REVENUE |
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Dec. 31, 2025 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| REVENUES | NOTE 10—REVENUES 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 approximately 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:
Annual revenues for 2025 include less than a $0.1 million net decrease 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 December 31, 2025, the Company had outstanding performance obligations of approximately 1.1 million tons for contracts with fixed sales prices averaging $142 per ton as well as 1.2 million of additional tons for contracts with index-based pricing mechanisms. The Company expects to satisfy approximately 97% of the committed tons in and the remainder 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. Sales into individual foreign countries equaling or exceeding 10% of our total revenues for 2025 included Germany, which represented 11% of 2025 revenues. Sales into India and Germany were 11% and 10%, respectively, of 2024 revenues. Sales into Germany, Canada, and Brazil were 14%, 14%, and 10%, respectively, of 2023 revenues. The Company used the final export destination of the goods as the basis for these disclosures. The Company has not recorded any revenues from the Rare Earths and Critical Minerals Segment. |
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