v3.25.4
Segment Information
 12 Months Ended
Dec. 31, 2025
Segment Information [Abstract]  
Segment Information
3.
Segment Information
The Company has
a portfolio of operating
mines and development
projects in Queensland,
Australia and in the
states of
Pennsylvania, Virginia
and West
Virginia in
the U.S.
The Australian
Operations
are comprised
of the
100%-owned
Curragh
producing
mine
complex.
The
U.S.
Operations
are
comprised
of
two
producing
mine
complexes (Buchanan and Logan) and
one
development property (Mon Valley),
all of which are 100% owned.
On January 14, 2025, and November 21, 2025, the Company completed the sale of its idled Greenbrier property
and
the
Russell
County
development
mining
property,
respectively,
both
of
which
were
previously
part
of
the
Company’s U.S. Operations.
The
Company
operates
its
business
along
two
reportable
segments:
Australia
and
United
States.
The
organization
of
the
two
reportable
segments
reflects
how
Coronado’s
Chief
Executive
Officer,
who
is
the
Company’s
chief
operating
decision
maker,
or
CODM,
manages
and
allocates
resources
to
the
various
components of the Company’s business.
The CODM
uses Adjusted
EBITDA as
the primary
metric to
measure each
segment’s
operating performance.
Adjusted EBITDA is not a measure of financial performance calculated in accordance
with U.S. GAAP.
Investors
should be aware that the Company’s presentation
of Adjusted EBITDA may not be comparable to similarly
titled
financial measures used by other companies.
Adjusted EBITDA is
defined as earnings
before interest, taxes,
depreciation, depletion and
amortization and other
foreign exchange losses. Adjusted EBITDA is
also adjusted for certain discrete items
that management excludes
in analyzing each
of the
Company’s segments’ operating performance.
“Other and corporate”
relates to additional
financial information
for corporate
functions such
as financial
reporting and
accounting, treasury,
legal, human
resources, compliance,
and tax.
As such, the
corporate function
is not determined
to be
a reportable segment
but is discretely disclosed for purposes of reconciliation to the
Company’s Consolidated Financial Statements.
Reportable segment results for the years ended December 31,
2025, 2024 and 2023 are presented below:
(US$ thousands)
Australia
United States
Other and
Corporate
Total
Year ended December 31,
2025
Total
revenues
$
1,185,298
$
764,489
$
—
$
1,949,787
Less:
Mining costs
(1)
(932,030)
(585,509)
—
(1,517,539)
Other operating costs
(1)
(412,869)
(126,465)
—
(539,334)
Total
operating costs
(1,344,899)
(711,974)
—
(2,056,873)
Other and unallocated items
(2)
2,215
(39)
(39,257)
(37,081)
Segment adjusted EBITDA
(157,386)
52,476
(39,257)
(144,167)
Total
assets
1,354,590
1,075,270
195,695
2,625,555
Capital expenditures
148,842
136,620
5,342
290,804
Year ended December 31,
2024
Total
revenues
$
1,594,981
$
912,732
$
—
$
2,507,713
Less:
Mining costs
(1)
(1,054,066)
(629,242)
—
(1,683,308)
Other operating costs
(1)
(538,365)
(141,239)
—
(679,604)
Total
operating costs
(1,592,431)
(770,481)
—
(2,362,912)
Other and unallocated items
(2)
851
4,982
(35,494)
(29,661)
Segment adjusted EBITDA
3,401
147,233
(35,494)
115,140
Total
assets
1,213,903
1,048,117
255,732
2,517,752
Capital expenditures
89,343
156,401
4,127
249,871
Year ended December 31,
2023
Total
revenues
$
1,681,522
$
1,209,081
$
—
$
2,890,603
Less:
Mining costs
(1)
(1,058,598)
(610,925)
—
(1,669,523)
Other operating costs
(1)
(621,356)
(182,866)
—
(804,222)
Total
operating costs
(1,679,954)
(793,791)
—
(2,473,745)
Other and unallocated items
(2)
680
5,803
(41,629)
(35,146)
Segment adjusted EBITDA
2,249
421,093
(41,629)
381,713
Total
assets
1,322,610
1,010,199
345,229
2,678,038
Capital expenditures
55,412
171,686
660
227,758
(1)
The
significant
expense category
and
amount aligns
with the
segment-level information
that
is regularly
provided to
the
CODM and
excludes Depreciation, Depletion and Amortization
.
(2)
Other and unallocated items for Other and Corporate includes
selling, general and administrative expenses.
The reconciliation
s
of net
(loss)
income attributable
to the
Company
to Adjusted
EBITDA for
the years
ended
December 31, 2025, 2024 and 2023 are as follows:
Year Ended December 31,
(US$ thousands)
2025
2024
2023
Consolidated Adjusted EBITDA
$
(144,167)
$
115,140
$
381,713
Depreciation, depletion and amortization
(185,350)
(187,400)
(160,711)
Interest expense, net
(1)
(99,291)
(58,856)
(56,751)
Loss on debt extinguishment
(19,258)
(14,732)
(1,385)
Other foreign exchange gains
(2)
585
12,339
2,899
Uncertain stamp duty position
(3)
—
—
(41,321)
Impairment of assets
—
(10,585)
—
Restructuring costs
(4)
—
(729)
—
Gains (losses) on sale of assets
(5)
8,817
(4,574)
(4,846)
(Increase) decrease in provision for discounting
and credit losses
(4,758)
207
4,216
Other
(993)
—
—
Net (loss) income before tax
$
(444,415)
$
(149,190)
$
123,814
Income tax benefit
12,359
40,309
32,251
Net (loss) income
$
(432,056)
$
(108,881)
$
156,065
(1)
Includes interest income of $
9.4
million, $
15.4
million, and $
7.6
million for the years ended December 31,
2025, 2024, 2023 respectively.
(2)
Refer to Note 4. “Other, net” for further discussion.
(3)
Relates to stamp duty on Curragh’s acquisition.
(4)
During the year ended December 31, 2024, a restructuring and cost transformation initiative commenced at the Australian Operations to focus on
repositioning the Company’s efforts to align its cost
structures and optimize its operations.
(5)
During the year ended
December 31, 2025,
the Company recognized
an $
11.0
million gain on disposal
of the Russell County
development property
and a $
2.2
million loss on disposal
of the Greenbrier
idle asset, both
of which previously
part of its U.S.
Operations. During the
years ended December
31, 2024 and 2023, it included care and
maintenance costs of the idled non-core asset
Greenbrier that was sold on January 14,
2025.
The
reconciliations
of
capital
expenditures
per
the
Company’s
segment
information
to
capital
expenditures
disclosed on
the Consolidated
Statements of
Cash Flows
for the
years ended
December
31, 2025,
2024 and
2023 are as follows:
Year Ended December 31,
(US$ thousands)
2025
2024
2023
Capital expenditures per Consolidated Statement of
Cash Flows
$
244,784
$
248,142
$
237,205
Net movement in accruals for capital expenditures
(10,173)
12,497
(453)
Capital acquired through finance leases
29,072
—
—
Net movement in deposits to acquire long lead capital
27,121
(10,768)
(8,994)
Capital expenditures per segment detail
$
290,804
$
249,871
$
227,758
Disaggregation of Revenue
The Company disaggregates the revenue
from contracts with customers by
major product group for each of
the
Company’s
segments,
as the
Company
believes
it best
depicts the
nature,
amount,
timing
and
uncertainty
of
revenues and cash flows. All revenue is recognized at a point
in time.
Year Ended December 31, 2025
(US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
1,024,828
$
734,277
$
1,759,105
Thermal coal
131,901
29,410
161,311
Total
coal revenue
1,156,729
763,687
1,920,416
Other
(1)
28,569
802
29,371
Total
$
1,185,298
$
764,489
$
1,949,787
Year Ended December 31, 2024
(US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
1,472,477
$
854,587
$
2,327,064
Thermal coal
87,798
30,000
117,798
Total
coal revenue
1,560,275
884,587
2,444,862
Other
(1)(2)
34,706
28,145
62,851
Total
$
1,594,981
$
912,732
$
2,507,713
Year Ended December 31, 2023
(US$ thousands)
Australia
United States
Total
Product Groups:
Metallurgical coal
$
1,557,471
$
1,031,012
$
2,588,483
Thermal coal
88,281
153,925
242,206
Total
coal revenue
1,645,752
1,184,937
2,830,689
Other
(1)(2)
35,770
24,144
59,914
Total
$
1,681,522
$
1,209,081
$
2,890,603
(1)
Included
in
Other
revenue
for
Australian
Operation
is
the
amortization
of
Stanwell
non-market coal
supply
agreement
liability
recognized on
acquisition of Curragh. See further discussion
in Note 14 “Contract Obligations.”
(2)
Other revenue for the U.S.
segment includes $
25.0
million and $
17.5
for the years ended
December 31, 2024 and
2023, respectively, relating to
termination fee revenue from coal sales
contracts cancelled at the U.S. Operations.
Further explanation to tables above:
The following is a description of the principal activities
by reportable segments.
•
The Company primarily offers two types of products to its
customers: metallurgical coal and thermal coal
of
varying
qualities.
The
Company’s
metallurgical
coal
is
classified
as
hard
coking
coal,
further
distinguished by its volatility (defined as high, mid, or
low), and pulverized coal injection.
•
The
Australian
Operations
reportable
segment
includes
the
Curragh
mine. The
Australian
Operations
are
a
separate
reportable
segment
due
to
having
separate
management,
location,
assets,
and
operations.
The Curragh mine
is located in
central Queensland,
Australia and produces
a wide variety
of
metallurgical
coal
and
thermal
coal
for
sale
internationally
and
to
fulfill
a
long-term
contract
with
Stanwell.
•
The United States
reportable segment
includes the Buchanan
and Logan coal
mine facilities located
in
Virginia and West Virginia
in the United States. It produces high, mid and low volatility hard
coking coal.