v3.26.1
Description of Business, Basis of Presentation
 3 Months Ended
Mar. 31, 2026
Description of Business, Basis of Presentation [Abstract]  
Description of Business, Basis of Presentation
1.
Description of Business, Basis of Presentation
(a)
Description of the Business
Coronado
Global
Resources
Inc.
is
a
global
producer,
marketer,
and
exporter
of
a
full
range
of
metallurgical
coals,
an
essential
element
in
the
production
of
steel.
The
Company
has
a
portfolio
of
operating
mines
and
development projects in
Queensland, Australia, and
in the states of
Pennsylvania, Virginia and
West Virginia
in
the United States, or U.S.
(b)
Basis of Presentation
The interim unaudited condensed consolidated financial statements
have been prepared in accordance with the
requirements of U.S. generally accepted
accounting principles, or U.S. GAAP,
and with the instructions to Form
10-Q
and
Article
10
of Regulation
S-X
related
to
interim
financial
reporting
issued
by
the
U.S.
Securities
and
Exchange Commission, or the SEC.
Accordingly, they do not include all of
the information and footnotes required
by U.S. GAAP for complete financial statements and should be read
in conjunction with the audited consolidated
financial
statements
and
notes
thereto
included
in
the
Company’s
Annual
Report
on Form
10-K filed
with
the
SEC and the Australian Securities Exchange, or the ASX, on
March 3, 2026.
The
interim
unaudited
condensed
consolidated
financial
statements
are
presented
in
U.S.
dollars,
unless
otherwise
stated.
They
include
the
accounts
of
Coronado
Global
Resources
Inc.
and
its
wholly-owned
subsidiaries.
References
to
“US$”
or
“USD”
are
references
to
U.S.
dollars.
References
to
“A$”
or
“AUD”
are
references
to
Australian
dollars,
the
lawful
currency
of
the
Commonwealth
of
Australia.
The
“Company”
and
“Coronado”
are
used
interchangeably
to
refer
to
Coronado
Global
Resources
Inc.
and
its
subsidiaries,
collectively, or to Coronado Global Resources Inc., as
appropriate to the context.
All intercompany balances and
transactions have been eliminated upon consolidation.
In
the
opinion
of
management,
these
interim
financial
statements
reflect
all
normal,
recurring
adjustments
necessary
for
the
fair
presentation
of
the
Company’s
financial
position,
results
of
operations,
comprehensive
income, cash flows and changes in
equity
for the periods presented. Balance sheet information
presented herein
as of December 31,
2025 has been derived from
the Company’s audited consolidated balance sheet at
that date.
The Company’s results
of operations for
the three months
ended March 31,
2026 are not
necessarily indicative
of the results that may be expected for the year ending
December 31, 2026.
Going Concern
These
Condensed
Consolidated
Financial
Statements
have
been
prepared
on
a
going
concern
basis,
which
contemplates the realization of assets and discharge of liabilities
in the ordinary course of business.
The
Company’s
earnings
and
cash
flows
from
operating
activities
have
been
significantly
impacted
by
wet
weather and operational issues.
For the three months ended
March 31, 2026, the Company
incurred net losses
of $
318.6
million.
As of March 31,
2026, the Company
had cash and cash
equivalents of $
121.0
million and net
current assets of
$
157.8
million. The decline in cash during the quarter ended March 31, 2026
was consistent with the Company’s
expectations, reflecting seasonal wet weather impacts
on production at the Company’s Australian Operations.
With respect
to the
Company’s
financial
position,
the
Company
has concluded
that its
current
cash
and
cash
equivalents and forecasted cash
flows will be
sufficient to fund its
operations and satisfy its
obligations for at least
one year from the issuance of these financial statements.
Management
continues
to
explore
initiatives
to
preserve
liquidity,
enhance
flexibility
and
financial
resilience
against events outside management’s control. These initiatives are reasonably within management’s control and
actionable in the near future as needed.
The
Company’s
forecasts
are
subject
to
the
achievement
of
production
targets,
and
other
factors
beyond
its
control,
including
general
economic
conditions,
metallurgical
coal
pricing,
competitive
dynamics
and
weather-
related impacts.
The Company’s
working capital
requirements in
the short
to medium
term are
also dependent
on variations in these factors and the preparation of forecasts
requires management’s judgement.