v3.26.1
Segment Information
 6 Months Ended
Jun. 30, 2026
Segment Information [Abstract]  
Segment Information
3.
Segment
Information
The Company
has
a portfolio
of mines and development
projects
in Queensland,
Australia,
and in the
states of
Pennsylvania,
Virginia
and
West
Virginia
in
the
U.S.
The
Australian
Operations
comprise
the
100
%-owned
Curragh
producing
mine
complex.
The
U.S.
Operations
comprise
a
100
%-owned
producing
mine
complex
(Buchanan)
and a development
propert
y
(Mon Valley).
On July 31,
2026, the Company
completed
the sale of
its idled Logan
mining property,
which was
previously
part
of
the Company’s
U.S. Operations.
Refer to
Note 5.
“Assets
Held for
Sale” for
further information
.
The Company
operates
its business
along
two
reportable
segments:
Australia
and the
U.S. 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,
analysts,
lenders
and
rating
agencies
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 exclude
in analyzing each of
the
Company’s
segments’ operating performance.
“Other and corporate”
relates to additional
financial information
for th
e
corporate
function
,
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
unaudited
Condensed
Consolidated
Financial
Statements.
Reportable
segment results
as of and for
the three and six months
ended June
30, 2026 and 2025 are presented
below:
(in US$ thousands)
Australia
United States
Other and
Corporate
Total
Three months
ended June
30, 2026
Total
revenues
$
326,614
$
187,515
$
—
$
514,129
Less:
Mining cash
costs
(1)
(296,384)
(107,382)
—
(403,766)
Other operating
costs
(1)
(41,627)
(50,575)
—
(92,202)
Total
operating
costs
(338,011)
(157,957)
—
(495,968)
Other and
unallocated
costs
(2)
(398)
(441)
(10,492)
(11,331)
Segment
adjusted
EBITDA
(11,795)
29,117
(10,492)
6,830
Total
assets
1,371,099
846,980
115,593
2,333,672
Capital expenditures
16,976
9,544
—
26,520
Three months
ended June
30, 2025
Total
revenues
$
259,845
$
208,034
$
—
$
467,879
Less:
Mining cash
costs
(1)
(214,000)
(150,777)
—
(364,777)
Other operating
costs
(1)
(57,472)
(40,034)
—
(97,506)
Total
operating
costs
(271,472)
(190,811)
—
(462,283)
Other and
unallocated
costs
(2)
1,427
(42)
(7,551)
(6,166)
Segment
adjusted
EBITDA
(10,200)
17,181
(7,551)
(570)
Total
assets
1,325,017
1,057,537
195,828
2,578,382
Capital expenditures
46,277
34,972
2,872
84,121
Six months
ended June
30, 2026
Total
revenues
$
585,701
$
395,620
$
—
$
981,321
Less:
Mining cash
costs
(1)
(550,274)
(254,241)
—
(804,515)
Other operating
costs
(1)
(142,702)
(108,724)
—
(251,426)
Total
operating
costs
(692,976)
(362,965)
—
(1,055,941)
Other and
unallocated
costs
(2)
8,907
(1,702)
(15,102)
(7,897)
Segment
adjusted
EBITDA
(98,368)
30,953
(15,102)
(82,517)
Total
assets
1,371,099
846,980
115,593
2,333,672
Capital expenditures
27,898
18,565
—
46,463
Six months
ended June
30, 2025
Total
revenues
$
533,122
$
384,005
$
—
$
917,127
Less:
—
—
—
—
Mining cash
costs
(1)
(412,206)
(309,268)
—
(721,474)
Other operating
costs
(1)
(197,634)
(56,860)
—
(254,494)
Total
operating
costs
(609,840)
(366,128)
—
(975,968)
Other and
unallocated
costs
(2)
1,674
(304)
(15,915)
(14,545)
Segment
adjusted
EBITDA
(75,044)
17,573
(15,915)
(73,386)
Total
assets
1,325,017
1,057,537
195,828
2,578,382
Capital expenditures
96,013
102,919
5,237
204,169
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
Consolidated
Adjusted
EBITDA
to
net loss
attributable
to the
Company
for the
three
and
six
months
ended
June 30, 2026 and
2025 are as
follows:
Three months ended
Six months ended
June 30,
June 30,
(in US$ thousands)
2026
2025
2026
2025
Consolidated
Adjusted
EBITDA
$
6,830
$
(570)
$
(82,517)
$
(73,386)
Depreciation,
depletion
and amortization
(46,186)
(45,508)
(89,523)
(86,029)
Interest expense,
net
(1)
(35,425)
(20,964)
(69,177)
(38,862)
Other foreign
exchange losses
(2)
(2,345)
551
(6,403)
219
Loss
on debt
extinguishment
—
(1,050)
—
(1,050)
Impairment
of
assets
(17,704)
—
(177,459)
—
Restructuring
costs
(3)
(6,018)
—
(6,018)
—
Losses
on idled
assets
(4)
—
(13)
—
(1,848)
Decrease
(increase)
in provision
for credit
losses
37
(183)
164
(813)
Net loss
before
tax
(100,811)
(67,737)
(430,933)
(201,769)
Income tax
benefit
(expense)
1,382
(8,466)
12,914
29,368
Net loss
$
(99,429)
$
(76,203)
$
(418,019)
$
(172,401)
(1)
Includes interest income of $
1.8
million
and $
2.0
million for the three
months ended June 30, 2026 and 2025, respectively,
and $
3.9
million
and $
5.2
million
for the six months
ended June
30, 2026 and
2025, respectively.
(2)
The balance
primarily relates to foreign
exchange gains and losses recognized in the translation
of short-term
inter-entity
balances
in
certain
entities
within
the
group
that
are
denominated
in currencies
other
than
their
respective
functional
currencies. These
gains
and losses
are included
in “Other,
net” on
the unaudited
Condensed
Consolidated
Statement of
Operations and
Comprehensive
Income.
(3)
During the three months ended June 30, 2026, the Company commenced a restructuring and cost transformation initiative
to
optimize
coal production
and align
its
cost
structures.
Costs associated
with this
initiative include
workforce
reduction,
external consulting services and
other related activities.
(4)
Relates to loss on disposal and care and maintenance
costs
of a non-core idled asset that was sold on January 14, 2025.
The
reconciliation
s
of
capital
expenditures
per
the
Company’s
segment
information
to
capital
expenditures
disclosed
on the unaudited
Condensed
Consolidated
Statements
of
Cash Flows
for the
six
months
ended
June
30, 2026
and 2025 are
as follows:
Six months ended
June 30,
(in US$ thousands)
2026
2025
Capital expenditures
per unaudited
Condensed
Consolidated
Statements
of
Cash Flows
$
58,640
$
147,401
Net movement
in accruals
for
capital
expenditures
(6,672)
6,990
Capital acquired
through finance
leases
—
21,065
Net movement
in deposits
to
acquire long
lead capital
(5,505)
28,713
Capital expenditures
per segment
detail
$
46,463
$
204,169
Disaggregation
of Revenue
The Company
disaggregates
the revenue
from
contracts
with customers
by major
product
group for
each of the
Company’s
reportable
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.
Three months ended
June 30, 2026
(in US$ thousands)
Australia
United States
Total
Product
Groups:
Metallurgical
coal
$
296,354
$
183,274
$
479,628
Thermal
coal
22,554
4,189
26,743
Total
coal
revenue
318,908
187,463
506,371
Other
(1)
7,706
52
7,758
Total
$
326,614
$
187,515
$
514,129
Three months ended
June 30, 2025
(in US$ thousands)
Australia
United States
Total
Product
Groups:
Metallurgical
coal
$
230,624
$
196,704
$
427,328
Thermal
coal
20,913
11,096
32,009
Total
coal
revenue
251,537
207,800
459,337
Other
(1)
8,308
234
8,542
Total
$
259,845
$
208,034
$
467,879
Six months ended
June 30, 2026
(in US$ thousands)
Australia
United States
Total
Product
Groups:
Metallurgical
coal
$
506,345
$
381,556
$
887,901
Thermal
coal
64,968
13,993
78,961
Total
coal
revenue
571,313
395,549
966,862
Other
(1)
14,388
71
14,459
Total
$
585,701
$
395,620
$
981,321
Six months ended
June 30, 2025
(in US$ thousands)
Australia
United States
Total
Product
Groups:
Metallurgical
coal
$
480,690
$
368,141
$
848,831
Thermal
coal
36,871
15,086
51,957
Total
coal
revenue
517,561
383,227
900,788
Other
(1)
15,561
778
16,339
Total
$
533,122
$
384,005
$
917,127
(1) Other revenue for the
Australian segment
includes
the amortization
of the
Stanwell non-market
coal supply
contract obligation
liability.