v3.26.1
Description of Business, Basis of Presentation
 6 Months Ended
Jun. 30, 2026
Description of Business, Basis of Presentation [Abstract]  
Description of Business, Basis of Presentation
1.
Description
of Business,
Basis of
Presentation
(a)
Description
of the Business
Coronado
Global
Resources
Inc.
is
a
global
producer,
marketer,
and
exporter
of
a full
range
of
metallurgical
coals,
an essential element
in the production
of
steel.
The Company has a portfolio
of operating mines,
an idled
asset held for sale and a development project in Queensland, Australia,
and in the
states of Pennsylvania,
Virginia
and West
Virginia in
the United
States,
or U.S.
(b)
Basis of Presentation
The interim
unaudited
condensed
consolidated
financial statements
have been
prepared
in accordance
with the
requirements
of
U.S. generally accepted
accounting
principles,
or U.S. GAAP,
and with the
instructions
to Form
10-Q
and
Article
10
of
Regulation
S-X
related
to
interim
financial
reporting
issued
by
the
U.S.
Securities
and
Exchange
Commission,
or the SEC. Accordingly,
they do not include all of the information
and footnotes
required
by U.S. GAAP for
complete
financial statements
and should
be read in conjunction
with the audited consolidated
financial
statements
and
notes
thereto
included
in the
Company’s
Annual
Report
on
Form
10-K
filed
with the
SEC and
the Australian
Securities
Exchange,
or the ASX,
on
March 3, 2026.
The
interim
unaudited
condensed
consolidated
financial
statements
are
presented
in
U.S.
dollars,
unless
otherwise
stated.
They
include
the
accounts
of
Coronado
Global
Resources
Inc.
and
its
wholly-owned
subsidiarie
s. References
to
“US$”
or
“USD”
are
references
to
U.S.
dollars.
References
to
“A$”
or
“AUD”
are
references
to
Australian
dollars,
the
lawful
currency
of
the
Commonwealth
of
Australia.
The “Company”
and
“Coronado”
are
used
interchangeably
to
refer
to
Coronado
Global
Resources
Inc.
and
its
subsidiaries,
collectively,
or to Coronado
Global Resources Inc., as appropriate
to the context.
All intercompany balances
and
transactions
have been
eliminated upon
consolidation.
In
the
opinion
of
management,
these
interim
financial
statements
reflect
all
normal,
recurring
adjustments
necessary
for
the
fair
presentation
of
the
Company’s
financial
position,
results
of
operations,
comprehensive
income, cash
flows
and changes in equity
for the periods
presented. Balance
sheet information
presented
herein
as of December
31, 2025 has been derived
from
the Company’s audited
consolidated
balance sheet at that date.
The
Company’s
results
of
operations
for
the
three
and
six
months
ended
June
30,
2026
are
not
necessarily
indicative
of
the results
that may
be expected
for
the year ending
December
31, 2026.
Going Concern
These
Condensed
Consolidated
Financial
Statements
have
been
prepared
on
a
going
concern
basis,
which
contemplates
the realization
of
assets
and discharge
of
liabilities
in the ordinary
course
of
business.
For the three and
six months ended
June 30, 2026, the Company
incurred net losses
of
$
99.4
million
and $
418.0
million, respectively
.
The Company’s
operating performance
materially
improved
during the
three months
ended
June
30,
2026,
following
significant
wet-weather
impacts
and
temporary
suspension
of
the
Mammoth
Underground
Operations
experienced
during the
first
quarter. The Company
returned to
positive
EBITDA for the
three months ended June 30, 2026,
as higher production
improved plant performance
at its Australian Operations
and lower
unit costs
contributed
to
improved
operating
performance
.
As of
June 30,
2026,
the
Company
had
cash
and
cash
equivalents
of
$
97.7
million
and
net current
assets
of
$
92.6
million.
The decline
in cash
for the
six months
ended
June 30,
2026
was consistent
with the
Company’s
expectations
and
primarily
reflected
the operational
impacts
experienced
during the
first
quarter,
the rebuilding
of
coal
inventories,
capital
expenditure
and other
timing
related
impacts
such
as
customer
shipment
slippages
into
the next period
.
On August
7, 2026,
subsidiaries
of
the Company entered
into
two
concurrent
offtake
agreements with Glencore
AG,
or
Glencore,
under
which
Glencore
agreed
to
advance
prepayments
up
to
$
75.0
million,
providing
an
additional
source
of
near-term liquidity.
Refer to
Note 20.
“Subsequent
Events”
for
further information.
Based
on
the
Company’s
current
cash
and
cash
equivalents
and
forecasted
cash
flows,
the
Company
has
concluded
that it will have
sufficient
liquidity
to fund its operations
and satisfy
its obligations
for at least one
year
from
the issuance
of
these financial
statements.
In
response
to
the
challenging
operating
environment,
management
has
identified
and
commenced
implementation
of
operational
improvement
s, a
broader
structural
reset
program
and
cost
reduction
initiatives,
primarily
at
our
Australian
Operations,
targeting
improvements
in
contractor
management,
procurement
practices,
and operational
efficiency.
Coronado
continues
to
undertake
initiatives
to enhance
liquidity
and
reduce
operating
and capital
costs
across
the
Company,
while
optimizing
the
business
to
deliver
greater
value
over
the
long
term,
strengthen
financial
flexibility
and
build
resilience
against
events
outside
its
control.
These initiatives
include,
among
other
things,
prepayment
for
future
coal
sales,
acceleration
of
payment
terms
with
customers
and
negotiate
alternative
payments
to suppliers.
These initiatives
are reasonably
within management’s
control
and can be actioned
in the
near term
if
required.
The Company’s
forecasts
depend on the achievement
of
production
targets and other factors
beyond
its control,
including
general
economic
conditions
and
metallurgical
coal
prices.
Short
to
medium
term
working
capital
requirements
are
similarly
sensitive
to
these
factors,
and
the
preparation
of
forecasts
requires
application
of
management’s
judgement.