What changed in this filing

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Item 8. Financial Statements and Supplementary Data

2026-02-27 compared with 2025-02-28 · 309 added, 351 removed, 1230 unchanged (35% of the section changed)

14 unchanged sentences

We conducted our audits in accordance with the standards of the PCAOB.

Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement, whether due to error or fraud, and whether effective internal control over financial reporting was maintained in all material respects.

Our audits of the financial statements included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks.

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We have served as the Company's auditor since 2020.

Atlanta, Georgia

Charlotte, North Carolina

February 27, 2026

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Accretion on asset retirement obligations 22,126 25,050 25,500

Amortization of acquired intangibles, net 6,700 8,523 19,498

Amortization of acquired intangibles 5,427 6,700 8,523

Selling, general and administrative expenses (exclusive of depreciation, depletion and amortization shown separately above) 60,158 74,000 82,390

1 unchanged sentence

Total costs and expenses 2,190,847 2,729,431 2,608,332

Income from operations 227,854 863,085 1,580,879

(Loss) income from operations ( 61,366 ) 227,854 863,085

Other (expense) income:

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Equity loss in affiliates ( 24,867 ) ( 20,302 ) ( 18,263 )

Miscellaneous (expense) income, net ( 11,199 ) ( 1,620 ) 6,832

Miscellaneous expense, net ( 13,673 ) ( 11,199 ) ( 1,620 )

Total other expense, net ( 26,093 ) ( 17,104 ) ( 17,626 )

Income before income taxes 210,750 845,459 1,554,750

Income tax expense ( 23,171 ) ( 123,503 ) ( 106,205 )

Net income $ 187,579 $ 721,956 $ 1,448,545

Basic income per common share $ 14.41 $ 51.18 $ 82.82

Diluted income per common share $ 14.28 $ 49.30 $ 79.49

(Loss) income before income taxes ( 87,459 ) 210,750 845,459

Income tax benefit (expense) 25,772 ( 23,171 ) ( 123,503 )

Net (loss) income $ ( 61,687 ) $ 187,579 $ 721,956

Basic (loss) income per common share $ ( 4.75 ) $ 14.41 $ 51.18

Diluted (loss) income per common share $ ( 4.75 ) $ 14.28 $ 49.30

Weighted average shares - basic 12,996,148 13,013,469 14,106,466

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AND SUBSIDIARIES

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME

(Amounts in thousands)

1 unchanged sentence

2025 2024 2023

Net income $ 187,579 $ 721,956 $ 1,448,545

Net (loss) income $ ( 61,687 ) $ 187,579 $ 721,956

Other comprehensive (loss) income, net of tax:

Employee benefit plans:

Current period actuarial (loss) gain $ ( 16,659 ) $ ( 34,205 ) $ 56,485

Income tax benefit (expense) 3,696 7,588 ( 12,888 )

Current period actuarial loss $ ( 18,880 ) $ ( 16,659 ) $ ( 34,205 )

Income tax benefit 4,114 3,696 7,588

$ ( 14,766 ) $ ( 12,963 ) $ ( 26,617 )

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$ 4,415 $ 3,468 $ ( 1,808 )

Total other comprehensive (loss) income, net of tax $ ( 9,495 ) $ ( 28,425 ) $ 46,341

Total comprehensive income $ 178,084 $ 693,531 $ 1,494,886

Total other comprehensive loss, net of tax $ ( 10,351 ) $ ( 9,495 ) $ ( 28,425 )

Total comprehensive (loss) income $ ( 72,038 ) $ 178,084 $ 693,531

Refer to accompanying Notes to Consolidated Financial Statements.

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Cash and cash equivalents $ 365,974 $ 481,578

Short-term investments 49,582 —

Trade accounts receivable, net of allowance for credit losses of $ 2,519 and $ 2,396 as of December 31, 2025 and 2024, respectively

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Operating activities:

Net income $ 187,579 $ 721,956 $ 1,448,545

Adjustments to reconcile net income to net cash provided by operating activities:

Net (loss) income $ ( 61,687 ) $ 187,579 $ 721,956

Adjustments to reconcile net (loss) income to net cash provided by operating activities:

Depreciation, depletion and amortization 174,524 167,331 136,869

Amortization of acquired intangibles, net 6,700 8,523 19,498

Amortization of debt issuance costs and accretion of debt discount 1,118 1,947 8,282

Amortization of acquired intangibles 5,427 6,700 8,523

Loss on extinguishment of debt — — 2,753

Mark-to-market adjustment for acquisition-related obligations — — 8,880

(Gain) loss on disposal of assets, net ( 169 ) ( 6,817 ) 43

Loss (gain) on disposal of assets, net 1,044 ( 169 ) ( 6,817 )

Accretion on asset retirement obligations 22,126 25,050 25,500

Employee benefit plans, net 23,397 14,551 8,376

Deferred income taxes 5,563 39,722 ( 14,521 )

Deferred tax (benefit) expense ( 23,740 ) 5,563 39,722

Stock-based compensation 13,598 12,318 19,017

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Acquisition-related obligations — — ( 28,254 )

Workers’ compensation and black lung obligations ( 19,959 ) ( 18,660 ) ( 19,969 )

Pension obligations ( 16,966 ) ( 12,320 ) ( 25,011 )

Asset retirement obligations ( 14,721 ) ( 27,903 ) ( 19,189 )

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Capital expenditures ( 127,153 ) ( 198,848 ) ( 245,373 )

Proceeds on disposal of assets 1,029 8,173 3,623

Capital contributions to equity affiliates ( 38,146 ) ( 32,504 ) ( 30,812 )

Proceeds from disposal of assets 265 1,029 8,173

Cash paid for business acquired — — ( 11,919 )

1 unchanged sentence

Sales and maturities of investment securities 67,165 48,036 320,961

Capital contributions to equity affiliates ( 32,504 ) ( 30,812 ) ( 19,556 )

Other, net 51 31 35

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Net cash used in financing activities ( 52,227 ) ( 128,897 ) ( 656,428 )

Net increase in cash and cash equivalents and restricted cash 220,036 28,731 172,780

Net (decrease) increase in cash and cash equivalents and restricted cash ( 111,276 ) 220,036 28,731

Cash and cash equivalents and restricted cash at beginning of period 604,161 384,125 355,394

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Cash paid for interest $ 1,868 $ 2,662 $ 5,207

Cash paid for income taxes $ 12,144 $ 79,221 $ 139,663

Cash received for income tax refunds $ 3,765 $ 30 $ 6

Cash paid for income taxes (net of refunds received) $ 2,118 $ 8,379 $ 79,191

Supplemental disclosure of noncash investing and financing activities:

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Cash and cash equivalents $ 365,974 $ 481,578 $ 268,207

Short-term restricted cash — — 24,547

Long-term restricted cash 126,911 122,583 115,918

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(Amounts in thousands)

Common Stock Additional Paid-in Capital Accumulated Other Comprehensive (Loss) Income Treasury Stock at Cost (Accumulated Deficit) Retained Earnings Total Stockholders’ Equity

Common Stock Additional Paid-in Capital Accumulated Other Comprehensive Loss Treasury Stock at Cost Retained Earnings Total Stockholders’ Equity

Balances, December 31, 2022 $ 217 $ 815,442 $ ( 12,162 ) $ ( 649,061 ) $ 1,275,319 $ 1,429,755

Net income — — — — 721,956 721,956

Other comprehensive income, net — — 46,341 — — 46,341

Other comprehensive loss, net — — ( 28,425 ) — — ( 28,425 )

Stock-based compensation, issuance of common stock for share vesting, and common stock reissuances 2 12,127 — 6,888 — 19,017

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Stock-based compensation, issuance of common stock for share vesting, and common stock reissuances 3 5,322 — 6,993 — 12,318

Exercise of stock options — 225 — — — 225

Common stock repurchases and related expenses — — — ( 114,194 ) — ( 114,194 )

Warrants exercises 2 6,688 — — — 6,690

Cash dividend and dividend equivalents declared ($ 1.940 per share)

— — — — ( 27,748 ) ( 27,748 )

Dividend equivalents — — — — ( 639 ) ( 639 )

Balances, December 31, 2024 $ 224 $ 839,804 $ ( 50,082 ) $ ( 1,296,916 ) $ 2,156,467 $ 1,649,497

Net income — — — — 187,579 187,579

Net loss — — — — ( 61,687 ) ( 61,687 )

Other comprehensive loss, net — — ( 10,351 ) — — ( 10,351 )

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Basis of Presentation

Together, the consolidated statements of operations, comprehensive income, balance sheets, cash flows and stockholders’ equity for the Company are referred to as the “Consolidated Financial Statements.” The Consolidated Financial Statements are also referenced across periods as “Consolidated Statements of Operations,” “Consolidated Statements of Comprehensive Income,” “Consolidated Balance Sheets,” “Consolidated Statements of Cash Flows,” and “Consolidated Statements of Stockholders’ Equity.”

Together, the consolidated statements of operations, comprehensive (loss) income, balance sheets, cash flows and stockholders’ equity for the Company are referred to as the “Consolidated Financial Statements.” The Consolidated Financial Statements are also referenced across periods as “Consolidated Statements of Operations,” “Consolidated Statements of Comprehensive (Loss) Income,” “Consolidated Balance Sheets,” “Consolidated Statements of Cash Flows,” and “Consolidated Statements of Stockholders’ Equity.”

The Consolidated Financial Statements include all wholly owned subsidiaries’ results of operations for the years ended December 31, 2025, 2024, and 2023.

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The accompanying Consolidated Financial Statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S.

Reclassifications

For comparability purposes, certain immaterial segment information for the years ended December 31, 2023 and 2022 in the notes to the Consolidated Financial Statements has been recast to conform to the current year presentation.

Refer to Note 22 .

(2) Summary of Significant Accounting Policies

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Cash and cash equivalents are stated at cost, which approximates fair value.

Restricted Cash

Amounts included in restricted cash represent cash and cash equivalents that are restricted as to withdrawal as required by certain agreements entered into by the Company and provide collateral to secure the certain obligations which have been written on the Company’s behalf.

Refer to Note 20 for further information.

ALPHA METALLURGICAL RESOURCES, INC.

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(Amounts in thousands except share and per share data)

Restricted Cash

Refer to Note 20 for further information.

Restricted Investments

Short-term investments, with maturities of twelve months or less, consist of U.S government securities.

Restricted investments consist of U.S.

government securities that are restricted as to withdrawal as required by certain agreements entered into by the Company and provide collateral to secure certain obligations which have been written on the Company’s behalf.

All restricted investments are classified as trading securities as of December 31, 2024 and 2023.

All investments are classified as trading securities as of December 31, 2025 and 2024.

Trading securities are recorded initially at cost and are adjusted to fair value at each reporting period with unrealized gains and losses recorded in current period earnings or loss.

Refer to Note 20 for further information.

Refer to Notes 15 and 20 for further information.

Deposits represent cash deposits held at third parties as required by certain agreements entered into by the Company to provide cash collateral to secure the following obligations which have been written on the Company’s behalf.

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Refer to Note 9 for further information.

Property, Plant, and Equipment, Net

Costs for mine development incurred to expand capacity of operating mines or to develop new mines are capitalized and charged to operations on the units-of-production method over the estimated proven and probable reserve tons directly benefiting from the capital expenditures.

Mine development costs include costs incurred for site preparation and development of the mines during the development stage less any incidental revenue generated during the development stage.

Mining equipment,

ALPHA METALLURGICAL RESOURCES, INC.

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(Amounts in thousands except share and per share data)

Property, Plant, and Equipment, Net

Mine development costs include costs incurred for site preparation and development of the mines during the development stage less any incidental revenue generated during the development stage.

Mining equipment, buildings, and other fixed assets are stated at cost and depreciated on a straight-line basis over estimated useful lives ranging from one to 25 years.

buildings, and other fixed assets are stated at cost and depreciated on a straight-line basis over estimated useful lives ranging from one to 25 years.

Leasehold improvements are amortized using the straight-line method, over the shorter of the estimated useful lives or term of the lease.

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Only proven and probable reserves are included in the depletion base.

Depletion expense is included in Depreciation, depletion and amortization in the accompanying Consolidated Statements of Operations and was $ 28,075 , $ 23,944 , and $ 23,078 for the years ended December 31, 2024, 2023, and 2022 respectively.

Depletion expense for the years ended December 31, 2024, 2023, and 2022 includes an expense of $ 961 , a credit of ($ 34 ), and a credit of ($ 3,016 ), respectively, related to revisions to asset retirement obligations.

Depletion expense is included in Depreciation, depletion and amortization in the Consolidated Statements of Operations and was $ 22,258 , $ 28,075 , and $ 23,944 for the years ended December 31, 2025, 2024, and 2023 respectively.

Depletion expense for the years ended December 31, 2025, 2024, and 2023 includes a credit of ($ 6,137 ), an expense of $ 961 , and a credit of ($ 34 ), respectively, related to revisions to asset retirement obligations.

Refer to Note 14 for further disclosures related to asset retirement obligations.

In accordance with ASC 842, the Company recognizes right of use assets and lease liabilities on the Consolidated Balance Sheets for all leases with a term longer than 12 months.

In accordance with Accounting Standards Codification (“ASC”) 842 Lease Accounting (“ASC 842”), the Company recognizes right of use assets and lease liabilities on the Consolidated Balance Sheets for all leases with a term longer than 12 months.

Some of these leases include both lease and non-lease components which are accounted for as a single lease component as the Company has elected the practical expedient to combine these components for all leases.

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The acquired mine permits are amortized over the estimated life of the associated mine.

Amortization expense is included in Amortization of acquired intangibles, net in the accompanying Consolidated Statements of Operations.

Amortization expense is included in Amortization of acquired intangibles in the Consolidated Statements of Operations.

Future net amortization expense related to acquired intangibles is expected to be $ 4,913 , $ 4,837 , $ 4,837 , $ 4,799 , $ 1,342 , and $ 13,724 for 2026, 2027, 2028, 2029, 2030, and after 2030, respectively.

Goodwill represents the excess of the purchase price over the fair value of the net identifiable tangible and intangible assets of acquired companies.

Goodwill is not amortized;

instead, it is tested for impairment annually as of October 31 of each year or more frequently if indicators of impairment exist.

Goodwill is included in the Consolidated Balance Sheets as Other Non-Current Assets.

ALPHA METALLURGICAL RESOURCES, INC.

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(Amounts in thousands except share and per share data)

Goodwill represents the excess of the purchase price over the fair value of the net identifiable tangible and intangible assets of acquired companies.

Goodwill amounts to $ 11,124 as of December 31, 2024 and 2023 and is included within Other non-current assets on the Company’s Consolidated Balance Sheets.

In January 2023, primarily to secure additional coal trucks and related equipment and facilities, the Company purchased substantially all the assets of a freight, hauling and transportation services business for $ 11,919 , resulting in $ 388 of goodwill.

The acquired goodwill, related primarily to the acquired workforce and expected cost synergies, was allocated to the Company's Met reportable segment.

In December 2022, the Company purchased substantially all of the assets of a mining equipment component manufacturing and rebuild business to help secure the supply of certain underground mining equipment parts needed for the Company’s operations for $ 24,878 , which included $ 7,787 of working capital, $ 6,355 of property, plant, and equipment, and $ 10,736 of goodwill.

The acquired goodwill, related primarily to the acquired workforce and expected cost synergies, was allocated to the Company’s Met reportable segment.

Goodwill is not amortized;

instead, it is tested for impairment annually as of October 31 of each year or more frequently if indicators of impairment exist.

The Company assesses goodwill for impairment on a qualitative basis.

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The amount of impairment, if any, is allocated to the long-lived assets on a pro-rata basis, except that the carrying value of the individual long-lived assets are not reduced below their estimated fair value.

As of June 30, 2025, due to recent declines in metallurgical coal spot pricing, the Marfork, Power Mountain, Elk Run and Kepler mining complexes were tested for impairment.

Estimated future undiscounted cash flows were projected to exceed each complex’s respective carrying value and no impairment charges were required.

Asset Retirement Obligations

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Refer to Note 14 for further information.

The Company recognizes deferred tax assets and liabilities using enacted tax rates for the effect of temporary differences

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

between the book and tax bases of recorded assets and liabilities.

The Company recognizes deferred tax assets and liabilities using enacted tax rates for the effect of temporary differences between the book and tax bases of recorded assets and liabilities.

Deferred tax assets are reduced by a valuation allowance if it is more likely than not that some portion or all of the deferred tax assets will not be realized.

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Refer to Note 16 for further information.

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

Deferred Financing Costs

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The actuarial gains and losses recognized in accumulated other comprehensive income (loss) are amortized into components of net periodic benefit cost over the expected lifetime of active participants (the Company does not use a corridor method).

These short-term and long-term obligations are included in the Consolidated Balance Sheets within Accrued expenses

These short-term and long-term obligations are included in the Consolidated Balance Sheets within Accrued expenses and other current liabilities and Workers’ compensation and black lung obligations, respectively.

Refer to Note 17 for further information.

The Company is required to recognize the overfunded or underfunded status of a defined benefit pension plan as an asset or liability in its Consolidated Balance Sheets and to recognize changes in that funded status in the year in which the changes occur through other comprehensive (loss) income.

The actuarial gains and losses recognized in accumulated other comprehensive income (loss) are amortized into components of net periodic benefit cost over the average future lifetime of participants expected to have benefits (the Company does not use a corridor method).

The Company is required to measure plan

ALPHA METALLURGICAL RESOURCES, INC.

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(Amounts in thousands except share and per share data)

and other current liabilities and Workers’ compensation and black lung obligations, respectively.

Refer to Note 17 for further information.

The Company is required to measure plan assets and benefit obligations as of the date of the Company’s fiscal year-end Consolidated Balance Sheet and provide the required disclosures as of the end of each fiscal year.

assets and benefit obligations as of the date of the Company’s fiscal year-end Consolidated Balance Sheet and provide the required disclosures as of the end of each fiscal year.

Refer to Note 17 for information.

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Refer to Note 17 for further information.

Net Income per Share

Basic net income per share is computed by dividing net income by the weighted-average number of outstanding common shares for the period.

Net (Loss) Income per Share

Basic net (loss) income per share is computed by dividing net (loss) income by the weighted-average number of outstanding common shares for the period.

Diluted earnings per share reflects the potential dilution that could occur if instruments that may require the issuance of common shares in the future were settled and the underlying common shares were issued.

Diluted earnings per share is computed by increasing the weighted-average number of outstanding common shares computed in basic earnings per share to include the additional common shares that would be outstanding after issuance and adjusting net income for changes that would result from the issuance.

Diluted earnings per share is computed by increasing the weighted-average number of outstanding common shares computed in basic earnings per share to include the additional common shares that would be outstanding after issuance and adjusting net (loss) income for changes that would result from the issuance.

Only those securities that are dilutive are included in the calculation.

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Equity method investments are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of the investment may not be recoverable.

The carrying values of the Company’s equity method investments are included within Other non-current assets on

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

the Company’s Consolidated Balance Sheets.

The carrying values of the Company’s equity method investments are included within Other non-current assets on the Company’s Consolidated Balance Sheets.

Refer to Notes 9 and 10 for additional information.

Recently Adopted Accounting Guidance

Segment Disclosures :

In November 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-07, Segment Reporting (Topic 280):

Improvements to Reportable Segment Disclosures (“ASU 2023-07”).

This update requires public entities to disclose significant segment expenses that are regularly provided to its chief operating decision maker and other segment items and to provide in interim periods all disclosures about a reportable segment’s profit or loss and assets that are currently required annually.

The additional disclosures are required to be provided on a retrospective basis.

The amendments are effective for fiscal years beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024.

The Company adopted ASU 2023-07 during the fourth quarter of 2024.

Refer to Note 22 for the the additional required segment disclosures upon adoption of this ASU.

Recent Accounting Guidance Issued Not Yet Effective

Income Tax Disclosures :

In December 2023, the FASB issued ASU 2023-09, Income Taxes (Topic 740):

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740):

Improvements to Income Tax Disclosures (“ASU 2023-09”).

This update requires public business entities to disclose in their income tax rate reconciliation table additional categories of information about federal, state, and foreign income taxes and to provide additional details about the reconciling items in categories meeting a quantitative threshold.

The guidance will also require entities to disclose income taxes paid, net of refunds, disaggregated by federal, state, and foreign taxes for annual periods and to disaggregate the information by jurisdiction based on a quantitative threshold.

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

on a quantitative threshold.

The additional disclosures are required to be provided on a prospective basis with the option to provide retrospectively.

The amendments are effective for fiscal years beginning after December 15, 2024.

The Company will provide the additional required disclosures upon adoption.

The Company adopted ASU 2023-09 retrospectively during the fourth quarter of 2025 and prior period disclosures have been recast to conform to the current year presentation.

Refer to Note 16 for the additional required income tax disclosures upon adoption of this ASU.

Recent Accounting Guidance Issued Not Yet Effective

Expense Disaggregation Disclosures :

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$ 83,560 $ 12,300 $ — $ — $ — $ 95,860

(1) Amounts only include estimated coal revenues associated with contracts with customers with fixed pricing with original expected duration of more than one year.

(1) Amounts include only estimated coal revenues associated with contracts with customers with fixed pricing with original expected duration of more than one year.

The Company has elected not to disclose the aggregate amount of the transaction price allocated to the performance obligations that are unsatisfied (or partially unsatisfied) as of the end of the reporting period for performance obligations with either of the following conditions:

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Balance January 1, 2023

Other comprehensive income before reclassifications Amounts reclassified from accumulated other comprehensive loss Balance December 31, 2022

Other comprehensive loss before reclassifications Amounts reclassified from accumulated other comprehensive loss Balance December 31, 2023

Employee benefit costs $ ( 12,162 ) $ ( 26,617 ) $ ( 1,808 ) $ ( 40,587 )

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Amortization of actuarial loss (gain) (1)

$ 4,431 $ ( 2,324 ) $ 3,311 Miscellaneous (expense) income, net

$ 5,645 $ 4,431 $ ( 2,324 ) Miscellaneous expense, net

Settlement (1)

26 — 244 Miscellaneous (expense) income, net

— 26 — Miscellaneous expense, net

Total before income tax $ 5,645 $ 4,457 $ ( 2,324 )

Income tax (expense) benefit ( 989 ) 516 ( 811 ) Income tax expense

Income tax (expense) benefit ( 1,230 ) ( 989 ) 516 Income tax benefit (expense)

Total, net of income tax $ 4,415 $ 3,468 $ ( 1,808 )

1 unchanged sentence

Refer to Note 17.

(5) Net Income per Share

The number of shares of common stock used to calculate basic net income per common share is based on the weighted average number of the Company’s outstanding common shares during the respective period.

The number of shares of common stock used to calculate diluted net income per common share is based on the number of common shares used to calculate basic net income per common share plus the effect of potentially dilutive securities outstanding during the period, which is determined by the application of the treasury stock method.

(5) Net (Loss) Income Per Share

The number of shares of common stock used to calculate basic net (loss) income per common share is based on the weighted average number of the Company’s outstanding common shares during the respective period.

The number of shares of common stock used to calculate diluted net (loss) income per common share is based on the number of common shares used to calculate basic net (loss) income per common share plus the effect of potentially dilutive securities outstanding during the period, which is determined by the application of the treasury stock method.

When applying the treasury stock method, anti-dilution generally occurs when the exercise prices or unrecognized compensation cost per share of common stock are higher than the Company’s average price per share of common stock during an applicable period.

For the years ended December 31, 2025, 2024, and 2023, respectively, 0 , 159 , and 1,240 securities were excluded from the computation of dilutive net income per common share because they would have been anti-dilutive.

The following table presents the net income per common share for the years ended December 31, 2024, 2023, and 2022:

Anti-dilution also occurs in periods of a net loss, and the dilutive impact of all share-based compensation awards are excluded.

For the year ended December 31, 2025, the weighted average share impact of securities excluded from the shares due to the Company incurring a net loss for the period was 36,761 .

The following table presents the net (loss) income per common share for the years ended December 31, 2025, 2024, and 2023:

Year Ended December 31,

2025 2024 2023

Net income $ 187,579 $ 721,956 $ 1,448,545

Net (loss) income $ ( 61,687 ) $ 187,579 $ 721,956

Weighted average common shares outstanding - basic 12,996,148 13,013,469 14,106,466

Net income per common share - basic $ 14.41 $ 51.18 $ 82.82

Net (loss) income per common share - basic $ ( 4.75 ) $ 14.41 $ 51.18

Weighted average common shares outstanding - basic 12,996,148 13,013,469 14,106,466

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Weighted average common shares outstanding - diluted 12,996,148 13,134,806 14,642,856

Net income per common share - diluted $ 14.28 $ 49.30 $ 79.49

Net (loss) income per common share - diluted $ ( 4.75 ) $ 14.28 $ 49.30

ALPHA METALLURGICAL RESOURCES, INC.

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As of December 31, 2025, the Company had repurchased an aggregate of 6,878,449 shares under the program for an aggregate purchase price of approximately $ 1,138,916 (comprised of $ 1,138,709 of share repurchases and $ 207 of related fees).

In the fourth quarter of 2024, the Company paid a stock repurchase excise tax of $ 4,652 related to the share repurchase program, which was recorded in treasury stock at cost.

The Company has also accrued a stock repurchase excise tax of $ 327 related to the share repurchase program as of December 31, 2025, which is recorded in treasury stock at cost.

Dividend Program

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At 5:00 pm Eastern time on July 26, 2023 the Company’s Series A Warrants expired pursuant to their terms.

As of December 31, 2024 and 2023, no warrants remained outstanding as the warrants expired during the third quarter of 2023.

As of December 31, 2023, no warrants remained outstanding as the warrants expired during the third quarter of 2023.

For the year ended December 31, 2023, the Company issued 169,028 shares of common stock resulting from exercises of its warrants and, pursuant to the terms of the underlying warrant agreement, withheld 20,139 of the issued shares in satisfaction of the warrant exercise price and in lieu of fractional shares, which were subsequently reclassified as treasury stock in the amount of $ 2,368 .

As of December 31, 2022, 190,838 warrants were outstanding, with a total of 229,006 shares underlying the un-exercised warrants.

For the year ended December 31, 2022, the Company issued 702,182 shares of common stock resulting from

ALPHA METALLURGICAL RESOURCES, INC.

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(Amounts in thousands except share and per share data)

exercises of its warrants and, pursuant to the terms of the underlying warrant agreement, withheld 187,857 of the issued shares in satisfaction of the warrant exercise price and in lieu of fractional shares, which were subsequently reclassified as treasury stock in the amount of $ 18,509 .

(8) Property, Plant, and Equipment, net

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Depreciation and amortization expense associated with property, plant, equipment and non-mineral asset retirement obligation assets, net, was $ 152,266 , $ 139,256 , and $ 112,925 for the years ended December 31, 2025, 2024, and 2023 respectively.

Depreciation expense for the years ended December 31, 2024, 2023, and 2022 includes a credit of ($ 3,747 ), an expense of $ 7,343 , and a credit of ($ 1,344 ), respectively, related to revisions to asset retirement obligations.

Depreciation expense for the years ended December 31, 2025, 2024, and 2023 includes an expense of $ 3,092 , a credit of ($ 3,747 ), and an expense of $ 7,343 , respectively, related to revisions to asset retirement obligations.

Refer to Note 14 for further disclosures related to asset retirement obligations.

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As the Company shares power with its minority partner through equal management committee representation, the Company does not control DTA.

Under the terms of operating and throughput and handling agreements, each partner is charged its share of cash operating costs in exchange for the right to use the facility’s loading capacity and is required to make periodic cash advances to fund such costs.

ALPHA METALLURGICAL RESOURCES, INC.

2 unchanged sentences

(Amounts in thousands except share and per share data)

terms of operating and throughput and handling agreements, each partner is charged its share of cash operating costs in exchange for the right to use the facility’s loading capacity and is required to make periodic cash advances to fund such costs.

The Company’s equity method investees do not have long-term debt obligations and the Company is not contingently obligated to make any future financing-related payments with respect to its equity method investees.

30 unchanged sentences

Total lease cost $ 4,306 $ 4,277 $ 4,537

(1) The Company had no variable lease costs or sublease income for the years ended December 31, 2025, 2024, and 2023.

ALPHA METALLURGICAL RESOURCES, INC.

2 unchanged sentences

(Amounts in thousands except share and per share data)

(1) The Company had no variable lease costs or sublease income for the years ended December 31, 2024, 2023, and 2022.

Year Ended December 31,

17 unchanged sentences

2027 2,243 1,214

2028 1,956 1,195

2029 1,956 1,179

2030 1,956 1,132

Thereafter 814 1,238

14 unchanged sentences

Asset retirement obligations 22,632 29,938

Dividend payable 334 2,342

Freight accrual 12,018 16,144

11 unchanged sentences

In connection with the termination, the Company recorded a loss on extinguishment of debt of $ 2,753 related to the write-off of unamortized debt issuance costs for and fees paid to exiting lenders.

The ABL Agreement includes an asset-based revolving credit facility (the “ABL Facility”) which allows the Company to borrow cash or obtain LCs, on a revolving basis, in an aggregate amount of up to $ 155,000 .

The Company may request an increase to the capacity of the facility of up to $ 75,000 provided that $ 25,000 may be solely for the purpose of providing additional availability to obtain cash collateralized LCs.

The ABL Agreement included an asset-based revolving credit facility (the “ABL Facility”) which allowed the Company to borrow cash or obtain LCs, on a revolving basis, in an aggregate amount of up to $ 155,000 .

On May 6, 2025, the Company amended and extended the ABL Agreement to increase the size of the ABL Facility to $ 225,000 .

In addition, the Company may request an increase to the capacity of the facility of up to an additional $ 75,000 provided that $ 25,000 shall be solely for the purpose of providing additional availability to obtain cash collateralized LCs.

Availability under the ABL Facility is calculated monthly and fluctuates based on qualifying amounts of coal inventory, trade accounts receivable, and in certain circumstances specified amounts of cash.

The Company must maintain minimum Liquidity, as defined in the ABL Agreement, of $ 75,000 .

The ABL Facility matures on October 27, 2027.

Under the terms of the ABL Facility, LC fees will be calculated at 3.25 % (including a fronting fee of 0.25 %) while future borrowings will bear interest based on the character of the loan (defined as either a “Term Secured Overnight Financing Rate Loan” (or “Term SOFR Loan”) or a “Base Rate Loan”) plus an applicable rate of 3.10 % for a Term SOFR Loan and 2.00 % for a Base Rate Loan.

The Company may elect the character and interest period for each loan.

All amounts borrowed may be repaid prior to maturity without penalty.

A commitment fee of 0.375 % will be charged on any unused capacity.

As of December 31, 2024 and 2023, the Company had no amounts borrowed and $ 42,149 and $ 60,896 LCs outstanding under the ABL Facility, respectively.

Following the amendment, the ABL Facility matures on May 4, 2029.

The ABL Facility is guaranteed by substantially all of Alpha’s directly and indirectly owned subsidiaries that are not Borrowers (the “Guarantors”) and is secured by all or substantially all assets of the Borrowers and Guarantors.

Under the amended terms of the ABL Facility, LC fees will be calculated at a rate of 2.25 %, 2.50 % or 2.75 % depending on the level of available capacity under the facility, plus a fronting fee of 0.25 %.

Any future borrowings will bear interest based on the character of the loan (defined as either a “Term Secured Overnight Financing Rate Loan” (or “Term SOFR Loan”) or a “Base Rate Loan”).

Term SOFR Loans bear interest at a rate equal to Term SOFR, plus 0.10 % SOFR Adjustment plus an applicable rate of 2.25 %, 2.50 % or 2.75 %, and Base Rate Loans bear interest at a rate equal to the Base Rate plus an applicable margin rate of 1.25 %, 1.50 % or 1.75 %, in each case, depending on the level of available capacity under the facility at the time

ALPHA METALLURGICAL RESOURCES, INC.

2 unchanged sentences

(Amounts in thousands except share and per share data)

The ABL Agreement and related documents contain negative and affirmative covenants including certain financial covenants.

The Company is in compliance with all covenants under these agreements as of December 31, 2024.

The Company may elect the character and interest period for each loan.

All amounts borrowed may be repaid prior to maturity without penalty.

A commitment fee of 0.375 % will be charged on any unused capacity.

As of December 31, 2025 and December 31, 2024, the Company had no amounts borrowed and $ 41,254 and $ 42,149 LCs outstanding under the ABL Facility, respectively.

The ABL agreement limits the Company’s ability to make certain restricted payments, including the payment of cash dividends and the repurchase of equity shares under its share repurchase program, if the level of cash it maintains at Regions Bank falls below $ 100,000 .

The ABL Agreement also contains negative and affirmative covenants and requires the Company to maintain minimum Liquidity, as defined in the ABL Agreement, of $ 75,000 .

As of December 31, 2025, the Company’s cash balance at Regions Bank exceeded the $ 100,000 threshold and the Company is in compliance with all covenants under the ABL Agreement.

Future Maturities

17 unchanged sentences

Long-term portion $ 204,745

(1) The revisions in estimated cash flows for the years ended December 31, 2024 and 2023 resulted primarily from a decrease in the discount rate and changes in mine plans.

(1) The revisions in estimated cash flows for the year ended December 31, 2024 resulted primarily from a decrease in the discount rate and changes in mine plans.

(2) Included within Accrued expenses and other current liabilities on the Company’s Consolidated Balance Sheets.

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These estimates involve uncertainty and cannot be determined with precision.

The carrying amounts for cash and cash equivalents, trade accounts receivable, net, prepaid expenses and other current assets, restricted cash, deposits, trade accounts payable, notes payable and other, financing leases, and accrued expenses and other current liabilities approximate fair value as of December 31, 2024 and 2023 due to the short maturity of these instruments.

The following table sets forth by level, within the fair value hierarchy, the Company’s financial and non-financial assets and liabilities that were accounted for at fair value on a recurring basis as of December 31, 2024 and 2023.

Financial and non-

ALPHA METALLURGICAL RESOURCES, INC.

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(Amounts in thousands except share and per share data)

financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

The carrying amounts for cash and cash equivalents, trade accounts receivable, net, prepaid expenses and other current assets, restricted cash, deposits, trade accounts payable, notes payable and other, financing leases, and accrued expenses and other current liabilities approximate fair value as of December 31, 2025 and 2024 due to the short maturity of these instruments.

Financial and non-financial assets and liabilities are classified in their entirety based on the lowest level of input that is significant to the fair value measurement.

The Company’s assessment of the significance of a particular input to the fair value measurement requires judgment, and may affect the determination of fair value for assets and liabilities and their placement within the fair value hierarchy levels.

2 unchanged sentences

Trading securities (1)

$ 83,938 $ — $ 83,938 $ —

(1) Includes $ 49,582 classified as Short-term investments and $ 34,356 classified as Long-term restricted investments on the Company’s Consolidated Balance Sheets.

December 31, 2024

1 unchanged sentence

Trading securities (1)

$ 43,131 $ — $ 43,131 $ —

(1) Classified as Long-term restricted investments on the Company’s Consolidated Balance Sheets.

The following methods and assumptions were used to estimate the fair values of the assets and liabilities in the tables above:

6 unchanged sentences

However, the pricing models used entail a certain amount of subjectivity and therefore differing judgments in how the underlying inputs are modeled could result in different estimates of fair value.

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

(16) Income Taxes

Significant components of income tax expense (benefit) were as follows:

Significant components of income tax (benefit) expense were as follows:

Year Ended December 31,

2025 2024 2023

Current tax expense:

Current tax (benefit) expense:

Federal $ ( 1,977 ) $ 17,219 $ 80,254

1 unchanged sentence

Total current $ ( 2,032 ) $ 17,608 $ 83,781

Deferred tax expense (benefit):

Deferred tax (benefit) expense:

Federal $ ( 22,301 ) $ 3,868 $ 35,824

1 unchanged sentence

Total deferred $ ( 23,740 ) $ 5,563 $ 39,722

Total income tax expense (benefit):

Total income tax (benefit) expense:

Federal $ ( 24,278 ) $ 21,087 $ 116,078

1 unchanged sentence

Total $ ( 25,772 ) $ 23,171 $ 123,503

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

Materially all of the Company’s (loss) income before income taxes and associated income tax (benefit) expense arises from its domestic operations within the United States.

A reconciliation of statutory federal income tax expense on income to the actual income tax expense is as follows:

Year Ended December 31,

Year Ended December 31, 2025 Year Ended December 31, 2024 Year Ended December 31, 2023

Amount Percent Amount Percent Amount Percent

federal statutory tax rate $ ( 18,366 ) 21.0 % $ 44,258 21.0 % $ 177,547 21.0 %

State and local income taxes, net of federal income tax effect (1)

( 1,181 ) 1.4 % 1,647 0.8 % 5,866 0.7 %

Federal statutory income tax expense $ 44,258 $ 177,547 $ 326,497

Increase (decrease) in taxes due to:

Percentage depletion allowance ( 20,245 ) ( 36,685 ) ( 50,277 )

Effect of cross-border tax laws

Foreign-derived intangible income deduction — — % ( 2,718 ) ( 1.3 ) % ( 24,291 ) ( 2.9 ) %

Change in valuation allowances ( 43,361 ) 49.6 % ( 341 ) ( 0.2 ) % ( 3,045 ) ( 0.4 ) %

State taxes, net of federal tax impact 950 8,795 14,898

Nontaxable or nondeductible items

Percentage depletion allowance ( 9,586 ) 11.0 % ( 20,245 ) ( 9.6 ) % ( 36,685 ) ( 4.3 ) %

Non-deductible compensation 2,691 ( 3.1 ) % 28,320 13.4 % 9,934 1.2 %

1 unchanged sentence

Other, net 866 ( 1.0 ) % 907 0.4 % 653 0.1 %

Income tax expense $ 23,171 $ 123,503 $ 106,205

Other adjustments

Capital loss expiration 43,261 ( 49.5 ) % — — % — — %

Provision-to-return adjustment 1,045 ( 1.2 ) % 188 0.1 % 683 0.1 %

Other, net ( 17 ) — % ( 135 ) — % ( 191 ) ( 0.1 ) %

Effective tax rate $ ( 25,772 ) 29.5 % $ 23,171 11.0 % $ 123,503 14.6 %

(1) State taxes in Illinois, Virginia, and West Virginia made up the majority (greater than 50 percent) of the tax effect in this category.

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

The amounts of cash taxes paid (net of refunds received) by the Company are as follows:

Year Ended December 31,

2025 2024 2023

US federal $ — $ 11,000 $ 75,700

US state and local

Kentucky ( 174 ) ( 1,308 ) ( 8 )

Tennessee 125 351 45

Virginia 2,225 ( 1,756 ) 3,037

Other ( 58 ) 92 417

Total $ 2,118 $ 8,379 $ 79,191

Deferred income taxes result from temporary differences between the reporting of amounts for financial statement purposes and income tax purposes.

6 unchanged sentences

Pension obligations 17,336 18,246

Equity method investments 1,303 1,271

Net operating loss carryforwards 43,323 31,810

6 unchanged sentences

Property, plant and mineral reserves $ ( 161,917 ) $ ( 174,031 )

Acquired intangibles, net ( 7,371 ) ( 9,478 )

Acquired intangibles ( 6,250 ) ( 7,371 )

Prepaid expenses ( 3,648 ) ( 3,900 )

2 unchanged sentences

Net deferred tax liabilities $ ( 7,346 ) $ ( 33,970 )

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

Changes in the valuation allowance were as follows:

2 unchanged sentences

Valuation allowance beginning of period $ 48,734 $ 48,143 $ 53,801

Increase (decrease) in valuation allowance recorded to income tax expense 591 ( 5,658 ) ( 119,082 )

(Decrease) increase in valuation allowance recorded to income tax expense ( 45,575 ) 591 ( 5,658 )

Valuation allowance end of period $ 3,159 $ 48,734 $ 48,143

At December 31, 2024, the Company has recorded a deferred tax asset of $ 22,614 for federal net operating loss carryforwards, which represents the tax-effected amount of net operating loss carryforwards mathematically available for utilization prior to statutory expiration.

Underlying this deferred tax asset are approximately $ 11,000 of gross federal net operating loss carryforwards that are subject to an annual Internal Revenue Code Section 382 limitation of approximately $ 1,000 and approximately $ 97,000 of gross federal net operating loss carryforwards that are subject to an annual Internal Revenue Code Section 382 limitation of approximately $ 17,500 .

These federal net operating loss carryforwards were generated before 2018 and will expire between years 2035 and 2037.

The Company has a gross federal capital loss carryforward of approximately $ 207,000 .

The capital loss carryforward will expire in 2025.

A valuation allowance is recorded against the federal and state capital loss carryforwards and certain state net operating loss carryforwards to the extent that the Company is unable to support their realization.

At December 31, 2025, the Company has recorded a deferred tax asset of $ 33,755 for federal net operating loss carryforwards, which represents the tax-effected amount of net operating loss carryforwards mathematically available for

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

utilization prior to statutory expiration.

Underlying this deferred tax asset are approximately $ 11,000 of gross federal net operating loss carryforwards that are subject to an annual Internal Revenue Code Section 382 limitation of approximately $ 1,000 , approximately $ 97,000 of gross federal net operating loss carryforwards that are subject to an annual Internal Revenue Code Section 382 limitation of approximately $ 17,500 , and approximately $ 53,000 of gross federal net operating loss carryforwards that are not subject to an annual Internal Revenue Code Section 382 limitation.

The gross federal net operating loss carryforwards of approximately $ 11,000 and $ 97,000 were generated prior to 2018 and will expire between years 2035 and 2037.

The gross federal net operating loss carryforward of approximately $ 53,000 was generated in 2025 and is not subject to an expiration period.

A valuation allowance is recorded against certain state net operating loss carryforwards to the extent the Company is unable to support their realization.

The Company has no liability for uncertain tax positions for the years ended December 31, 2025, 2024, and 2023.

The Company’s policy is to classify interest and penalties related to uncertain tax positions as part of income tax expense.

As of December 31, 2024 and 2023, the Company had no accrued interest and penalties.

The Company did not accrue any interest and penalties relating to uncertain positions on its Consolidated Statements of Operations for the years ended December 31, 2025, 2024, and 2023.

Similarly, the Company had no balances for accrued interest and penalties on its Consolidated Balance Sheets as of December 31, 2025 and 2024.

As of December 31, 2025, tax years 2022 – 2025 remain open to federal and state examination.

On August 16, 2022, the Inflation Reduction Act of 2022 (“IRA”) was signed into law.

On July 4, 2025, legislation commonly referred to as the “One Big Beautiful Bill Act” (“OBBBA”) was signed into law.

Changes made by the OBBBA include the reinstatement of 100% bonus depreciation, the reinstatement of immediate expensing for domestic research and experimentation costs, changes to the calculation of the foreign-derived intangible income deduction and the interest expense limitation, and the addition of metallurgical coal to the list of “applicable critical minerals” for purposes of the Section 45X credit.

The Section 45X credit (also known as the advanced manufacturing production credit), as amended, provides a refundable tax credit equal to 2.5% of the production costs for metallurgical coal produced during tax years 2026 and 2029.

The Company incorporated the effects of the OBBBA in its income tax provision for the year ended December 31, 2025.

On August 16, 2022, legislation commonly referred to as the Inflation Reduction Act of 2022 (“IRA”) was signed into law.

Among other provisions, the IRA enacted a 15% corporate alternative minimum tax and a 1% excise tax on repurchases of corporate stock for tax years beginning after December 31, 2022.

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The Company does not participate in any multi-employer plans.

The components of net periodic benefit cost (credit) other than the service cost component for black lung are included in the line item Miscellaneous (expense) income, net, in the Consolidated Statements of Operations.

The components of net periodic benefit cost (credit) other than the service cost component for black lung are included in the line item Miscellaneous expense, net, in the Consolidated Statements of Operations.

Company Administered Defined Benefit Pension Plan

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Annual funding contributions to the Pension Plan are made as recommended by consulting actuaries based upon the ERISA funding standards.

Projected contributions are based on the latest available data and include the impact of the funding relief

Projected contributions are based on the latest available data and include the impact of the funding relief granted by the American Rescue Plan Act (“ARPA”) and the application of the interest rate stabilization guidance under ARPA.

ALPHA METALLURGICAL RESOURCES, INC.

2 unchanged sentences

(Amounts in thousands except share and per share data)

granted by the American Rescue Plan Act (“ARPA”) and the application of the interest rate stabilization guidance under ARPA.

Plan assets consist of equity securities, fixed income funds, commingled short-term funds, private equity funds, and a guaranteed insurance contract.

The Pension Plan offers certain eligible participants the option to elect to receive lump sum benefits under certain plan provisions, which resulted in a partial plan settlement and the accelerated recognition of a portion of the accumulated other comprehensive loss during the year ended December 31, 2022.

Refer to the disclosures below for further information on the partial plan settlements.

Plan assets consist of equity securities, fixed income funds, commingled short-term funds, private equity funds, a guaranteed insurance contract, and cash and cash equivalents.

The following tables set forth the Pension Plan’s accumulated benefit obligation, fair value of plan assets and funded status for the years ended December 31, 2025 and 2024.

4 unchanged sentences

Interest cost 23,254 23,672

Actuarial (gain) loss ( 17,715 ) 18,239

Actuarial loss (gain) 13,487 ( 17,715 )

Benefits paid ( 31,312 ) ( 32,347 )

12 unchanged sentences

Net actuarial loss $ 31,053 $ 32,545

The following table details the components of net periodic benefit cost (credit):

The following table details the components of net periodic benefit cost:

Year Ended December 31,

3 unchanged sentences

Amortization of net actuarial loss 1,597 1,764 730

Settlement — — 244

Net periodic benefit cost (credit) $ 4,523 $ 2,707 $ ( 10,397 )

Other changes in plan assets and benefit obligation recognized in other comprehensive income (loss) are as follows:

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

Net periodic benefit cost $ 5,178 $ 4,523 $ 2,707

Other changes in plan assets and benefit obligation recognized in other comprehensive (loss) income are as follows:

Year Ended December 31,

2025 2024 2023

Actuarial loss (gain) (1)

Actuarial loss (1)

$ 105 $ 8,250 $ 14,106

Amortization of net actuarial loss ( 1,597 ) ( 1,764 ) ( 730 )

Settlement — — ( 244 )

Total recognized in other comprehensive income (loss) $ 6,486 $ 13,376 $ ( 35,267 )

Total recognized in other comprehensive (loss) income $ ( 1,492 ) $ 6,486 $ 13,376

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

(1) For the year ended December 31, 2024, the actuarial loss was primarily attributable to lower than expected return on plan assets and an annual census data actuarial revaluation of pension obligations, partially offset by an increase in the weighted-average discount rate actuarial assumption used in determining the benefit obligation.

For the year ended December 31, 2023, the actuarial loss was primarily attributable to a decrease in the weighted-average discount rate actuarial assumption used in determining the benefit obligation.

The following table presents information applicable to plans with accumulated benefit obligations in excess of plan assets:

19 unchanged sentences

The target allocation for 2026 and the actual asset allocation as reported at December 31, 2025 are as follows:

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

Target Allocation Percentages 2026 Percentage of Plan Assets 2025

4 unchanged sentences

The asset allocation targets have been set with the expectation that the Pension Plan’s assets will fund the expected liability within an appropriate level of risk.

In determining the appropriate target asset allocations, the Benefits Committee considers the demographics of the Pension Plan’s participants, the funded status of the plan, the Company’s contribution philosophy, the Company’s business and financial profile, and other associated risk factors.

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

Company’s business and financial profile, and other associated risk factors.

The Pension Plan’s assets are periodically rebalanced among the major asset categories to maintain the asset allocation within a specified range of the target allocation percentage.

1 unchanged sentence

The Company contributed $ 16,966 to the Pension Plan during the year ended December 31, 2025.

In 2025, the Company expects to contribute $ 16,516 of estimated minimum required contributions to the Pension Plan for the 2024 plan year.

In 2026, the Company expects to contribute $ 23,108 of estimated minimum required contributions to the Pension Plan for the 2025 and 2026 plan years.

The following represents expected future pension benefit payments for the next ten years:

2 unchanged sentences

The fair values of the Company’s Pension Plan’s assets as of December 31, 2025, by asset category are as follows:

Asset Category Total Quoted Market Prices in Active Market for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3)

Asset Category Total

Level 1 Level 2 Level 3 Assets Measured at NAV (1)

Equity securities:

Multi-asset fund (1)

$ 97,401 $ 97,401 $ — $ — $ —

Mutual funds 87,179 87,179 — — —

Fixed income funds:

Bond fund (2)

Corporate bonds

92,076 — 92,076 — —

government securities 68,270 — 68,270 — —

Commingled short-term fund (2)

1,196 — 1,196 — —

Private equity funds 404 — — — 404

Other types of investments:

1 unchanged sentence

Total $ 359,014 $ 184,580 $ 161,542 $ 12,488 $ 404

Cash & cash equivalents (3)

Receivable (4)

Total assets at fair value 350,931

Private equity funds measured at net asset value practical expedient (5)

Total plan assets $ 370,088

(1) This fund contains equities (domestic and international), real estate and bonds.

(2) This fund contains bonds representing a diversity of sectors and maturities.

This fund also includes mortgage-backed securities and U.S.

(1) In accordance with ASU 2015-07, investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy.

(2) This fund contains cash and highly liquid short-term investments in a collective investment fund.

(3) Represents cash on deposit that has FDIC insurance, which approximates fair value.

(4) Receivable for investments sold at December 31, 2025, which approximates fair value.

ALPHA METALLURGICAL RESOURCES, INC.

2 unchanged sentences

(Amounts in thousands except share and per share data)

(4) Receivable for investments sold at December 31, 2024, which approximates fair value.

(5) In accordance with Accounting Standards Update 2015-07, investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy.

The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of assets of the plans.

Changes in Level 3 plan assets for the period ended December 31, 2024 were as follows:

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

Guaranteed Insurance Contract

Beginning balance, December 31, 2023 $ 12,230

Actual return on plan assets:

Relating to assets still held at the reporting date 524

Purchases, sales and settlements ( 266 )

Ending balance, December 31, 2024 $ 12,488

The fair values of the Company’s Pension Plan’s assets as of December 31, 2024, by asset category are as follows:

Asset Category Total Quoted Market Prices in Active Market for Identical Assets (Level 1) Significant Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3)

Asset Category Total

Level 1 Level 2 Level 3 Assets Measured at NAV (1)

Equity securities:

2 unchanged sentences

Fixed income funds:

Bond fund (2)

165,100 — 165,100 — —

1 unchanged sentence

1,269 — 1,269 — —

Private equity funds

448 — — — 448

Other types of investments:

2 unchanged sentences

Receivable (3)

Total assets at fair value 375,802

Private equity funds measured at net asset value practical expedient (5)

Total plan assets $ 351,379

(1) This fund contains equities (domestic and international), real estate and bonds.

(2) This fund contains bonds representing a diversity of sectors and maturities.

This fund also includes mortgage-backed securities and U.S.

(1) In accordance with ASU 2015-07, investments that are measured at fair value using the net asset value per share practical expedient have not been classified in the fair value hierarchy.

(2) This fund contains cash and highly liquid short-term investments in a collective investment fund.

(3) Receivable for investments sold at December 31, 2024, which approximates fair value.

The fair value amounts presented in this table are intended to permit reconciliation of the fair value hierarchy to the total value of assets of the plans.

Changes in Level 3 plan assets for the period ended December 31, 2024 were as follows:

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

Fair Value Measurements Using Significant Unobservable Inputs (Level 3)

Guaranteed Insurance Contract

18 unchanged sentences

The Company’s subsidiaries that are self-insured for black lung benefits may fund certain benefit payments through a Section 501(c) (21) tax-exempt trust fund.

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

Pursuant to the Merger Agreement, the Company assumed a reinsurance contract with a third party.

1 unchanged sentence

Pursuant to the Merger Agreement, the Company assumed the estimated liability for these future claims.

As the liabilities are paid by the insurance company, the prepaid insurance amounts will be reduced by a corresponding amount.

As the liabilities are paid by the reinsurance company, the prepaid insurance amounts will be reduced by a corresponding amount.

In 2025, the reinsurance company transferred its obligations to a new reinsurance company.

The Company accrues for workers’ compensation liability by recognizing costs when it is probable that a covered liability has been incurred and the cost can be reasonably estimated.

6 unchanged sentences

The table below presents workers’ compensation amounts recognized in the Consolidated Balance Sheets:

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

Current liabilities $ 8,880 $ 9,444

5 unchanged sentences

(1) Included within Prepaid expenses and other current assets and Other non-current assets in the Consolidated Balance Sheets.

Workers’ compensation credit for high-deductible insurance plans for the years ended December 31, 2024, 2023, and 2022 was ($ 1,758 ), ($ 271 ), and ($ 1,995 ), respectively, included within Cost of coal sales in the Consolidated Statements of Operations.

Workers’ compensation expense (credit) for high-deductible insurance plans for the years ended December 31, 2025, 2024, and 2023 was $ 4,385 , ($ 1,758 ), and ($ 271 ), respectively, included within Cost of coal sales in the Consolidated Statements of Operations.

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

The following tables set forth the accumulated black lung benefit obligations, fair value of plan assets and funded status for the years ended December 31, 2025 and 2024:

22 unchanged sentences

Gross amounts related to the black lung benefit obligations recognized in accumulated other comprehensive loss consisted of the following as of December 31, 2025 and 2024:

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

Net actuarial loss $ 33,341 $ 18,814

7 unchanged sentences

Net periodic benefit cost $ 12,244 $ 10,465 $ 3,828

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

Other changes in the black lung plan assets and benefit obligations recognized in other comprehensive income (loss) are as follows:

1 unchanged sentence

2025 2024 2023

Actuarial loss (gain) (1)

Actuarial loss (1)

$ 18,832 $ 9,068 $ 19,995

Amortization of net actuarial (loss) gain ( 4,305 ) ( 2,884 ) 2,833

Total recognized in other comprehensive income (loss) $ 6,184 $ 22,828 $ ( 22,138 )

Total recognized in other comprehensive income $ 14,527 $ 6,184 $ 22,828

(1) For the year ended December 31, 2025, the actuarial loss was primarily attributable to changes in demographic assumptions and a decrease in the weighted-average discount rate actuarial assumption used in determining the benefit obligations.

For the year ended December 31, 2024, the actuarial loss was primarily attributable to an increase in new claimants and claims and changes in demographic assumptions, partially offset by an increase in the weighted-average discount rate actuarial assumption used in determining the benefit obligations.

The weighted-average assumptions related to black lung obligations used to determine the benefit obligation as of December 31, 2025 and 2024 were as follows:

12 unchanged sentences

Estimated future cash payments related to black lung benefit obligations for the next 10 years ending after December 31, 2025 are as follows:

Year ending December 31:

2026 $ 12,329

ALPHA METALLURGICAL RESOURCES, INC.

2 unchanged sentences

(Amounts in thousands except share and per share data)

Year ending December 31:

2025 $ 11,209

2030-2034 29,136

Postretirement Life Insurance Benefits

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The Company’s total contributions to these plans for the years ended December 31, 2025, 2024, and 2023 were $ 6,578 , $ 6,425 , and $ 16,435 , respectively.

During the second quarter of 2024, the Company’s matching contributions under the Alpha Metallurgical Resources 401(k) Retirement Savings Plan (the “Plan”) were suspended due to weak market conditions.

During the third quarter of 2022, the Company announced a year-end discretionary employer contribution under the Plan equal to the 2 % of the Plan participants’ annual salaries.

During the fourth quarter of 2025, the Company paid a discretionary employer contribution under the Alpha Metallurgical Resources 401(k) Retirement Savings Plan (the “Plan”) equal to the 2 % of the Plan participants’ annual salaries.

During the first quarter of 2026, the Company’s matching contributions under the Plan were reinstated after being suspended due to weak market conditions during the second quarter of 2024.

Self-insured Medical Plan

8 unchanged sentences

The Company does not time equity awards to take advantage of the release of earnings or other major announcements by the Company, or market conditions.

The Company does not currently grant new awards of stock options, stock appreciation rights, or similar option-like instruments.

As of December 31, 2024, the Company had three types of stock-based awards outstanding:

time-based restricted stock

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

units, performance-based restricted stock units, and performance-based cash awards.

As of December 31, 2025, the Company did not have outstanding awards of stock options, stock appreciation rights, or similar option-like instruments.

As of December 31, 2025, the Company had two types of stock-based awards outstanding:

time-based restricted stock units and performance-based restricted stock units.

Upon vesting and settlement or exercise of the stock-based awards outstanding, the Company issues authorized and unissued shares of the Company’s common stock to the recipient.

4 unchanged sentences

During the year ended December 31, 2025, the Company repurchased 26,519 shares of its common stock issued pursuant to awards under the MIP and LTIP for a total purchase amount of $ 5,155 , or $ 194.39 average price paid per share.

During the year ended December 31, 2023, the Company repurchased 81,287 shares of its common stock issued pursuant to awards under the MIP and LTIP for a total purchase amount of $ 17,333 , or $ 213.23 average price paid per share.

During the year ended December 31, 2024, the Company

ALPHA METALLURGICAL RESOURCES, INC.

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Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

repurchased 144,427 shares of its common stock issued pursuant to awards under the MIP and LTIP for a total purchase amount of $ 55,419 , or $ 383.72 average price paid per share.

8 unchanged sentences

Awards granted to key employees on January 22, 2025 will vest ratably over a three-year period from the date of the grant in accordance with the vesting schedule, subject to the participant’s continuous service with the Company through each applicable vesting date.

Restricted stock units were also granted to two non-employee directors on February 29, 2024, which vested on May 2, 2024, and to multiple non-employee directors on May 2, 2024, which will vest on the first to occur of (i) May 1, 2025, (ii) the director’s separation of service due to the director’s death or physical or mental incapacity to perform his or her usual duties, (iii) the director’s service as a member of the Board is terminated, for any reason other than removal for cause, as of a date that is more than six months after the date of grant, and (iv) a change in control.

Restricted stock units were also granted to non-employee directors on May 7, 2025, which will vest on the first to occur of (i) May 6, 2026, (ii) the director’s separation of service due to the director’s death or physical or mental incapacity to perform his or her usual duties, (iii) the director’s service as a member of the Board is terminated, for any reason other than removal for cause, as of a date that is more than six months after the date of grant, and (iv) a change in control.

Additionally, during the year ended December 31, 2025, the Company granted certain key employees 30,279 performance-based restricted stock units under the LTIP, which represent the number of shares of common stock that may be issued based on the achievement of targeted performance levels related to pre-established relative total shareholder return goals and annually determined operational goals over a three year period.

These awards are scheduled to cliff vest on the third anniversary of the date of the grant, subject to the participant’s continuous service with the Company through the applicable vesting date and the satisfaction of the performance criteria.

These performance-based restricted stock units have the potential to be earned from 0 % to 200 % of the targeted performance level, depending on actual results.

Upon vesting and settlement of these awards, the Company will issue authorized and previously unissued shares of the Company’s common stock to the recipient.

The 18,168 operational performance-based restricted stock units were valued based on the Company’s closing stock price on the trading day before the date of the grant and had a weighted average grant date fair value of $ 196.42 .

For the awards with operational performance conditions, the Company reassesses at each reporting date whether achievement of each of the performance conditions was probable and adjusts the accrual of stock-based compensation expense as needed.

The 12,111 relative total shareholder return performance-based restricted stock units were valued relative to the stock price performance of a comparator group and had weighted average grant date fair value based on a Monte Carlo simulation.

Refer to the “Performance-Based Restricted Stock Units — Relative Performance-Based Restricted Stock Units” section below for further detail.

2024 Awards Granted

During the year ended December 31, 2024, the Company granted certain key employees and non-employee directors 25,734 time-based restricted stock units under the LTIP with a weighted average grant date fair value of $ 389.07 based on the Company’s closing stock price at the trading day before the date of the grant.

Awards granted to key employees on January 24, 2024 will vest ratably over a three-year period from the date of the grant in accordance with the vesting schedule, subject to the participant’s continuous service with the Company through each applicable vesting date.

Restricted stock units were also granted to Mr.

Gorzynski effective with his appointment to chair of the Board on December 13, 2024, which will vest on the first to occur of (i) May 1, 2025, (ii) his separation of service due to his death or physical or mental incapacity to perform his usual duties, and (iii) a change in control.

Gorzynski effective with his appointment to chair of the Board on December 13, 2024, which vested on May 1, 2025.

ALPHA METALLURGICAL RESOURCES, INC.

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(Amounts in thousands except share and per share data)

2022 Awards Granted

During the year ended December 31, 2022, the Company granted certain key employees and non-employee directors 95,111 time-based restricted stock units under the MIP and LTIP with a weighted average grant date fair value of $ 96.60 based on the Company’s closing stock price at the trading day before the date of the grant.

Awards granted to key employees on January 25, 2022 will vest ratably over a three-year period from the date of the grant in accordance with the vesting schedule, subject to the participant’s continuous service with the Company through each applicable vesting date.

Restricted stock units were also granted to non-employee directors on May 3, 2022, which vested on May 2, 2023.

An award granted to Mr.

Stetson, the Chief Executive Officer (“CEO”), on November 18, 2022, in advance of his transition to executive chair of the Board on January 1, 2023, vested over the course of 2023 in accordance with the vesting schedule, subject to the participant’s continuous service with the Company through each applicable vesting date.

Additionally, during the year ended December 31, 2022, the Company granted certain key employees 60,857 performance-based restricted stock units under the LTIP, which represent the number of shares of common stock that may be issued based on the achievement of targeted performance levels related to pre-established relative total shareholder return goals and annually determined operational goals over a three year period.

These performance-based restricted stock units have the potential to be earned from 0 % to 200 % of the targeted performance level, depending on actual results.

Upon vesting and settlement of these awards, the Company will issue authorized and previously unissued shares of the Company’s common stock to the recipient.

The 36,515 operational performance-based restricted stock units were valued based on the Company’s closing stock price on the trading day before the date of the grant and had a weighted average grant date fair value of $ 60.37 .

The 24,342 relative total shareholder return performance-based restricted stock units were valued relative to the stock price performance of a comparator group and had a weighted average grant date fair value based on a Monte Carlo simulation.

Refer to the “Performance-Based Restricted Stock Units — Relative Performance-Based Restricted Stock Units” section below for further detail.

Additionally, during the year ended December 31, 2022, the Company granted certain key employees performance-based cash incentive awards under the LTIP with a target award amount of $ 1,105 .

The cash to be awarded is based on the achievement of pre-established relative total shareholder return goals over a three-year period.

These awards have the potential to be distributed from 0 % to 200 % of the targeted performance level, depending on actual results.

Upon vesting of these awards, the Company issues cash to the recipient.

These awards are classified as a liability, and the Company reassesses at each reporting date the fair value of the award and adjusts the accruals of stock-based compensation expense as appropriate based on a Monte Carlo simulation.

As of December 31, 2024 and 2023, the liability for these awards totaled $ 1,801 and $ 1,233 , respectively.

The performance-based cash incentive awards were valued relative to the stock price performance of a comparator group and had a weighted average grant date fair value as a percent of target dollar value based on a Monte Carlo simulation.

Refer to the “Performance-Based Cash Incentive Awards” section below for further detail.

Time-Based Restricted Stock Units

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(1) Includes 8,071 shares with deferred settlement pursuant to the award agreements.

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

As of December 31, 2025, there was $ 4,526 of unrecognized compensation cost related to non-vested time-based restricted stock units which is expected to be recognized as expense over a weighted-average period of 1.41 years.

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Relative performance-based restricted stock unit activity for the year ended December 31, 2025 based on target achievement of the performance criteria is summarized in the following table:

ALPHA METALLURGICAL RESOURCES, INC.

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Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

Relative performance-based restricted stock unit activity:

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The total fair value of shares vested during the years ended December 31, 2025, 2024, and 2023 was $ 2,303 , $ 26,847 , and $ 3,559 , respectively, excluding net shares issued above the 100 % targeted performance level.

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

Operational Performance-Based Restricted Stock Units

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( 12,410 ) $ 60.37

Forfeited ( 3,811 ) $ 194.88

Forfeited/Canceled ( 6,193 ) $ 79.77

Non-vested shares outstanding at December 31, 2025 49,619 $ 219.11

3 unchanged sentences

The performance-based cash incentive awards granted during the year ended December 31, 2022 were valued relative to the stock price performance of a comparator group and had a weighted average grant date fair value as a percent of target dollar value based on assumptions incorporated in a Monte Carlo simulation as presented in the following table:

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

Performance-based cash incentive awards Year Ended December 31, 2022

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(5) The expected dividend yield represented the investments return to a share of the Company’s stock that is not available to the holder of the performance-based restricted stock unit.

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

Performance-based cash incentive award activity for the year ended December 31, 2025 based on target achievement of the performance criteria is summarized in the following table:

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Non-vested awards outstanding at December 31, 2025 $ — — %

As of December 31, 2024, there was $ 42 of unrecognized compensation cost related to non-vested performance-based cash incentive awards, based on the probability of achievement as of December 31, 2024, which is expected to be recognized as expense over a weighted-average period of 0.07 years.

(19) Related Party Transactions

5 unchanged sentences

If a loss contingency is not probable or reasonably estimable, disclosure of the loss contingency is made in the Consolidated Financial Statements when it is at least reasonably possible that a loss may be incurred and that the loss could be material.

ALPHA METALLURGICAL RESOURCES, INC.

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Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

(b) Commitments and Contingencies

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As of December 31, 2025, the Company has obligations under certain coal purchase agreements that contain minimum quantities to be purchased in 2026 totaling an estimated $ 11,072 .

The Company also has outstanding unconditional purchase obligations for 2025, 2026, and 2027 totaling $ 190,493 , $ 11,679 , and $ 2,387 , respectively, related to the purchase of equipment and diesel fuel, as well as for rail freight and export terminal costs (including $ 48,432 in 2025 for DTA funding.)

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

The Company also has outstanding unconditional purchase obligations for 2026, 2027, 2028, 2029, and 2030 totaling $ 117,517 , $ 53,633 , $ 14,246 , 14,667 , and 3,693 respectively, related to the purchase of equipment, as well as for rail freight and export terminal costs (including $ 39,618 in 2026 for DTA funding.)

Under the terms of its partnership related agreements with respect to its investment in DTA, the Company is required to fund its proportionate share of DTA’s ongoing operating and capital costs.

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As of December 31, 2025, the company had $ 41,254 LCs outstanding under the ABL Facility.

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

As of December 31, 2025, the Company had outstanding surety bonds with a total face amount of $ 170,014 to secure various obligations and commitments.

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The Company meets frequently with its surety providers and has discussions with certain providers regarding the extent of and the terms of their participation in the program.

These discussions may cause the Company to shift surety bonds between providers or to alter the terms of their participation in our program.

These discussions may cause the Company to shift surety bonds between providers or to alter the terms of their participation in the Company’s program.

To the extent that surety bonds become unavailable or the Company’s surety bond providers require additional collateral, the Company would seek to secure its obligations with LCs, cash deposits or other suitable forms of collateral.

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Amounts included in restricted cash provide collateral to secure the following obligations:

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

Workers’ compensation and black lung obligations $ 117,150 $ 113,144

1 unchanged sentence

Financial payments and other performance obligations 8,802 8,742

Total restricted cash $ 122,583 $ 115,918

Total long-term restricted cash $ 126,911 $ 122,583

Amounts included in restricted investments provide collateral to secure the following obligations:

7 unchanged sentences

Workers’ compensation obligations $ 4,108 $ 4,108

Financial payments and other performance obligations — 32

Other operating agreements 684 866

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In January 2025, the U.S.

Department of Labor (“DOL”) published new regulations outlining the requirements and procedures for authorizing operators to self-insure their liabilities under the Black Lung Benefits Act (the “2025 Final Regulation”), and the Company anticipates it would require a substantial increase in the collateral required to secure self-insured federal black lung obligations.

Under the 2025 Final Regulation’s 100% minimum collateral requirement, if this requirement is not modified or stayed through legal action, the Company estimates it would be required to provide approximately $ 80,000 to $ 100,000 of collateral to secure certain of its black lung obligations.

The 2025 Final Regulation permits the Company to use combinations of letters of credit, surety bonds, and cash to meet the collateral requirement.

The Company received a letter from the Division of Coal Mine Workers’ Compensation (“DCMWC”) dated January 14, 2025, outlining the new procedures and application process for authorizing operators to self-insure under the new regulation.

The letter outlined authorization form requirements and provided a 60-day period for the submission of the required documents.

Subsequently, on February 20, 2025, the Company received a letter from the DCMWC stating that the 60-day deadline to provide information was no longer applicable and no information was required to be submitted at this time.

DCMWC stated that additional guidance would be provided in due course after consultation with new DOL leadership.

Department of Labor (“DOL”) published a final rule revising the requirements and procedures for authorizing operators to self-insure their liabilities under the Black Lung Benefits Act (the “2025 Final Rule”), and the Company anticipates it would require a substantial increase in the collateral required to secure self-insured federal black lung obligations.

Under the 2025 Final Rule’s 100% minimum collateral requirement, if this requirement is not modified or stayed through legal action, the Company estimates it would be required to provide approximately $ 80,000 to $ 100,000 of collateral to secure certain of its black lung obligations.

The 2025 Final Rule permits the Company to use combinations of letters of credit, surety bonds, and cash to meet the collateral requirement.

The Company received a letter from the Division of Coal Mine

ALPHA METALLURGICAL RESOURCES, INC.

2 unchanged sentences

(Amounts in thousands except share and per share data)

Supreme Court’s Decision on the Chevron Deference Standard

The United States Supreme Court’s decision in Loper Bright Enterprises v.

Raimondo, issued on June 28, 2024, eliminated a 40-year old precedent of judicial deference to regulatory agencies’ interpretation of federal laws.

Federal agencies such as the DOL and EPA have relied on this now-overturned principle, known as “Chevron deference” in defense of various regulations.

Although the Court’s decision does not explicitly affect any prior agency decisions, regulations made final after the date of the decision, such as the DOL’s recently issued black lung regulations, may be subject to more intense scrutiny by the courts if they are challenged by any affected party.

For example, on July 18, 2024, the Fifth Circuit Court of Appeals directed the lower District Court to reconsider its dismissal of a lawsuit challenging a DOL rule that permits retirement plan fiduciaries to consider environmental, social and governance factors when selecting investments.

In the case of State of Utah v.

Su, et al., the Court of Appeals stated that in order to determine whether the DOL exceeded its statutory authority, “given the upended legal landscape,” the District Court needed to reassess the merits of the plaintiffs’ challenge to the DOL rule.

Workers’ Compensation (“DCMWC”) dated January 14, 2025, outlining the new procedures and application process for authorizing operators to self-insure under the new regulation.

The letter outlined authorization form requirements and provided a 60-day period for the submission of the required documents.

DCMWC stated that additional guidance would be provided in due course after consultation with new DOL leadership.

The Company continues to evaluate the potential impact of the 2025 Final Rule and awaits further communication from the DCMWC.

(d) Legal Proceedings

In December 2024, the state of New York adopted a law purporting to impose significant, ongoing charges upon a variety of companies involved in the production and use of fossil fuels, including the Company (the “Act”).

Other states are contemplating adopting similar laws.

In December 2024, the state of New York adopted the Climate Change Superfund Act, purporting to impose significant, ongoing cash charges upon a variety of companies involved in the production and use of fossil fuels, including the Company (the “Act”).

Other states have adopted or are contemplating adopting similar laws.

The Company believes that the new law is unconstitutional under the U.S.

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The complaint was filed in the federal district court for the Northern District of New York and requests that the court (a) declare that the Act is preempted by federal statutes and otherwise violates the U.S.

Constitution, (b) declare that that the Act is unenforceable, and (c) enjoin the state of New York and its officials from taking any action to implement or enforce the Act.

Although we believe that the Act is very unlikely to be upheld, the outcome cannot be predicted with certainty.

Constitution, (b) declare that the Act is unenforceable, and (c) enjoin the state of New York and its officials from taking any action to implement or enforce the Act.

On May 1, 2025, the U.S.

Department of Justice and the Environmental Protection Agency filed a similar complaint against the State of New York, Kathleen Hochul in her capacity as Governor, Letitia James in her capacity as New York Attorney General and Amanda Lefton in her capacity as Acting Commissioner of the New York Department of Environmental Conservation in the Southern District of New York, requesting that the court declare the Act unconstitutional and permanently enjoin its implementation or enforcement.

Although the Company believes that the Act is very unlikely to be upheld, the outcome cannot be predicted with certainty.

If the Act, or similar acts adopted in other U.S.

states, were upheld, the Company’s liquidity would be materially, adversely affected.

In addition, the Company is party to other legal proceedings from time to time.

These proceedings, as well as governmental examinations, could involve various business units and a variety of claims including, but not limited to, contract disputes, personal injury claims, property damage claims (including those resulting from blasting, trucking and flooding), environmental and safety issues, securities-related matters and employment matters.

In addition, the Company is party to other legal proceedings from time to time that occur in the ordinary course of business.

These proceedings, as well as governmental examinations, could involve various business units and a variety of claims, including, but not limited to, contract disputes, personal injury claims, property damage claims (including those resulting from blasting, subsidence, trucking and flooding), environmental and safety issues, securities-related matters and employment matters.

While some legal matters may specify the damages claimed by the plaintiffs, many seek an unquantified amount of damages.

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and/or (v) there may be significant factual issues to be resolved.

As a result, if such legal matters arise in the future, the Company may be unable to estimate a range of possible loss for matters that have not yet progressed sufficiently through discovery and development of important factual information and legal issues.

As a result, if such legal matters arise in the future, the Company may be unable to estimate a range of possible loss for matters that have not yet progressed sufficiently through discovery and the development of important factual information and legal issues.

The Company records accruals based on an estimate of the ultimate outcome of these matters, but these estimates can be difficult to determine and involve significant judgment.

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The Company markets produced, processed, and purchased coal to customers in the United States and in international markets.

The following table presents additional information on our total revenues and top customers:

The following table presents additional information on the Company’s total revenues and top customers:

Year Ended December 31,

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Export coal revenue as % of total coal revenues 73 % 78 % 74 %

Countries with export coal revenue exceeding 10% of total revenues India, Brazil India India

Countries with export coal revenue exceeding 10% of total revenues India India, Brazil India

Met coal as % of coal sales volume 93 % 93 % 90 %

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The segment’s equity method investment in DTA facilitates the export of coal to international customers.

The Company’s All Other category includes its former CAPP – Thermal operations, which consisted of mining complexes whose primary product was thermal coal.

For 2023, the Company’s All Other category includes its former CAPP – Thermal operations, which consisted of mining complexes whose primary product was thermal coal.

Segment operating results are regularly reviewed by the Company’s Chief Executive Officer, who is considered its Chief Operating Decision Maker (“CODM”).

In August 2023, the Company’s last remaining thermal coal mine ceased production.

As a result, beginning in 2024, the Company changed its method of allocating certain corporate level income and expense items among its operating segments.

Certain expenses not previously allocated to operating segments (e.g.

selling, general and administrative expenses) were allocated.

Certain other income or expense items previously allocated to operating segments were fully allocated to the Company’s primary Met reportable segment.

In addition, due to the cessation of mining activity within the Company’s former CAPP – Thermal operations, the Company’s CODM began to manage the Company on a consolidated basis.

As ASU 2023-07 requires the Company to present the measure of profit or loss used by the CODM to allocate resources and assess performance whose measurement principles are most consistent with those used in its Consolidated Financial Statements, the Company changed its reported segment measure of profit and loss to net income.

For comparability purposes, prior period segment information has been recast to conform to the current year presentation.

For prior periods, income tax expense was allocated among segments by applying the Company’s consolidated annual effective income tax rate to segment earnings.

Met reportable segment results for the years ended December 31, 2024, 2023, and 2022 are as follows:

Beginning in 2024, following the cessation of mining within the Company’s former CAPP-Thermal operations, the Company’s CODM began to manage the Company on a consolidated basis.

For 2023, income tax expense was allocated among segments by applying the Company’s consolidated annual effective income tax rate to segment earnings.

ALPHA METALLURGICAL RESOURCES, INC.

2 unchanged sentences

(Amounts in thousands except share and per share data)

Met reportable segment results for the years ended December 31, 2025, 2024, and 2023 are as follows:

Year Ended December 31,

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Selling, general and administrative expenses 60,158 74,000 81,321

Mark-to-market adjustment for acquisition-related obligations — — 8,880

Interest expense 3,019 3,811 6,923

3 unchanged sentences

17,594 15,948 3,284

Income tax expense 23,171 126,669 106,524

Income tax (benefit) expense ( 25,772 ) 23,171 126,669

Total other expenses $ 266,477 $ 318,105 $ 376,242

Net income $ 187,579 $ 740,463 $ 1,452,901

(1) Other segments items include Other operating loss (income), Loss on extinguishment of debt, and Miscellaneous (expense) income, net.

Net (loss) income $ ( 61,687 ) $ 187,579 $ 740,463

(1) Other segments items include Other operating loss (income), Loss on extinguishment of debt, and Miscellaneous expense, net.

No segment level asset information has been disclosed as the CODM does not review asset information by segment.

Refer to the Company’s Consolidated Balance Sheets, Statements of Cash Flows, and Note 10 for information on its consolidated assets, capital expenditures, and equity method investments, respectively.

Reconciliations of reportable segment items to consolidated amounts for the years ended December 31, 2023 and 2022 are as follows:

Year Ended December 31, 2023

Met All Other Consolidated

Total revenues $ 3,421,430 $ 49,987 $ 3,471,417

Depreciation, depletion and amortization $ 127,721 $ 9,148 $ 136,869

Accretion on asset retirement obligations $ 15,471 $ 10,029 $ 25,500

Income tax expense $ 126,669 $ ( 3,166 ) $ 123,503

Net income $ 740,463 $ ( 18,507 ) $ 721,956

ALPHA METALLURGICAL RESOURCES, INC.

AND SUBSIDIARIES

Notes to Consolidated Financial Statements

(Amounts in thousands except share and per share data)

Reconciliations of reportable segment items to consolidated amounts for the year ended December 31, 2023 are as follows:

Year Ended December 31, 2023

3 unchanged sentences

Accretion on asset retirement obligations $ 15,471 $ 10,029 $ 25,500

Income tax expense $ 106,524 $ ( 319 ) $ 106,205

Net income $ 1,452,901 $ ( 4,356 ) $ 1,448,545

Income tax expense (benefit) $ 126,669 $ ( 3,166 ) $ 123,503

Net income (loss) $ 740,463 $ ( 18,507 ) $ 721,956

Changes in and Disagreements with Accountants on Accounting and Financial Disclosure

Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.

What changed 10-K

Item 8. Financial Statements and Supplementary Data