Financial Performance - Alpha Metallurgical Resources reported a net loss of $5.0 million for Q2 2025, an improvement from a net loss of $33.9 million in Q1 2025 and a profit of $58.9 million in Q2 2024 [4][5] - Adjusted EBITDA for Q2 2025 was $46.1 million, significantly up from $5.7 million in Q1 2025 [4][30] - Operating cash flow increased to $53.2 million in Q2 2025, compared to $22.2 million in Q1 2025 [8] Coal Revenues - Total coal revenues for Q2 2025 were $548.7 million, slightly up from $529.7 million in Q1 2025 [4][5] - The metallurgical segment's coal revenues (excluding freight and handling) were $464.1 million for Q2 2025, compared to $445.7 million in Q1 2025 [4][5] - The average realized price for metallurgical coal was $119.43 per ton in Q2 2025, up from $118.61 per ton in Q1 2025 [6][32] Cost Management - The cost of coal sales per ton decreased to $100.06 in Q2 2025 from $110.34 in Q1 2025, attributed to improved cost performance [7][32] - The company has lowered its full-year cost of coal sales guidance to a range of $101 to $107 per ton, down from $103 to $110 per ton [5][13] Liquidity and Capital Resources - As of June 30, 2025, total liquidity was $556.9 million, including cash and cash equivalents of $449.0 million [9][5] - Capital expenditures for Q2 2025 were $34.6 million, a decrease from $38.5 million in Q1 2025 [8] Guidance Adjustments - The company has reduced its SG&A expense guidance for 2025 to a range of $48 million to $54 million, down from $53 million to $59 million [5][14] - Idle operations expense guidance has been increased to a range of $21 million to $29 million, up from $18 million to $28 million [5][14] Future Opportunities - The recent legislation signed into law includes a refundable tax credit for metallurgical coal production, which could provide an annual cash benefit estimated between $30 million and $50 million [10][11] - The company plans to restart its share repurchase program, having achieved a significant increase in liquidity [12]