REVENUE |
3 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Mar. 31, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| REVENUE | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| REVENUES | NOTE 9—REVENUE Our revenue is derived from contracts for the sale of coal and is recognized when the performance obligations under the contract are satisfied, which is at the point in time control is transferred to our customer. Generally, domestic sales contracts have terms of about one year and the pricing is typically fixed. Export sales have spot or term contracts, and pricing can be either fixed or derived against index-based pricing mechanisms. Sales completed with delivery to an export terminal are reported as export revenue. Disaggregated information about Revenue by segment is presented below:
Revenue for the three months ended March 31, 2026 includes a $0.3 million net increase to revenue related to adjustments for performance obligations satisfied in a previous reporting period. These adjustments were due to true-ups of previous estimates for provisional pricing and demurrage as well as price adjustments for minimum specifications or qualities of delivered coal. As of March 31, 2026, the Company had outstanding performance obligations of approximately 1.1 million tons for contracts with fixed sales prices averaging $137 per ton, excluding freight, as well as 1.8 million tons for contracts with index-based pricing mechanisms. The Company expects to satisfy approximately 88% of the committed tons in 2026 and 12% in 2027. Variable amounts, including index-based prices, have not been estimated for the purpose of disclosing remaining performance obligations as permitted under the revenue recognition guidance when variable consideration is allocated entirely to a wholly unsatisfied performance obligation. The Company has not recorded any revenues from the Rare Earths and Critical Minerals segment. Concentrations—During the three months ended March 31, 2026, sales to three individual customers were 10% or more of our total revenue. Sales to these customers represented 17%, 10% and 10%, respectively, of our total revenue during the three-month period. For comparison purposes, during the three months ended March 31, 2025, sales to three individual customers were 10% or more of our total revenue and individually accounted for 17%, 15% and 10%, respectively, of our total revenue. Four customers with individual accounts receivable balances equal to 10% or more of total accounts receivable represented 19%, 17%, 12% and 10%, respectively, of the Company’s accounts receivable balance at March 31, 2026. |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||