Coronado Posts US$418M H1 Loss as Cash Drops to US$98M; Q2 Rebound and US$75M Glencore Prepayment Offer a Lifeline

summarizeSummary

Coronado reported a US$418M H1 net loss and saw cash fall to US$98M, but Q2 EBITDA turned positive at US$6.8M. A US$75M Glencore prepayment at 14% interest provides liquidity while the Curragh reset advances.

check_boxKey Events · Earnings and Guidance · CODQL

• H1 Net Loss of US$418M

  The net loss widened to US$418 million from US$172 million a year ago, weighed down by a US$177 million non-cash impairment on the Logan disposal group. Revenue rose 7% to US$981 million.

• Q2 Operational Recovery

  Adjusted EBITDA swung to a positive US$6.8 million in the second quarter, a roughly US$100 million improvement from Q1, driven by a 37% increase in saleable production and record CHPP operating hours at both mines.

• Liquidity Strain and Glencore Prepayment

  Cash halved to US$98 million at June 30, with net debt reaching US$606 million. A post-quarter US$75 million prepayment from Glencore at 14% interest, repayable via coal deliveries over 12 months, provides near-term liquidity.

• FY2026 Guidance Maintained

  The company reaffirmed saleable production of 16–17 Mt, mining cash costs of US$88–96/t, and capex of US$150–175 million, with capex expected at the lower end.

auto_awesomeAnalysis · CODQL · Energy & Transportation

A US$418 million net loss in the first half of 2026 underscores the challenges facing Coronado, driven by a US$177 million non-cash impairment on the Logan disposal and a weak opening quarter. Cash reserves were cut in half to US$98 million, while net debt climbed to US$606 million. Yet the second quarter delivered a sharp operational turnaround, with Adjusted EBITDA swinging to a positive US$6.8 million—a roughly US$100 million improvement from Q1—fueled by record production at Buchanan and better performance at Curragh. Liquidity remains tight, evidenced by a post-quarter US$75 million prepayment from Glencore at 14% interest, but the facility buys time for the Curragh reset program to take hold. Management kept its full-year production and cost guidance intact, signaling confidence in the recovery. For a company with a market capitalization near US$276 million, the magnitude of the loss and the strained balance sheet are critical concerns, though the Q2 rebound and the financing lifeline reduce near-term solvency risk.