Coronado faces financial headwinds amidst market uncertainty

Coronado Global Resources Inc. (CRN) filed its Form 10-Q Quarterly Report on November 11, 2025, revealing a net loss of $109.5 million for the three months and $281.9 million for the nine months ended September 30, 2025. This downturn is attributed to subdued Met coal markets, lower realized prices, and reduced sales volumes. The company's liquidity stood at $187.4 million as of September 30, 2025, with cash and cash equivalents of $171.8 million and $15.5 million available under its Asset-Based Loan (ABL) Facility.

S&P and Moody's downgraded Coronado's credit rating in June and July 2025, leading to a Review Event under the ABL Facility. While a waiver was obtained for financial covenants as of September 30, 2025, ongoing compliance remains uncertain. Additionally, on October 28, 2025, Coronado announced a proposed transaction with Stanwell Corporation Ltd., aiming to enhance short- and long-term financial viability through a $265.0 million financing facility, waiver of remaining Stanwell rebates, and extension of the New Coal Supply Agreement.

UBS Group AG and its related bodies corporate became a substantial security holder with a 5.30% voting power as of October 31, 2025. Coronado's management acknowledges substantial doubt about its ability to continue as a going concern within one year, citing market uncertainties, production forecasts, and the need for successful execution of financial initiatives.