CODQL Coronado Global Resources Inc.
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Executive Summary
Coronado Global Resources reported Q1 2026 results with total revenues of $467.4M, up 4.0% from $449.2M in Q1 2025, driven by higher realized met coal prices (+9.3% YoY to $165.4/t) and improved thermal coal receipts from the Stanwell reset. However, saleable production fell 14.8% YoY to 3.0 Mt due to planned maintenance and the Mammoth suspension, while unit mining cash costs surged 31.8% to $135.3/t. The company expects to impair the idled Logan Complex by ~$160M and available liquidity dropped to $121M from $172M at year-end 2025.
Actionable Insight
Monitor the 10-Q release on May 12 for audited financials and the final Logan impairment charge. The structural reset and improving met coal pricing (PLV ~$230/t into mid-2026) could support cash flow recovery in Q2, but the sharp rise in unit costs and declining liquidity warrant caution.
Key Facts
- Total revenues $467.4M in Q1 2026 vs $449.2M in Q1 2025 (+4.0%)
- Coal revenues $460.7M vs $441.5M in Q1 2025 (+4.3%)
- Group average realized pricing $133.2/t, up 9.1% from $122.0/t in Q4 2025
- Group realized Met price $165.4/t, up 9.3% from $151.3/t in Q1 2025
- Saleable production 3.0 Mt, down 14.8% from 3.5 Mt in Q1 2025
- Sales volumes 3.5 Mt, flat vs 3.4 Mt in Q1 2025
- Average mining cash cost $135.3/t, up 31.8% from $102.7/t in Q1 2025
- Available liquidity $121M, down from $172M at Dec 31, 2025
- Expects ~$160M non-cash impairment of Logan Complex
- Buchanan EBITDA more than doubled to ~$30M vs Q4 2025
- No Stanwell rebate payable; $26M received under revised arrangements
- Capital expenditure $34M in the quarter
Financial Impact
Revenues up ~$18M YoY but cash costs surged; ~$160M non-cash impairment expected; liquidity down $51M
Risk Factors
- Further deterioration in met coal prices would pressure margins
- Logan idling and potential disposal may incur additional costs
- High unit costs ($135.3/t) may persist if production does not ramp as expected
- Liquidity at $121M is tight relative to $697M debt
- AUD strengthening (~0.70 vs 0.68 guidance) creates ~$15M cash flow headwind per cent
Market Snapshot
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-049612 |
| Document: tm2612816d1_8k.htm | 0001104659-26-049612 |
| Document: 0001104659-26-049612-index-headers.html | 0001104659-26-049612 |
| Document: 0001104659-26-049612-index.html | 0001104659-26-049612 |
| Document: 0001104659-26-049612.txt | 0001104659-26-049612 |
| 8-K Data (Synthetic) | 0001104659-26-049612 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
|
Jun 4, 2026
5d ago
|
8-K
| $0.1800 $0.1850 | ▲ +2.78% | ▲ +5.38% | $0.1821 (+1.19%) |
|
Apr 28, 2026
6w ago
|
8-K
| $0.1856 $0.1856 | · 0.00% | ▲ +0.01% | $0.1821 (−1.86%) |
US Market Status
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