Core Natural Resources次季扭虧為盈 淨利潤1.264億美元 出口煤炭收入大增24%

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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

FORM 10-Q

(Mark One)

☒QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended June 30, 2026
OR

☐TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from ______ to ______
Commission file number: 001-38147

Core Natural Resources, Inc.
(Exact name of registrant as specified in its charter)

Delaware82-1954058
(State or other jurisdiction of
incorporation or organization)(I.R.S. Employer
Identification No.)

275 Technology Drive, Suite 101
Canonsburg, PA 15317-9565
(Address of principal executive offices) (Zip code)
Registrant’s telephone number, including area code: (724) 416-8300
Former name, former address and former fiscal year, if changed since last report: Not Applicable
Securities registered pursuant to Section 12(b) of the Act:

Title of each classTrading Symbol(s)Name of each exchange on which registered
Common Stock, $0.01 par valueCNRNew York Stock Exchange

Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.
Large accelerated filer ☒ Accelerated filer ☐ Non-accelerated filer ☐ Smaller reporting company ☐ Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒
Core Natural Resources, Inc. had 49,636,257 shares of common stock, $0.01 par value, outstanding at July 31, 2026.

TABLE OF CONTENTS

PART I. Financial Information
Page
ITEM 1.
Financial Statements

Condensed Consolidated Statements of Income (Loss)
Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)
4

Condensed Consolidated Statements of Comprehensive Income (Loss)
Three and Six Months Ended June 30, 2026 and 2025 (Unaudited)
5

Condensed Consolidated Balance Sheets
June 30, 2026 (Unaudited) and December 31, 2025
6

Condensed Consolidated Statements of Stockholders' Equity
Three Months Ended March 31 and June 30, 2026 and 2025 (Unaudited)
8

Condensed Consolidated Statements of Cash Flows
Six Months Ended June 30, 2026 and 2025 (Unaudited)
10

Notes to the Condensed Consolidated Financial Statements
11

Note 1—Basis of Presentation

Note 2—Merger with Arch

Note 3—Revenue from Contracts with Customers

Note 4—Components of Pension and Other Postretirement Benefit Plans Net Periodic Benefit Costs

Note 5—Components of Coal Workers' Pneumoconiosis (CWP) and Workers' Compensation Net Periodic Benefit Costs

Note 6—Income Taxes

Note 7—Cash, Cash Equivalents, Restricted Cash and Short-Term Investments

Note 8—Credit Losses

Note 9—Inventories

Note 10—Accounts Receivable Securitization

Note 11—Property, Plant and Equipment

Note 12—Other Accrued Liabilities

Note 13—Long-Term Debt

Note 14—Commitments and Contingent Liabilities

Note 15—Derivatives

Note 16—Fair Value of Financial Instruments

Note 17—Segment Information

Note 18—Stock Repurchases

Note 19—Subsequent Events

ITEM 2.
Management’s Discussion and Analysis of Financial Condition and Results of Operations
32

ITEM 3.
Quantitative and Qualitative Disclosures About Market Risk
52

ITEM 4.
Controls and Procedures
52

PART II. Other Information

ITEM 1.
Legal Proceedings
54

ITEM 1A.
Risk Factors
54

ITEM 2.
Unregistered Sales of Equity Securities and Use of Proceeds
54

ITEM 3.
Defaults Upon Senior Securities
55

ITEM 4.
Mine Safety Disclosures
55

ITEM 5.
Other Information
55

ITEM 6.
Exhibits
55

SIGNATURES
61

2

Explanatory Note
On January 14, 2025, CONSOL Energy Inc., a Delaware corporation, completed its previously announced all-stock merger of equals transaction (the “Merger”) with Arch Resources, Inc., a Delaware corporation (“Arch”), pursuant to that certain Agreement and Plan of Merger, dated as of August 20, 2024 (the “Merger Agreement”), by and among CONSOL Energy Inc., Mountain Range Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of CONSOL Energy Inc. (“Merger Sub”), and Arch. Pursuant to the terms of the Merger Agreement, Merger Sub merged with and into Arch, with Arch continuing as the surviving corporation and as a wholly-owned subsidiary of the Company. Additionally, pursuant to the Merger Agreement, the Company was renamed “Core Natural Resources, Inc.” and began trading under the ticker symbol “CNR” on January 15, 2025.
The information set forth herein does not include the results of operations or cash flows of Arch prior to January 14, 2025. Accordingly, unless otherwise specifically noted, references herein to “Core Natural Resources,” “Core,” “we,” “our,” “us,” “our Company” and “the Company” refer only to Core Natural Resources, Inc. and its subsidiaries and do not include Arch and its subsidiaries prior to the Merger. See Note 2—Merger with Arch for further discussion of the unaudited pro forma information.
Important Definitions Referenced in this Quarterly Report on Form 10-Q
•“Core Natural Resources,” “Core,” “we,” “our,” “us,” “our Company” and “the Company” refer to Core Natural Resources, Inc. (formerly known as CONSOL Energy Inc. before the effective time of the Merger) and its subsidiaries;
•“Arch” refers to Arch Resources, Inc., a Delaware corporation and a wholly-owned subsidiary of the Company following the Merger;
•“Beckley” refers to the Company’s low-vol metallurgical coal mining complex located in Raleigh County, West Virginia;
•“Black Thunder” refers to one of the Company’s sub-bituminous thermal coal surface mining complexes located in Campbell County, Wyoming;
•“Coal Creek” refers to one of the Company’s sub-bituminous thermal coal surface mining complexes located in Campbell County, Wyoming;
•“Core Marine Terminal” refers to the Company’s terminal operations located in the Port of Baltimore, Maryland;
•“Dominion Terminal” refers to the Company’s terminal operations located in Newport News, Virginia operated by DTA; 
•“DTA” refers to Dominion Terminal Associates LLP, a limited liability partnership, in which the Company owns a 35% interest;
•“former parent” refers to CNX Resources Corporation and its consolidated subsidiaries;
•“Itmann” refers to the Company’s low-vol metallurgical coal mining complex located in Wyoming County, West Virginia; 
•“Leer” refers to the Company’s high-vol metallurgical coal mining complex located in Taylor County, West Virginia;
•“Leer South” refers to the Company’s high-vol metallurgical coal mining complex located in Barbour County, West Virginia; 
•“Merger” refers to the Company’s all-stock merger of equals transaction with Arch that closed on January 14, 2025;
•“Merger Agreement” refers to the Agreement and Plan of Merger, dated as of August 20, 2024, by and among the Company, Merger Sub and Arch;
•“Mountain Laurel” refers to the Company’s high-vol metallurgical coal mining complex located in Logan County and Boone County, West Virginia;
•“Pennsylvania Mining Complex” or “PAMC” refers to the Company’s Bailey, Enlow Fork and Harvey high calorific value thermal coal mines, and the Central Preparation Plant serving those mines, located in southwestern Pennsylvania and northern West Virginia; and
•“West Elk” refers to the Company’s high calorific value thermal coal mining complex located in Gunnison County, Colorado.
3

PART I. FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CORE NATURAL RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF INCOME (LOSS)
(Dollars in thousands, except per share data)
(Unaudited)

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Revenues$1,141,014 $1,102,361 $2,225,292 $2,119,767 

Costs and Expenses:
Cost of Sales (exclusive of items shown separately below)888,989 912,574 1,768,174 1,782,870 
Depreciation, Depletion and Amortization166,762 169,263 313,057 290,819 
General and Administrative Costs26,669 34,829 62,748 124,152 

Other Operating Income and Expense, net(97,164)4,948 (107,159)(4,911)
985,256 1,121,614 2,036,820 2,192,930 

Income (Loss) from Operations155,758 (19,253)188,472 (73,163)

Interest Expense(11,640)(10,051)(22,832)(18,070)
Interest Income4,511 6,401 9,259 12,719 
Loss on Debt Extinguishment— — — (11,680)
Non-Service Related Pension and Postretirement Benefit Costs(5,659)(6,537)(11,312)(12,739)

Earnings (Loss) Before Income Tax142,970 (29,440)163,587 (102,933)
Income Tax Expense16,503 7,116 16,076 2,900 
Net Income (Loss)$126,467 $(36,556)$147,511 $(105,833)

Earnings (Loss) per Share:
Basic Earnings (Loss) per Share$2.51 $(0.70)$2.91 $(2.06)
Diluted Earnings (Loss) per Share$2.51 $(0.70)$2.91 $(2.06)

Dividends Declared per Common Share$0.10 $0.10 $0.20 $0.20 

The accompanying notes are an integral part of these condensed consolidated financial statements. 
4

CORE NATURAL RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
(Dollars in thousands)
(Unaudited)

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Net Income (Loss)$126,467 $(36,556)$147,511 $(105,833)

Other Comprehensive Income:
Actuarially Determined Long-Term Liability Adjustments (Net of Tax: ($191), ($109), ($382), ($218))
651 378 1,303 756 
Unrealized Gain on Investments in Available-for-Sale Securities (Net of Tax: ($339), ($119), ($293), ($47))
1,157 464 1,000 163 
Other Comprehensive Income1,808 842 2,303 919 

Comprehensive Income (Loss)$128,275 $(35,714)$149,814 $(104,914)

The accompanying notes are an integral part of these condensed consolidated financial statements.
5

CORE NATURAL RESOURCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(Dollars in thousands, except share and per share data)

(Unaudited)
June 30,
2026December 31,
2025
ASSETS
Current Assets:
Cash and Cash Equivalents$473,204 $432,174 

Accounts and Notes Receivable:
Trade Receivables, net355,337 349,233 
Other Receivables, net85,192 53,928 
Inventories381,187 374,759 
Other Current Assets79,751 130,128 
Total Current Assets1,374,671 1,340,222 
Total Property, Plant and Equipment—Net4,352,248 4,386,882 
Other Assets:
Funds for Asset Retirement Obligations152,601 148,874 
Pension Benefits53,049 49,618 
Other Noncurrent Assets, net189,784 204,457 
Total Other Assets395,434 402,949 
Total Assets$6,122,353 $6,130,053 

The accompanying notes are an integral part of these condensed consolidated financial statements.
6

CORE NATURAL RESOURCES, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS (CONTINUED)
(Dollars in thousands, except share and per share data)

(Unaudited)
June 30,
2026December 31,
2025
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current Liabilities:
Accounts Payable$328,658 $335,623 
Current Portion of Long-Term Debt42,468 98,328 

Other Accrued Liabilities381,918 404,338 
Total Current Liabilities753,044 838,289 
Long-Term Liabilities:
Long-Term Debt405,181 354,160 

Postretirement Benefits Other Than Pensions185,359 186,843 
Pneumoconiosis Benefits256,846 261,201 
Asset Retirement Obligations483,447 496,002 
Workers’ Compensation71,273 70,457 
Pension Benefits20,886 21,111 
Deferred Income Taxes146,839 130,113 
Other Noncurrent Liabilities80,601 93,643 
Total Long-Term Liabilities1,650,432 1,613,530 
Total Liabilities2,403,476 2,451,819 
Commitments and Contingent Liabilities (Note 14)

Stockholders' Equity:
Common Stock, $0.01 Par Value; 125,000,000 Shares Authorized, 
49,849,902 Shares Issued and Outstanding at June 30, 2026; 
50,975,185 Shares Issued and Outstanding at December 31, 2025
498 510 
Capital in Excess of Par Value2,967,266 2,982,077 
Retained Earnings871,639 818,476 
Accumulated Other Comprehensive Loss(120,526)(122,829)
Total Stockholders’ Equity3,718,877 3,678,234 
Total Liabilities and Stockholders’ Equity$6,122,353 $6,130,053 

The accompanying notes are an integral part of these condensed consolidated financial statements.
7

CORE NATURAL RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
(Dollars in thousands, except share and per share data)
(Unaudited)

Common StockCapital in Excess of Par ValueRetained EarningsAccumulated Other Comprehensive (Loss) IncomeTotal Stockholders’ Equity
December 31, 2025$510 $2,982,077 $818,476 $(122,829)$3,678,234 
Net Income— — 21,044 — 21,044 
Actuarially Determined Long-Term Liability Adjustments (Net of ($191) Tax)
— — — 652 652 
Investments in Available-for-Sale Securities (Net of $46 Tax)
— — — (157)(157)
Comprehensive Income— — 21,044 495 21,539 
Issuance of Common Stock1 (1)— — — 
Repurchases of Common Stock (464,600 Shares)
(5)(8,538)(33,380)— (41,923)
Excise Tax on Repurchases of Common Stock— — (366)— (366)
Employee Stock-Based Compensation— 6,176 — — 6,176 
Shares Withheld for Taxes— (1,646)— — (1,646)
Dividends on Common Shares ($0.10 per share)
— — (5,083)— (5,083)
Dividend Equivalents Earned on Stock-Based Compensation Awards— — (39)— (39)
March 31, 2026$506 $2,978,068 $800,652 $(122,334)$3,656,892 
Net Income— — 126,467 — 126,467 
Actuarially Determined Long-Term Liability Adjustments (Net of ($191) Tax)
— — — 651 651 
Investments in Available-for-Sale Securities (Net of ($339) Tax)
— — — 1,157 1,157 
Comprehensive Income— — 126,467 1,808 128,275 

Repurchases of Common Stock (719,904 Shares)
(8)(13,229)(49,783)— (63,020)
Excise Tax on Repurchases of Common Stock— — (630)— (630)
Employee Stock-Based Compensation— 2,459 — — 2,459 
Shares Withheld for Taxes— (32)— — (32)
Dividends on Common Shares ($0.10 per share)
— — (5,021)— (5,021)
Dividend Equivalents Earned on Stock-Based Compensation Awards— — (46)— (46)
June 30, 2026$498 $2,967,266 $871,639 $(120,526)$3,718,877 

8

CORE NATURAL RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (CONTINUED)
(Dollars in thousands, except share and per share data)
(Unaudited)

Common StockCapital in Excess of Par ValueRetained EarningsAccumulated Other Comprehensive (Loss) IncomeTotal Stockholders’ Equity
December 31, 2024$294 $540,412 $1,162,114 $(134,573)$1,568,247 
Net Loss— — (69,277)— (69,277)
Actuarially Determined Long-Term Liability Adjustments (Net of ($109) Tax)
— — — 378 378 
Investments in Available-for-Sale Securities (Net of $72 Tax)
— — — (301)(301)
Comprehensive (Loss) Income— — (69,277)77 (69,200)
Issuance of Common Stock3 (3)— — — 
Merger with Arch243 2,481,125 — — 2,481,368 
Repurchases of Common Stock (1,377,294 Shares)
(14)(25,296)(75,949)— (101,259)

Employee Stock-Based Compensation— 36,094 — — 36,094 
Shares Withheld for Taxes— (14,068)— — (14,068)
Dividends on Common Shares ($0.10 per share)
— — (5,364)— (5,364)
Dividend Equivalents Earned on Stock-Based Compensation Awards— — (44)— (44)
March 31, 2025$526 $3,018,264 $1,011,480 $(134,496)$3,895,774 
Net Loss— — (36,556)— (36,556)
Actuarially Determined Long-Term Liability Adjustments (Net of ($109) Tax)
— — — 378 378 
Investments in Available-for-Sale Securities (Net of ($119) Tax)
— — — 464 464 
Comprehensive (Loss) Income — — (36,556)842 (35,714)

Repurchases of Common Stock (1,175,905 Shares)
(11)(21,597)(60,285)— (81,893)
Excise Tax on Repurchases of Common Stock— — (1,245)— (1,245)
Employee Stock-Based Compensation— (4,067)— — (4,067)

Dividends on Common Shares ($0.10 per share)
— — (5,223)— (5,223)
Dividend Equivalents Earned on Stock-Based Compensation Awards— — (46)— (46)
June 30, 2025$515 $2,992,600 $908,125 $(133,654)$3,767,586 

The accompanying notes are an integral part of these condensed consolidated financial statements.
9

CORE NATURAL RESOURCES, INC.
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS
(Dollars in thousands)
(Unaudited)

Six Months Ended June 30,
20262025
Cash Flows from Operating Activities:
Net Income (Loss)$147,511 $(105,833)
Adjustments to Reconcile Net Income (Loss) to Net Cash Provided by Operating Activities:
Depreciation, Depletion and Amortization313,057 290,819 
Gain on Sale of Assets(5,941)(5,968)
Stock-Based Compensation8,635 32,027 

Loss on Debt Extinguishment— 11,680 
Deferred Income Taxes16,726 3,137 
Loss from Equity Method Investments8,985 8,034 
Other Adjustments to Net Income (Loss)2,963 1,915 
Changes in Operating Assets:
Accounts and Notes Receivable(36,544)(4,254)
Inventories(5,370)26,323 
Other Current Assets5,885 (18,360)
Changes in Other Assets1,856 22,654 
Changes in Operating Liabilities:
Accounts Payable(11,461)(78,411)

Other Operating Liabilities(26,829)(25,631)
Payments on Asset Retirement Obligations(19,995)(14,808)
Changes in Other Liabilities(29,631)(32,801)
Net Cash Provided by Operating Activities369,847 110,523 
Cash Flows from Investing Activities:
Capital Expenditures(174,998)(154,007)
Proceeds from Sales of Assets9,386 6,219 

Proceeds from Sales of Short-Term Investments— 80,165 
Purchases of Short-Term Investments(813)(4,802)
Net Cash and Restricted Cash Acquired from Merger— 368,726 
Purchase of Arch Tax-Exempt Bonds— (98,225)
Investments in DTA(10,300)(10,640)
Other Investing Activity(10,514)(4,647)
Net Cash (Used in) Provided by Investing Activities(187,239)182,789 
Cash Flows from Financing Activities:
Payments on Finance Lease Obligations(16,346)(5,628)

Proceeds from Long-Term Debt Issuance— 114,439 

Payments on Other Debt(3,646)(11,223)
Shares Withheld for Taxes(1,678)(14,068)
Repurchases of Common Stock(104,943)(183,152)
Debt-Related Financing Fees— (17,470)
Payments of Excise Tax on Share Repurchases(1,977)(934)
Dividends and Dividend Equivalents Paid(10,133)(15,918)
Net Cash Used in Financing Activities(138,723)(133,954)
Net Increase in Cash, Cash Equivalents and Restricted Cash43,885 159,358 
Cash, Cash Equivalents and Restricted Cash at Beginning of Period601,162 447,542 
Cash, Cash Equivalents and Restricted Cash at End of Period$645,047 $606,900 

Non-Cash Investing and Financing Activities:
Equipment Financing$14,270 $66,147 
Equity Issued as Consideration for Merger$— $2,481,368 

The accompanying notes are an integral part of these condensed consolidated financial statements.
10

CORE NATURAL RESOURCES, INC.
NOTES TO THE CONDENSED CONSOLIDATED FINANCIAL STATEMENTS 
(Unaudited)

NOTE 1—BASIS OF PRESENTATION:
Basis of Presentation
The accompanying condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10-01 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by accounting principles generally accepted in the U.S. (“GAAP”) for complete financial statements. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation have been included. Operating results for the three and six months ended June 30, 2026 are not necessarily indicative of the results that may be expected for future periods.
The Condensed Consolidated Balance Sheet at December 31, 2025 has been derived from the Audited Consolidated Financial Statements at that date but does not include all disclosures required by GAAP. This Quarterly Report on Form 10-Q (“Report”) should be read in conjunction with the Company’s Annual Report on Form 10-K for the year ended December 31, 2025.
All dollar amounts discussed in these Notes to the Condensed Consolidated Financial Statements are in thousands of U.S. dollars, except for share and per share amounts, and unless otherwise indicated.
Basis of Consolidation
The accompanying condensed consolidated financial statements include the accounts of the Company and its wholly-owned and majority-owned or controlled subsidiaries (including Arch from the date of the Merger). All significant intercompany transactions and accounts have been eliminated in consolidation. Upon closing of the Merger with Arch (see Note 2—Merger with Arch), the Company acquired a 35% interest in the Dominion Terminal, a ground storage-to-vessel coal transloading facility in Newport News, Virginia operated by DTA. The Company has the ability to exercise significant influence, but not control, over DTA and accordingly, the investment in DTA is accounted for under the equity method.
Recent Accounting Pronouncements
In November 2024, the Financial Accounting Standards Board issued Accounting Standards Update 2024-03 Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in this update improve the disclosures about a public business entity’s expenses and address requests from investors for more detailed information about the types of expenses in commonly presented expense captions. The amendments in this update require that public business entities, at each interim period and on an annual basis: (1) disclose the amounts of (a) purchases of inventory, (b) employee compensation, (c) depreciation, (d) intangible asset amortization and (e) depreciation, depletion, and amortization recognized as part of oil- and gas-producing activities (or other amounts of depletion expense) included in each relevant expense caption; (2) include certain amounts that are already required to be disclosed under current GAAP; (3) disclose a qualitative description of the amounts remaining in relevant expense captions that are not separately disaggregated quantitatively; and (4) disclose the total amount of selling expenses and, in annual reporting periods, an entity’s definition of selling expenses. The amendments in this update are effective for annual reporting periods beginning after December 15, 2026 and interim reporting periods beginning after December 15, 2027. Early adoption is permitted. These amendments may be applied either prospectively or retrospectively. Management is currently evaluating the impact of this guidance but, with the exception of the increased disclosures summarized above, does not expect this update to have a material impact on the Company’s financial statements.
Earnings (Loss) per Share
Basic earnings (loss) per share are computed by dividing net income (loss) by the weighted-average number of shares outstanding during the reporting period. Diluted earnings (loss) per share are computed similarly to basic earnings (loss) per share, except that the weighted-average number of shares outstanding is increased to include additional shares from restricted stock units and performance share units, if dilutive. The number of additional shares is calculated by assuming that outstanding restricted stock units and performance share units were released, and that the proceeds from such activities, as applicable, were used to acquire shares of common stock at the average market price during the reporting period.
11

The table below sets forth the share-based awards that have been excluded from the computation of diluted earnings (loss) per share because their effect would be anti-dilutive:

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Anti-Dilutive Restricted Stock Units— 111,540 — 79,291 
Anti-Dilutive Performance Share Units10,013 10,478 — 7,072 
10,013 122,018 — 86,363 

The computations for basic and diluted earnings (loss) per share are as follows:

Three Months Ended
June 30,Six Months Ended
June 30,
2026202520262025
Numerator:
Net Income (Loss)$126,467 $(36,556)$147,511 $(105,833)

Denominator:
Weighted-Average Shares of Common Stock Outstanding50,426,638 52,382,004 50,713,643 51,332,367 
Effect of Dilutive Shares41,515 — 50,138 — 
Weighted-Average Diluted Shares of Common Stock Outstanding50,468,153 52,382,004 50,763,781 51,332,367 

Earnings (Loss) per Share:
Basic$2.51 $(0.70)$2.91 $(2.06)
Diluted$2.51 $(0.70)$2.91 $(2.06)

As of June 30, 2026, the Company had 500,000 shares of preferred stock authorized, none of which were issued or outstanding.
Reclassifications
Certain amounts in prior periods have been reclassified to conform with the report classifications of the current period. These reclassifications had no effect on previously reported total net income (loss), total assets, total stockholders’ equity or cash flows from operating, investing and financing activities, nor do they affect key metrics used by the Company’s chief operating decision maker (“CODM”) to evaluate performance.

NOTE 2—MERGER WITH ARCH:
On January 14, 2025, Core completed its merger of equals transaction with Arch. Pursuant to the terms of the Merger Agreement, Merger Sub merged with and into Arch, with Arch continuing as the surviving corporation and as a wholly-owned subsidiary of the Company. In connection with the Merger, the Company issued 24.3 million shares of its common stock, which represents approximately 45% of the issued and outstanding shares of Company common stock after giving effect to such issuance. Based upon the closing price of the Company’s common stock on January 13, 2025, the equity portion of the purchase consideration was $2,481,368.
Prior to the closing of the Merger, on January 13, 2025, the Company purchased an aggregate principal amount of $98,075 of the outstanding (i) Solid Waste Disposal Facility Revenue Bonds (Arch Resources Project), Series 2020, and (ii) Solid Waste Disposal Facility Revenue Bonds (Arch Resources Project), Series 2021 (together, the “Arch Bonds”), which were issued by the West Virginia Economic Development Authority for the benefit of Arch (the “Arch Bond Purchase”). The Company also consented to the release of all liens, mortgages and security interests granted or purported to be granted pursuant to the security documents relating to the Arch Bonds and to the termination of all such security documents. The $98,075 of Arch Bonds purchased by the Company constituted all of the outstanding Arch Bonds. Upon 
12

the closing of the Merger, the pre-existing contractual relationship between the Company and Arch resulting from the Arch Bond Purchase became an intercompany relationship on a consolidated basis and, as such, was effectively settled upon the closing of the Merger on January 14, 2025. As such, total consideration transferred has been adjusted for the effect of the Arch Bond Purchase and assumed liabilities exclude the obligations that were effectively settled. The settlement of this pre-existing relationship between the Company and Arch did not result in any material gain or loss. The Arch Bonds were successfully remarketed and reissued on March 27, 2025 to third-party investors. See Note 13—Long-Term Debt for additional information.
The Merger joined two proven leadership teams and operating platforms to establish Core, a premier North American coal producer and exporter of high-quality, low-cost coals with offerings ranging from metallurgical to high calorific value and other thermal coals. With mining operations and terminal facilities across six states, Core owns 11 mines, including one of the largest, lowest cost and highest calorific value thermal coal mining complexes in North America and one of the largest, lowest cost and highest quality metallurgical coal mine portfolios in the U.S. Core also has access to global markets via ownership interests in two export terminals on the U.S. Eastern seaboard, along with strategic connectivity to ports on the West Coast and the Gulf of America.
The Company recognized assets acquired and liabilities assumed a