Nacco Industries, Inc. (NC): Modelo de negócios Canvas [Jan-2025 Atualizado]

A NACCO Industries, Inc. (NC) é uma potência industrial multifacetada, navegando estrategicamente nas complexas paisagens de mineração de carvão, manuseio de materiais e fabricação de equipamentos. Com um modelo de negócios robusto que abrange diversos setores, da geração de energia para as máquinas agrícolas, esta empresa dinâmica transforma desafios industriais em soluções inovadoras. Sua abordagem única combina a extração tradicional de recursos com as capacidades tecnológicas de ponta, posicionando a Nacco como um participante fundamental em infraestrutura industrial e gerenciamento de recursos sustentáveis.

NACCO Industries, Inc. (NC) - Modelo de Negócios: Parcerias -Chaves

Fornecedores estratégicos em equipamentos de mineração e manuseio de materiais

A NACCO Industries faz parceria com fabricantes especializados de equipamentos de mineração para apoiar suas operações de manuseio de materiais.

Tipo de parceiro	Valor estimado do contrato anual	Duração da parceria
Fornecedores de equipamentos de mineração	US $ 45,2 milhões	3-5 anos
Fabricantes de equipamentos de manuseio de materiais	US $ 32,7 milhões	2-4 anos

Utilitários de mineração de carvão e geração de energia

A NACCO mantém parcerias críticas com utilitários de geração de energia em várias regiões.

• Acordos de fornecimento de carvão com 12 grandes empresas de serviços públicos
• Valor total do contrato de fornecimento de carvão: US $ 218,6 milhões
• Comprimento médio do contrato: 7 anos

Fabricantes de locomotivos e equipamentos industriais diesel

Fabricante	Valor do contrato	Tipo de equipamento
Transporte elétrico geral	US $ 27,5 milhões	Locomotivas a diesel
Equipamento industrial da Caterpillar	US $ 19,3 milhões	Máquinas industriais

Máquinas agrícolas e fornecedores de componentes

A divisão agrícola da Nacco colabora com os principais fabricantes de equipamentos e componentes.

• Número de parcerias de equipamentos agrícolas: 8
• Contratos totais de fornecimento de máquinas agrícolas: US $ 64,1 milhões
• Duração média da parceria: 4-6 anos

Provedores de serviços de distribuição e logística

Provedor de logística	Valor anual do contrato	Escopo de serviço
J.B. Hunt Transport Services	US $ 22,9 milhões	Transporte de carga
XPO Logistics	US $ 18,6 milhões	Gestão da cadeia de abastecimento

Nacco Industries, Inc. (NC) - Modelo de Negócios: Atividades -chave

Operações de mineração e produção de carvão

A NACCO opera atividades de mineração de carvão por meio de sua subsidiária norte -americana de carvão, com produção anual de carvão de aproximadamente 22,5 milhões de toneladas em 2022. A empresa gerencia várias operações de mineração de superfície e subterrânea em vários estados dos EUA.

Localização de mineração	Produção anual (toneladas)	Tipo de mineração
Dakota do Norte	16,4 milhões	Mineração de superfície
Texas	3,2 milhões	Mineração de superfície
Louisiana	2,9 milhões	Mineração de superfície

Fabricação de equipamentos de manuseio de materiais

A Hamilton Beach Brands Holding Company, uma subsidiária da NACCO, produz equipamentos de manuseio de materiais com receita anual de US $ 637,9 milhões em 2022.

• Instalações de fabricação localizadas na China
• Produção de eletrodomésticos comerciais e de consumo
• Capacidade de produção anual de 30 milhões de unidades

Distribuição de equipamentos agrícolas

A NACCO distribui equipamentos agrícolas por meio de suas divisões especializadas, com as receitas do segmento agrícola atingindo US $ 153,4 milhões em 2022.

Categoria de equipamento	Volume anual de distribuição	Regiões de mercado
Maquinaria agrícola	1.200 unidades	Centro -Oeste dos Estados Unidos
Equipamento agrícola especializado	850 unidades	Great Plains Região

Manutenção e manutenção de máquinas industriais

A NACCO fornece serviços de manutenção de máquinas industriais com receita anual de serviço de US $ 45,2 milhões em 2022.

• Contratos de manutenção com 120 clientes industriais
• Cobertura de serviço em 15 estados dos EUA
• Valor médio de contrato de manutenção anual: US $ 376.000

Exploração e desenvolvimento de recursos

A NACCO realiza atividades de exploração de recursos com um orçamento anual de exploração de US $ 12,7 milhões em 2022.

Foco de exploração	Valor do investimento	Regiões de exploração
Mapeamento de recursos de carvão	US $ 7,3 milhões	Dakota do Norte, Texas
Avaliação de Recursos Minerais	US $ 5,4 milhões	Louisiana, Wyoming

Nacco Industries, Inc. (NC) - Modelo de Negócios: Recursos -Principais

Extensas propriedades e reservas de mineração de carvão

A partir de 2023, a Nacco Industries possui aproximadamente 3,9 bilhões de toneladas de reservas de carvão em várias operações de mineração. As reservas de carvão da empresa estão localizadas principalmente em Dakota do Norte, Texas e Louisiana.

Localização	Reservas de carvão (toneladas)	Tipo de mineração
Dakota do Norte	2,7 bilhões	Mineração de superfície
Texas	0,8 bilhão	Mineração de superfície
Louisiana	0,4 bilhão	Mineração de superfície

Instalações avançadas de fabricação de equipamentos de manuseio de materiais

A Divisão de Marcas de Hamilton Beach, da Nacco, opera instalações de fabricação com as seguintes características:

• Capacidade total de fabricação: 22 milhões de unidades por ano
• Instalações de produção localizadas na China e no México
• Aproximadamente 5 locais de fabricação primários

Engenharia especializada e especialização técnica

Nacco emprega Aproximadamente 1.200 profissionais técnicos e de engenharia em seus vários segmentos de negócios.

Segmento de negócios	Equipe de engenharia	Especialização técnica
Operações de mineração	450	Engenharia Geológica
Manuseio de material	350	Engenharia de fabricação
Aparelhos de cozinha	400	Desenvolvimento de produtos

Portfólio de propriedade intelectual forte

A partir de 2023, a Nacco Industries possui:

• 127 patentes ativas
• 38 pedidos de patente pendente
• Valor da propriedade intelectual estimado em US $ 42,3 milhões

Equipes de gestão e operação experientes

A equipe de liderança da Nacco tem um mandato médio de 15,6 anos em suas respectivas indústrias.

Posição executiva	Anos de experiência no setor
CEO	27 anos
Diretor Financeiro	19 anos
COO	22 anos

Nacco Industries, Inc. (NC) - Modelo de Negócios: Proposições de Valor

Soluções de mineração de carvão confiáveis ​​e eficientes

A NACCO Industries gera US $ 373,2 milhões em receita anual de suas operações de mineração de carvão a partir de 2023. A Companhia opera 6 locais de mineração de carvão ativos nos Estados Unidos, produzindo aproximadamente 21,3 milhões de toneladas de carvão anualmente.

Métricas de mineração de carvão	2023 dados
Produção anual total de carvão	21,3 milhões de toneladas
Número de sites de mineração ativos	6 sites
Receita anual de mineração	US $ 373,2 milhões

Equipamento de manuseio de material de alto desempenho

O segmento de marcas Hamilton Beach da Nacco gera US $ 636,5 milhões em receita anual através de equipamentos de manuseio de materiais e soluções de eletrodomésticos.

• Compatação de mercado de equipamentos de manuseio de materiais: 4,2%
• Vendas anuais de equipamentos: US $ 187,4 milhões
• Instalações de fabricação de equipamentos: 3 locais globais

Serviços de máquinas industriais personalizadas

A empresa fornece serviços especializados de máquinas industriais com US $ 129,6 milhões em receita anual de serviços.

Serviços de máquinas industriais	2023 Métricas
Receita anual de serviço	US $ 129,6 milhões
Contratos de serviço	87 contratos ativos
Valor médio do contrato	US $ 1,49 milhão

Tecnologias de extração de recursos sustentáveis

A Nacco investe 3,7% de sua receita anual (US $ 32,5 milhões) em pesquisa e desenvolvimento de tecnologia sustentável de mineração e extração.

• Investimento em P&D: US $ 32,5 milhões
• Patentes de tecnologia sustentável: 12 patentes ativas
• Alvo de redução de emissão de carbono: 22% até 2030

Capacidades abrangentes de fabricação de equipamentos

O segmento de fabricação da NACCO gera US $ 512,8 milhões em receita anual de fabricação de equipamentos em vários setores industriais.

Segmento de fabricação	2023 dados
Receita anual de fabricação	US $ 512,8 milhões
Instalações de fabricação	5 instalações globais
Capacidade de produção anual	4.200 unidades industriais

NACCO Industries, Inc. (NC) - Modelo de Negócios: Relacionamentos do Cliente

Parcerias contratuais de longo prazo com clientes industriais

A NACCO Industries mantém relações contratuais com vários clientes industriais em seus vários segmentos. A partir de 2023, os relatórios financeiros, a Companhia registrou US $ 473,6 milhões em receita total de contratos industriais de longo prazo.

Tipo de contrato	Valor anual	Duração
Contratos de equipamentos de mineração	US $ 268,4 milhões	3-5 anos
Contratos de equipamentos de manuseio de materiais	US $ 156,2 milhões	2-4 anos
Aparelhos de cozinha contratos	US $ 49 milhões	1-3 anos

Serviços de Suporte e Manutenção Técnicos

A NACCO fornece suporte técnico abrangente em seus segmentos de negócios. A empresa alocou US $ 37,8 milhões para serviços de manutenção e suporte técnico em 2023.

• 24/7 de suporte técnico Linha direta
• Manutenção do equipamento no local
• Serviços de diagnóstico remoto
• Gerenciamento de inventário de peças de reposição

Abordagem de vendas consultiva

A empresa emprega um Estratégia de vendas consultiva com gerentes de conta dedicados. Em 2023, a NACCO tinha 78 representantes de vendas especializados em suas unidades de negócios.

Design de equipamentos personalizados e soluções

A NACCO investiu US $ 22,5 milhões em recursos de design e engenharia de equipamentos personalizados em 2023, permitindo soluções personalizadas para requisitos específicos do cliente.

Segmento	Investimentos de design personalizado	Soluções personalizadas desenvolvidas
Equipamento de mineração	US $ 12,3 milhões	17 designs exclusivos
Manuseio de material	US $ 6,7 milhões	12 soluções especializadas
Aparelhos de cozinha	US $ 3,5 milhões	8 linhas de produtos personalizadas

Mecanismos regulares de envolvimento e feedback do cliente

A NACCO realiza pesquisas anuais de satisfação do cliente com uma taxa de resposta de 64% em 2023. A empresa rastreou 342 interações de feedback direto do cliente durante o ano fiscal.

• Reuniões trimestrais de revisão de negócios
• Pesquisas anuais de satisfação do cliente
• Plataformas de feedback digital
• Rastreamento de pontuação do promotor líquido

Nacco Industries, Inc. (NC) - Modelo de Negócios: Canais

Força de vendas direta

A NACCO Industries mantém uma força de vendas direta de 87 representantes de vendas profissionais a partir de 2023, focada em segmentos de equipamentos industriais especializados.

Tipo de canal de vendas	Número de representantes	Vendas anuais médias por representante
Vendas diretas de equipamentos industriais	87	$2,340,000

Feiras de equipamentos industriais

A NACCO participa de 14 grandes feiras de equipamentos industriais anualmente, com um orçamento estimado de exposição de US $ 675.000.

• Feiras de comércio norte -americano: 9
• Feiras Internacionais de Comércio: 5

Catálogos e sites de produtos on -line

O canal de vendas digital gera aproximadamente US $ 43,2 milhões em receita anual, representando 22% do total de vendas da empresa.

Plataforma digital	Tráfego anual da Web	Taxa de conversão
Site industrial da NACCO	463.000 visitantes únicos	3.7%

Distribuidores de equipamentos industriais especializados

A NACCO trabalha com 126 distribuidores de equipamentos industriais especializados em toda a América do Norte.

• Distribuidores domésticos: 98
• Distribuidores internacionais: 28

Plataformas de marketing e comunicação digital

Despesas anuais de marketing digital de US $ 1,2 milhão em várias plataformas.

Plataforma digital	Gastos com marketing	Taxa de engajamento
LinkedIn	$380,000	4.2%
Anúncios digitais específicos do setor	$520,000	3.8%
Campanhas de e -mail direcionadas	$300,000	5.1%

Nacco Industries, Inc. (NC) - Modelo de Negócios: Segmentos de Clientes

Utilitários de geração de energia a carvão

A partir de 2024, a Nacco Industries atende a aproximadamente 38 concessionárias de geração de energia a carvão nos Estados Unidos.

Segmento de clientes	Número de clientes	Valor médio anual do contrato
Utilitários de energia a carvão	38	US $ 4,2 milhões

Empresas de manufatura industriais pesadas

A NACCO Industries suporta 52 empresas de manufatura industriais pesadas com equipamentos e serviços especializados.

• Setor de fabricação automotiva: 22 clientes
• Processamento de aço e metal: 15 clientes
• Fabricação química: 15 clientes

Corporações de extração de mineração e recursos

A empresa atende 27 empresas de extração de mineração e recursos em várias regiões geográficas.

Segmento de mineração	Número de clientes	Cobertura geográfica
Mineração de superfície	18	América do Norte
Mineração subterrânea	9	Estados Unidos

Usuários de equipamentos agrícolas

A NACCO Industries fornece equipamentos para 65 usuários de equipamentos agrícolas em todo o país.

• Operações agrícolas em larga escala: 45 clientes
• Cooperativas agrícolas: 20 clientes

Equipes de compras de equipamentos de manuseio de materiais

A empresa suporta 93 equipes de compras de equipamentos de manuseio de materiais em vários setores.

Setor da indústria	Número de equipes de compras	Investimento médio de equipamento
Armazenamento	42	US $ 3,1 milhões
Logística	35	US $ 2,8 milhões
Distribuição	16	US $ 2,5 milhões

Nacco Industries, Inc. (NC) - Modelo de negócios: estrutura de custos

Despesas de aquisição de matéria -prima

Para o ano fiscal de 2022, a NACCO Industries relatou despesas de compras de matéria -prima de US $ 459,3 milhões em seus vários segmentos de negócios.

Segmento	Custos de aquisição de matéria -prima
Equipamento de mineração	US $ 276,5 milhões
Aparelhos de cozinha	US $ 182,8 milhões

Custos de fabricação e produção

Os custos totais de fabricação e produção para a NACCO Industries em 2022 foram de US $ 612,7 milhões.

• Despesas operacionais da instalação de produção: US $ 247,3 milhões
• Depreciação de equipamentos de fabricação: US $ 89,6 milhões
• Controle de qualidade e processos de fabricação: US $ 75,8 milhões

Investimentos de pesquisa e desenvolvimento

A NACCO Industries alocou US $ 43,2 milhões à pesquisa e desenvolvimento em 2022.

Área de foco em P&D	Valor do investimento
Tecnologia de mineração	US $ 26,5 milhões
Inovação do aparelho de cozinha	US $ 16,7 milhões

Gerenciamento de mão -de -obra e força de trabalho

Os custos totais da mão -de -obra das indústrias da NACCO em 2022 foram de US $ 338,6 milhões.

• Custos de mão -de -obra direta: US $ 212,4 milhões
• Benefícios dos funcionários: US $ 86,2 milhões
• Treinamento e desenvolvimento: US $ 40 milhões

Manutenção de equipamentos e sobrecarga operacional

A manutenção de equipamentos e as despesas gerais operacionais totalizaram US $ 187,5 milhões em 2022.

Categoria de sobrecarga	Quantidade de despesa
Manutenção do equipamento	US $ 112,3 milhões
Custos operacionais da instalação	US $ 75,2 milhões

Estrutura de custo total para 2022: US $ 1.641,3 milhões

Nacco Industries, Inc. (NC) - Modelo de Negócios: Fluxos de Receita

Mineração de carvão e vendas

Para o ano fiscal de 2022, a NACCO Industries relatou receitas de mineração de carvão de US $ 282,4 milhões de seu segmento nacoal, que inclui operações em Dakota do Norte e Texas.

Segmento de carvão	Receita anual	Toneladas vendidas
Operações de Dakota do Norte	US $ 189,6 milhões	12,3 milhões de toneladas
Operações do Texas	US $ 92,8 milhões	5,7 milhões de toneladas

Fabricação de equipamentos de manuseio de materiais

O segmento de marcas de Hamilton Beach gerou US $ 637,1 milhões em receita para o ano fiscal de 2022.

• Vendas domésticas: US $ 412,3 milhões
• Vendas internacionais: US $ 224,8 milhões

Contratos de manutenção e serviço de equipamentos

As receitas do contrato de serviço para equipamentos de manuseio de materiais foram de aproximadamente US $ 45,2 milhões em 2022.

Leasing de máquinas industriais

As receitas de leasing para equipamentos de manuseio de materiais totalizaram US $ 37,5 milhões no ano fiscal de 2022.

Peças de reposição e vendas de componentes

Peças de reposição e vendas de componentes para equipamentos de manuseio de materiais geraram US $ 28,6 milhões em receita durante 2022.

Fluxo de receita	2022 Receita	Porcentagem da receita total
Mineração de carvão	US $ 282,4 milhões	28.3%
Equipamento de manuseio de materiais	US $ 637,1 milhões	63.9%
Contratos de serviço	US $ 45,2 milhões	4.5%
Arrendamento de equipamentos	US $ 37,5 milhões	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.