joy Global (Komatsu Mining Corp) - Équipement Longwall
• Systèmes d'exploration de chenilles
• Sandvik Mining et Rock Technology

Partenaires du transport et de la logistique

Partenaire de transport	Volume de transport annuel	Type de service
Norfolk Southern Railway	6,5 millions de tonnes	Transports en train de charbon
Transport CSX	4,3 millions de tonnes	Transports en train de charbon
Maverick Transportation LLC	1,2 million de tonnes	Logistique des camions

Partenaires des services de conformité et de remise en état de l'environnement

Investissements clés de partenariat environnemental pour 2024:

• Tetra Tech Environmental Services - Contrat de 3,7 millions de dollars
• Gestion des ressources environnementales (ERM) - 2,5 millions de dollars de services de conformité
• STANTEC CONSULTANT SERVICES - PROJETS DE RECLAMATION DE 1,8 million de dollars

Fabricants d'équipement et fournisseurs d'entretien

Fabricant d'équipements	Investissement annuel sur l'équipement	Valeur du contrat de maintenance
Komatsu America	22,6 millions de dollars	4,3 millions de dollars
Hitachi Construction Machinery	18,9 millions de dollars	3,7 millions de dollars

Alpha Metallurgical Resources, Inc. (AMR) - Modèle d'entreprise: activités clés

Opérations d'exploration de charbon métallurgiques et thermiques

En 2024, Alpha Metallurgical Resources exploite 8 complexes minières actifs dans les Appalaches. Capacité de production annuelle totale: 15,5 millions de tonnes de charbon.

Segment minière	Production annuelle (tonnes)	Emplacement
Charbon métallurgique	9,2 millions	Appalaches centrales
Charbon thermique	6,3 millions	Appalache du Nord

Traitement et préparation du charbon

AMR maintient 4 installations de préparation au charbon avec des technologies de traitement avancées.

• Capacité de traitement: 16,5 millions de tonnes par an
• Efficacité moyenne de lavage du charbon: 92,5%
• Technologies d'amélioration de la qualité du charbon déployées

Exploration et développement des ressources

Budget d'exploration annuel: 42,3 millions de dollars en 2024.

Activité d'exploration	Investissement
Enquêtes géologiques	18,7 millions de dollars
Programmes de forage	23,6 millions de dollars

Initiatives de gestion de l'environnement et de durabilité

Investissements de la conformité environnementale: 35,6 millions de dollars en 2024.

• Projets de capture de méthane
• Programmes de récupération des terres
• Technologies de réduction des émissions

Ventes et commercialisation de produits de charbon

2024 Répartition des ventes:

Segment de marché	Volume des ventes (tonnes)	Revenu
Exportation métallurgique	6,8 millions	872,4 millions de dollars
Industrie sidérurgique nationale	2,4 millions	312,6 millions de dollars
Production d'électricité	6,3 millions	504,2 millions de dollars

Alpha Metallurgical Resources, Inc. (AMR) - Modèle commercial: Ressources clés

Réserves de charbon métallurgiques de haute qualité dans les Appalaches

Réserves de charbon éprouvées totales et probables au 31 décembre 2022: 312,7 millions de tonnes

Emplacement	Quantité de réserve	Type de charbon
Appalaches centrales	247,5 millions de tonnes	Charbon métallurgique à haute volatilité
Appalache du Nord	65,2 millions de tonnes	Charbon métallurgique à faible volatilité

Équipement et technologie d'exploitation avancée

Dépenses en capital pour l'équipement et la technologie en 2022: 69,3 millions de dollars

• Systèmes d'extraction de parois longues
• Équipement d'extraction continue
• Systèmes de ventilation avancés
• Technologie de surveillance en temps réel

Travaillerie qualifiée avec une expertise minière profonde

Catégorie des employés	Nombre d'employés
Total de main-d'œuvre	1 080 employés
Des années moyennes d'expérience	15,6 ans

Forte infrastructure financière et opérationnelle

Mesures financières clés pour 2022:

• Revenu total: 1,87 milliard de dollars
• Revenu net: 471,2 millions de dollars
• EBITDA: 619,3 millions de dollars
• Equivalents en espèces et en espèces: 268,4 millions de dollars

Relations clients établies

Secteur	Clients clés	Pourcentage de ventes
Industrie sidérurgique	Arcelormittal, acier américain	62%
Secteur de l'énergie	Services électriques	38%

Alpha Metallurgical Resources, Inc. (AMR) - Modèle d'entreprise: propositions de valeur

Charbon métallurgique de haute qualité pour la production d'acier

Alpha Metallurgical Resources produit du charbon métallurgique avec les spécifications suivantes:

Type de charbon	Mesures de qualité	Volume de production (2023)
Charbon métallurgique à basse volatile premium	CSN 8-9, soufre <0.5%	7,2 millions de tonnes
Charbon métallurgique à mi-volatile	CSN 6-7, soufre <1%	4,5 millions de tonnes

Approvisionnement en charbon fiable et cohérent pour les marchés de l'énergie

Métriques de performance de la chaîne d'approvisionnement:

• Capacité annuelle d'offre de charbon: 12,5 millions de tonnes
• Taux de réalisation des contrats: 98,7%
• Fiabilité de la livraison: 99,2%

Engagement envers la durabilité environnementale

Indicateurs de performance environnementale:

Métrique de la durabilité	Performance de 2023
Réduction des émissions de carbone	Réduction de 15% par rapport à la ligne de base de 2020
Taux de recyclage de l'eau	72%
Remise en état	650 acres réhabilités

Prix ​​compétitifs et production efficace

Mesures de coût et d'efficacité de la production:

• Coût de production par tonne: 78,50 $
• Marge opérationnelle: 22,3%
• Réduction totale des coûts de production: 8,5% par rapport à l'année précédente

Expertise technique dans les opérations minières complexes

Capacités techniques overview:

Capacité minière	Détails opérationnels
Profondeur minière souterraine	Jusqu'à 1 200 pieds
Flotte d'équipement d'exploitation	42 Systèmes avancés de mur long
Personnel technique	867 ingénieurs mineurs spécialisés

Alpha Metallurgical Resources, Inc. (AMR) - Modèle d'entreprise: relations avec les clients

Partenariats à long terme basés sur les contrats

En 2024, Alpha Metallurgical Resources maintient des contrats stratégiques à long terme avec des clients clés dans les secteurs de l'acier et de l'énergie. Le portefeuille de contrats de la société comprend:

Segment de clientèle	Durée du contrat	Volume annuel (tonnes métriques)
Fabrication d'acier	5-7 ans	3,2 millions
Production d'électricité	3-5 ans	2,7 millions

Gestion de compte dédiée

AMR utilise une approche spécialisée de gestion des comptes avec la structure suivante:

• 12 gestionnaires de comptes dédiés
• Tiration moyenne de la relation client: 6,3 ans
• Taux de rétention de la clientèle: 87,5%

Soutien technique et consultation

Les services de support technique comprennent:

Service d'assistance	Engagement annuel	Temps de réponse
Consultation technique sur place	124 visites des clients	48 heures
Assistance technique à distance	376 consultations	24 heures

Solutions de produits de charbon personnalisés

Capacités de personnalisation:

• 7 Spécifications distinctes de produits de charbon
• Temps de développement du mélange personnalisé: 45-60 jours
• Commandes de produits personnalisées annuelles: 42

Performances régulières et rapports de qualité

Les mesures de rapport pour les clients comprennent:

Catégorie de rapport	Fréquence	Métriques suivis
Rapport d'assurance qualité	Trimestriel	8 indicateurs de performance
Performance de la chaîne d'approvisionnement	Mensuel	5 mesures logistiques

Alpha Metallurgical Resources, Inc. (AMR) - Modèle d'entreprise: canaux

Équipe de vente directe

En 2024, Alpha Metallurgical Resources maintient une équipe de vente directe dédiée axée sur les marchés du charbon métallurgiques. La force de vente de la société couvre environ 12 régions géographiques clés aux États-Unis.

Métrique de l'équipe de vente	2024 données
Représentants totaux des ventes directes	37
Volume de ventes annuel moyen par représentant	425 000 tonnes
Couverture géographique	12 régions

Conférences et salons commerciaux de l'industrie

Alpha Metallurgical Resources participe aux événements de l'industrie stratégique pour étendre la portée du marché.

• Charbon annuel & Participation de la conférence en acier
• Exposition internationale du commerce métallurgique
• Sommet de l'énergie nord-américaine

Plate-forme en ligne et communication numérique

L'entreprise utilise des canaux numériques sophistiqués pour l'engagement des clients.

Canal numérique	2024 mesures
Trafic mensuel du site Web de l'entreprise	47 500 visiteurs uniques
Demandes de ventes numériques	1 275 par trimestre
Utilisateurs de portail client en ligne	2 350 comptes enregistrés

Réseaux de développement commercial stratégique

Alpha Metallurgical Ressources exploite les partenariats stratégiques pour étendre la pénétration du marché.

• Réseaux de partenariat clés:
• Alliance de fabrication d'acier
• Consortium mondial des commerçants d'énergie
• Groupe international d'exportateurs de charbon

Plateformes de trading de matières premières

La société s'engage activement dans plusieurs plateformes de trading de produits de base pour des transactions de marché efficaces.

Plate-forme de trading	2024 Volume de transaction
Échange mondial de charbon	3,2 millions de tonnes
Plateforme de trading international des métaux	1,7 million de tonnes
Marché des produits de base numérique	875 000 tonnes

Alpha Metallurgical Resources, Inc. (AMR) - Modèle d'entreprise: segments de clientèle

Fabricants d'acier

Alpha Metallurgical Resources sert des fabricants d'acier avec des volumes de production de charbon métallurgique de 3,1 millions de tonnes en 2022. Les clients clés incluent:

Client	Consommation de charbon annuelle	Valeur du contrat
Arcelormittal	750 000 tonnes	187,5 millions de dollars
Cleveland-Cliffs	500 000 tonnes	125 millions de dollars

Services électriques

AMR fournit du charbon thermique aux services publics électriques avec 2,2 millions de tonnes vendues en 2022.

• Clients de la région d'interconnexion PJM
• Contrats de l'autorité de la vallée du Tennessee
• Valeur du contrat moyen: 62 $ par tonne

Sociétés d'énergie mondiales

Le segment international de l'énergie représente 35% des ventes de charbon d'AMR, totalisant 1,5 million de tonnes en 2022.

Région	Volume d'exportation	Revenu
Europe	600 000 tonnes	93,6 millions de dollars
Asie	450 000 tonnes	70,2 millions de dollars

Secteurs de la fabrication industrielle

Ventes de charbon métallurgiques aux fabricants industriels: 800 000 tonnes en 2022.

• Production de ciment
• Fabrication de produits chimiques
• Traitement en aluminium

Acheteurs de charbon métallurgiques internationaux

Part de marché des exportations: 22% de la production totale, représentant 1,1 million de tonnes en 2022.

Pays	Volume d'importation	Prix ​​moyen
Inde	350 000 tonnes	185 $ / tonne
Japon	250 000 tonnes	210 $ / tonne
Corée du Sud	200 000 tonnes	195 $ / tonne

Alpha Metallurgical Resources, Inc. (AMR) - Modèle d'entreprise: Structure des coûts

Équipement d'exploitation et maintenance

En 2023, Alpha Metallurgical Resources a déclaré des dépenses en capital totales de 146,1 millions de dollars. Les coûts de maintenance et de remplacement de l'équipement étaient importants, les machines minières spécialisées représentant une partie substantielle des dépenses opérationnelles.

Équipement d'exploitation souterrain

Machinerie d'extraction de surface

Entretien et réparation

Catégorie d'équipement	Coût annuel ($)
62,500,000
48,300,000
35,200,000

Frais de main-d'œuvre et de main-d'œuvre

En 2023, les coûts liés à la main-d'œuvre pour AMR ont totalisé environ 273,4 millions de dollars par an.

• Salaire annuel moyen par travailleur minier: 87 500 $
• Total des employés: 3 120
• Coût des avantages sociaux et de l'assurance: 42,6 millions de dollars

Transport et logistique

Les frais de transport pour le charbon et les produits métallurgiques en 2023 s'élevaient à 187,3 millions de dollars.

Mode de transport	Coût annuel ($)
Transport ferroviaire	114,500,000
Transport de camions	52,800,000
Logistique du port et de l'expédition	20,000,000

Compliance et remise en état environnementaux

Les coûts de conformité environnementale pour AMR en 2023 étaient de 45,2 millions de dollars.

• Dépenses de conformité réglementaire: 18,7 millions de dollars
• Reclamation et restauration des terres: 26,5 millions de dollars

Exploration et développement des ressources

Les dépenses de développement des ressources en 2023 ont atteint 89,6 millions de dollars.

Catégorie de développement	Investissement annuel ($)
Enquêtes géologiques	22,300,000
Exploration du nouveau site	37,500,000
Évaluation des ressources	29,800,000

Alpha Metallurgical Resources, Inc. (AMR) - Modèle d'entreprise: Strots de revenus

Ventes de charbon métallurgiques

Pour l'exercice 2023, Alpha Metallurgical Resources a déclaré un volume de ventes de charbon métallurgique de 9,4 millions de tonnes. Le prix moyen réalisé pour le charbon métallurgique était de 208 $ la tonne, générant environ 1,96 milliard de dollars de revenus de ce segment.

Métriques de charbon métallurgique	2023 données
Volume des ventes	9,4 millions de tonnes
Prix ​​réalisé moyen	208 $ par tonne
Revenus totaux	1,96 milliard de dollars

Ventes de charbon thermique

En 2023, les ressources métallurgiques alpha ont généré des ventes de charbon thermique de 2,1 millions de tonnes, avec un prix moyen réalisé de 47 $ la tonne, ce qui a entraîné environ 98,7 millions de dollars de revenus de charbon thermique.

Métriques de charbon thermique	2023 données
Volume des ventes	2,1 millions de tonnes
Prix ​​réalisé moyen	47 $ par tonne
Revenus totaux	98,7 millions de dollars

Revenus du marché d'exportation

Les revenus d'exportation des ressources métallurgiques alpha en 2023 ont représenté 35% du total des ventes de charbon, les ventes internationales atteignant 780 millions de dollars.

Prix ​​du contrat d'approvisionnement à long terme

• Durée du contrat moyen: 3-5 ans
• Contrats à prix fixe: environ 60% du total des ventes
• Valeur totale du contrat: 2,3 milliards de dollars

Sources de revenus de sous-produit et auxiliaires

Les sources de revenus supplémentaires comprenaient:

• Production de coke: 156 millions de dollars
• Services de transport et de logistique: 45 millions de dollars
• Ventes et services d'équipement d'exploitation: 22 millions de dollars

Sources de revenus de sous-produit	Revenus de 2023
Production de coke	156 millions de dollars
Services de transport	45 millions de dollars
Services d'équipement	22 millions de dollars

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.