What Warrior Met Coal, Inc. told the SEC could break it.

Warrior is an undiversified pure-play producer of hard coking (metallurgical) coal: ~97.5% of 2025 revenue came from steelmaking coal produced at just two active Alabama mines, so its results swing with met-coal prices and global blast-furnace steel demand.

“We rely on the steelmaking coal production from our two active steelmaking coal mines for substantially all of our revenues. For the year ended December 31, 2025, revenues from the sale of steelmaking coal accounted for approximately 97.5% of our total revenues.”

Sales are concentrated in a small set of exported blast-furnace steel producers (48% Asia, 37% Europe, 14% South America): in 2025 a single customer was 11.9% of revenue ($154.2M), and in 2024 three customers were each ~12-13% of revenue, so loss of a major steelmaker would materially cut sales.

“During the year ended December 31, 2025, one of our customers accounted for $ 154.2 million or 11.9 % of total sales revenues. During the year ended December 31, 2024, three of our customers accounted for $ 190.8 million, or 12.7 % , $ 190.1 million, or 12.7 % , and $ 178.1 million, or 11.9 % of total sales revenues, respectively.”

While substitute suppliers exist, Warrior procures some mining equipment from a concentrated group of suppliers and faces long lead times and occasional shortages, which could delay equipment rebuilds, repairs and production at its mines.

“we procure some equipment from a concentrated group of suppliers, and obtaining this equipment often involves long lead times.”