AMR

MKT CAP $2BP/E —DIV YIELD —FCF YIELD -0.07%REV TTM $2.1B −12.9%NET INCOME −$46.1MNET CASH $304.6M52W 137.16 – 249.65SEC XBRL · TTM TO Invalid Date

How AMR rewrote its risk factors

10-K ITEM 1A · FY2024 → FY2025

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Risk Factors” for further discussion of risks associated with the estimates of our reserves and resources.
Legal Proceedings For a description of our legal proceedings, refer to Note 20, part (d), to the Consolidated Financial Statements.
As of December 31, 2025, there were 72 registered holders of record of our common stock.
For information on securities authorized for issuance under our equity compensation plans, refer to “Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.” Dividend Policy Pursuant to the dividend policy adopted by the Board on May 3, 2022, the Board declared quarterly cash dividends on our common stock during the years ended December 31, 2023 and 2022.
The holders of our common stock are entitled to receive such dividends, if any, when they are declared by the Board.
Any decision to declare and pay cash dividends will be made by the Board and will depend on our earnings, financial condition and other relevant factors.
On August 2, 2023, the Board determined to end our fixed dividend program following the quarterly dividend declared and paid in the fourth quarter of 2023.
Refer to Note 7 to the Consolidated Financial Statements for further information related to our dividend program.
Repurchase of Common Stock The following table reflects repurchases of common shares during the fourth quarter of 2025, and the remaining amount available for future repurchases, pursuant to our common share repurchase programs: Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (In thousands) (1)(2)(3) October 1, 2025 through October 31, 2025 61,284 $ 163.17 61,284 $ 371,289 November 1, 2025 through November 30, 2025 — $ — — $ 371,289 December 1, 2025 through December 31, 2025 52,115 $ 191.85 52,115 $ 361,291 113,399 113,399 (1) The total authorization to repurchase our stock under the existing common share repurchase program adopted by our Board of Directors on March 4, 2022 is $1.5 billion.
Refer to Note 7 to the Consolidated Financial Statements for additional information.
(2) We adopted a capital return program in 2019, including a stock repurchase plan with no expiration date that permitted us to repurchase up to an aggregate amount of $100 million of our common stock, of which $67.6 million remains available.
This amount is not included in the table above as we suspended this stock repurchase plan on October 1, 2019 and do not currently intend to make further repurchases under it.
(3) We cannot estimate the number of shares that will be repurchased because decisions to purchase are subject to market and business conditions, levels of available liquidity, our cash needs, restrictions under agreements or obligations, legal or regulatory requirements or restrictions, and other relevant factors.
Management’s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis provides a narrative of our results of operations and financial condition for the years ended December 31, 2025 and 2024.
For discussion on results of operations and financial condition pertaining to 2023 and year-over-year comparisons between 2024 and 2023, refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2024.
Refer to “Cautionary Statement Regarding Forward-Looking Statements” and “Item 1A.
Risk Factors.” Market Overview Supply-related issues, including December 2025 and January 2026 flooding in Queensland, Australia, impacted metallurgical markets in recent months.
Due to constraints on Australian met coal supply, a divergence between the Australian-linked indices and the U.S.
East Coast markets significantly expanded, with spreads also widening between the premium grade low vol. coal and lower quality high vol. coals.
Despite supply-related moves like these, the global metallurgical coal markets are still structurally influenced by steel demand, which is linked to economic conditions, policy decisions, geopolitical tensions, tariffs and ongoing trade negotiations, all of which could impact met coal pricing.
Metallurgical coal prices experienced varied movements across the indices during the fourth quarter of 2025.
Of the four indices Alpha closely monitors, the Australian Premium Low Volatile index represents the largest move, an increase of 14.6%.
The Australian Premium Low Volatile index increased from $190.20 per metric ton on October 1, 2025, to $218.00 per metric ton on December 31, 2025.
East Coast Low Volatile index rose from $177.00 per metric ton in October to $185.00 per metric ton by the end of December, an increase of 4.5%.
East Coast High Volatile A index fell from $152.50 per metric ton at the beginning of the quarter to $150.50 per metric ton at the end of the quarter, and the U.S.
East Coast High Volatile B index decreased from $144.50 per metric ton to $144.20 per metric ton at the quarter’s close.
Since then, all four indices have increased from their end-of-quarter levels.
As of February 16, 2026, the Australian Premium Low Volatile increased to $242.50 per metric ton from its quarter-close level.
East Coast Low Volatile, High Volatile A, and High Volatile B indices measured $198.00, $160.00, and $150.00 per ton, respectively, as of the same date.
The world manufacturing Purchasing Managers’ Index (“PMI”) recorded a three-month high in January with a PMI of 50.9, up from December’s PMI of 50.4.
China’s PMI moved slightly higher from 50.1 in December to 50.3 in January.
India, an important market for Alpha, had a PMI of 55.4 in January, up from December’s two-year low of 55.0.
The United States’ PMI rose to 52.4 in January from its December level of 51.8.
Europe’s January PMI was 49.5, an increase from a nine-month low of 48.8 in December.
Brazil’s manufacturing sector PMI was 47.0 in January, a decrease from December’s PMI of 47.6.
As compiled by the World Steel Association (“WSA”), global crude steel production in December 2025 reached 139.6 million metric tons from 70 countries, representing a 3.7% decrease compared to December 2024.
The world’s largest steel-producing country, China, recorded the largest percentage decline of the top ten steel-producing countries, with its December 2025 production of 68.2 million metric tons, representing a 10.3% decrease year-over-year.
The next largest producer, India, recorded 14.8 million metric tons in December 2025, up 10.1% from its December 2024 level.
The United States produced 6.9 million metric tons of crude steel in December, representing a 3.6% increase from December 2024.

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Gone since FY2024

Risk Factors for further discussion of risks associated with the estimates of the Company’s reserves and resources.
Legal Proceedings For a description of the Company’s legal proceedings, refer to Note 20, part (d), to the Consolidated Financial Statements, which is incorporated herein by reference.
As of December 31, 2024, there were 66 registered holders of record of our common stock.
For information on securities authorized for issuance under our equity compensation plans, see “Item 12.
Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters.” Dividend Policy Pursuant to the dividend policy adopted by the Board on May 3, 2022, the Board declared quarterly cash dividends on the Company’s common stock during the years ended December 31, 2023 and 2022.
The holders of the Company’s common stock are entitled to receive such dividends, if any, when they are declared by the Board.
On August 2, 2023, the Board determined to end the Company’s fixed dividend program following the quarterly dividend declared and paid in the fourth quarter of 2023.
Refer to Note 7 for further information related to the Company’s dividend program.
Repurchase of Common Stock The Company did not repurchase any shares of common stock during the fourth quarter of 2024.
The following table reflects the remaining amount available for repurchases pursuant to the Company’s common share repurchase programs: Total Number of Shares Purchased Average Price Paid per Share Total Number of Shares Purchased as Part of Publicly Announced Plans or Programs (1) Approximate Dollar Value of Shares that May Yet Be Purchased Under the Plans or Programs (In thousands) (1)(2)(3) October 1, 2024 through October 31, 2024 — $ — — $ 468,835 November 1, 2024 through November 30, 2024 — $ — — $ 468,835 December 1, 2024 through December 31, 2024 — $ — — $ 468,835 — — (1) The total authorization to repurchase the Company’s stock under the existing common share repurchase program adopted by the Board on March 4, 2022 is $1.5 billion.
(2) The Company adopted a capital return program in 2019, including a stock repurchase plan with no expiration date that permitted the Company to repurchase up to an aggregate amount of $100 million of the Company’s common stock.
The Company suspended this stock repurchase plan on October 1, 2019 and does not currently intend to make further repurchases under it.
(3) The Company cannot estimate the number of shares that will be repurchased because decisions to purchase are subject to market and business conditions, levels of available liquidity, our cash needs, restrictions under agreements or obligations, legal or regulatory requirements or restrictions, and other relevant factors.
Management ’ s Discussion and Analysis of Financial Condition and Results of Operations The following discussion and analysis provides a narrative of our results of operations and financial condition for the years ended December 31, 2024 and 2023.
For discussion on results of operations and financial condition pertaining to 2022 and year-over-year comparisons between 2023 and 2022, refer to “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in Part II, Item 7 of our Annual Report on Form 10-K for the year ended December 31, 2023.
See “Cautionary Statement Regarding Forward-Looking Statements” and “Item 1A.
Risk Factors.” Market Overview Metallurgical coal markets ended 2024 at sharply lower levels than they began the calendar year, with each of Alpha’s followed indices experiencing at least a 30% drop.
For example, the Australian Premium Low Vol index declined by 40% from the start of the year until the end.
These downward movements in metallurgical coal indices were primarily due to a decline in steel demand, which was influenced by uncertainty in geopolitics and economic conditions across the globe.
With numerous elections having been held and leaders elected within 2024, markets are now attempting to digest the anticipated future actions and governing priorities of these recently installed governments.
Administration has expressed its commitment to imposing tariffs on certain imported goods and materials.
If new tariffs are imposed and trade wars occur, these circumstances will likely impact natural coal trade flows and the cost of materials for coal producers.
Many of the factors that negatively influenced metallurgical coal markets, such as depressed steel demand, continue to loom over the current pricing environment.
Additional uncertainty around fiscal policies, shifting geopolitical priorities and trade practices, as well as the overall economic health of the major coal-producing and coal-buying regions of the world will continue to influence metallurgical coal pricing.
Absent an increase in steel demand and a more certain geopolitical and economic backdrop, challenging coal market conditions are expected to continue in the coming months.
Metallurgical coal prices experienced limited movement throughout the fourth quarter of 2024.
Of the four indices Alpha closely monitors, the Australian Premium Low Volatile index represents the largest move, a reduction of 4%.
The Australian Premium Low Volatile index fell from $204.75 per metric ton on October 1, 2024, to $196.50 per metric ton on December 31, 2024.
East Coast Low Volatile index decreased slightly from $189.00 per metric ton at the beginning of the quarter to $188.00 per metric ton at quarter end.
East Coast High Volatile A index fell from $184.00 per metric ton in October to $183.00 per metric ton at the end of December 2024, and the U.S.
East Coast High Volatile B index opened and closed the quarter at $171.00 per metric ton.
Since then, the Australian Premium Low Volatile decreased from quarter-close levels to $190.00 per metric ton, as of February 17, 2025.
East Coast Low Volatile, High Volatile A, and High Volatile B indices measured $187.00, $185.00, and $171.00 per ton, respectively, as of the same date.
The world manufacturing Purchasing Managers’ Index (“PMI”) showed signs of improvement in operating conditions for the first time in seven months, with January’s PMI of 50.1, up from December’s level of 49.6.
The United States’ PMI increased above the 50.0 neutral mark for the first time in seven months, at 51.2 in January from 49.4 in December.
India, one of Alpha’s key markets, remains firmly in expansionary territory with a January PMI of 57.7, an increase from 56.4 in December.
Brazil’s January PMI of 50.7, represents an upward move from December’s PMI of 50.4.
China’s PMI of 50.1 in January declined from its December level of 50.5.
Europe’s January PMI of 46.6, an eight-month high, up from December’s PMI of 45.1, remains in a contractionary environment.
According to the World Steel Association, (“WSA”), the December 2024 global crude steel production of 144.5 million metric tons from 71 countries represented an increase of 5.6% compared to December 2023.

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Sentence-level comparison of Item 1A in the two most recent 10-Ks (FY2024 ↗, FY2025 ↗). A reworded sentence counts as one dropped and one added, so heavy edits read as low “kept”. Headings and page furniture are stripped; nothing is summarised by a model.

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