Shares in Coronado Global Resources Inc (ASX: CRN) are in the green on Tuesday after the metallurgical coal producer released its full-year 2025 results.
In early afternoon trade, the Coronado share price is up 2.63% to 29.3 cents. Despite today's gain, the stock has dropped more than 40% over the past month.
Here's what the company reported for the year.
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Revenue slides as coal prices retreat
For the year ended 31 December 2025, Coronado reported revenue of US$1.95 billion, down from US$2.51 billion in 2024.
The company posted a statutory net loss of US$432.1 million, compared with a US$108.9 million loss a year earlier. Adjusted EBITDA swung to a loss of US$144.2 million from a positive US$115.1 million in FY24.
The weaker result largely reflected softer metallurgical coal pricing. The average realised metallurgical coal price fell to US$149.3 per tonne in 2025, down from US$185.3 per tonne in the prior year.
Total sales volumes were broadly steady at 15.6 million tonnes, compared with 15.8 million tonnes in 2024. Saleable production increased slightly to 16 million tonnes.
Costs improve but debt position expands
Despite the pricing pressure, the company delivered lower operating costs. Mining cost per tonne sold declined to US$97.5 from US$107.4 in FY24. Operating cost per tonne sold fell to US$132.1 from US$149.2.
However, balance sheet pressure increased. Net debt rose to US$524.1 million at 31 December 2025, compared with US$85.1 million a year earlier.
Management highlighted improved liquidity during the year, including amendments to its Stanwell arrangements and access to additional funding facilities. The company said it has no near-term debt maturities.
FY26 guidance signals production growth
Looking ahead, Coronado expects saleable production of 16 to 17 million tonnes in FY26, supported by a full year of production from the Mammoth Underground mine and the Buchanan expansion.
Average mining cash costs are guided to US$88 to US$96 per tonne, while capital expenditure is forecast to fall to between US$150 million and US$175 million, down from US$245 million in FY25.
Management said the expansion projects are expected to deliver a stronger mine operating cash contribution in 2026, assuming stable market conditions.
Foolish Takeaway
Coronado's FY25 result reflected a challenging year for metallurgical coal pricing, leading to lower revenue and a larger statutory loss.
While costs improved and production growth is expected in 2026, the sharp rise in net debt and coal price volatility remain key risks.
With shares down sharply over the past month, attention will focus on whether higher volumes and lower capex improve FY26 cash flow.
