v3.25.2
Segment Information
 6 Months Ended
Jun. 30, 2025
Segment Reporting [Abstract]  
Segment Information Segment Information
The Company generates revenue primarily through the production of steelmaking coal for sale to the steel industry. The Company also generates ancillary revenues from the sale of natural gas extracted as a byproduct from the underground coal mines and royalty revenues from leased properties.
Following the commencement of revenue-generating activities for the Blue Creek mine during the three months ended June 30, 2025, the manner in which the Company's chief operating decision maker (“CODM”), the Chief Executive Officer, measures financial performance and allocates resources changed. The Company reassessed its segment reporting and has determined that it continues to have one reportable segment identified as Mining which consists of: Mine No. 4, Mine No. 7 and the Blue Creek mine.
The Company has determined that its natural gas and royalty businesses did not meet the criteria in ASC 280 to be considered as a reportable segments. Therefore, the Company has included their results in an “all other” category as a reconciling item to consolidated amounts. The Company recast prior period information related to the change in segments, however, there were no revenues or cost of revenues associated with the Blue Creek mine.
The Company does not allocate all of its assets, or its depreciation and depletion expense, selling, general and administrative expenses, transactions costs, interest income (expense), and income tax expense (benefit) by segment.
The following tables include reconciliations of segment information to consolidated amounts (in thousands):
 For the three months ended June 30,For the six months ended June 30,
2025202420252024
Revenues
Mining$288,491 $390,424 $583,424 $888,423 
All other9,032 6,099 14,042 11,613 
Total revenues$297,523 $396,524 $597,466 $900,036 
Segment profit
Revenue$288,491 $390,424 $583,424 $888,423 
Cash cost of sales (exclusive of depreciation and depletion)(1)
224,504 259,690 468,532 543,862 
Other segment items(2)
1,908 1,614 3,615 3,030 
Segment profit$62,079 $129,120 $111,277 $341,531 
Transportation and royalties
Mining$75,067 $102,794 $157,684 $215,880 
All other— — — — 
Total transportation and royalties$75,067 $102,794 $157,684 $215,880 
Depreciation and depletion
Mining$41,014 $36,064 $84,005 $74,081 
All other2,241 2,086 4,527 4,092 
Total depreciation and depletion$43,255 $38,150 $88,532 $78,173 
Assets
Mining$2,288,119 $2,431,438 $2,288,119 $2,431,438 
All other357,283 129,419 357,283 129,419 
Total assets$2,645,402 $2,560,857 $2,645,402 $2,560,857 
Capital expenditures
Mining$73,828 $109,122 $141,246 $206,912 
All other1,138 1,839 2,230 3,752 
Total capital expenditures$74,966 $110,961 $143,476 $210,664 
(1) The significant expense category and amounts align with the segment-level information that is regularly reviewed by the CODM, inclusive of transportation and royalties and exclusive of depreciation and depletion.
(2) Other segment items include non-cash charges to cost of sales (exclusive of depreciation and depletion) of asset retirement obligation accretion and valuation adjustments and stock compensation expense.
For the three and six months ended June 30, 2025 and 2024, the Company's Mining segment had revenues comprising greater than 10% from the following customers:
 For the three months ended June 30,
For the six months ended June 30,
Customers(1)
2025202420252024
Customer A$35,892 $64,891 $— $133,530 
Customer B— 50,224 — 118,708 
Customer C— 48,692 — 107,714 
Customer D— 48,334 — 109,099 
Customer E— 42,960 — — 
Customer F32,813 — — — 

(1) Customers with a zero did not trip the 10% quantitative threshold for that period.
The Company evaluates the performance of its segment based on Segment Adjusted EBITDA, which is defined as net income (loss) adjusted for other revenues; cost of other revenues; depreciation and depletion expense; selling, general and administrative expenses; interest income, net; income tax expense (benefit) and certain transactions or adjustments that the CODM does not consider for the purposes of making decisions to allocate resources among segments or assessing segment performance. Segment Adjusted EBITDA should not be considered as an alternative to cost of sales under GAAP and may not be comparable to other similarly titled measures used by other companies. Below is a reconciliation of Segment Adjusted EBITDA to net income (loss), which is its most directly comparable financial measure calculated and presented in accordance with GAAP (in thousands): 
 For the three months ended June 30,
For the six months ended June 30,
2025202420252024
Segment Adjusted EBITDA$62,079 $129,120 $111,277 $341,531 
Other revenues9,032 6,099 14,042 11,613 
Cost of other revenues(8,210)(10,673)(16,083)(20,638)
Depreciation and depletion(43,255)(38,150)(88,532)(78,173)
Selling, general and administrative(11,923)(15,492)(30,365)(34,352)
Interest income, net2,193 8,327 5,379 15,360 
Income tax (expense) benefit (4,310)(8,519)1,720 (27,641)
Net income (loss) $5,606 $70,711 $(2,562)$207,700