Concentration of Credit Risk and Major Customers

12 Months Ended

Dec. 31, 2025

Risks and Uncertainties [Abstract]

Concentration of Credit Risk and Major Customers

NOTE 20—CONCENTRATION OF CREDIT RISK AND MAJOR CUSTOMERS:

The Company exports coal to international markets. For the years ended December 31, 2025, 2024 and 2023, approximately 56%, 66% and 71%, respectively, of the Company’s coal revenues were derived from exports. 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 was attributed greater than 10% of total revenue during the year ended December 31, 2025. 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. The Company also markets its thermal coal to electric power producers in the U.S. Coal revenues generated from electric power producers and other customers in the U.S. were 44%, 34% and 29% for the years ended December 31, 2025, 2024 and 2023, respectively.

During the year ended December 31, 2025, there were no customers whose revenues exceeded 10% of consolidated revenues, and one of the Company’s customers had an outstanding balance in excess of 10% of the total trade receivables balance as of December 31, 2025. During the years ended December 31, 2024 and 2023, revenues from two customers each exceeded 10% of consolidated revenues, aggregating approximately 22% and 23%, respectively. Additionally, two of the Company’s customers each had outstanding balances in excess of 10% of the total trade receivables balance as of December 31, 2024.

Concentrations of credit risk in outstanding trade receivables were as follows:

	December 31,
	2025		2024
Electric coal utilities	$	64,704	$	30,162
Coal exporters and industrial customers	122,879		69,630
Steel and coke producers	158,887		33,126
Other	3,408		5,097
Total Trade Receivables	349,878		138,015
Less: Allowance for credit losses	(645)		(1,265)
Total Trade Receivables, net	$	349,233	$	136,750