INCOME TAXES (Tables)

12 Months Ended

Dec. 31, 2025

INCOME TAXES

Schedule of net income (loss) before income taxes

Net income (loss) before income taxes consisted of the following (in thousands):

	2025		2024
United States	$	43,704	$	(235,542)
Foreign		—		—
Net Income (Loss) before income taxes	$	43,704	$	(235,542)

Schedule of federal and state income tax provision (benefit)

The federal and state income tax provision (benefit) is summarized as follows (in thousands):

	2025		2024
Current tax expense:
Federal	$	—	$	—
State and local		—		(169)
Total current tax expense		—		(169)
Deferred tax expense (benefit):
Federal		1,833		(9,247)
State and local		—		12
Total deferred tax expense (benefit)		1,833		(9,235)
Total income tax expense (benefit):
Federal		1,833		(9,247)
State and local		—		(157)
Total income tax expense (benefit)	$	1,833	$	(9,404)

Schedule of deferred tax assets and liabilities

The tax effects of significant items comprising the Company’s deferred taxes as of the years presented are as follows (in thousands):

	2025		2024
Deferred tax assets:
Net operating loss	$	28,320	$	32,725
Power contracts		13,243		10,828
Compensation		1,407		1,955
Accrued liabilities		463		423
ARO liabilities		2,436		2,293
Lease liabilities		2,196		3,938
Coal properties		20,909		26,191
Other		1,875		5,215
Total deferred tax assets		70,849		83,568
Valuation allowance		(41,438)		(49,695)
Deferred tax assets, net of valuation allowance		29,411		33,873
Deferred tax liabilities:
Coal properties		—		—
Power properties		(27,601)		(27,960)
Investment partnerships		(512)		(531)
ROU assets		(3,131)		(5,382)
Total deferred tax liabilities		(31,244)		(33,873)
Net deferred tax liability	$	(1,833)	$	—

Schedule of net operating losses and tax credit carryforwards

Net operating losses and tax credit carryforwards as of the financial statement date are as follows (in thousands):

	Amount		Expiration Years
Net operating losses, federal (Post December 31, 2017)	$	102,067	Do not Expire
Net operating losses, federal (Pre January 1, 2018)		4,928	2037
Net operating losses, state		151,604	2036 - 2044
Tax credits, federal		32	2026 - 2038
Tax credits, state		—
Net operating losses, foreign		—
Tax credits, foreign	$	—

Schedule of effective tax rate of the company's provision (benefit) for income taxes

The effective tax rate of the Company’s provision (benefit) for income taxes differs from the federal statutory rate as follows (amounts in thousands):

	2025				2024
	Amount		Percent		Amount		Percent
U.S. federal statutory tax rate	$	9,178	21.00	%	$	(49,464)	21.00	%
State and local income taxes, net of federal income tax effect		—	—			(124)	0.05
Enactment of new tax laws		—	—			—	—
Effect of cross-borders tax laws		—	—			—	—
Tax credits:		—	—			—	—
Mine rescue credits		10	0.02			20	(0.01)
Indiana EDGE credit		—	—			(169)	0.07
Change in valuation allowance		(6,605)	(15.11)			40,327	(17.12)
Nondeductible items		(1,112)	(2.54)			296	(0.13)
Worldwide changes in unrecognized tax benefits		—	—			—	—
Other		—	—			—	—
Prior period true-ups and other		362	0.82			(290)	0.12
Foreign tax effects		—	—			—	—
Total income tax expense (benefit)	$	1,833	4.19	%	$	(9,404)	3.99	%

Schedule of cash paid for income taxes (net of refunds)

The cash paid for income taxes (net of refunds) during the year was as follows (in dollars) (in thousands):

	2025		2024
Federal	$	—	$	—
State and local - Indiana		—		—
Foreign		—		—
Total income taxes paid	$	—	$	—