Core Natural Resources Reports $1.1 Billion Revenue in Q2 2025, Faces $36.6 Million Net Loss

Core Natural Resources, Inc. (formerly known as CONSOL Energy Inc.) reported significant financial changes in its latest 10-Q filing for the second quarter of 2025, following its merger with Arch Resources, Inc. on January 14, 2025. The company recorded revenues of $1.1 billion for the three months ended June 30, 2025, a substantial increase from $490.7 million in the same period last year. For the first half of 2025, revenues reached $2.1 billion, compared to $1.0 billion for the first half of 2024. However, the company also reported a net loss of $36.6 million for the second quarter, a stark contrast to a net income of $58.1 million in the prior year, and a loss of $105.8 million for the first half of 2025 compared to a profit of $160 million in the same period of 2024.

The merger with Arch significantly impacted the company's financial performance, contributing approximately $513 million in revenues during the second quarter. The legacy operations of Core also saw an increase in revenues, with the Pennsylvania Mining Complex (PAMC) generating an additional $85 million due to increased sales volumes. However, the cost of sales surged to $912.6 million in the second quarter, up from $344 million a year earlier, primarily due to the integration of Arch's operations and increased production costs. This led to a loss from operations of $19.3 million for the quarter, compared to a profit of $71.9 million in the previous year.

Operationally, Core Natural Resources has expanded its footprint significantly, now managing four reportable segments: High CV Thermal, Metallurgical, Powder River Basin (PRB), and Baltimore Marine Terminal. The PRB segment, newly acquired through the merger, produced and sold 12.6 million tons of coal in the second quarter, while the metallurgical segment saw a production increase of 2.3 million tons. The Baltimore Marine Terminal also reported throughput of 4.9 million tons, reflecting a recovery from disruptions caused by the Francis Scott Key Bridge collapse in 2024.

Looking ahead, the company anticipates continued challenges, particularly in the metallurgical coal market, where prices have softened due to excess production and weak demand. Additionally, the company expects to incur costs related to a combustion incident at the Leer South mine, estimated between $20 million to $30 million. Despite these challenges, Core Natural Resources remains optimistic about leveraging synergies from the merger to enhance operational efficiency and expand its market presence. The company has also declared a dividend of $0.10 per share, payable in September 2025, signaling a commitment to returning value to shareholders amidst its ongoing restructuring efforts.