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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 September 30, 2025


☐			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)


Delaware						82-1954058
(State or other jurisdiction of incorporation or organization)						(I.R.S. Employer Identification No.)

275 Technology Drive Suite 101

Canonsburg, PA 15317-9565

(724) 416-8300

(Address, including zip code, and telephone number, including area code, of registrant’s principal executive offices)



Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock, $0.01 par value	CNR	New 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 51,239,470 shares of common stock, $0.01 par value, outstanding at October 31, 2025.

Table of Contents

TABLE OF CONTENTS


	Part I. Financial Information	Page

Item 1.	Financial Statements
	Consolidated Statements of Income (Loss) for the three and nine months ended September 30, 2025 and 2024 (Unaudited)	4
	Consolidated Statements of Comprehensive Income (Loss) for the three and nine months ended September 30, 2025 and 2024 (Unaudited)	5
	Consolidated Balance Sheets at September 30, 2025 (Unaudited) and December 31, 2024	6
	Consolidated Statements of Stockholders' Equity for the three and nine months ended September 30, 2025 and 2024 (Unaudited)	8
	Consolidated Statements of Cash Flows for the nine months ended September 30, 2025 and 2024 (Unaudited)	10
	Notes to Consolidated Financial Statements	11

Item 2.	Management's Discussion and Analysis of Financial Condition and Results of Operations	32

Item 3.	Quantitative and Qualitative Disclosures About Market Risk	53

Item 4.	Controls and Procedures	53

	Part II. Other Information

Item 1.	Legal Proceedings	53

Item 1A.	Risk Factors	53

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	62

Table of Contents

Explanatory Note

Core Natural Resources, Inc. was formerly known as CONSOL Energy Inc., a Delaware corporation. On January 14, 2025, CONSOL Energy Inc. 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 CONSOL Energy Inc. As a result of the Merger and pursuant to the Merger Agreement, CONSOL Energy Inc. was renamed “Core Natural Resources, Inc.” and began trading under the ticker symbol “CNR” on January 15, 2025.

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;

•“Baltimore Marine Terminal” refers to the Company's terminal operations located in the Port of Baltimore, Maryland;

•“Beckley” refers to the Company's low-vol metallurgical mining complex located in Raleigh County, West Virginia;

•“Black Thunder” refers to the Company's sub-bituminous thermal surface mining complex located in Campbell County, Wyoming;

•“Coal Creek” refers to the Company's sub-bituminous thermal surface mining complex located in Campbell County, Wyoming;

•“Dominion Terminal” refers to the ground storage-to-vessel coal transloading facility 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;

•“Greenfield Reserves and Resources” refers to those undeveloped reserves and resources controlled by the Company in the Northern Appalachian, Central Appalachian, Illinois and Powder River basins that are not associated with active mining complexes;

•“Itmann” refers to the Company's low-vol metallurgical mining complex located in Wyoming County, West Virginia;

•“Leer” refers to the Company's high-vol metallurgical mining complex located in Taylor County, West Virginia;

•“Leer South” refers to the Company's high-vol metallurgical 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, Mountain Range Merger Sub Inc., a Delaware corporation and wholly-owned subsidiary of the Company, and Arch;

•“Mountain Laurel” refers to the Company's high-vol metallurgical 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 mining complex located in Gunnison County, Colorado.

Table of Contents

PART I: FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

CORE NATURAL RESOURCES, INC.

CONSOLIDATED STATEMENTS OF INCOME (LOSS)

(Dollars in thousands, except per share data)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Revenues	$	1,002,543	$	553,432	$	3,122,310	$	1,590,841

Costs and Expenses:
Cost of Sales (exclusive of items shown separately below)	827,472		354,418		2,610,342		1,052,495
Depreciation, Depletion and Amortization	151,006		53,329		441,825		165,173
General and Administrative Costs	34,133		36,151		158,285		77,669

Other Operating Expense (Income), net	1,742		(7,685)		(3,169)		(17,608)
	1,014,353		436,213		3,207,283		1,277,729

(Loss) Income from Operations	(11,810)		117,219		(84,973)		313,112

Interest Expense	(10,606)		(4,664)		(28,676)		(15,063)
Interest Income	7,578		5,016		20,297		14,145
Loss on Debt Extinguishment	—		—		(11,680)		—
Non-Service Related Pension and Postretirement Benefit Costs	(6,562)		(4,400)		(19,301)		(13,201)

(Loss) Earnings Before Income Tax	(21,400)		113,171		(124,333)		298,993
Income Tax (Benefit) Expense	(52,998)		17,539		(50,098)		43,409
Net Income (Loss)	$	31,598	$	95,632	$	(74,235)	$	255,584

Earnings (Loss) per Share:
Total Basic Earnings (Loss) per Share	$	0.61	$	3.23	$	(1.44)	$	8.60
Total Diluted Earnings (Loss) per Share	$	0.61	$	3.22	$	(1.44)	$	8.57

Dividends Declared per Common Share	$	0.10	$	0.25	$	0.30	$	0.25

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

Table of Contents

CORE NATURAL RESOURCES, INC.

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)

(Dollars in thousands)

(Unaudited)


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Net Income (Loss)	$	31,598	$	95,632	$	(74,235)	$	255,584

Other Comprehensive Income:
Actuarially Determined Long-Term Liability Adjustments (Net of tax: ($109), ($111), ($327), ($332))	378		385		1,134		1,155
Unrealized Gain on Investments in Available-for-Sale Securities (Net of tax: ($117), ($69), ($164), ($28))	406		238		569		95
Other Comprehensive Income	784		623		1,703		1,250

Comprehensive Income (Loss)	$	32,382	$	96,255	$	(72,532)	$	256,834

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

Table of Contents

CORE NATURAL RESOURCES, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share and per share data)


	(Unaudited)
	September 30, 2025		December 31, 2024
ASSETS
Current Assets:
Cash and Cash Equivalents	$	444,672	$	408,240
Short-Term Investments	—		51,993

Accounts and Notes Receivable:
Trade Receivables, net	328,601		136,750
Other Receivables, net	46,279		25,900
Inventories	407,500		96,201
Other Current Assets	173,366		66,874
Total Current Assets	1,400,418		785,958



Total Property, Plant and Equipment—Net	4,390,382		1,921,699
Other Assets:


Funds for Asset Retirement Obligations	139,931		12,054

Salary Retirement	45,654		41,938
Other Noncurrent Assets, net	219,503		117,894
Total Other Assets	405,088		171,886
TOTAL ASSETS	$	6,195,888	$	2,879,543

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

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CORE NATURAL RESOURCES, INC.

CONSOLIDATED BALANCE SHEETS

(Dollars in thousands, except share and per share data)


	(Unaudited)
	September 30, 2025		December 31, 2024
LIABILITIES AND STOCKHOLDERS' EQUITY
Current Liabilities:
Accounts Payable	$	286,323	$	143,635
Current Portion of Long-Term Debt	83,796		112,865


Other Accrued Liabilities	399,644		262,184
Total Current Liabilities	769,763		518,684
Long-Term Debt:
Long-Term Debt	313,221		79,524
Finance Lease Obligations	21,291		15,270
Total Long-Term Debt	334,512		94,794
Deferred Credits and Other Liabilities:
Postretirement Benefits Other Than Pensions	208,947		176,251
Pneumoconiosis Benefits	250,293		145,489
Asset Retirement Obligations	492,044		212,178
Workers’ Compensation	74,273		36,051
Salary Retirement	20,619		20,073

Deferred Income Taxes	158,035		49,214
Other Noncurrent Liabilities	108,608		58,562
Total Deferred Credits and Other Liabilities	1,312,819		697,818
TOTAL LIABILITIES	2,417,094		1,311,296

Stockholders' Equity:
Common Stock, $0.01 Par Value; 125,000,000 Shares Authorized, 51,216,697 Shares Issued and Outstanding at September 30, 2025; 62,500,000 Shares Authorized, 29,407,830 Shares Issued and Outstanding at December 31, 2024	512		294
Capital in Excess of Par Value	2,991,513		540,412
Retained Earnings	919,639		1,162,114
Accumulated Other Comprehensive Loss	(132,870)		(134,573)
TOTAL STOCKHOLDERS' EQUITY	3,778,794		1,568,247
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY	$	6,195,888	$	2,879,543

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

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CORE NATURAL RESOURCES, INC.

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY

(Dollars in thousands, except share and per share data)

(Unaudited)


	Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive (Loss) Income		Total 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 Stock	3		(3)		—		—		—
Merger with Arch	243		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/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/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

Net Income	—		—		31,598		—		31,598
Actuarially Determined Long-Term Liability Adjustments (Net of ($109) Tax)	—		—		—		378		378
Investments in Available-for-Sale Securities (Net of ($117) Tax)	—		—		—		406		406
Comprehensive Income	—		—		31,598		784		32,382
Repurchases of Common Stock (270,834 Shares)	(3)		(5,003)		(14,433)		—		(19,439)
Excise Tax on Repurchases of Common Stock	—		—		(523)		—		(523)
Employee Stock-Based Compensation	—		3,916		—		—		3,916

Dividends on Common Shares ($0.10/share)	—		—		(5,128)		—		(5,128)

September 30, 2025	$	512	$	2,991,513	$	919,639	$	(132,870)	$	3,778,794

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	Common Stock		Capital in Excess of Par Value		Retained Earnings		Accumulated Other Comprehensive (Loss) Income		Total Stockholders' Equity
December 31, 2023	$	299	$	547,861	$	944,342	$	(149,060)	$	1,343,442

Net Income	—		—		101,891		—		101,891
Actuarially Determined Long-Term Liability Adjustments (Net of ($111) Tax)	—		—		—		385		385
Investments in Available-for-Sale Securities (Net of $36 Tax)	—		—		—		(126)		(126)
Comprehensive Income	—		—		101,891		259		102,150
Issuance of Common Stock	1		(1)		—		—		—
Repurchases of Common Stock (615,288 Shares)	(6)		(11,264)		(44,611)		—		(55,881)
Excise Tax on Repurchases of Common Stock	—		—		(471)		—		(471)
Employee Stock-Based Compensation	—		5,118		11		—		5,129
Shares Withheld for Taxes	—		(5,551)		—		—		(5,551)


March 31, 2024	$	294	$	536,163	$	1,001,162	$	(148,801)	$	1,388,818

Net Income	—		—		58,061		—		58,061
Actuarially Determined Long-Term Liability Adjustments (Net of ($110) Tax)	—		—		—		385		385
Investments in Available-for-Sale Securities (Net of $5 Tax)	—		—		—		(17)		(17)
Comprehensive Income	—		—		58,061		368		58,429
Issuance of Common Stock	1		(1)		—		—		—
Repurchases of Common Stock (132,063 Shares)	(1)		(2,407)		(8,589)		—		(10,997)
Excise Tax on Repurchases of Common Stock	—		—		(82)		—		(82)
Employee Stock-Based Compensation	—		2,237		25		—		2,262
Shares Withheld for Taxes	—		(27)		—		—		(27)


June 30, 2024	$	294	$	535,965	$	1,050,577	$	(148,433)	$	1,438,403

Net Income	—		—		95,632		—		95,632
Actuarially Determined Long-Term Liability Adjustments (Net of ($111) Tax)	—		—		—		385		385
Investments in Available-for-Sale Securities (Net of ($69) Tax)	—		—		—		238		238
Comprehensive Income	—		—		95,632		623		96,255

Excise Tax on Repurchases of Common Stock	—		—		2		—		2
Employee Stock-Based Compensation	—		2,051		201		—		2,252
Shares Withheld for Taxes	—		38		—		—		38
Dividends on Common Shares ($0.25/share)	—		—		(7,348)		—		(7,348)
Dividend Equivalents Earned on Stock-Based Compensation Awards	—		—		(107)		—		(107)
September 30, 2024	$	294	$	538,054	$	1,138,957	$	(147,810)	$	1,529,495

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

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CORE NATURAL RESOURCES, INC.

CONSOLIDATED STATEMENTS OF CASH FLOWS

(Dollars in thousands)

(Unaudited)


	Nine Months Ended September 30,
	2025		2024
Cash Flows from Operating Activities:
Net (Loss) Income	$	(74,235)	$	255,584
Adjustments to Reconcile Net (Loss) Income to Net Cash Provided by Operating Activities:
Depreciation, Depletion and Amortization	441,825		165,173
Gain on Sale of Assets	(6,159)		(6,960)
Stock-Based Compensation	35,943		9,406

Loss on Debt Extinguishment	11,680		—
Deferred Income Taxes	(49,650)		360
Loss from Equity Method Investments	12,841		905
Other Adjustments to Net (Loss) Income	3,294		(276)
Changes in Operating Assets:
Accounts and Notes Receivable	(35,767)		15,420
Inventories	(4,091)		(28,461)
Other Current Assets	(24,360)		1,844
Changes in Other Assets	26,768		(1,479)
Changes in Operating Liabilities:
Accounts Payable	(63,460)		4,298

Other Operating Liabilities	(14,058)		(8,887)
Payments on Asset Retirement Obligations	(25,094)		(21,379)
Changes in Other Liabilities	(37,035)		(30,468)
Net Cash Provided by Operating Activities	198,442		355,080
Cash Flows from Investing Activities:
Capital Expenditures	(203,304)		(137,148)
Proceeds from Sales of Assets	6,514		7,320

Proceeds from Sales of Short-Term Investments	80,165		44,075
Purchases of Short-Term Investments	(4,802)		(43,265)
Net Cash and Restricted Cash Acquired from Merger	368,726		—
Purchase of Arch Tax-Exempt Bonds	(98,225)		—
Investments in DTA	(10,640)		—
Other Investing Activity	(6,834)		(5,682)
Net Cash Provided by (Used in) Investing Activities	131,600		(134,700)
Cash Flows from Financing Activities:
Payments on Finance Lease Obligations	(8,910)		(8,258)



Proceeds from Long-Term Debt	114,439		—

Payments on Other Debt	(12,412)		(905)
Shares Withheld for Taxes	(14,068)		(5,540)
Repurchases of Common Stock	(202,591)		(70,879)
Debt-Related Financing Fees	(20,477)		—
Payments of Excise Tax on Share Repurchases	(934)		—
Dividends and Dividend Equivalents Paid	(21,050)		(8,451)
Net Cash Used in Financing Activities	(166,003)		(94,033)
Net Increase in Cash and Cash Equivalents and Restricted Cash	164,039		126,347
Cash and Cash Equivalents and Restricted Cash at Beginning of Period	447,542		243,268
Cash and Cash Equivalents and Restricted Cash at End of Period	$	611,581	$	369,615

Non-Cash Investing and Financing Activities:
Equipment Financing	$	91,638	$	3,248
Equity Issued as Consideration for Merger	$	2,481,368	$	—

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

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CORE NATURAL RESOURCES, INC.

NOTES TO CONSOLIDATED FINANCIAL STATEMENTS

(Unaudited)

NOTE 1—BASIS OF PRESENTATION:

Basis of Presentation

The accompanying 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 nine months ended September 30, 2025 are not necessarily indicative of the results that may be expected for future periods.

The Consolidated Balance Sheet at December 31, 2024 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 should be read in conjunction with the Company's Annual Report on Form 10-K for the year ended December 31, 2024.

All dollar amounts discussed in these Notes to 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 Consolidated Financial Statements include the accounts of Core Natural Resources, Inc. and its wholly-owned and majority-owned and/or controlled subsidiaries (including Arch) as of September 30, 2025. All 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 July 2025, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-05, Financial Instruments—Credit Losses (Topic 326)—Measurement of Credit Losses for Accounts Receivable and Contract Assets. This update aims to address challenges encountered when applying the guidance in Topic 326, Financial Instruments—Credit Losses. This update introduces a practical expedient for all entities. In developing reasonable and supportable forecasts as part of estimating expected credit losses, all entities may elect a practical expedient that assumes that current conditions as of the balance sheet date do not change for the remaining life of the asset. An entity that elects the practical expedient should apply the amendments in this update prospectively. The amendments will be effective for annual reporting periods beginning after December 15, 2025 and interim reporting periods within those annual reporting periods. Early adoption is permitted in both interim and annual reporting periods in which financial statements have not yet been issued or made available for issuance. Management is currently evaluating the impact of this guidance but does not expect this update to have a material impact on the Company's financial statements.

In November 2024, the FASB issued ASU 2024-03, Income Statement—Reporting Comprehensive Income—Expense Disaggregation Disclosures (Subtopic 220-40). The amendments in this update aim to 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.

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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.

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 September 30,		Nine Months Ended September 30,
	2025	2024	2025	2024
Anti-Dilutive Restricted Stock Units	51,586	377	81,218	458
Anti-Dilutive Performance Share Units	—	—	41,250	—
	51,586	377	122,468	458

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


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Numerator:
Net Income (Loss)	$	31,598	$	95,632	$	(74,235)	$	255,584

Denominator:
Weighted-average shares of common stock outstanding	51,577,732		29,580,649		51,460,427		29,705,627
Effect of dilutive shares	26,749		121,406		—		118,962
Weighted-average diluted shares of common stock outstanding	51,604,481		29,702,055		51,460,427		29,824,589

Earnings (Loss) per Share:
Basic	$	0.61	$	3.23	$	(1.44)	$	8.60
Diluted	$	0.61	$	3.22	$	(1.44)	$	8.57

As of September 30, 2025, 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), assets, stockholders' equity or cash flows from operating 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 previously announced merger of equals transaction with Arch, pursuant to the Merger Agreement. 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.

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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 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 on January 14, 2025. As such, total consideration transferred includes the effect of the Arch Bond Purchase and assumed liabilities excludes 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 (as remarketed and reissued, the “Series 2025 Bonds”). 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 Gulf of America.

The Company applied the acquisition method of accounting in accordance with Accounting Standards Codification 805, Business Combinations, and recognized assets acquired and liabilities assumed at their estimated fair value as of the closing date of the Merger. As the Company finalizes the estimation of the fair values of the assets acquired and liabilities assumed, the preliminary purchase price allocation is subject to further refinement and may require significant adjustments to arrive at the final purchase price allocation. The below fair values of assets acquired and liabilities assumed are based on the information that was available as of the reporting date. The Company will continue to obtain information to assist in finalizing the fair values of assets acquired and liabilities assumed, which may differ materially from these preliminary estimates. The final purchase price allocation may include changes in allocations to mineral reserves, real and personal property, asset retirement obligations and other changes to assets and liabilities. The Company expects to complete the purchase price allocation once it has received all necessary information, at which time the value of the assets acquired and liabilities assumed will be revised if necessary. Adjustments to the purchase price allocation made during the nine months ended September 30, 2025 did not have a material impact on the Company's financial results.

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The following table presents the preliminary allocation of the aggregate purchase price based on estimated fair values:


	Preliminary Purchase Price Allocation
Total Equity Portion of Purchase Price Consideration	$	2,481,368
Effective Settlement of Pre-Existing Relationships	95,636
Total Consideration Transferred	$	2,577,004

Assets Acquired:
Cash and Cash Equivalents	$	217,593
Short-Term Investments	22,969
Trade Receivables, net	161,670
Other Receivables, net	6,629
Inventories	307,175
Other Current Assets	13,366
Property, Plant and Equipment, net	2,604,625
Funds for Asset Retirement Obligations	150,033
Other Noncurrent Assets, net	155,763
Total Assets Acquired	3,639,823
Liabilities Assumed:
Accounts Payable	211,227
Current Portion of Long-Term Debt	4,104
Other Accrued Liabilities	154,651
Long-Term Debt	6,667
Postretirement Benefits Other Than Pensions	37,118
Pneumoconiosis Benefits	111,313
Asset Retirement Obligations	248,773
Workers’ Compensation	36,254
Salary Retirement	786
Deferred Income Taxes	158,471
Other Noncurrent Liabilities	93,455
Total Liabilities Assumed	1,062,819
Net Assets Acquired	$	2,577,004

The fair value and gross contractual amount of receivables acquired was $168,299. The Company expects to collect the entire contractual amount.

The fair value of acquired property, plant and equipment, which primarily includes mineral reserves and real and personal property, was measured using a combination of cost and income approaches based on inputs that are not observable in the market and, as such, are Level 3 fair value measurements. Significant inputs used in the income approach included estimates of forecasted cash flows, which are impacted by the forecasted market price of coal as well as the expected timing of significant capital expenditures, among others. Significant inputs used in the cost approach included, but were not limited to, the replacement costs for similar assets, relative age of the assets, and any potential economic or functional obsolescence associated with the assets. The preliminary application of purchase accounting resulted in fair value adjustments of approximately $1.4 billion.

As part of the preliminary purchase price allocation, the Company identified certain intangible assets and liabilities related to contracts for which the contractual terms were preliminarily identified as being favorable or unfavorable in relation to current market terms. The estimated fair values of the identified intangible assets and liabilities were approximately $84 million and $37 million, which were included in Other Noncurrent Assets, net and Other Noncurrent

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Liabilities, respectively, on the Consolidated Balance Sheet at September 30, 2025. The estimated fair values of the identified intangible assets and liabilities were determined using the income approach based on inputs that are not observable in the market and, as such, is a Level 3 fair value measurement. Significant inputs to the valuation of the identified intangible assets and liabilities included future revenue estimates, future cost assumptions, estimated contract renewals, a discount rate assumption and an estimated required rate of return on the assets, among others. The identified intangible assets and liabilities are amortized over each contractual term, which ranges from one to five years, or a weighted-average period of 1.6 years, which reflects the pattern in which the Company expects to consume the economic benefits of the net assets. Amortization expense was approximately $8 million and $23 million for the three and nine months ended September 30, 2025. The Company expects to recognize amortization expense of approximately 66% of the total contract value in 2025, 16% in 2026, 16% in 2027 and the remaining 2% in 2028 and 2029.

The Consolidated Statement of Income (Loss) for the nine months ended September 30, 2025 includes Revenues of $1,531,951 and a Loss Before Income Tax of $274,610 attributable to Arch since the closing of the Merger on January 14, 2025.

The table below summarizes the Company's results as though the Merger had been consummated on January 1, 2024:


	Three Months Ended September 30, 2024		Nine Months Ended September 30,
	Three Months Ended September 30, 2024		2025		2024
Revenues (a)	$	1,172,016	$	3,173,017	$	3,499,093
Net Income (Loss) (a)	$	69,680	$	(52,109)	$	125,877

(a) Pro forma information has not been provided for the three months ended September 30, 2025 since Arch was fully consolidated for the entire period. Pro forma information for the nine months ended September 30, 2025 includes Arch's historical results for the January 1, 2025 through January 13, 2025 period prior to the Merger excluding Merger-related costs.

The unaudited pro forma information is based on historical information and is adjusted for depreciation, depletion and amortization related to the fair value adjustments of property, plant and equipment and intangible assets (as discussed above), assuming the fair value adjustments had been applied from January 1, 2024.

The unaudited pro forma financial information for the nine months ended September 30, 2024 also includes $135,022 of non-recurring pro forma adjustments (before tax) directly attributable to the Merger, which are comprised primarily of $92,698 of transaction and employee-related costs incurred by Arch and the Company prior to the closing of the Merger and $39,765 of Merger-related costs incurred subsequent to the closing of the Merger and $2,559 of non-recurring expense related to the fair value adjustment to inventory. The Merger-related costs and non-recurring expense related to the fair value adjustment to inventory incurred subsequent to the closing of the Merger are included in General and Administrative Costs and Cost of Sales, respectively, in the accompanying Consolidated Statement of Income (Loss) for the nine months ended September 30, 2025, but, for the purpose of presenting the unaudited pro forma financial information above, have been removed from the 2025 period and included in the nine months ended September 30, 2024 to give effect to the Merger as if it closed on January 1, 2024. Pro forma adjustments were tax-effected at the statutory tax rate of 21% for purposes of calculating net income (loss) in the table above.

The pro forma information does not include any anticipated cost savings or other effects of the Merger. Accordingly, the unaudited pro forma information does not necessarily reflect the actual results that would have occurred, nor is it necessarily indicative of future results of operations.

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NOTE 3—REVENUE FROM CONTRACTS WITH CUSTOMERS:

The following tables disaggregate the Company's revenue from contracts with customers by product type and market:


	Three Months Ended September 30, 2025
	Domestic		Export		Total
Power Generation	$	398,529	$	84,774	$	483,303
Industrial	32,324		178,409		210,733
Metallurgical	47,577		252,168		299,745
Total Coal Revenue	478,430		515,351		993,781
Third-Party Terminal Revenue					5,591
Other Revenue					3,171
Total Revenue from Contracts with Customers					$	1,002,543


	Three Months Ended September 30, 2024
	Domestic		Export		Total
Power Generation	$	163,769	$	74,337	$	238,106
Industrial	2,485		195,656		198,141
Metallurgical	8,200		97,698		105,898
Total Coal Revenue	174,454		367,691		542,145
Third-Party Terminal Revenue					7,490

Other Revenue					3,797
Total Revenue from Contracts with Customers					$	553,432


	Nine Months Ended September 30, 2025
	Domestic		Export		Total
Power Generation	$	1,154,972	$	238,671	$	1,393,643
Industrial	98,494		587,849		686,343
Metallurgical	115,135		901,281		1,016,416
Total Coal Revenue	1,368,601		1,727,801		3,096,402
Third-Party Terminal Revenue					15,087
Other Revenue					10,821
Total Revenue from Contracts with Customers					$	3,122,310


	Nine Months Ended September 30, 2024
	Domestic		Export		Total
Power Generation	$	515,159	$	186,118	$	701,277
Industrial	13,636		571,454		585,090
Metallurgical	31,222		238,636		269,858
Total Coal Revenue	560,017		996,208		1,556,225
Third-Party Terminal Revenue					22,689

Other Revenue					11,927
Total Revenue from Contracts with Customers					$	1,590,841

Coal Revenue

The Company has disaggregated its coal revenue between domestic and export revenues, as well as between the industrial, power generation and metallurgical markets. Domestic coal revenue tends to be derived from contracts that typically have a term of one year or longer, and the pricing is typically fixed. Historically, export coal revenue tended to be

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derived from spot or shorter-term contracts with pricing determined closer to the time of shipment or based on a market index; however, the Company has secured several long-term export contracts with varying pricing arrangements.

The Company's coal revenue is recognized when the performance obligation has been satisfied and the corresponding transaction price has been determined. Generally, title passes when coal is loaded at the coal preparation facilities, at terminal locations or other customer destinations. The Company's coal contract revenue per ton is fixed or determinable based upon either fixed forward pricing or pricing derived from established indices and adjusted for nominal quality characteristics. Some coal contracts also contain positive electric power price-related adjustments, which represent market-driven price adjustments, in addition to a fixed base price per ton. The Company’s coal contracts generally do not allow for retroactive adjustments to pricing after title to the coal has passed and do not have significant financing components.

The estimated transaction price from each of the Company's contracts is based on the total amount of consideration to which the Company expects to be entitled under the contract. Included in the transaction price for certain coal supply contracts is the impact of variable consideration, including quality price adjustments, handling services and per ton price fluctuations based on certain coal sales price indices. The estimated transaction price for each contract is allocated to the Company's performance obligations based on relative stand-alone selling prices determined at contract inception. The Company has determined that each ton of coal represents a separate and distinct performance obligation.

While the Company does, from time to time, experience costs of obtaining coal customer contracts with amortization periods greater than one year, those costs are generally immaterial. At September 30, 2025 and December 31, 2024, the Company did not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheets. As of and for the three and nine months ended September 30, 2025 and 2024, the Company has not recognized any amortization of previously existing capitalized costs of obtaining customer contracts. Further, the Company has not recognized any coal revenue in the current period that is not a result of current period performance.

Terminal Revenue

Terminal revenues are attributable to the Company's Baltimore Marine Terminal and include revenues earned from providing receipt and unloading of coal from rail cars, transporting coal from the receipt point to temporary storage or stockpile facilities located at the terminal, stockpiling, blending, weighing, sampling, redelivery and loading of coal onto vessels. Revenues for these services are earned and performance obligations are considered fulfilled as the services are performed.

The Baltimore Marine Terminal does not normally experience material costs of obtaining customer contracts with amortization periods greater than one year. At September 30, 2025 and December 31, 2024, the Company did not have any capitalized costs to obtain customer contracts on its Consolidated Balance Sheets. As of and for the three and nine months ended September 30, 2025 and 2024, the Company has not recognized any amortization of previously existing capitalized costs of obtaining terminal customer contracts. Further, the Company has not recognized any terminal revenue in the current period that is not a result of current period performance.

Other Revenue

Other revenue consists of revenue generated from carbon products and materials businesses led by CONSOL Innovations LLC, our wholly-owned subsidiary. This revenue is primarily comprised of sales of carbon-based tools, parts and materials that are used in the aerospace and other industries. Revenues for these products are earned and recognized as the tools are built and progress toward product completion. Additionally, other revenue consists of revenue generated from the processing of third-party coal at various mining complexes. Revenues for these services are earned and performance obligations are considered fulfilled as the services are performed.

Contract Balances

Contract assets, when present, are recorded separately from trade receivables in the Company's Consolidated Balance Sheets and are reclassified to trade receivables as title passes to the customer and the Company's right to consideration becomes unconditional. Credit is extended based on an evaluation of a customer's financial condition, a customer's ability to perform its obligations and other relevant factors. The Company typically does not have material contract assets that are stated separately from trade receivables since the Company's performance obligations are satisfied as control of the goods or services passes to the customer, thereby granting the Company an unconditional right to receive consideration. Contract liabilities relate to consideration received in advance of the satisfaction of the Company's performance obligations. Contract liabilities are recognized as revenue at the point in time when control of the goods passes to the customer, or over time when services are provided.

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NOTE 4—COMPONENTS OF PENSION AND OTHER POST-EMPLOYMENT BENEFIT (OPEB) PLANS NET PERIODIC BENEFIT COSTS:

The components of Net Periodic Benefit Cost were as follows:


	Pension Benefits								OPEB
	Three Months Ended September 30,				Nine Months Ended September 30,				Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024		2025		2024		2025		2024
Service Cost	$	275	$	302	$	825	$	906	$	38	$	—	$	108	$	—
Interest Cost	6,343		6,431		19,028		19,293		2,992		2,758		8,884		8,274
Expected Return on Plan Assets	(7,565)		(7,991)		(22,695)		(23,973)		—		—		—		—
Amortization of Prior Service Credits	—		—		—		—		(601)		(601)		(1,803)		(1,804)
Amortization of Actuarial Loss (Gain)	2,159		1,567		6,475		4,699		(683)		(70)		(2,052)		(209)
Net Periodic Benefit Cost	$	1,212	$	309	$	3,633	$	925	$	1,746	$	2,087	$	5,137	$	6,261

Service costs related to pension and other post-employment benefits are reflected in Cost of Sales in the Consolidated Statements of Income (Loss). All other expenses related to pension and other post-employment benefits are reflected in Non-Service Related Pension and Postretirement Benefit Costs in the Consolidated Statements of Income (Loss). Amounts reclassified out of accumulated other comprehensive (loss) income are reflected in Non-Service Related Pension and Postretirement Benefit Costs in the Consolidated Statements of Income (Loss).

NOTE 5—COMPONENTS OF COAL WORKERS’ PNEUMOCONIOSIS (CWP) AND WORKERS’ COMPENSATION NET PERIODIC BENEFIT COSTS:

The components of Net Periodic Benefit Cost were as follows:


	CWP								Workers' Compensation
	Three Months Ended September 30,				Nine Months Ended September 30,				Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024		2025		2024		2025		2024
Service Cost	$	2,003	$	746	$	5,809	$	2,239	$	1,728	$	1,465	$	5,184	$	4,393
Interest Cost	3,687		2,066		10,776		6,198		555		572		1,665		1,717
Amortization of Actuarial Loss (Gain)	42		109		127		326		(460)		(540)		(1,380)		(1,620)
Fees, Premiums and Assessments	—		—		—		—		2,273		464		6,383		1,393
Net Periodic Benefit Cost	$	5,732	$	2,921	$	16,712	$	8,763	$	4,096	$	1,961	$	11,852	$	5,883

Service costs and fees, premiums and assessments related to CWP and workers’ compensation are reflected in Cost of Sales in the Consolidated Statements of Income (Loss). All other expenses related to CWP and workers’ compensation are reflected in Non-Service Related Pension and Postretirement Benefit Costs in the Consolidated Statements of Income (Loss). Amounts reclassified out of accumulated other comprehensive (loss) income are reflected in Non-Service Related Pension and Postretirement Benefit Costs in the Consolidated Statements of Income (Loss).

NOTE 6—INCOME TAXES:

The Company recorded its provision for income taxes for the three and nine months ended September 30, 2025 of ($52,998) and ($50,098), respectively, or 247.7% and 40.3%, respectively, of loss before income tax based on its annual estimated income tax rate adjusted for discrete items. The effective tax rate for the three months ended September 30, 2025 differed from the U.S. federal statutory rate of 21% primarily due to a change in the Company’s annual estimated income tax rate and a tax benefit for excess percentage depletion. The effective tax rate for the nine months ended September 30, 2025 differed from the U.S. federal statutory rate of 21% primarily due to a tax benefit for excess percentage depletion.

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The tax provision for the nine months ended September 30, 2025 also included discrete tax adjustments primarily related to transaction costs and equity compensation.

The provision for income taxes for the three and nine months ended September 30, 2024 of $17,539 and $43,409, respectively, or 15.5% and 14.5%, respectively, of earnings before income tax was based on the Company's annual estimated income tax rate adjusted for discrete items. The effective tax rate for the three and nine months ended September 30, 2024 differed from the U.S. federal statutory rate of 21% primarily due to the tax benefit for excess percentage depletion and foreign derived intangible income. The tax provision also included discrete tax adjustments related to equity compensation and changes to uncertain tax positions.

NOTE 7—CASH AND CASH EQUIVALENTS, RESTRICTED CASH AND SHORT-TERM INVESTMENTS:

The following table disaggregates the Company's cash, cash equivalents and restricted cash, which reconciles to the total shown on the Consolidated Statements of Cash Flows:


	September 30,
	2025		2024
Cash and Cash Equivalents	$	444,672	$	331,674
Restricted Cash - Current (a)	42,036		37,941
Restricted Cash - Noncurrent (a)	124,873		—
Cash and Cash Equivalents and Restricted Cash	$	611,581	$	369,615

(a) Restricted Cash - Current and Restricted Cash - Noncurrent are included in Other Current Assets and Funds for Asset Retirement Obligations, respectively, in the accompanying Consolidated Balance Sheets.

The components of cash and cash equivalents and restricted cash as of December 31, 2024 and 2023 are disclosed in Note 6 in the Notes to the Consolidated Financial Statements included in the Company's Annual Report on Form 10-K for the year ended December 31, 2024, filed with the Securities and Exchange Commission on February 20, 2025.

The Company had invested in marketable debt securities, primarily comprised of highly liquid U.S. Treasury securities. These investments were held in the custody of financial institutions. The securities outstanding were classified as available-for-sale securities, matured within twelve months of the acquisition date and were classified as current assets accordingly. During the first quarter of 2025, the Company liquidated its remaining investments in U.S. Treasury securities.

The Company's investments in available-for-sale securities were as follows:


	December 31, 2024
					Gross Unrealized
	Amortized Cost		Allowance for Credit Losses		Gains		Losses		Fair Value
U.S. Treasury Securities	$	51,885	$	—	$	120	$	(12)	$	51,993

Available-for-sale investments are reported at fair value in the accompanying Consolidated Balance Sheet and any unrealized gains or losses are recognized in Accumulated Other Comprehensive Loss. Any unrealized gains or losses in the Company's portfolio are a result of normal market fluctuations. Interest and dividends are included in net income (loss) when earned.

NOTE 8—CREDIT LOSSES:

Trade receivables are recorded at the invoiced amount. Credit is extended based on an evaluation of a customer's financial condition, a customer's ability to perform its obligations and other relevant factors. Trade receivable balances are monitored against approved credit terms. Credit terms are reviewed and adjusted as considered necessary based on changes to a customer's credit profile. If a customer's credit deteriorates, the Company may reduce credit risk exposure by reducing credit terms, obtaining letters of credit, obtaining credit insurance or requiring pre-payment for shipments. Other non-trade contractual arrangements consist primarily of overriding royalty agreements and other financial arrangements between the Company and various counterparties.

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The Company may be at risk of exposure to credit losses primarily through sales of products and services. The Company's expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers' trade and other accounts receivables. Due to the short-term nature of such receivables, the estimate of the amount of accounts receivable that may not be collected is based on an aging of the accounts receivable balances and the financial condition of customers. Additionally, specific allowance amounts may be necessary from time to time and are established to record the appropriate provision for customers that have a higher probability of default. The Company's monitoring activities include timely account reconciliations, dispute resolution, payment confirmation and consideration of macroeconomic conditions and customers' financial conditions. Balances are written off when deemed uncollectible.

Management estimates the allowance balance using relevant available information, from internal and external sources, relating to past events, current conditions and reasonable and supportable forecasts. Historical credit loss experience provides the basis for the estimation of expected credit losses. Adjustments to historical loss information are made for changes to the assessment of anticipated payment, changes in economic conditions, current industry trends in the markets the Company serves and changes in the financial health of the Company's counterparties.

The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable and other non-trade contractual arrangements to present the net amount expected to be collected:


	Trade Receivables		Other Non-Trade Contractual Arrangements

Beginning Balance, December 31, 2024	$	1,265	$	7,625
Provision for Expected Credit Losses	(729)		(77)

Ending Balance, September 30, 2025	$	536	$	7,548

NOTE 9—INVENTORIES:

Inventory components consisted of the following:


	September 30, 2025		December 31, 2024
Coal	$	162,468	$	17,480
Supplies	245,032		78,721
Total Inventories	$	407,500	$	96,201

Inventories are stated at the lower of cost or net realizable value. The cost of coal inventories is determined by the first-in, first-out method. Coal inventory costs include labor, supplies, equipment costs, operating overhead, depreciation, depletion, amortization and other related costs. The cost of supplies inventory is determined by the average cost method and includes operating and maintenance supplies to be used in the Company's coal operations.

NOTE 10—ACCOUNTS RECEIVABLE SECURITIZATION:

At September 30, 2025, certain U.S. subsidiaries of Core Natural Resources, Inc. were parties to a trade accounts receivable securitization facility with financial institutions for the sale on a continuous basis of eligible trade accounts receivable. On July 28, 2025, the Company and certain of its subsidiaries entered into (i) that certain Receivables Financing Agreement (the “Receivables Financing Agreement”), by and among Core Receivable Company, LLC, as borrower (the “Borrower”), Core Sales, LLC, as the initial servicer (the “Servicer”), PNC Bank, National Association (“PNC”), as administrative agent and LC bank, PNC Capital Markets LLC (“PNC CM”), as structuring agent, and the lenders from time to time party thereto; (ii) that certain Third Amended and Restated Sale and Contribution Agreement (the “Sale and Contribution Agreement”), by and among the Borrower, the Servicer and Arch, as transferor; (iii) that certain Third Amended and Restated Purchase and Sale Agreement (the “Purchase and Sale Agreement”), by and among Arch, the Servicer and the originators party thereto; and (iv) that certain Fifth Amended and Restated Performance Guaranty (the “Performance Guaranty” and, together with the Receivables Financing Agreement, the Sale and Contribution Agreement

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and the Purchase and Sale Agreement, the “Receivables Documents”). With entry into the Receivables Documents, legacy Arch’s securitization facility was amended and restated in its entirety to, among other things, consolidate facilities and extend the maturity date to July 27, 2028, and legacy CONSOL’s securitization facility was terminated effective July 28, 2025.

Pursuant to the Receivables Financing Agreement, Core Sales, LLC; Mingo Logan Coal LLC; Mountain Coal Company, L.L.C.; ICG Beckley, LLC; ICG Tygart Valley, LLC; Wolf Run Mining LLC; Thunder Basin Coal Company, L.L.C.; CONSOL Pennsylvania Coal Company LLC; CONSOL Marine Terminals LLC; and Itmann Mining Company LP, all wholly-owned subsidiaries of the Company, sell and/or contribute trade receivables to Core Receivable Company, LLC, a special purpose vehicle and wholly-owned subsidiary of the Company (“Core Receivable,” and together with the special purpose vehicle associated with legacy CONSOL’s securitization facility, the “SPVs”). Core Receivable, in turn, pledges its interests in the receivables to PNC and/or Regions Bank, which either make loans or issue letters of credit on behalf of Core Receivable. The maximum amount of advances and letters of credit outstanding under the Receivables Financing Agreement may not exceed $250 million.

Loans under the Receivables Financing Agreement accrue interest at a reserve-adjusted market index rate equal to the applicable term Secured Overnight Financing Rate (“SOFR”) rate plus ten basis points. Loans and letters of credit under the Receivables Financing Agreement also accrue a drawn fee and a letter of credit participation fee, respectively, of 2.00% per annum. In connection with the Receivables Financing Agreement, the Borrower paid certain structuring fees to PNC CM and pays other customary fees to the lenders, including a fee on unused commitments equal to 0.60% per annum.

At September 30, 2025, the Company's eligible accounts receivable yielded $220,559 of borrowing capacity. At September 30, 2025, the facility had no outstanding borrowings and $191,125 of letters of credit outstanding, leaving an available borrowing capacity of $29,434. At December 31, 2024, the Company's eligible accounts receivable yielded $71,964 of borrowing capacity. At December 31, 2024, legacy CONSOL’s securitization facility had no outstanding borrowings and $71,922 of letters of credit outstanding, leaving an available borrowing capacity of $42. The Company has not derecognized any receivables due to its continued involvement in the collections efforts.

NOTE 11—PROPERTY, PLANT AND EQUIPMENT:

Property, plant and equipment consisted of the following:


	September 30, 2025		December 31, 2024
Plant and Equipment	$	4,774,817	$	3,633,741
Coal Properties and Surface Lands	2,225,310		913,819
Airshafts	592,493		521,334
Mine Development	673,946		366,260
Advance Mining Royalties	337,248		328,927
Total Property, Plant and Equipment	8,603,814		5,764,081
Less: Accumulated Depreciation, Depletion and Amortization	4,213,432		3,842,382
Total Property, Plant and Equipment - Net	$	4,390,382	$	1,921,699

As of September 30, 2025 and December 31, 2024, property, plant and equipment included gross assets under finance leases of $50,169 and $40,804, respectively. Accumulated amortization for finance leases was $16,981 and $16,929 at September 30, 2025 and December 31, 2024, respectively. Amortization expense for assets under finance leases approximated $3,358 and $2,110 for the three months ended September 30, 2025 and 2024, respectively, and $9,315 and $7,652 for the nine months ended September 30, 2025 and 2024, respectively, and is included in Depreciation, Depletion and Amortization in the accompanying Consolidated Statements of Income (Loss).

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NOTE 12—OTHER ACCRUED LIABILITIES:

Other accrued liabilities consisted of the following:


	September 30, 2025		December 31, 2024
Subsidence Liability	$	118,191	$	88,259
Accrued Compensation and Benefits	57,563		54,138
Accrued Other Taxes	50,759		6,973



Other	67,594		31,928
Current Portion of Long-Term Liabilities:
Asset Retirement Obligations	41,496		35,554
Pneumoconiosis Benefits	25,259		16,389
Postretirement Benefits Other than Pensions	21,422		17,887
Workers' Compensation	17,360		11,056
Total Other Accrued Liabilities	$	399,644	$	262,184

NOTE 13—LONG-TERM DEBT:

Long-term debt consisted of the following:


	September 30, 2025		December 31, 2024
WVEDA Solid Waste Disposal Facility Revenue Bonds due March 2035 at 5.45%	$	106,355	$	—
MEDCO Port Facilities Refunding Revenue Bonds due March 2035 at 5.00% and 5.75% at September 30, 2025 and December 31, 2024, respectively	102,865		102,865
PEDFA Solid Waste Disposal Facility Revenue Bonds due March 2035 at 5.45% and 9.00% at September 30, 2025 and December 31, 2024, respectively	97,560		75,000
Equipment Financing (7.56% Weighted-Average Interest Rate)	73,010		—
Advance Royalty Commitments (8.10% Weighted-Average Interest Rate)	6,148		6,148
Other Debt Arrangements	5,071		664
Less: Unamortized Debt Issuance Costs	(6,716)		(1,213)
	384,293		183,464
Less: Amounts Due in One Year (a)	(71,072)		(103,940)
Long-Term Debt	$	313,221	$	79,524

(a) Excludes current portion of Finance Lease Obligations of $12,724 and $8,925 at September 30, 2025 and December 31, 2024, respectively.

Revolving Credit Facility

In November 2017, the Company entered into a revolving credit facility with PNC (the “Revolving Credit Facility”). The Revolving Credit Facility has been amended several times, the most recent of which occurred in January 2025 in connection with the Merger. This amendment increased the available revolving commitments from $355 million to $600 million while extending the scheduled maturity date to April 30, 2029. Additionally, the Company reduced the applicable interest margin on its borrowings and letters of credit under the Revolving Credit Facility by 75 basis points.

Borrowings under the Revolving Credit Facility bear interest at a floating rate that is, at the Company's option, either (i) SOFR plus a SOFR adjustment of 0.10% plus an applicable margin or (ii) an alternate base rate plus an applicable margin. The applicable margin for the Revolving Credit Facility depends on the Company's total net leverage ratio and this rate resets quarterly. Obligations under the Revolving Credit Facility are guaranteed by (i) all owners of the PAMC held by the Company and (ii) subject to certain customary exceptions and agreed materiality thresholds, all other existing or future direct or indirect wholly-owned restricted subsidiaries of the Company, including significant subsidiaries acquired pursuant to the Merger. The obligations are secured by, subject to certain exceptions (including a limitation of pledges of equity

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interests in certain subsidiaries and certain thresholds with respect to real property), a first-priority lien on the Company's and certain subsidiaries' significant assets.

The Revolving Credit Facility contains a number of customary affirmative covenants and a number of negative covenants, including (subject to certain exceptions) limitations on (among other things): indebtedness, liens, investments, acquisitions, dispositions, restricted payments and prepayments of junior indebtedness. The Revolving Credit Facility also includes covenants relating to (i) a maximum first lien gross leverage ratio, (ii) a maximum total net leverage ratio, and (iii) a minimum interest coverage ratio. The maximum first lien gross leverage ratio is calculated as the ratio of Consolidated First Lien Debt to Consolidated EBITDA. Consolidated EBITDA, as used in the covenant calculation, excludes non-cash compensation expenses, non-recurring transaction expenses, extraordinary gains and losses, gains and losses on discontinued operations and gains and losses on debt extinguishment. The maximum total net leverage ratio is calculated as the ratio of Consolidated Indebtedness, minus Cash on Hand, to Consolidated EBITDA. The minimum interest coverage ratio is calculated as the ratio of Consolidated EBITDA to Consolidated Cash Interest Expense. Consolidated Cash Interest Expense, as used in the covenant calculation, includes cash interest payments, net of any cash interest income. Under the Revolving Credit Facility, the maximum first lien gross leverage ratio shall be 1.50 to 1.00, the maximum total net leverage ratio shall be 2.50 to 1.00 and the minimum interest coverage ratio shall be 3.00 to 1.00.

The Company's first lien gross leverage ratio was 0.18 to 1.00 at September 30, 2025. The Company's total net leverage ratio was (0.04) to 1.00 at September 30, 2025. The Company's interest coverage ratio was 50.13 to 1.00 at September 30, 2025. The Company was in compliance with all covenants under the Revolving Credit Facility as of September 30, 2025.

At September 30, 2025, the Revolving Credit Facility had no borrowings outstanding and $78,663 of letters of credit outstanding, leaving $521,337 of unused capacity. At December 31, 2024, the Revolving Credit Facility had no borrowings outstanding and $107,087 of letters of credit outstanding, leaving $247,913 of unused capacity. From time to time, the Company is required to post financial assurances to satisfy contractual and other requirements generated in the normal course of business. Some of these assurances are posted to comply with federal, state or other government agencies' statutes and regulations. The Company sometimes uses letters of credit to satisfy these requirements, and these letters of credit reduce the Company's borrowing facility capacity.

The SPVs are not guarantors of the Revolving Credit Facility, and the SPVs either hold the assets pledged to the lenders or sell the assets to the lenders in the securitization facility. The SPVs had total assets of $326,734 and $133,853, comprised mainly of $325,591 and $133,694 trade receivables, net, at September 30, 2025 and December 31, 2024, respectively. Net income attributable to the SPVs was $3,776 and $528 for the three months ended September 30, 2025 and 2024, respectively, and $8,408 and $775 for the nine months ended September 30, 2025 and 2024, respectively, which was primarily attributable to intercompany fees paid to purchase the receivables, which have been eliminated in the Consolidated Financial Statements contained within this Quarterly Report on Form 10-Q. During the nine months ended September 30, 2025, there were no borrowings or payments under the accounts receivable securitization facilities. During the nine months ended September 30, 2024, there were no borrowings or payments under legacy CONSOL’s securitization facility. See Note 10 - Accounts Receivable Securitization for additional information.

Series 2025 Bonds

In connection with the Merger, on January 13, 2025, the Company purchased the Arch Bonds. 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.

On March 27, 2025, the Company borrowed the proceeds of tax-exempt bonds issued by (i) the Pennsylvania Economic Development Financing Authority (“PEDFA”) in the aggregate principal amount of $97,560 (the “PEDFA Bonds”), at a fixed rate of 5.45% for an initial term of ten years on an unsecured basis, pursuant to a Bond Purchase Agreement, dated March 19, 2025, by and among Jefferies LLC, as the representative acting on behalf of itself, KeyBanc Capital Markets Inc., PNC CM, Goldman Sachs & Co. LLC, B. Riley Securities, Inc. and TCBI Securities, Inc. (collectively, the “Underwriters”), PEDFA and the Company; (ii) the Maryland Economic Development Corporation (“MEDCO”) in the aggregate principal amount of $102,865 (the “MEDCO Bonds”), at a fixed rate of 5.00% for an initial term of ten years on an unsecured basis, pursuant to a Bond Purchase Agreement, dated March 19, 2025, by and among the Underwriters, MEDCO and the Company; and (iii) the West Virginia Economic Development Authority (“WVEDA”) in the aggregate principal amount of $106,355 (the “WVEDA Bonds” and together with the PEDFA Bonds and the MEDCO Bonds, the “Bonds”), at a fixed rate of 5.45% for an initial term of ten years on an unsecured basis, pursuant to a Bond Purchase Agreement, dated March 19, 2025, by and among the Underwriters, WVEDA and the Company.

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The Company used (i) a portion of the proceeds of the PEDFA Bonds to finance and refinance the costs of acquisition, construction, improvement, installation and equipping of certain solid waste disposal facilities located at the Central Preparation Plant in West Finley, Pennsylvania in part by refunding in full PEDFA’s outstanding $75,000 Solid Waste Disposal Revenue Bonds, Series 2021A (CONSOL Energy Inc. Project), (ii) the proceeds from the MEDCO Bonds to refinance the costs of acquisition, construction, improvement, installation and equipping of certain improvements, modifications and additions to a coal transshipment terminal located in the Canton area of the Port of Baltimore by refunding in full MEDCO’s outstanding $102,865 Port Facilities Refunding Revenue Bonds (CNX Marine Terminals Inc. Port of Baltimore Facility) Series 2010 and (iii) a portion of the proceeds of the WVEDA Bonds to finance and refinance the costs of acquisition, construction, improvement, installation and equipping of certain solid waste disposal facilities relating to a longwall coal mining complex known as the Leer South Mine located in Barbour County, West Virginia in part by refunding in full WVEDA’s outstanding $53,090 Solid Waste Disposal Facility Revenue Bonds (Arch Resources Project), Series 2020 and $44,985 Solid Waste Disposal Facility Revenue Bonds (Arch Resources Project), Series 2021.

The (i) PEDFA Bonds were issued pursuant to an indenture (the “PEDFA Indenture”), dated March 1, 2025, by and between PEDFA and Wilmington Trust, National Association, as trustee (the “Trustee”), and PEDFA made a loan of the proceeds of the PEDFA Bonds to the Company pursuant to a Loan Agreement, dated March 1, 2025 (the “PEDFA Loan Agreement”), between PEDFA and the Company; (ii) MEDCO Bonds were issued pursuant to an indenture (the “MEDCO Indenture”), dated March 1, 2025, by and between MEDCO and the Trustee, and MEDCO made a loan of the proceeds of the MEDCO Bonds to the Company pursuant to a Loan Agreement, dated March 1, 2025 (the “MEDCO Loan Agreement”), between MEDCO and the Company; and (iii) WVEDA Bonds were issued pursuant to an indenture (the “WVEDA Indenture” and together with the PEDFA Indenture and the MEDCO Indenture, the “Indentures”), dated March 1, 2025, by and between WVEDA and the Trustee, and WVEDA made a loan of the proceeds of the WVEDA Bonds to the Company pursuant to a Loan Agreement, dated as of March 1, 2025 (the “WVEDA Loan Agreement” and together with the PEDFA Loan Agreement and MEDCO Loan Agreement, the “Loan Agreements”), between WVEDA and the Company. Under the terms of the Loan Agreements, the Company agreed to make all payments of principal, interest and other amounts at any time due on the respective Bonds or under the respective Indenture.

As a result of these transactions, a loss of $11,680 was incurred and is included in Loss on Debt Extinguishment on the Consolidated Statement of Income (Loss) for the nine months ended September 30, 2025.

NOTE 14—COMMITMENTS AND CONTINGENT LIABILITIES:

The Company is subject to various lawsuits and claims with respect to such matters as personal injury, wrongful death, damage to property, exposure to hazardous substances, governmental regulations including environmental remediation, employment and contract disputes and other claims and actions arising out of the normal course of business. The Company accrues the estimated loss for these lawsuits and claims when the loss is probable and reasonably estimable. The Company’s estimated accruals related to pending claims not discussed below, individually and in the aggregate, were immaterial to the financial position, results of operations or cash flows of the Company as of September 30, 2025. It is possible that the aggregate loss in the future with respect to these lawsuits and claims could ultimately be material to the Company’s financial position, results of operations or cash flows; however, such amounts cannot be reasonably estimated. The amount claimed against the Company as of September 30, 2025 is disclosed below when an amount is expressly stated in the lawsuit or claim, which is not often the case.

United Mine Workers of America 1992 Benefit Plan Litigation: In 2013, Murray Energy and its subsidiaries (“Murray”) entered into a stock purchase agreement (the “Murray sale agreement”) with the Company's former parent, pursuant to which Murray acquired the stock of Consolidation Coal Company and certain subsidiaries and certain other assets and liabilities. At the time of sale, the liabilities included certain retiree medical liabilities under the Coal Industry Retiree Health Benefit Act of 1992 (“Coal Act”) and certain federal black lung liabilities under the Black Lung Benefits Act (“BLBA”). Murray filed for Chapter 11 bankruptcy in October 2019. As part of the bankruptcy proceedings, Murray unilaterally entered into a settlement with the United Mine Workers of America 1992 Benefit Plan (the “1992 Benefit Plan”) to transfer retirees in the Murray Energy Section 9711 Plan to the 1992 Benefit Plan. This was approved by the bankruptcy court on April 30, 2020. On May 2, 2020, the 1992 Benefit Plan filed an action in the U.S. District Court for the District of Columbia asking the court to make a determination whether the Company's former parent or the Company has any continuing retiree medical liabilities under the Coal Act (the “1992 Plan Lawsuit”). The Murray sale agreement includes indemnification by Murray with respect to the Coal Act and BLBA liabilities. In addition, the Company had agreed to indemnify its former parent relative to certain pre-separation liabilities. As of September 16, 2020, the Company entered into a settlement agreement with Murray and withdrew its claims in bankruptcy. On September 11, 2020, the Defendants in the 1992 Plan Lawsuit filed a Motion to Dismiss Plaintiffs' Second Amended Complaint which was denied by the Court on March 29, 2022. In October 2025, both parties filed a motion for summary judgment. In the 1992 Benefit Plan’s summary judgment motion, it alleged it is entitled to recover reimbursement for unpaid monthly benefits premiums from the beginning of the lawsuit to present in the amount of $64.8 million, plus interest and damages totaling

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$25.6 million, as well as an unspecified amount of attorneys’ fees. Based upon limited information available at the time of the Murray bankruptcy, the Company estimated that the future annual servicing costs of these liabilities in 2026 are approximately $10 million, and the annual servicing cost would decline each year since the beneficiaries of the Coal Act consist principally of miners who retired prior to 1994. The Company will continue to vigorously defend any claims that attempt to transfer any of such liabilities directly or indirectly to the Company, including raising all applicable defenses against the 1992 Benefit Plan’s suit. With respect to this lawsuit, while a loss is reasonably possible, it is not probable and, as a result, no accrual has been recorded.

The Company and various subsidiaries are defendants in certain other legal proceedings. In the opinion of management, based upon an investigation of these matters and discussion with legal counsel, the ultimate outcome of such other legal proceedings, individually and in the aggregate, is not expected to have a material adverse effect on the Company’s financial position, results of operations or liquidity.

The following is a summary, as of September 30, 2025, of the financial guarantees, unconditional purchase obligations and letters of credit to certain third parties. Employee-related financial guarantees have primarily been provided to support the 1992 Benefit Plan and federal black lung and various state workers' compensation self-insurance programs. Environmental financial guarantees have primarily been provided to support various performance bonds related to reclamation and other environmental issues. Other financial guarantees have been extended to support sales contracts, insurance policies, surety indemnity agreements, legal matters, full and timely payments of mining equipment leases, and various other items necessary in the normal course of business. These amounts represent the maximum potential of total future payments that the Company could be required to make under these instruments. Certain letters of credit included in the table below were issued against other commitments included in this table. These amounts have not been reduced for potential recoveries under recourse or collateralization provisions. Generally, recoveries under reclamation bonds would be limited to the extent of the work performed at the time of the default. No amounts related to these commitments are recorded as liabilities in the financial statements. The Company's management believes that these commitments will not have a material adverse effect on the Company's financial condition.


	Amount of Commitment Expiration per Period
	Total Amounts Committed		Less Than 1 Year		1-3 Years		3-5 Years		Beyond 5 Years
Letters of Credit:
Employee-Related	$	119,744	$	100,091	$	19,653	$	—	$	—
Environmental	398		398		—		—		—
Other	149,646		137,754		11,892		—		—
Total Letters of Credit	$	269,788	$	238,243	$	31,545	$	—	$	—
Surety Bonds:
Employee-Related	$	120,341	$	110,891	$	9,450	$	—	$	—
Environmental	819,060		563,502		255,558		—		—
Other	29,000		24,282		4,718		—		—
Total Surety Bonds	$	968,401	$	698,675	$	269,726	$	—	$	—

The Company regularly evaluates the likelihood of default for all guarantees based on an expected loss analysis and records the fair value, if any, of its guarantees as an obligation in the Consolidated Financial Statements.

NOTE 15—FAIR VALUE OF FINANCIAL INSTRUMENTS:

The Company determines the fair value of assets and liabilities based on the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants. The fair values are based on assumptions that market participants would use when pricing an asset or liability, including assumptions about risk and the risks inherent in valuation techniques and the inputs to valuations. The fair value hierarchy is based on whether the inputs to valuation techniques are observable or unobservable. Observable inputs reflect market data obtained from independent sources (including SOFR-based discount rates and U.S. Treasury-based rates), while unobservable inputs reflect the Company’s own assumptions of what market participants would use.

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The fair value hierarchy includes three levels of inputs that may be used to measure fair value as described below.

Level 1 - Quoted prices for identical instruments in active markets. The Company's Level 1 assets include marketable securities.

Level 2 - The fair value of the assets and liabilities included in Level 2 is based on standard industry income approach models that use significant observable inputs, including SOFR-based discount rates and U.S. Treasury-based rates.

Level 3 - Unobservable inputs significant to the fair value measurement supported by little or no market activity.

In those cases when the inputs used to measure fair value meet the definition of more than one level of the fair value hierarchy, the lowest level input that is significant to the fair value measurement in its totality determines the applicable level in the fair value hierarchy.

The financial instruments measured at fair value on a recurring basis are summarized below:


	Fair Value Measurements at						Fair Value Measurements at
	September 30, 2025						December 31, 2024
Description	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
U.S. Treasury Securities	$	—	$	—	$	—	$	51,993	$	—	$	—
Global Water Treatment Trust Fund (a)	$	15,058	$	—	$	—	$	12,054	$	—	$	—

(a) The Global Water Treatment Trust Fund is included in Funds for Asset Retirement Obligations in the accompanying Consolidated Balance Sheets.

The following methods and assumptions were used to estimate the fair value for which the fair value option was not elected:

Long-term debt: The fair value of long-term debt is measured using unadjusted quoted market prices or estimated using discounted cash flow analyses. The discounted cash flow analyses are based on current market rates for instruments with similar cash flows.

The carrying amounts and fair values of financial instruments for which the fair value option was not elected were as follows:


	September 30, 2025				December 31, 2024
	Carrying Amount		Fair Value		Carrying Amount		Fair Value
Long-Term Debt (Excluding Debt Issuance Costs)	$	391,009	$	408,732	$	184,677	$	199,052

Certain of the Company’s debt is actively traded on a public market and, as a result, constitutes Level 1 fair value measurements. The portion of the Company’s debt obligations that is not actively traded is valued through reference to the applicable underlying benchmark rate and, as a result, constitutes Level 2 fair value measurements.

NOTE 16—SEGMENT INFORMATION:

Prior to the completion of the Merger, the Company consisted of two reportable segments, the PAMC segment and the CONSOL Marine Terminal segment. Following completion of the Merger, the Company adjusted its internal reporting structure and the Company's CODM changed the manner in which he measures financial performance and allocates resources. Thus, the Company reassessed its reporting segments and the Company now consists of four reportable segments: (1) the High CV Thermal segment; (2) the Metallurgical segment; (3) the Powder River Basin (“PRB”) segment; and (4) the Baltimore Marine Terminal segment. Accordingly, the manner in which the Company reports its operations has been changed retrospectively, and all relevant prior period amounts have been recast to reflect this change.

The Company reports segment information based on the “management” approach. The management approach designates the internal reporting used by management to make decisions on and assess performance of the Company’s reportable segments. The Company manages its segments by market and coal quality, not by individual mining complex or geographic region. The High CV Thermal segment contains the Company’s High CV Thermal operations in Pennsylvania, West Virginia, and Colorado; the Metallurgical segment contains the Company’s metallurgical operations in West

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Virginia; the PRB segment contains the Company’s surface mining complexes in Wyoming; and the Baltimore Marine Terminal segment contains the Company's coal export terminal operations in the Port of Baltimore.

The Company’s CODM is the chief executive officer, who utilizes Adjusted EBITDA to monitor each segment. Adjusted EBITDA removes financial activity not related to ongoing operations, which allows for a review of more streamlined operating results. It is used by the CODM to review the budget versus actual results and to evaluate the operating performance of each segment. This review and evaluation is utilized by the CODM to determine the best allocation of resources across the segments and for other business purposes.

Reportable segment results for the three months ended September 30, 2025 were as follows:


	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Total
Revenues from External Customers	$	514,721	$	292,694	$	186,366	$	5,591
Intersegment Revenues	—		—		—		14,187
	514,721		292,694		186,366		19,778		$	1,013,559

Other Revenues (a)									3,171
Elimination of Intersegment Revenues									(14,187)
Total Consolidated Revenues									1,002,543
Less: (b)
Cash Costs of Revenue	293,002		209,285		169,945		7,626
Transportation Costs	82,550		66,912		2,830		—
Other Segment Items (c)	—		(975)		—		—
Adjusted EBITDA	$	139,169	$	17,472	$	13,591	$	12,152	$	182,384

Reconciliation of segment profit or loss measure to consolidated earnings (loss) before income tax:
Other Profit or Loss (a)									679
Depreciation, Depletion and Amortization									(151,006)
General and Administrative Costs									(34,133)
Interest Expense									(10,606)
Interest Income									7,578

Non-Service Related Pension and Postretirement Benefit Costs									(6,562)
Idle Mine Costs									(5,080)
Other Operating Expense, net									(1,742)
Other Cost of Sales									(2,912)
Loss Before Income Tax									$	(21,400)

(a) Revenue and profit or loss from segments below the quantitative thresholds are attributable to the revenue and expense from various corporate and diversified business activities excluded from our reportable segments.

(b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(c) Other segment items include other non-operating income and expenses that are not part of each segment's ongoing operations.


	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Corporate and Other (a)		Consolidated
Segment Assets (b)	$	2,179,909	$	2,140,661	$	422,024	$	92,521	$	1,360,773	$	6,195,888
Depreciation, Depletion and Amortization	$	52,842	$	65,381	$	8,795	$	1,398	$	22,590	$	151,006
Capital Expenditures	$	40,642	$	2,719	$	1,876	$	3,104	$	956	$	49,297

(a) Includes various corporate and diversified business activities excluded from our reportable segments to reconcile to consolidated totals.

(b) Represents assets as of September 30, 2025.

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Reportable segment results for the three months ended September 30, 2024 were as follows:


	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Total
Revenues from External Customers	$	517,720	$	24,425	$	—	$	7,490
Intersegment Revenues	—		—		—		16,250
	517,720		24,425		—		23,740		$	565,885

Other Revenues (a)									3,797
Elimination of Intersegment Revenues									(16,250)
Total Consolidated Revenues									553,432
Less: (b)
Cash Costs of Revenue	245,252		31,394		—		6,919
Transportation Costs	77,990		1,666		—		—
Other Segment Items (c)	(1,701)		—		—		—
Adjusted EBITDA	$	196,179	$	(8,635)	$	—	$	16,821	$	204,365

Reconciliation of segment profit or loss measure to consolidated earnings (loss) before income tax:
Other Profit or Loss (a)									1,042
Depreciation, Depletion and Amortization									(53,329)
General and Administrative Costs									(36,151)
Interest Expense									(4,664)
Interest Income									5,016

Non-Service Related Pension and Postretirement Benefit Costs									(4,400)
Idle Mine Costs									(1,291)
Other Operating Income, net									7,685
Other Cost of Sales									(5,102)
Earnings Before Income Tax									$	113,171

(b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(c) Other segment items include other non-operating income and expenses that are not part of each segment's ongoing operations.


	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Corporate and Other (a)		Consolidated
Segment Assets (b)	$	1,778,921	$	130,021	$	—	$	87,602	$	827,573	$	2,824,117
Depreciation, Depletion and Amortization	$	42,306	$	2,056	$	—	$	1,276	$	7,691	$	53,329
Capital Expenditures	$	30,743	$	4,484	$	—	$	2,805	$	1,356	$	39,388

(a) Includes various corporate and diversified business activities excluded from our reportable segments to reconcile to consolidated totals.

(b) Represents assets as of September 30, 2024.

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Reportable segment results for the nine months ended September 30, 2025 were as follows:


	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Total
Revenues from External Customers	$	1,663,307	$	897,268	$	535,827	$	15,087
Intersegment Revenues	—		—		—		48,488
	1,663,307		897,268		535,827		63,575		$	3,159,977

Other Revenues (a)									10,821
Elimination of Intersegment Revenues									(48,488)
Total Consolidated Revenues									3,122,310
Less: (b)
Cash Costs of Revenue	927,621		634,425		471,349		23,028
Transportation Costs	275,363		210,982		8,030		—
Other Segment Items (c)	—		56,674		—		—
Adjusted EBITDA	$	460,323	$	(4,813)	$	56,448	$	40,547	$	552,505

Reconciliation of segment profit or loss measure to consolidated earnings (loss) before income tax:
Other Profit or Loss (a)									2,291
Depreciation, Depletion and Amortization									(441,825)
General and Administrative Costs									(158,285)
Interest Expense									(28,676)
Interest Income									20,297
Loss on Debt Extinguishment									(11,680)
Non-Service Related Pension and Postretirement Benefit Costs									(19,301)
Idle Mine Costs									(14,644)
Other Operating Income, net									3,169
Other Cost of Sales									(28,184)
Loss Before Income Tax									$	(124,333)

(b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(c) Other segment items include other non-operating income and expenses that are not part of each segment's ongoing operations.


	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Corporate and Other (a)		Consolidated
Segment Assets (b)	$	2,179,909	$	2,140,661	$	422,024	$	92,521	$	1,360,773	$	6,195,888
Depreciation, Depletion and Amortization	$	156,153	$	186,587	$	25,241	$	4,171	$	69,673	$	441,825
Capital Expenditures	$	122,812	$	57,192	$	6,785	$	5,884	$	10,631	$	203,304

(a) Includes various corporate and diversified business activities excluded from our reportable segments to reconcile to consolidated totals.

(b) Represents assets as of September 30, 2025.

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Reportable segment results for the nine months ended September 30, 2024 were as follows:


	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Total
Revenues from External Customers	$	1,469,201	$	87,024	$	—	$	22,689
Intersegment Revenues	—		—		—		37,599
	1,469,201		87,024		—		60,288		$	1,616,513

Other Revenues (a)									11,927
Elimination of Intersegment Revenues									(37,599)
Total Consolidated Revenues									1,590,841
Less: (b)
Cash Costs of Revenue	717,948		99,862		—		20,223
Transportation Costs	228,842		7,645		—		—
Other Segment Items (c)	(3,021)		—		—		—
Adjusted EBITDA	$	525,432	$	(20,483)	$	—	$	40,065	$	545,014

Reconciliation of segment profit or loss measure to consolidated earnings (loss) before income tax:
Other Profit or Loss (a)									3,676
Depreciation, Depletion and Amortization									(165,173)
General and Administrative Costs									(77,669)
Interest Expense									(15,063)
Interest Income									14,145

Non-Service Related Pension and Postretirement Benefit Costs									(13,201)
Idle Mine Costs									(4,003)
Other Operating Income, net									17,608
Other Cost of Sales									(6,341)
Earnings Before Income Tax									$	298,993

(b) The significant expense categories and amounts align with the segment-level information that is regularly provided to the CODM.

(c) Other segment items include other non-operating income and expenses that are not part of each segment's ongoing operations.


	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Corporate and Other (a)		Consolidated
Segment Assets (b)	$	1,778,921	$	130,021	$	—	$	87,602	$	827,573	$	2,824,117
Depreciation, Depletion and Amortization	$	129,146	$	6,267	$	—	$	3,544	$	26,216	$	165,173
Capital Expenditures	$	114,744	$	9,463	$	—	$	7,605	$	5,336	$	137,148

(a) Includes various corporate and diversified business activities excluded from our reportable segments to reconcile to consolidated totals.

(b) Represents assets as of September 30, 2024.

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Revenues from customers that exceeded 10% of consolidated revenues were as follows:


	Three Months Ended September 30,			Nine Months Ended September 30,
	2025	2024		2025	2024
Customer A (a)	(b)	$	67,016	(b)	$	176,844
Customer B (a)	(b)	$	63,473	(b)	$	172,394

(a) Revenues from this customer were principally included in our High CV Thermal segment.

(b) Revenues during these periods were less than 10% of the Company's consolidated revenues.

NOTE 17—STOCK REPURCHASES:

In December 2017, the Company's Board of Directors approved a program to repurchase, from time to time, the Company's outstanding shares of common stock or its 11.00% Senior Secured Second Lien Notes due 2025. This program terminated on December 31, 2024.

On February 18, 2025, the Company's Board of Directors approved a capital return framework that involves a mix of dividends and share repurchases. The repurchase program permits the repurchase, from time to time, of the Company's outstanding shares of common stock in an aggregate amount of up to $1 billion, subject to certain covenants in the Revolving Credit Facility and the agreements relating to the Series 2025 Bonds that limit the Company's ability to repurchase shares of its common stock.

Under the terms of the program, the Company is permitted to make repurchases in the open market, in privately negotiated transactions, accelerated repurchase programs or in structured share repurchase programs. The Company is also authorized to enter into one or more 10b5-1 plans with respect to any of the repurchases. Any repurchases of common stock are to be funded from available cash on hand or short-term borrowings. The program does not obligate the Company to acquire any particular amount of its common stock, and the program can be modified or suspended at any time at the Company’s discretion. The program is conducted in compliance with applicable legal requirements as well as any covenants or other requirements included in the Company's credit agreements, receivables purchase agreements and indentures.

During the nine months ended September 30, 2025 and 2024, the Company repurchased and retired 2,824,033 and 747,351 shares, respectively, of the Company's common stock at an average price of $71.74 and $89.49 per share, respectively.

NOTE 18—SUBSEQUENT EVENTS:

On November 6, 2025, Core announced a $0.10 per share dividend in an aggregate amount of approximately $5.1 million, payable on December 15, 2025 to all stockholders of record as of November 28, 2025.

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ITEM 2. MANAGEMENT’S DISCUSSION AND ANALYSIS OF FINANCIAL CONDITION AND RESULTS OF OPERATIONS

You should read the following Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) in conjunction with the Consolidated Financial Statements and corresponding notes included elsewhere in this Quarterly Report on Form 10-Q. In addition, this Quarterly Report on Form 10-Q should be read in conjunction with the Consolidated Financial Statements for the three-year period ended December 31, 2024 included in the Company's Annual Report on Form 10-K, filed on February 20, 2025. This MD&A contains forward-looking statements, and the matters discussed in these forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results to differ materially from those projected or implied in the forward-looking statements. Please see “Risk Factors” and “Forward-Looking Statements” for a discussion of the uncertainties, risks and assumptions associated with these statements.

All amounts discussed are in millions of U.S. dollars, unless otherwise indicated. All tons discussed are on a clean coal equivalent basis.

Recent Developments

Merger

On January 14, 2025, the Company completed the Merger 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. See Note 2 - Merger with Arch in the Notes to the Consolidated Financial Statements in Item 1 of this Quarterly Report on Form 10-Q for additional information.

Prior to the completion of the Merger, the Company consisted of two reportable segments, the PAMC segment and the CONSOL Marine Terminal segment. Following completion of the Merger, the Company adjusted its internal reporting structure, and the Company's chief operating decision maker (“CODM”) changed the manner in which he measures financial performance and allocates resources. Thus, the Company reassessed its reporting segments and the Company now consists of four reportable segments: (1) the High CV Thermal segment; (2) the Metallurgical segment; (3) the Powder River Basin (“PRB”) segment; and (4) the Baltimore Marine Terminal segment. Accordingly, the manner in which the Company reports its operations has been changed retrospectively, and all relevant prior period amounts have been recast to reflect this change.

Combustion-Related Activity at Leer South Mine

On January 13, 2025, an isolated combustion-related activity was reported at the Leer South mine, located in Barbour County, West Virginia. The Company temporarily sealed the Leer South mine's active longwall panel in order to extinguish such activity. The Company resumed development work with continuous miners in February 2025, and Company personnel and regulatory officials re-entered the sealed area of the mine on June 10, 2025. Thereafter, ventilation to the full mine was re-established, hydraulic pressure along the longwall face was restored and an extensive evaluation of the mine's major equipment and infrastructure was conducted. As expected, the longwall was largely unaffected by the combustion event, and major components and systems remain in good condition. On June 26, 2025, the operating team found it necessary to evacuate the mine and begin restoring pumpable seals to the affected area in the wake of an increase in carbon monoxide levels. The Company has continued to work closely with federal and state officials on a plan to recover and reposition the longwall equipment and is currently waiting on approval of the plan by the federal Mine Safety and Health Administration; however, this has been delayed due to the government shutdown.

The Company currently expects to incur fire extinguishment and idle costs of $15 million to $25 million at Leer South in the fourth quarter of 2025. Our initial advancement of insurance proceeds was $19.4 million, and the Company will continue to pursue all avenues for additional recoveries as we work to reopen the mine.

One Big Beautiful Bill Act

On July 4, 2025, H.R. 1, the One Big Beautiful Bill Act (the “OBBBA”) was signed into law by the President of the U.S. Several provisions included in the OBBBA are expected to benefit the Company, including language designating U.S.-produced metallurgical coal as a “critical material” under Internal Revenue Code Section 45X (Advanced Manufacturing Production Credit), through which the Company will be eligible for a 2.5% monetizable tax credit on production-related costs beginning in 2026 and sunsetting at the end of 2029. The Company is currently evaluating the OBBBA provisions, and the determination as to the applicability and extent of the OBBBA's provisions on the Company's future results of operations and cash flows will be dependent upon interpretations of the law and revenue rulings issued by the U.S. Treasury Department.

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Executive Orders

President Trump issued a series of executive orders in April 2025 intended to reduce the regulatory burden on U.S. coal-based power plants and to ensure the long-term preservation of the U.S. coal fleet. The Trump Administration views the coal fleet as essential to the security, resilience and reliability of the U.S. power system.

Our Business

We are a world-class producer and exporter of high-quality, low-cost coals, including metallurgical and thermal coals. With a focus on seaborne markets, we play an essential role in meeting the world's growing need for steel, infrastructure and energy and have ownership interests in two marine export terminals.

How We Evaluate Our Operations

Our management team uses a variety of financial and operating metrics to analyze our performance. These metrics are significant factors in assessing our operating results and profitability. The metrics include: (i) coal production and sales volumes; (ii) realized coal revenue, a non-GAAP financial measure; (iii) realized coal revenue per ton sold, an operating ratio derived from non-GAAP financial measures; (iv) cash cost of coal sold, a non-GAAP financial measure; (v) cash cost of coal sold per ton, an operating ratio derived from non-GAAP financial measures; (vi) cash margin per ton sold, an operating ratio derived from non-GAAP financial measures, defined as realized coal revenue per ton sold less cash cost of coal sold per ton; and (vii) adjusted EBITDA, a non-GAAP financial measure.

We believe that realized coal revenue and realized coal revenue per ton sold better reflect our revenue for the quality of coal sold and our operating results by including all income from coal sales. We believe cash cost of coal sold, cash cost of coal sold per ton and cash margin per ton sold normalize the volatility contained within comparable GAAP measures by adjusting for certain non-operating or non-cash transactions. We believe that adjusted EBITDA provides a helpful measure of comparing our operating performance with the performance of other companies that have different financing, capital structures and tax rates than ours. Each of these non-GAAP measures are used as supplemental financial measures by management and by external users of our financial statements, such as investors, industry analysts, lenders and ratings agencies, to assess:

•our operating performance compared to the operating performance of other companies in the coal industry, without regard to financing methods, historical cost basis, tax rates or capital structure;

•the ability of our assets to generate sufficient cash flow;

•our ability to incur and service debt and fund capital expenditures;

•the viability of acquisitions and other capital expenditure projects and the returns on investment of various investment opportunities; and

•the attractiveness of capital projects and acquisitions and the overall rates of return on alternative investment opportunities.

These non-GAAP financial measures should not be considered an alternative to cost of sales, net income (loss) or any other measure of financial performance presented in accordance with GAAP. These measures exclude some, but not all, items that affect measures presented in accordance with GAAP, and these measures and the way we calculate them may vary from those of other companies. As a result, the items presented below may not be comparable to similarly titled measures of other companies.

Reconciliation of Non-GAAP Financial Measures

We define realized coal revenue as revenues reported in the Consolidated Statements of Income (Loss) less transportation costs, transloading revenues and other revenues not directly attributable to coal sales. We define realized coal revenue per ton sold as realized coal revenue divided by tons sold. The following tables present reconciliations by

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reportable segment of realized coal revenue and realized coal revenue per ton sold to revenues, the most directly comparable GAAP financial measure (in thousands, except per ton information):


	Three Months Ended September 30, 2025
	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Idle and Other		Eliminations		Consolidated
Revenues	$	514,721	$	292,694	$	186,366	$	19,778	$	3,171	$	(14,187)	$	1,002,543
Less: Adjustments to Reconcile to Segment Realized Coal Revenue
Transportation Costs	82,550		66,912		2,830		—		—		—		152,292
Intersegment Terminal Revenues	—		—		—		14,187		—		(14,187)		—
Non-Coal Revenues	—		—		—		5,591		3,171		—		8,762
Segment Realized Coal Revenue	$	432,171	$	225,782	$	183,536	$	—	$	—	$	—	$	841,489
Tons Sold	7,229		2,222		13,030
Realized Coal Revenue per Ton Sold	$	59.78	$	101.60	$	14.09


	Three Months Ended September 30, 2024
	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Idle and Other		Eliminations		Consolidated
Revenues	$	517,720	$	24,425	$	—	$	23,740	$	3,797	$	(16,250)	$	553,432
Less: Adjustments to Reconcile to Segment Realized Coal Revenue
Transportation Costs	77,990		1,666		—		—		—		—		79,656
Intersegment Terminal Revenues	—		—		—		16,250		—		(16,250)		—
Non-Coal Revenues	—		—		—		7,490		3,797		—		11,287
Segment Realized Coal Revenue	$	439,730	$	22,759	$	—	$	—	$	—	$	—	$	462,489
Tons Sold	6,840		152		—
Realized Coal Revenue per Ton Sold	$	64.28	$	149.85	$	—

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	Nine Months Ended September 30, 2025
	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Idle and Other		Eliminations		Consolidated
Revenues	$	1,663,307	$	897,268	$	535,827	$	63,575	$	10,821	$	(48,488)	$	3,122,310
Less: Adjustments to Reconcile to Segment Realized Coal Revenue
Transportation Costs	275,363		210,982		8,030		—		—		—		494,375
Intersegment Terminal Revenues	—		—		—		48,488		—		(48,488)		—
Non-Coal Revenues	—		—		—		15,087		10,821		—		25,908
Segment Realized Coal Revenue	$	1,387,944	$	686,286	$	527,797	$	—	$	—	$	—	$	2,602,027
Tons Sold	22,714		6,773		36,293
Realized Coal Revenue per Ton Sold	$	61.11	$	101.32	$	14.54


	Nine Months Ended September 30, 2024
	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Idle and Other		Eliminations		Consolidated
Revenues	$	1,469,201	$	87,024	$	—	$	60,288	$	11,927	$	(37,599)	$	1,590,841
Less: Adjustments to Reconcile to Segment Realized Coal Revenue
Transportation Costs	228,842		7,645		—		—		—		—		236,487
Intersegment Terminal Revenues	—		—		—		37,599		—		(37,599)		—
Non-Coal Revenues	—		—		—		22,689		11,927		—		34,616
Segment Realized Coal Revenue	$	1,240,359	$	79,379	$	—	$	—	$	—	$	—	$	1,319,738
Tons Sold	18,684		509		—
Realized Coal Revenue per Ton Sold	$	66.39	$	155.99	$	—

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We evaluate our cash cost of coal sold on an aggregate basis by segment and our cash cost of coal sold per ton on a per-ton basis. Cash cost of coal sold includes items such as direct operating costs, royalty and production taxes and direct administration costs, and excludes transportation costs, indirect costs, other costs not directly attributable to the production of coal and depreciation, depletion and amortization costs on production assets. We define cash cost of coal sold per ton as cash cost of coal sold divided by tons sold. The following tables present reconciliations by reportable segment of cash cost of coal sold and cash cost of coal sold per ton to cost of sales, the most directly comparable GAAP financial measure (in thousands, except per ton information):


	Three Months Ended September 30, 2025
	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Idle and Other		Eliminations		Consolidated
Cost of Sales	$	375,552	$	275,222	$	172,775	$	7,626	$	10,484	$	(14,187)	$	827,472
Less: Adjustments to Reconcile to Segment Cash Cost of Coal Sold
Transportation Costs	69,704		65,571		2,830		—		—		—		138,105
Cost of Sales from Idled Operations	—		18,375		—		—		5,080		—		23,455
Insurance Reimbursements	—		(19,350)		—		—		—		—		(19,350)
Intersegment Transloading Costs	12,846		1,341		—		—		—		(14,187)		—
Terminal Operating Costs	—		—		—		7,626		—		—		7,626
Other Non-Active Mining Costs	—		—		—		—		5,404		—		5,404
Segment Cash Cost of Coal Sold	$	293,002	$	209,285	$	169,945	$	—	$	—	$	—	$	672,232
Tons Sold	7,229		2,222		13,030
Cash Cost of Coal Sold per Ton	$	40.53	$	94.18	$	13.04


	Three Months Ended September 30, 2024
	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Idle and Other		Eliminations		Consolidated
Cost of Sales	$	323,242	$	33,060	$	—	$	6,919	$	7,447	$	(16,250)	$	354,418
Less: Adjustments to Reconcile to Segment Cash Cost of Coal Sold
Transportation Costs	62,219		1,187		—		—		—		—		63,406
Cost of Sales from Idled Operations	—		—		—		—		1,291		—		1,291
Intersegment Transloading Costs	15,771		479		—		—		—		(16,250)		—
Terminal Operating Costs	—		—		—		6,919		—		—		6,919
Other Non-Active Mining Costs	—		—		—		—		6,156		—		6,156
Segment Cash Cost of Coal Sold	$	245,252	$	31,394	$	—	$	—	$	—	$	—	$	276,646
Tons Sold	6,840		152		—
Cash Cost of Coal Sold per Ton	$	35.85	$	206.71	$	—

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	Nine Months Ended September 30, 2025
	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Idle and Other		Eliminations		Consolidated
Cost of Sales	$	1,202,984	$	902,081	$	479,379	$	23,028	$	51,358	$	(48,488)	$	2,610,342
Less: Adjustments to Reconcile to Segment Cash Cost of Coal Sold
Transportation Costs	229,997		207,860		8,030		—		—		—		445,887
Cost of Sales from Idled Operations	—		76,024		—		—		14,644		—		90,668
Insurance Reimbursements	—		(19,350)		—		—		—		—		(19,350)
Intersegment Transloading Costs	45,366		3,122		—		—		—		(48,488)		—
Terminal Operating Costs	—		—		—		23,028		—		—		23,028
Other Non-Active Mining Costs	—		—		—		—		36,714		—		36,714
Segment Cash Cost of Coal Sold	$	927,621	$	634,425	$	471,349	$	—	$	—	$	—	$	2,033,395
Tons Sold	22,714		6,773		36,293
Cash Cost of Coal Sold per Ton	$	40.84	$	93.67	$	12.99


	Nine Months Ended September 30, 2024
	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Idle and Other		Eliminations		Consolidated
Cost of Sales	$	946,790	$	107,507	$	—	$	20,223	$	15,574	$	(37,599)	$	1,052,495
Less: Adjustments to Reconcile to Segment Cash Cost of Coal Sold
Transportation Costs	192,569		6,319		—		—		—		—		198,888
Cost of Sales from Idled Operations	—		—		—		—		4,003		—		4,003
Intersegment Transloading Costs	36,273		1,326		—		—		—		(37,599)		—
Terminal Operating Costs	—		—		—		20,223		—		—		20,223
Other Non-Active Mining Costs	—		—		—		—		11,571		—		11,571
Segment Cash Cost of Coal Sold	$	717,948	$	99,862	$	—	$	—	$	—	$	—	$	817,810
Tons Sold	18,684		509		—
Cash Cost of Coal Sold per Ton	$	38.43	$	196.25	$	—

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We define adjusted EBITDA as (i) net income (loss) plus income taxes, net interest expense and depreciation, depletion and amortization, as adjusted for (ii) certain non-cash items, such as loss on debt extinguishment and (iii) other adjustments, such as stock-based compensation and Merger-related expenses. Adjusted EBITDA may also be adjusted for items that may not reflect the trend of future results by excluding transactions that are not indicative of our operating performance or that arise outside of the ordinary course of our business. The following tables present reconciliations by reportable segment of adjusted EBITDA to net income (loss), the most directly comparable GAAP financial measure (in thousands):


	Three Months Ended September 30, 2025
	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Other and Corporate		Consolidated
Net Income (Loss)	$	86,327	$	(47,909)	$	4,796	$	10,754	$	(22,370)	$	31,598
Income Tax Benefit	—		—		—		—		(52,998)		(52,998)
Interest Expense, net	—		—		—		—		3,028		3,028
Depreciation, Depletion and Amortization	52,842		65,381		8,795		1,398		22,590		151,006
Other Adjustments	—		—		—		—		8,548		8,548



Adjusted EBITDA	$	139,169	$	17,472	$	13,591	$	12,152	$	(41,202)	$	141,182


	Three Months Ended September 30, 2024
	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Other and Corporate		Consolidated
Net Income (Loss)	$	153,873	$	(10,691)	$	—	$	15,545	$	(63,095)	$	95,632
Income Tax Expense	—		—		—		—		17,539		17,539
Interest Income, net	—		—		—		—		(352)		(352)
Depreciation, Depletion and Amortization	42,306		2,056		—		1,276		7,691		53,329
Other Adjustments	—		—		—		—		13,030		13,030


Adjusted EBITDA	$	196,179	$	(8,635)	$	—	$	16,821	$	(25,187)	$	179,178


	Nine Months Ended September 30, 2025
	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Other and Corporate		Consolidated
Net Income (Loss)	$	304,170	$	(191,400)	$	31,207	$	36,376	$	(254,588)	$	(74,235)
Income Tax Benefit	—		—		—		—		(50,098)		(50,098)
Interest Expense, net	—		—		—		—		8,379		8,379
Depreciation, Depletion and Amortization	156,153		186,587		25,241		4,171		69,673		441,825
Loss on Debt Extinguishment	—		—		—		—		11,680		11,680
Other Adjustments	—		—		—		—		71,386		71,386


Adjusted EBITDA	$	460,323	$	(4,813)	$	56,448	$	40,547	$	(143,568)	$	408,937

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	Nine Months Ended September 30, 2024
	High CV Thermal		Metallurgical		PRB		Baltimore Marine Terminal		Other and Corporate		Consolidated
Net Income (Loss)	$	396,286	$	(26,750)	$	—	$	36,521	$	(150,473)	$	255,584
Income Tax Expense	—		—		—		—		43,409		43,409
Interest Expense, net	—		—		—		—		918		918
Depreciation, Depletion and Amortization	129,146		6,267		—		3,544		26,216		165,173
Other Adjustments	—		—		—		—		20,385		20,385


Adjusted EBITDA	$	525,432	$	(20,483)	$	—	$	40,065	$	(59,545)	$	485,469

Results of Operations: Three Months Ended September 30, 2025 Compared with the Three Months Ended September 30, 2024

Revenues

The Company's revenues primarily include sales to customers of coal produced at our operations and, to a lesser extent, coal purchased from third parties. The Company's revenues also include transloading services at the Port of Baltimore, as well as other revenues generated from customers.

Our presence in the metallurgical coal market has expanded through the Merger with two longwall mines and two continuous miner mines in West Virginia that produce a premium metallurgical product used in the global steel industry. We also gained two thermal surface mines in the Powder River Basin, as well as another thermal longwall mine in Colorado. The thermal surface mines produce thermal coal for sale into domestic and international markets, while the thermal longwall mine produces a high-quality, high calorific value thermal product that can compete effectively in seaborne markets.

Consolidated revenues in the three months ended September 30, 2025 were $449 million higher than the three months ended September 30, 2024. As a result of the Merger, the legacy Arch operations contributed $513 million of revenues in the three months ended September 30, 2025, primarily from coal sales in the Metallurgical and PRB segments. The revenues of legacy CONSOL's PAMC decreased $53 million in the period-to-period comparison, primarily due to lower sales tons and reduced realization. The revenues of legacy CONSOL's Itmann mine decreased $7 million in the period-to-period comparison, primarily due to lower sales tons and reduced metallurgical coal benchmark pricing. The revenues of the Baltimore Marine Terminal decreased $4 million in the period-to-period comparison, primarily due to lower throughput volumes. See the discussion in “Operational Performance” below for further information about segment results.

Cost of Sales

Cost of sales includes items such as direct operating costs, royalty and production taxes, direct administration costs and transportation costs. Our consolidated cost of sales in the three months ended September 30, 2025 increased $473 million compared to the three months ended September 30, 2024. As a result of the Merger, the legacy Arch operations incurred cost of sales of $482 million during the three months ended September 30, 2025. Cost of sales at legacy CONSOL's PAMC and the Itmann mine decreased $15 million in the period-to-period comparison, primarily due to decreased sales tons. Cost of sales at the Baltimore Marine Terminal increased $1 million in the period-to-period comparison. See the discussion in “Operational Performance” below for further information about segment results. The remaining $5 million increase in the period-to-period comparison was the result of additional operating overhead and certain actuarial costs during the three months ended September 30, 2025.

Depreciation, Depletion and Amortization

On a consolidated basis, depreciation, depletion and amortization costs were $151 million for the three months ended September 30, 2025, compared to $53 million for the three months ended September 30, 2024, resulting in a $98 million increase. The assets acquired in the Merger resulted in an additional $93 million of depreciation, depletion and amortization expense in the three months ended September 30, 2025. See Note 2 - Merger with Arch in the Notes to the Consolidated Financial Statements in Item 1 of this Quarterly Report on Form 10-Q for additional information. The remaining increase was primarily the result of additional capital expenditures at the legacy CONSOL operations and adjustments to the Company's asset retirement obligations in the three months ended September 30, 2025, none of which were individually material.

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General and Administrative Costs

On a consolidated basis, general and administrative costs were $34 million for the three months ended September 30, 2025, compared to $36 million for the three months ended September 30, 2024. The $2 million decrease in the period-to-period comparison was primarily due to non-recurring transaction costs, including fees paid to financial, legal and accounting advisors, severance and benefit costs, filing fees and debt restructuring costs, incurred during the three months ended September 30, 2024 as a result of the Merger, partially offset by increased headcount as a combined company. See Note 2 - Merger with Arch in the Notes to the Consolidated Financial Statements in Item 1 of this Q

Core Natural Resources, Inc. 10-Q