NACCO Industries, Inc. (NC): Business Model Canvas [Jan-2025 Mis à jour]

NACCO Industries, Inc. (NC) est une puissance industrielle à multiples facettes, naviguant stratégiquement dans les paysages complexes de l'exploration de charbon, de la manutention des matériaux et de la fabrication d'équipements. Avec un modèle commercial robuste qui couvre divers secteurs de la production d'électricité aux machines agricoles, cette entreprise dynamique transforme les défis industriels en solutions innovantes. Son approche unique mélange l'extraction des ressources traditionnelles avec des capacités technologiques de pointe, positionnant NACCO en tant qu'acteur pivot dans l'infrastructure industrielle et la gestion durable des ressources.

NACCO Industries, Inc. (NC) - Modèle d'entreprise: partenariats clés

Fournisseurs stratégiques dans l'équipement d'exploitation minière et de manutention des matériaux

NACCO Industries s'associe à des fabricants d'équipements minières spécialisés pour soutenir ses opérations de manutention.

Type de partenaire	Valeur du contrat annuel estimé	Durée du partenariat
Fournisseurs d'équipement d'exploitation	45,2 millions de dollars	3-5 ans
Fabricants d'équipements de manutention	32,7 millions de dollars	2-4 ans

Utilitaires de la production de charbon et de production d'électricité

NACCO maintient des partenariats critiques avec les services publics de production d'électricité dans plusieurs régions.

• Accords d'approvisionnement au charbon avec 12 grandes sociétés de services publics
• Valeur du contrat d'offre de charbon total: 218,6 millions de dollars
• Durée moyenne du contrat: 7 ans

Fabricants d'équipements de locomotive et d'industriel diesel

Fabricant	Valeur du contrat	Type d'équipement
Transport électrique général	27,5 millions de dollars	Locomotives diesel
Équipement industriel de la chenille	19,3 millions de dollars	Machines industrielles

Machines agricoles et fournisseurs de composants

La division agricole de NACCO collabore avec des équipements clés et des fabricants de composants.

• Nombre de partenariats d'équipement agricole: 8
• Total des contrats d'approvisionnement en machines agricoles: 64,1 millions de dollars
• Durée du partenariat moyen: 4-6 ans

Fournisseurs de services de distribution et de logistique

Fournisseur de logistique	Valeur du contrat annuel	Portée du service
J.B. Hunt Transport Services	22,9 millions de dollars	Transport de marchandises
Xpo logistique	18,6 millions de dollars	Gestion de la chaîne d'approvisionnement

NACCO Industries, Inc. (NC) - Modèle d'entreprise: Activités clés

Opérations d'extraction et de production de charbon

NACCO exploite des activités d'extraction de charbon par le biais de sa filiale de charbon nord-américaine, avec une production de charbon annuelle d'environ 22,5 millions de tonnes en 2022. La société gère plusieurs opérations d'extraction de surface et souterraines dans plusieurs États américains.

Emplacement minier	Production annuelle (tonnes)	Type d'exploitation
Dakota du Nord	16,4 millions	Exploitation de surface
Texas	3,2 millions	Exploitation de surface
Louisiane	2,9 millions	Exploitation de surface

Fabrication d'équipements de manutention des matériaux

Hamilton Beach Brands Holding Company, une filiale NACCO, produit un équipement de manutention avec des revenus annuels de 637,9 millions de dollars en 2022.

• Installations de fabrication situées en Chine
• Production d'appareils de cuisine commerciaux et grand public
• Capacité de production annuelle de 30 millions d'unités

Distribution des équipements agricoles

NACCO distribue des équipements agricoles à travers ses divisions spécialisées, les revenus des segments agricoles atteignant 153,4 millions de dollars en 2022.

Catégorie d'équipement	Volume de distribution annuel	Régions du marché
Machines agricoles	1 200 unités	Midwest des États-Unis
Équipement agricole spécialisé	850 unités	Grande région des plaines

Entretien et entretien des machines industrielles

Le NACCO fournit des services de maintenance de machines industriels avec un chiffre d'affaires annuel de 45,2 millions de dollars en 2022.

• Contrats de maintenance avec 120 clients industriels
• Couverture des services dans 15 États américains
• Valeur du contrat de maintenance annuel moyen: 376 000 $

Exploration et développement des ressources

NACCO mène des activités d'exploration des ressources avec un budget d'exploration annuel de 12,7 millions de dollars en 2022.

Focus d'exploration	Montant d'investissement	Régions d'exploration
Cartographie des ressources du charbon	7,3 millions de dollars	Dakota du Nord, Texas
Évaluation des ressources minérales	5,4 millions de dollars	Louisiane, Wyoming

NACCO Industries, Inc. (NC) - Modèle d'entreprise: Ressources clés

Propriétés et réserves étendues de mine de charbon

En 2023, NACCO Industries détient environ 3,9 milliards de tonnes de réserves de charbon sur plusieurs opérations minières. Les réserves de charbon de l'entreprise sont principalement situées dans le Dakota du Nord, au Texas et en Louisiane.

Emplacement	Réserves de charbon (tonnes)	Type d'exploitation
Dakota du Nord	2,7 milliards	Exploitation de surface
Texas	0,8 milliard	Exploitation de surface
Louisiane	0,4 milliard	Exploitation de surface

Installations de fabrication d'équipements de manutention avancés

La division des marques Hamilton Beach de NACCO exploite les installations de fabrication avec les caractéristiques suivantes:

• Capacité de fabrication totale: 22 millions d'unités par an
• Installations de production situées en Chine et au Mexique
• Environ 5 sites de fabrication primaires

Ingénierie spécialisée et expertise technique

NACCO emploie Environ 1 200 professionnels techniques et d'ingénierie à travers ses différents segments d'entreprise.

Segment d'entreprise	Personnel d'ingénierie	Spécialisation technique
Opérations minières	450	Génie géologique
Manutention des matériaux	350	Ingénierie de fabrication
Appareils de cuisine	400	Développement

Portfolio de propriété intellectuelle solide

En 2023, NACCO Industries détient:

• 127 brevets actifs
• 38 demandes de brevet en instance
• Valeur de la propriété intellectuelle estimée à 42,3 millions de dollars

Gestion expérimentée et équipes opérationnelles

L'équipe de direction de NACCO a un mandat moyen 15,6 ans dans leurs industries respectives.

Poste de direction	Années d'expérience dans l'industrie
PDG	27 ans
Directeur financier	19 ans
ROUCOULER	22 ans

NACCO Industries, Inc. (NC) - Modèle d'entreprise: propositions de valeur

Solutions d'extraction de charbon fiables et efficaces

NACCO Industries génère 373,2 millions de dollars de revenus annuels à partir de ses opérations d'extraction de charbon à partir de 2023. La société exploite 6 sites d'extraction de charbon actifs à travers les États-Unis, produisant environ 21,3 millions de tonnes de charbon par an.

Métriques d'extraction de charbon	2023 données
Production totale de charbon annuelle	21,3 millions de tonnes
Nombre de sites miniers actifs	6 sites
Revenus minières annuels	373,2 millions de dollars

Équipement de manutention des matériaux haute performance

Le segment des marques Hamilton Beach de NACCO génère 636,5 millions de dollars de revenus annuels grâce à des équipements de manutention et à des solutions d'appareil de consommation.

• Part de marché des équipements de manutention: 4,2%
• Ventes annuelles d'équipement: 187,4 millions de dollars
• Installations de fabrication d'équipements: 3 emplacements mondiaux

Services de machines industrielles personnalisées

La société fournit des services de machines industriels spécialisés avec 129,6 millions de dollars de revenus de services annuels.

Services de machines industrielles	2023 métriques
Revenus de services annuels	129,6 millions de dollars
Contrats de service	87 contrats actifs
Valeur du contrat moyen	1,49 million de dollars

Technologies d'extraction des ressources durables

NACCO investit 3,7% de ses revenus annuels (32,5 millions de dollars) dans la recherche et le développement technologiques d'extraction et d'extraction durables.

• Investissement en R&D: 32,5 millions de dollars
• Brevets technologiques durables: 12 brevets actifs
• Cible de réduction des émissions de carbone: 22% d'ici 2030

Capacités complètes de fabrication d'équipements

Le segment de fabrication de NACCO génère 512,8 millions de dollars de revenus de fabrication d'équipements annuels dans plusieurs secteurs industriels.

Segment de fabrication	2023 données
Revenus de fabrication annuels	512,8 millions de dollars
Installations de fabrication	5 installations mondiales
Capacité de production annuelle	4 200 unités industrielles

NACCO Industries, Inc. (NC) - Modèle d'entreprise: relations avec les clients

Partenariats contractuels à long terme avec les clients industriels

NACCO Industries entretient des relations contractuelles avec plusieurs clients industriels dans ses différents segments. En 2023, les rapports financiers, la société a déclaré 473,6 millions de dollars de revenus totaux provenant des contrats industriels à long terme.

Type de contrat	Valeur annuelle	Durée
Contrats d'équipement d'exploitation	268,4 millions de dollars	3-5 ans
Contrats d'équipement de manutention des matériaux	156,2 millions de dollars	2-4 ans
Contrats d'appareils de cuisine	49 millions de dollars	1 à 3 ans

Services de support technique et de maintenance

NACCO fournit un soutien technique complet dans ses segments d'entreprise. La société a alloué 37,8 millions de dollars pour les services de maintenance et de support technique en 2023.

• Hotline de support technique 24/7
• Entretien des équipements sur place
• Services de diagnostic à distance
• Gestion des stocks de pièces de remplacement

Approche de vente consultative

L'entreprise emploie un stratégie de vente consultative avec des gestionnaires de comptes dédiés. En 2023, NACCO comptait 78 représentants commerciaux spécialisés dans ses unités commerciales.

Conception et solutions d'équipement personnalisés

NACCO a investi 22,5 millions de dollars dans les capacités de conception et d'ingénierie des équipements personnalisés en 2023, permettant des solutions sur mesure pour des exigences spécifiques des clients.

Segment	Investissements de conception personnalisés	Solutions personnalisées développées
Équipement d'exploitation	12,3 millions de dollars	17 designs uniques
Manutention des matériaux	6,7 millions de dollars	12 solutions spécialisées
Appareils de cuisine	3,5 millions de dollars	8 gammes de produits personnalisés

Mécanismes réguliers d'engagement et de rétroaction des clients

NACCO mène des enquêtes annuelles sur la satisfaction des clients avec un taux de réponse de 64% en 2023. La société a suivi 342 interactions de commentaires des clients directs au cours de l'exercice.

• Réunions de révision des entreprises trimestrielles
• Enquêtes annuelles sur la satisfaction des clients
• Plateformes de rétroaction numérique
• Suivi du score net du promoteur

NACCO Industries, Inc. (NC) - Modèle d'entreprise: canaux

Force de vente directe

NACCO Industries maintient une force de vente directe de 87 représentants commerciaux professionnels à partir de 2023, axés sur des segments spécialisés d'équipement industriel.

Type de canal de vente	Nombre de représentants	Ventes annuelles moyennes par représentant
Équipement industriel Ventes directes	87	$2,340,000

Salons des équipements industriels

NACCO participe à 14 grands salons d'équipement industriel chaque année, avec un budget d'exposition estimé à 675 000 $.

• Salons du commerce nord-américain: 9
• Salons commerciaux internationaux: 5

Catalogues et sites Web de produits en ligne

Le canal de vente numérique génère environ 43,2 millions de dollars de revenus annuels, ce qui représente 22% du total des ventes d'entreprises.

Plate-forme numérique	Trafic Web annuel	Taux de conversion
Site Web industriel de NACCO	463 000 visiteurs uniques	3.7%

Distributeurs d'équipements industriels spécialisés

NACCO travaille avec 126 distributeurs d'équipements industriels spécialisés à travers l'Amérique du Nord.

• Distributeurs domestiques: 98
• Distributeurs internationaux: 28

Plateformes de marketing et de communication numériques

Dépenses de marketing numérique annuelles de 1,2 million de dollars sur plusieurs plateformes.

Plate-forme numérique	Dépenses marketing	Taux d'engagement
Liendin	$380,000	4.2%
Annonces numériques spécifiques à l'industrie	$520,000	3.8%
Campagnes par e-mail ciblées	$300,000	5.1%

NACCO Industries, Inc. (NC) - Modèle d'entreprise: segments de clients

Services publics de production d'électricité au charbon

En 2024, NACCO Industries dessert environ 38 services publics de production d'électricité au charbon aux États-Unis.

Segment de clientèle	Nombre de clients	Valeur du contrat annuel moyen
Services publics d'électricité au charbon	38	4,2 millions de dollars

Sociétés de fabrication industrielle lourdes

NACCO Industries soutient 52 sociétés de fabrication industrielle lourdes avec des équipements et services spécialisés.

• Secteur de la fabrication automobile: 22 clients
• Traitement de l'acier et des métaux: 15 clients
• Fabrication chimique: 15 clients

Corporations d'extraction des mines et des ressources

La société dessert 27 sociétés d'extraction minière et de ressources dans plusieurs régions géographiques.

Segment minière	Nombre de clients	Couverture géographique
Exploitation de surface	18	Amérique du Nord
Mine souterraine	9	États-Unis

Utilisateurs d'équipements agricoles

NACCO Industries fournit des équipements à 65 utilisateurs d'équipements agricoles à l'échelle nationale.

• Opérations agricoles à grande échelle: 45 clients
• Cooperatives agricoles: 20 clients

Équipes d'approvisionnement d'équipement de manutention des matériaux

La société soutient 93 équipes d'approvisionnement en équipement de manutention de matériaux dans diverses industries.

Secteur de l'industrie	Nombre d'équipes d'approvisionnement	Investissement moyen de l'équipement
Entrepôts	42	3,1 millions de dollars
Logistique	35	2,8 millions de dollars
Distribution	16	2,5 millions de dollars

NACCO Industries, Inc. (NC) - Modèle d'entreprise: Structure des coûts

Frais d'approvisionnement en matières premières

Pour l'exercice 2022, NACCO Industries a déclaré des frais d'approvisionnement en matières premières de 459,3 millions de dollars dans ses différents segments d'activité.

Segment	Coûts d'approvisionnement en matières premières
Équipement d'exploitation	276,5 millions de dollars
Appareils de cuisine	182,8 millions de dollars

Coûts de fabrication et de production

Les coûts totaux de fabrication et de production pour les industries de NACCO en 2022 étaient de 612,7 millions de dollars.

• Installation de production Frais de fonctionnement: 247,3 millions de dollars
• Amortissement de l'équipement de fabrication: 89,6 millions de dollars
• Processus de contrôle et de fabrication de la qualité: 75,8 millions de dollars

Investissements de recherche et développement

NACCO Industries a alloué 43,2 millions de dollars à la recherche et au développement en 2022.

Zone de focus R&D	Montant d'investissement
Technologie d'exploitation	26,5 millions de dollars
Innovation de l'appareil de cuisine	16,7 millions de dollars

Gestion du travail et de la main-d'œuvre

Les coûts totaux de main-d'œuvre pour les industries de NACCO en 2022 étaient de 338,6 millions de dollars.

• Coûts de main-d'œuvre directs: 212,4 millions de dollars
• Avantages sociaux: 86,2 millions de dollars
• Formation et développement: 40 millions de dollars

Entretien de l'équipement et frais généraux opérationnels

La maintenance des équipements et les frais généraux opérationnels ont totalisé 187,5 millions de dollars en 2022.

Catégorie aérienne	Montant des dépenses
Entretien de l'équipement	112,3 millions de dollars
Coûts opérationnels de l'installation	75,2 millions de dollars

Structure totale des coûts pour 2022: 1 641,3 millions de dollars

NACCO Industries, Inc. (NC) - Modèle d'entreprise: Strots de revenus

Extraction et ventes de charbon

Pour l'exercice 2022, NACCO Industries a déclaré des revenus d'extraction de charbon de 282,4 millions de dollars de son segment nacoal, qui comprend des opérations dans le Dakota du Nord et le Texas.

Segment de charbon	Revenus annuels	Des tonnes vendues
Opérations du Dakota du Nord	189,6 millions de dollars	12,3 millions de tonnes
Opérations du Texas	92,8 millions de dollars	5,7 millions de tonnes

Fabrication d'équipements de manutention des matériaux

Le segment des marques de Hamilton Beach a généré 637,1 millions de dollars de revenus pour l'exercice 2022.

• Ventes intérieures: 412,3 millions de dollars
• Ventes internationales: 224,8 millions de dollars

Contrats de maintenance et de service de l'équipement

Les revenus du contrat de service pour l'équipement de manutention des matériaux étaient d'environ 45,2 millions de dollars en 2022.

Location de machines industrielles

Les revenus de location pour l'équipement de manutention des matériaux ont totalisé 37,5 millions de dollars au cours de l'exercice 2022.

Ventes de pièces de rechange et de composants

Les ventes de pièces de rechange et de composants pour l'équipement de manutention ont généré 28,6 millions de dollars de revenus en 2022.

Flux de revenus	2022 Revenus	Pourcentage du total des revenus
Exploitation de charbon	282,4 millions de dollars	28.3%
Équipement de manutention des matériaux	637,1 millions de dollars	63.9%
Contrats de service	45,2 millions de dollars	4.5%
Location d'équipement	37,5 millions de dollars	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.