Note 8 - Revenue

6 Months Ended

Jun. 30, 2025

Notes to Financial Statements

REVENUE

NOTE 8—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 is presented below:

	Three months ended June 30,				Six months ended June 30,
(In thousands)	2025		2024		2025		2024
Coal Sales
North American revenue	$	63,626	$	55,342	$	107,652	$	109,515
Export revenue, excluding Canada		89,333		99,973		179,963		218,476
Total revenue	$	152,959	$	155,315	$	287,615	$	327,991

Revenue for the three and six months ended June 30, 2025 includes a $0.5 and $0.4 million, respectively, 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 June 30, 2025, the Company had outstanding performance obligations of approximately 1.1 million tons for contracts with fixed sales prices averaging $154 per ton, excluding freight, as well as 2.0 million tons for contracts with index-based pricing mechanisms. The Company expects to satisfy approximately 60% of the committed tons in 2025 and 40% in 2026. 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.

Concentrations—During the three months ended June 30, 2025, sales to one individual customer was 10% or more of our total revenue. Sales to this customer represented 16% of our total revenue during the three-month period. During the six months ended June 30, 2025, sales to two individual customers were 10% or more of our total revenue. Sales to these customers represented 16% and 11%, respectively, of our total revenue during the six-month period. For comparison purposes, during the three and six months ended June 30, 2024, sales to three individual customers were 10% or more of our total revenue and collectively accounted for approximately 31% and 33%, respectively, of our total revenue. Three customers with individual accounts receivable balances equal to 10% or more of total accounts receivable made up approximately 20%, 18%, and 12% of our trade receivables, or collectively 50% of the Company’s accounts receivable balance at June 30, 2025.