Concentration of Credit Risk and Major Customers

12 Months Ended

Dec. 31, 2024

Concentration of Credit Risk and Major Customers

CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS:

The Company has contractual relationships with certain coal exporters who distribute coal to international markets. For the years ended December 31, 2024, 2023 and 2022, approximately 60%, 66% and 53%, respectively, of the Company's coal revenues were derived from these exporters and other foreign customers. The Company uses the end usage point as the basis for attributing tons to individual countries. Because title to the Company's export shipments typically transfers to customers at a point that does not necessarily reflect the end usage point, the Company attributes export tons to the country with the end usage point, if known. India and China were each attributed greater than 10% of total revenue during the year ended December 31, 2024. India was attributed greater than 10% of total revenue during the year ended December 31, 2023. India and Europe were each attributed greater than 10% of total revenue during the year ended December 31, 2022. The Company also markets its thermal coal to electric power producers in the eastern United States. Coal revenues generated from electric power producers and other customers in the eastern United States were 40%, 34% and 47% for the years ended December 31, 2024, 2023 and 2022, respectively.

During the years ended December 31, 2024, 2023 and 2022, two customers each comprised over 10% of the Company's total sales, aggregating approximately 22%, 23% and 30%, respectively, of the Company's total sales. Additionally, two of the Company's customers each had outstanding balances in excess of 10% of the total trade receivable balance as of December 31, 2024. Three of the Company's customers had outstanding balances in excess of 10% of the total trade receivable balance as of December 31, 2023.

Concentration of credit risk is summarized below:


	December 31,
	2024		2023
Electric coal utilities	$	30,162	$	28,870
Coal exporters and industrial customers	69,630		85,080
Steel and coke producers	33,126		29,340
Other	5,097		4,788
Total Trade Receivables	138,015		148,078
Less: Allowance for credit losses	(1,265)		(466)
Total Trade Receivables, net	$	136,750	$	147,612