Q1 revenue falls 10% to $121.6M on weak coal markets; net loss widens to $18.3M

Filed May 11, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 12, 2025 · ~2 min read

Key Changes

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  Q1 2026 revenue declined 10% to $121.6M from $134.7M year-over-year, driven by 6% lower volumes (892k vs 946k tons) and 4% lower realized pricing ($136/ton vs $142/ton). Net loss widened from $9.5M to $18.3M, and Adjusted EBITDA swung from positive $9.8M to negative $1.8M, reflecting continued weak global metallurgical coal markets and Chinese steel oversupply.

  MD&A: Q1 2026 Financial Results verify on EDGAR →
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  Securities class action filed January 2026 alleges false statements about Brook Mine rare earth project's development and mining status during July-October 2025. Lead plaintiffs appointed April 2026; amended complaint due within 45 days of May 5, 2026. Company states it has meritorious defenses.

  Legal Proceedings: Securities Class Action verify on EDGAR →
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  Operating cash flow swung from positive $26.0M in Q1 2025 to negative $34.6M in Q1 2026, a $60.6M deterioration. Current period consumed cash due to net loss, higher receivables from March shipments, increased inventory, and vendor payment timing. Prior period benefited from collecting Q4 2024 receivables that were $36.2M higher than Q1 revenues.

  MD&A: Operating Cash Flow verify on EDGAR →