Core Natural Resources, Inc. (CNR) reported a significant increase in consolidated revenues for the fiscal year ending December 31, 2025, reaching $4.16 billion, compared to $2.16 billion in 2024. This increase is primarily attributed to the all-stock merger with Arch Resources, Inc., which closed on January 14, 2025, and contributed $2.04 billion in revenues. However, legacy CONSOL operations experienced mixed results, with the Pennsylvania Mining Complex (PAMC) seeing a revenue decrease due to reduced realizations, partially offset by higher sales volumes, and the Itmann mine experiencing a revenue decrease due to lower sales volumes and reduced metallurgical coal benchmark pricing.
Despite the revenue surge, CNR reported a net loss of $153.2 million for 2025, a stark contrast to the net income of $286.4 million in 2024. This decline in profitability was influenced by several factors, including $66 million in non-recurring merger-related transaction costs, $101 million in fire extinguishment and idle costs at the Leer South mine, and a $12 million loss on debt extinguishment. The company's cost of sales also increased significantly, reaching $3.54 billion in 2025, compared to $1.43 billion in 2024, reflecting the expanded operations post-merger.
Operationally, CNR's High CV Thermal segment saw a decrease in Adjusted EBITDA due to lower realized coal revenue per ton sold, while the Metallurgical segment was impacted by reduced metallurgical coal benchmark prices and the Leer South mine incident. The PRB segment, acquired through the merger, contributed $63.8 million in Adjusted EBITDA. The Core Marine Terminal experienced a slight decrease in Adjusted EBITDA despite increased throughput volumes due to lower pricing and higher expenses. The company's total coal sales volume reached 87.8 million tons in 2025, compared to 26.1 million tons in 2024, reflecting the expanded asset base following the merger.
Looking ahead, CNR is focused on integrating the operations of CONSOL and Arch, leveraging its low-cost assets and diverse product qualities to access growing export metallurgical and industrial markets, and preserving cash generation. The company is also exploring opportunities in critical minerals and advanced materials, as well as alternative and innovative uses of coal. As of December 31, 2025, CNR had total liquidity of $949 million, including cash and cash equivalents, and available capacity under its Revolving Credit Facility and Receivables Financing Agreement. The company's capital return framework includes a mix of dividends and share repurchases, with a $1 billion share repurchase program authorized by the Board of Directors.
About Core Natural Resources, Inc.
Core Natural Resources, Inc. is a leading producer and exporter of high-quality metallurgical and thermal coal, primarily serving global steel, industrial, and power markets. It operates extensive, low-cost longwall and surface mines across the U.S., with strategic logistics and export infrastructure. The company emphasizes safety, sustainability, and operational efficiency, leveraging diverse reserves, long-term customer relationships, and innovative diversification efforts in carbon products and materials.
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