SEGMENTS OF BUSINESS (Tables)
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6 Months Ended |
Jun. 30, 2026 |
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| SEGMENTS OF BUSINESS |
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| Schedule of key metrics reviewed by CODM |
Presented below are the Electric and Coal Operations key metrics reviewed by the CODM for the three months ended June 30, 2026 and 2025 (in thousands): | | | | | | | | | | | | | | | Three Months Ended June 30, | | | 2026 | | 2025 | | | Electric Operations | | Coal Operations | | Electric Operations | | Coal Operations | Delivered energy | | $ | 40,901 | | $ | — | | $ | 44,132 | | $ | — | Accredited capacity revenue | | | 18,608 | | | — | | | 15,844 | | | — | Coal sales | | | — | | | 50,874 | | | — | | | 45,529 | Total Sales | | | 59,509 | | | 50,874 | | | 59,976 | | | 45,529 | | | | | | | | | | | | | | Fuel | | | (25,263) | | | (786) | | | (21,328) | | | (434) | Other operating costs (1) | | | — | | | — | | | (1) | | | — | Total variable costs | | | (25,263) | | | (786) | | | (21,329) | | | (434) | | | | | | | | | | | | | | Other operating and maintenance costs (2) | | | (16,305) | | | (22,827) | | | (10,707) | | | (18,247) | Cost of purchased power | | | (8,633) | | | — | | | (2,172) | | | — | Utilities | | | (1,281) | | | (2,679) | | | (1,383) | | | (3,124) | Labor | | | (8,622) | | | (20,190) | | | (7,639) | | | (19,160) | Segment margin without general and administrative | | | (595) | | | 4,392 | | | 16,746 | | | 4,564 | General and administrative | | | (1,481) | | | (2,218) | | | (1,129) | | | (1,915) | Segment EBITDA | | $ | (2,076) | | $ | 2,174 | | $ | 15,617 | | $ | 2,649 |
Presented below are the Electric and Coal Operations key metrics reviewed by the CODM for the six months ended June 30, 2026 and 2025 (in thousands): | | | | | | | | | | | | | | | Six Months Ended June 30, | | | 2026 | | 2025 | | | Electric Operations | | Coal Operations | | Electric Operations | | Coal Operations | Delivered energy | | $ | 93,144 | | $ | — | | $ | 116,268 | | $ | — | Accredited capacity revenue | | | 34,142 | | | — | | | 29,651 | | | — | Coal sales | | | — | | | 97,286 | | | — | | | 100,303 | Total Sales | | | 127,286 | | | 97,286 | | | 145,919 | | | 100,303 | | | | | | | | | | | | | | Fuel | | | (52,790) | | | (1,314) | | | (59,399) | | | (990) | Other operating costs (1) | | | (29) | | | — | | | (9) | | | — | Total variable costs | | | (52,819) | | | (1,314) | | | (59,408) | | | (990) | | | | | | | | | | | | | | Other operating and maintenance costs (2) | | | (25,159) | | | (43,100) | | | (15,234) | | | (42,101) | Cost of purchased power | | | (23,496) | | | — | | | (9,012) | | | — | Utilities | | | (4,096) | | | (5,878) | | | (2,059) | | | (6,600) | Labor | | | (16,751) | | | (39,449) | | | (15,782) | | | (38,046) | Segment margin without general and administrative | | | 4,965 | | | 7,545 | | | 44,424 | | | 12,566 | General and administrative | | | (2,791) | | | (4,429) | | | (2,664) | | | (4,228) | Segment EBITDA | | $ | 2,174 | | $ | 3,116 | | $ | 41,760 | | $ | 8,338 |
(1) Other operating costs primarily include costs for lime dust. | (2) Other operating and maintenance costs include all other operating and maintenance costs with the exceptions of those costs considered variable included in fuel and other operating costs. |
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| Schedule of reconciliation of segment revenues to consolidated |
Presented below are the Electric and Coal Operations revenues reconciled to our consolidated operating revenues for the three months ended June 30, 2026 (in thousands): | | | | | | | | | | | | | | | | | | | | | Corporate and Other | | | | Reconciliation of Revenue: | | Electric Operations | | Coal Operations | | and Eliminations | | Consolidated | Delivered energy | | $ | 40,901 | | $ | — | | $ | — | | $ | 40,901 | Accredited capacity revenue | | | 18,608 | | | — | | | — | | | 18,608 | Other operating revenue | | | 231 | | | 788 | | | 376 | | | 1,395 | Coal sales (third party) | | | — | | | 40,601 | | | — | | | 40,601 | Coal sales (intercompany) | | | — | | | 10,273 | | | (10,273) | | | — | Operating Revenue | | $ | 59,740 | | $ | 51,662 | | $ | (9,897) | | $ | 101,505 |
Presented below are the Electric and Coal Operations revenues reconciled to our consolidated operating revenues for the three months ended June 30, 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | Corporate and Other | | | | Reconciliation of Revenue: | | Electric Operations | | Coal Operations | | and Eliminations | | Consolidated | Delivered energy | | $ | 44,132 | | $ | — | | $ | — | | $ | 44,132 | Accredited capacity revenue | | | 15,844 | | | — | | | — | | | 15,844 | Other operating revenue | | | 3,115 | | | 1,363 | | | 224 | | | 4,702 | Coal sales (third party) | | | — | | | 38,147 | | | — | | | 38,147 | Coal sales (intercompany) | | | — | | | 7,382 | | | (7,382) | | | — | Operating Revenue | | $ | 63,091 | | $ | 46,892 | | $ | (7,158) | | $ | 102,825 |
Presented below are the Electric and Coal Operations revenues reconciled to our consolidated operating revenues for the six months ended June 30, 2026 (in thousands): | | | | | | | | | | | | | | | | | | | | | Corporate and Other | | | | Reconciliation of Revenue: | | Electric Operations | | Coal Operations | | and Eliminations | | Consolidated | Delivered energy | | $ | 93,144 | | $ | — | | $ | — | | $ | 93,144 | Accredited capacity revenue | | | 34,142 | | | — | | | — | | | 34,142 | Other operating revenue | | | 368 | | | 1,928 | | | 730 | | | 3,026 | Coal sales (third party) | | | — | | | 75,681 | | | — | | | 75,681 | Coal sales (intercompany) | | | — | | | 21,605 | | | (21,605) | | | — | Operating Revenue | | $ | 127,654 | | $ | 99,214 | | $ | (20,875) | | $ | 205,993 |
Presented below are the Electric and Coal Operations revenues reconciled to our consolidated operating revenues for the six months ended June 30, 2025 (in thousands): | | | | | | | | | | | | | | | | | | | | | Corporate and Other | | | | Reconciliation of Revenue: | | Electric Operations | | Coal Operations | | and Eliminations | | Consolidated | Delivered energy | | $ | 116,268 | | $ | — | | $ | — | | $ | 116,268 | Accredited capacity revenue | | | 29,651 | | | — | | | — | | | 29,651 | Other operating revenue | | | 3,202 | | | 2,624 | | | 472 | | | 6,298 | Coal sales (third party) | | | — | | | 68,332 | | | — | | | 68,332 | Coal sales (intercompany) | | | — | | | 31,971 | | | (31,971) | | | — | Operating Revenue | | $ | 149,121 | | $ | 102,927 | | $ | (31,499) | | $ | 220,549 |
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| Schedule of segment EBITDA |
Presented below is the summary of Segment EBITDA (in thousands): | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Electric Operations | | $ | (2,076) | | $ | 15,617 | | $ | 2,174 | | $ | 41,760 | Coal Operations | | | 2,174 | | | 2,649 | | | 3,116 | | | 8,338 | Total Segment EBITDA | | $ | 98 | | $ | 18,266 | | $ | 5,290 | | $ | 50,098 |
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| Schedule of EBITDA Margin to Income (loss) before Income Taxes |
Presented below is our reconciliation of Segment EBITDA to the most comparable GAAP account, income (loss) before income taxes (in thousands): | | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Segment EBITDA | | $ | 98 | | $ | 18,266 | | $ | 5,290 | | $ | 50,098 | All other | | | 325 | | | (683) | | | 2,085 | | | (1,855) | Other operating revenue | | | 1,395 | | | 4,702 | | | 3,026 | | | 6,298 | Depreciation, depletion and amortization | | | (9,905) | | | (5,542) | | | (20,511) | | | (20,519) | ARO accretion | | | (416) | | | (437) | | | (824) | | | (864) | Exploration costs | | | (287) | | | (98) | | | (371) | | | (119) | Gain (loss) on disposal or abandonment of assets, net | | | (15) | | | 55 | | | 186 | | | 76 | Interest income | | | 279 | | | 64 | | | 426 | | | 127 | Interest expense | | | (3,776) | | | (3,819) | | | (7,746) | | | (7,542) | Loss on extinguishment of debt | | | — | | | — | | | (230) | | | — | Equity method investment (loss) | | | (244) | | | 197 | | | (365) | | | (39) | Corporate — general and administrative | | | (3,853) | | | (4,457) | | | (7,190) | | | (7,434) | Income (Loss) before Income Taxes | | $ | (16,399) | | $ | 8,248 | | $ | (26,224) | | $ | 18,227 |
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| Schedule of segment assets and capital expenditures |
| | | | | | | | | | | | | | | Three Months Ended June 30, | | Six Months Ended June 30, | | | 2026 | | 2025 | | 2026 | | 2025 | Segment EBITDA | | $ | 98 | | $ | 18,266 | | $ | 5,290 | | $ | 50,098 | All other | | | 325 | | | (683) | | | 2,085 | | | (1,855) | Other operating revenue | | | 1,395 | | | 4,702 | | | 3,026 | | | 6,298 | Depreciation, depletion and amortization | | | (9,905) | | | (5,542) | | | (20,511) | | | (20,519) | ARO accretion | | | (416) | | | (437) | | | (824) | | | (864) | Exploration costs | | | (287) | | | (98) | | | (371) | | | (119) | Gain (loss) on disposal or abandonment of assets, net | | | (15) | | | 55 | | | 186 | | | 76 | Interest income | | | 279 | | | 64 | | | 426 | | | 127 | Interest expense | | | (3,776) | | | (3,819) | | | (7,746) | | | (7,542) | Loss on extinguishment of debt | | | — | | | — | | | (230) | | | — | Equity method investment (loss) | | | (244) | | | 197 | | | (365) | | | (39) | Corporate — general and administrative | | | (3,853) | | | (4,457) | | | (7,190) | | | (7,434) | Income (Loss) before Income Taxes | | $ | (16,399) | | $ | 8,248 | | $ | (26,224) | | $ | 18,227 |
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