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RAMACO RESOURCES REPORTS FIRST QUARTER 2026 RESULTSMay 11, 2026 4:05 PM
PR Newswire (US) LEXINGTON, KY., May 11, 2026 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, "Ramaco" or the "Company") is a leading operator and developer of high-quality, low-cost metallurgical coal in Central Appalachia and is transitioning to develop an exploratory rare earth and critical minerals project in Wyoming. Today it reported financial results for the three months ended March 31, 2026 (the "Results").FIRST QUARTER 2026 HIGHLIGHTSThe Company had a quarterly net loss of $(18.3) million and Class A diluted EPS of $(0.30).The Company had quarterly Adjusted EBITDA of $(1.8) million defined as adjusted earnings before interest, taxes, depreciation, amortization, equity-based compensation, and, when applicable, certain other non-operating and expense items that are non-recurring and not related to the underlying business performance, a non-GAAP measure ("Adjusted EBITDA"). See "Reconciliation of Non-GAAP Measures" below.During the first quarter and through the close of business on May 8, 2026, the Company has purchased $37 million or 2.5 million shares of Class A common shares in the open market at an average price of $14.54 per share. Overall, these repurchases represent almost 5% of the Class A common shares. At current price levels, we believe share repurchases represent a prudent use of our capital.The first quarter reflected liquidity of $488.8 million, an increase of more than 310% year over year. The Company's balance sheet remains among the strongest in its history.This financial strength has allowed the Company to optimize the transition into a dual platform critical minerals company with liquidity for both future growth of metallurgical coal production as well as advancement of our exploratory rare earths and critical minerals project in Wyoming. This year it has also provided the optionality to enhance shareholder value through opportunistic open market purchases of the Company's Class A common stock.The Company had quarterly non-GAAP cash mine cost per ton sold of $98 which was consistent with the first quarter of 2025. (See "Reconciliation of Non-GAAP Measures" below.) The Company's cash costs continue to remain in the first quartile of the U.S. metallurgical coal cost curve. First quarter 2026 cash margins of $16 per ton declined from first quarter 2025 margins of $24 per ton due to the $20 per ton decline in U.S. high-vol indices over that same period. We view current high-vol price indices as unsustainable, as the majority of global high-vol mines remain unprofitable on a sustainable cost basis.We anticipate upward movement in U.S. coal pricing in the second half of 2026, caused by anticipated higher cost domestic high-vol supply contraction, coupled with Australian benchmark pricing having risen $50 per ton in the first quarter of 2026 versus the first quarter of 2025.MARKET COMMENTARY / 2026 OUTLOOKRare Earths and Critical Minerals:The Company anticipates receipt in late June of a revised conceptual study being prepared by the engineering firm of Hatch Ltd. ("Hatch"). It will be followed soon thereafter with a Technical Report Summary ("TRS") for the Initial Assessment of the Brook Mine project from Weir International ("Weir"). Both the Hatch study and Weir TRS are being prepared utilizing the carbochlorination process for recovery of critical minerals. This technique is currently used extensively in the titanium dioxide industry. Internal projections continue to estimate that this flowsheet process should generate materially increased incremental revenue and free cash flow when compared to our previously published projections in the Fluor study prepared in July 2025 which utilized a hydrometallurgical extraction process with a solvent extraction refining technique. We continue discussions regarding both potential critical mineral product offtake transactions and non-dilutive third-party project financing involving public and private sectors both domestically and overseas. The pilot plant's building structure is now being constructed in Wyoming with anticipated completion this summer. Design and construction of the interior equipment and testing facilities being fabricated at the Zeton, Inc. facility in Canada will begin in the Fall and full-scale pilot operations should commence in 2027.Metallurgical Coal Sales, Marketing and Growth Projects:Sales commitments for 2026 currently total 3.5 million tons as of April 30. This sales level equates to 90% of 2026 production guidance at the midpoint of 3.9 million tons. 1.1 million tons at an average realized fixed price of $138 per ton are committed to North American customers. An additional 1.0 million tons at an average fixed price of $107 per ton are committed to seaborne customers. In total, 2.1 million tons are committed at an average fixed price of $124 per ton. An additional 1.4 million export tons are committed to seaborne customers at index-linked pricing.While U.S. high-vol indices rose 6% on average in the first quarter of 2026 versus the fourth quarter of 2025, our average realized pricing as a whole fell $2 per ton or 2% sequentially. This first quarter decline was due to a combination of lower fixed priced annual domestic business in 2026 versus 2025, as well as lower netback realizations on export sales into Asia caused by increased freight rates due to the Iranian conflict. In the short to medium term, we see stronger current demand for low-vol products as compared to high-vol. U.S. low-vol indices were up 6% year-on-year in the first quarter, whereas U.S. high-vol prices were down 12% over the same period.To meet this demand our recently announced low-vol growth projects remain on track and on budget. Specifically, at our Berwind complex we have restarted our Laurel Fork Mine and will be adding a 3rd section at the main Berwind Mine this summer. At full production, these projects are expected to add approximately 100,000-200,000 tons in 2026 and 500,000 tons of metallurgical coal production in 2027.Similarly, we continue construction of a new rail loadout at our low-vol Maben complex with completion expected before year-end. This loadout is anticipated to save roughly $20 per ton on current trucking costs at this complex. It will also facilitate development of future deep mining should the Company elect to initiate mine expansion at this complex. At full production the Maben deep mine could provide approximately 1.5 million tons of additional low-vol coal production.Metallurgical Coal Guidance:The Company reiterates all previous key operational guidance across the board for full-year 2026.For the second quarter of 2026, we anticipate coal shipments of between 900,000 – 1,000,000 tons, with an ability to increase this figure depending on market conditions. We expect cash costs towards the higher end of the full-year range for the second quarter on the back of elevated fuel costs due to the Iranian conflict.MANAGEMENT COMMENTARYRandall Atkins, Ramaco Resources' Chairman and Chief Executive Officer commented, "Through our previously announced $100 million stock buyback program thus far this year we have repurchased $37 million of Class A common stock at an average price of $14.54 per share. This constitutes approximately 5% of our outstanding shares. We will continue to review our share repurchase options as the markets dictate.Over the past 9 months, we raised more than $500 million in equity and zero coupon unsecured convertible notes at prices of $18.75 per share on the equity raise and $24.25 per share on the convertible notes, both above the average price of our recent repurchase program.Our current share price level on a forward basis is in line with our metallurgical coal peers based on consensus estimates. As a result, we see that the market is placing limited share value on our potential rare earth elements and other critical minerals opportunity. Given our more positive internal view, we felt a prudent use of cash was to initiate execution on our authorized share repurchase plan in the first quarter.We will continue to evaluate the best use of cash on the balance sheet. I would note that we ended the first quarter with almost $490 million in liquidity, up more than 310% year-over-year. At these levels, our strong balance sheet affords us the optionality to invest in a number of areas including share repurchases, advancement of our exploratory Brook Mine project and low-vol met coal growth.Regarding the metallurgical coal business, this was the third consecutive quarter of cash cost per ton sold under $100, a unique accomplishment among our met coal peers. This was accomplished without wage or benefit cuts, and despite rising diesel prices since the start of the year.The Iranian conflict has impacted our business in several direct and indirect aspects. Diesel fuel prices for mine operations in the first quarter increased by roughly 23% over last year. Similarly, we have seen netbacks on Asian sales decline based on freight charge increases brought on by higher fuel costs.On met coal sales we have solidly started 2026 with 3.5 million tons contracted as of April 30. This sales level equates to 90% at the midpoint of 2026 production guidance of 3.9 million tons. 1.1 million tons are committed at an average realized fixed price of $138 per ton to North American customers and an additional 1.0 million tons are committed at an average fixed price of $107 per ton to seaborne customers. Another 1.4 million tons are committed to export sales at floating index-based pricing.Despite strong operational performance, both met coal pricing and realizations remain challenged, especially on the high-vol side. Current first quarter cash margins of $16 per ton declined from $24 per ton for same quarter in 2025. This was largely due to the $20 per ton, or 12% decline in U.S. high-vol indices over that same period. High-vol prices rose modestly in this first quarter versus the fourth quarter of 2025, however we still view current high-vol indices as unsustainably weak.At these levels, almost all global high-vol mines remain unprofitable on a sustaining cost basis. This year that dynamic has caused many key operations throughout both the U.S. and internationally to either file for bankruptcy, idle production, or engage in outright sales processes. All of this is likely to result in further supply contraction as the year progresses.Based on this supply dynamic alone we anticipate metallurgical prices will rise in the second half of 2026. Further, with Australian benchmark pricing now up $50 per ton in the first quarter of 2026 versus the first quarter of 2025, we view the current gap as unsustainable between Australian and U.S. met coal quoted index pricing.Our recently announced low-vol growth projects are proceeding on both anticipated timing and projected spend. Last quarter we restarted our Laurel Fork Mine and this summer we will add a 3rd section to our Berwind Mine. At full production, these projects are expected to add 100,000-200,000 tons in 2026 and 500,000 tons of coal production in 2027. In addition, at our low-vol Maben complex the construction of the new rail loadout is expected to be complete before year-end. This loadout is anticipated to currently save roughly $20 per ton on trucking costs and provide optionality for future deep mine production growth at this mine.On the rare earth elements and critical minerals front, we expect the second half of 2026 will see significant advancement on a number of fronts. The revised conceptual study from Hatch is expected in June, followed soon thereafter by a geological Technical Report Summary from Weir, both analyzing the Initial Assessment of the carbochlorination processing flowsheet technique. Based on internal projections we estimate that this process should materially increase previous estimates of incremental revenue and free cash flow.We are now in advanced stages regarding potential domestic and international offtake transactions and non-dilutive third-party project financing. Specifics will be disclosed when transactions are complete. Timing on our pilot plant construction remains as projected with pilot operations expected to begin in early 2027.We are advancing our reorganization efforts outlined in our last Earnings release earlier this year. We expect to detail more on this in our remarks tomorrow in connection with this quarter's release." Key operational and financial metrics are presented below (unaudited):
Key Metrics
1Q26
4Q25Chg.
1Q25Chg.Total Tons Sold ('000)
892
938(5) %
946(6) %Total Tons Produced ('000)
951
8927 %
989(4) %Liquidity ($mm)$488.8
$521.0(6) %
$118.4313 %Revenue ($mm)$121.6
$128.0(5) %
$134.7(10) %Cost of Sales ($mm)$108.5
$103.25 %
$114.1(5) %Non-GAAP Revenue of Tons Sold ($/Ton) (a)$114
$116(2) %
$122(7) %Non-GAAP Cash Cost of Sales ($/Ton) (a)$98
$927 %
$980 %Non-GAAP Cash Margins on Tons Sold ($/Ton) (a)$16
$24(33) %
$24(33) %Net Income (Loss) ($mm)$(18.3)
$(14.7)(25) %
$(9.5)(94) %Diluted EPS - Class A Common Stock$(0.30)
$(0.26)(15) %
$(0.19)(58) %Diluted EPS - Class B Common Stock$(0.15)
$(0.07)(114) %
$(0.20)25 %Adjusted EBITDA ($mm) (a)$(1.8)
$8.9(120) %
$9.8(118) %Cash Capex ($mm)$17.1
$12.240 %
$20.3(16) %(1) See "Reconciliation of Non-GAAP Measures." Differences may occur due to rounding.FIRST QUARTER 2026 PERFORMANCE In the following paragraphs, all references to "quarterly" periods or to "the quarter" refer to the first quarter of 2026, unless specified otherwise.Quarterly Year 2026 over 2025 Year ComparisonQuarterly overall coal production in the first quarter of 2026 of 951,000 tons was down 4% from the same period of 2025. The Elk Creek complex produced 717,000 tons, up 4% from last year. The Berwind, Knox Creek, and Maben complexes had production of 234,000 tons in the quarter, which was down 22% from the same period last year. The decline was largely due to the previously announced idling of higher cost metallurgical coal production precipitated by weak market conditions.U.S. high-vol metallurgical coal indices fell almost 12% versus the first quarter of 2025. As a result, quarterly pricing was $114 per ton, or 7% lower compared to $122 per ton in the first quarter of 2025.Cash costs were $98 per ton sold, excluding transportation costs and idle mine costs, consistent with the same period in 2025.Resultant cash margins were $16 per ton during the first quarter, down from $24 per ton or 33% from the same period of 2025. This was based on non-GAAP revenue (FOB mine) and non-GAAP cash cost of sales (FOB mine).Quarterly 2026 Sequential ComparisonFirst quarter of 2026 production of 951,000 tons was up 7% from the fourth quarter of 2025. The increase was moderated due to both continued production discipline in the current challenging market environment, coupled with the fourth quarter being impacted by two weeks of vacation.First quarter of 2026 sales of 892,000 tons were down 5% from the fourth quarter of 2025. First quarter sales were in line with our guidance, but were impacted by weather creating negative transportation issues, which were resolved by mid-March. Sales activity continues to run at normal cadence so far in the second quarter of 2026. Realized first quarter pricing of $114 per ton was down 2% from $116 per ton in the fourth quarter of 2025. This slight decline was primarily due to lower priced annual domestic business in 2026 versus 2025 with average U.S. high-vol index pricing dropping by 12% year-on-year in the first quarter of 2026. Netback price realizations were also impacted by both significantly higher amounts of export sales into Asia in the first quarter of 2026, and freight rates which increased due to higher fuel pricing caused by the Iranian conflict.Quarterly cash costs of $98 per ton were up $6 per ton or 7% compared to $92 per ton in the fourth quarter of 2025. The increase in cash costs was again largely due to higher diesel prices. Quarterly cash margins were $16 per ton, compared to $24 per ton last quarter, due mainly to the increased cash cost per ton. These figures are based on non-GAAP revenue (FOB mine) and non-GAAP cash cost of sales (FOB mine).BALANCE SHEET AND LIQUIDITY As of March 31, 2026, the Company had liquidity of $488.8 million, consisting of approximately $355.2 million of cash and $133.6 million of borrowing availability under our revolving credit facility. Liquidity was up over 310% compared to the same period of 2025.Quarterly capital expenditures totaled $17.1 million, down 16% compared to $20.3 million in the same period of 2025. This compared to $12.2 million for the fourth quarter of 2025.For the first quarter of 2026, the Company recognized income tax benefit of $5.8 million, which was an approximate 19% effective tax benefit rate, excluding the impact of discrete items.The following summarizes key sales, production and financial metrics for the periods noted (unaudited):
Three months ended
March 31,
December 31,
March 31, In thousands, except per ton amounts
2026
2025
2025
Sales Volume (tons)
892
938
946
Company Production (tons)
Elk Creek Mining Complex
717
697
687Berwind Mining Complex (includes Knox Creek and Maben)
234
195
302Total
951
892
989
Per Ton Financial Metrics (a)
Average revenue per ton
$114
$116
$122Average cash costs of coal sold
98
92
98Average cash margin per ton
$16
$24
$24
Cash Capital Expenditures
$17,100
$12,195
$20,312
(a) Metrics are defined and reconciled under "Reconciliation of Non-GAAP Measures."Class B DividendRelating to its Class B common shares, the Board of Directors (the "Board") declared a stock dividend of $0.1369 per share of Class B common stock for the second quarter of fiscal year 2026 to shareholders of record as of the close of Nasdaq on June 12, 2026 (the "Record Date").The dividends will be paid in Class B common stock and issued on June 26, 2026 (the "Payment Date") whereby holders will receive new shares of Class B common stock determined by dividing $0.1369 by the closing transaction price of the Class B common stock on June 12, 2026.No fractional shares will be issued in connection with the above-described stock dividend. In lieu of the issuance of fractional shares, the Company will pay in cash on the Payment Date the fair value of the fractions of a share issuable, determined as of the close of Nasdaq on the Record Date and based upon the closing transaction price per share of the Class B common stock reported by Nasdaq on that date.FINANCIAL GUIDANCE(In thousands, except per ton amounts and percentages)
Full-Year
Full-Year
2026 Guidance
2025
Company Production (tons)
3,700 - 4,100
3,826
Sales (tons) (a)
4,100 - 4,500
3,834
Cash Costs Per Ton Sold (b)
$95 - 100$98
Other
Capital Expenditures (c)
$85,000 - 90,000$64,282Selling, general and administrative expense (d)
$67,000 - 72,000$69,363Depreciation, depletion, and amortization expense
$75,000 - 80,000$68,155Interest expense, net
$1,000 - 2,000$7,804Effective tax rate (e)
20 - 25%
17 %Idle Mine and Other Costs
$2,000 - 3,000$3,059
(a) Includes purchased coal.(b) Excludes transportation costs and idle mine costs.(c) Excludes capitalized interest.(d) Includes stock-based compensation.(e) Normalized to exclude discrete items. Committed 2026 Sales Volume(a)
(In millions, except per ton amounts) (unaudited)
2026
Volume (Tons)
Average Price/TonNorth America, fixed priced
1.1
$138Seaborne, fixed priced
1.0
107Total, fixed priced
2.1
$124Index priced
1.4
Total committed tons
3.5
(a)Amounts as of April 30, 2026 include purchased coal. Totals may not add due to rounding. Includes impact from demurrage and other logistics and related fees.ABOUT RAMACO RESOURCES Ramaco Resources, Inc. is an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia, and southwestern Virginia and exploring a coal, rare earth and other critical minerals project in Wyoming. The Company's executive offices are located in Lexington, Kentucky, with operational offices in Charleston, West Virginia and Sheridan, Wyoming. The Company currently has four active metallurgical coal mining complexes in Central Appalachia and one coal mine and rare earth element and other critical mineral exploration stage property near Sheridan, Wyoming (the "Brook Mine"). The Brook Mine remains an exploration stage property, and no assurance can be given that it will be successfully developed into a commercial scale mine or that any inferred mineral resources estimated will be converted into higher confidence mineral resources or eventually mineral reserves. Contiguous to the Brook Mine, the Company operates a carbon research facility related to the potential production of advanced carbon products and materials from coal. In connection with these activities, it holds a body of more than 70 intellectual property patents, pending applications, exclusive licensing agreements and various trademarks. News and additional information about Ramaco Resources, including filings with the Securities and Exchange Commission, are available at http://www.ramacoresources.com. For more information, contact investor relations at (859) 244-7455.FIRST QUARTER 2026 CONFERENCE CALLRamaco Resources will hold its quarterly conference call and webcast at 10:00 AM Eastern Time (ET) on Tuesday, May 12, 2026. An accompanying slide deck will be available at https://www.ramacoresources.com/investors/investor-presentations/ immediately before the conference call.To participate in the live teleconference on May 12, 2026:Domestic Live: (833) 890-6680
International Live: (412) 564-6129
Conference ID: Ramaco Resources First Quarter 2026 Results
Web link: Click HereCAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTSCertain statements contained in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements related to future production volumes and sales, anticipated capital expenditures, expected demand for metallurgical coal, the development and commercialization of the Brook Mine rare earth and critical mineral project, projected operating costs and margins, and the Company's financial guidance and outlook. These forward-looking statements represent Ramaco Resources' expectations or beliefs concerning guidance, future events, anticipated revenue, future demand and production levels, macroeconomic trends, the development of ongoing projects, costs and expectations regarding operating results, and it is possible that the results described in this news release will not be achieved.These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ramaco Resources' control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.These factors include, without limitation, unexpected delays in our current mine development activities, the ability to successfully increase production at our existing met coal complexes in accordance with the Company's growth initiatives, failure of our sales commitment counterparties to perform, increased government regulation of coal in the United States or internationally, the impact of tariffs imposed by the United States and foreign governments, the further decline of demand for coal in export markets and underperformance of the railroads, the Company's ability to successfully develop the exploratory Brook Mine rare earth and critical mineral project, including whether the Company's exploration target and estimates for such mine are realized, the timing of the initial production of rare earth concentrates, the development of a pilot and ultimately a full scale commercial processing facility. Mineral resources are not mineral reserves and do not meet the threshold for reserve modifying factors, such as estimated economic viability, that would allow for conversion to mineral reserves. There is no certainty that any part of the inferred mineral resources estimated at Brook Mine will be converted into higher confidence mineral resources and eventually mineral reserves in the future. Rare earth and critical minerals are a new initiative for us and, as such, has required and will continue to require us to make significant investments to build out our rare earth and other critical mineral capabilities.Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ramaco Resources does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ramaco Resources to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in Ramaco Resources' filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The risk factors and other factors noted in Ramaco Resources' SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement.Ramaco Resources, Inc.
Unaudited Consolidated Statements of Operations
Three months ended March 31, In thousands, except per share amounts
2026
2025
Revenue
$121,613
$134,656
Costs and expenses
Cost of sales (exclusive of items shown separately below)
108,514
114,132Asset retirement obligations accretion
506
402Depreciation, depletion, and amortization
16,613
17,542Selling, general, and administrative
20,285
14,602Total costs and expenses
145,918
146,678
Operating (loss) income
(24,305)
(12,022)
Other income (expense), net
485
505Interest expense, net
(334)
(2,230)(Loss) income before tax
(24,154)
(13,747)Income tax (benefit) expense
(5,835)
(4,290)Net (loss) income
$(18,319)
$(9,457)
Earnings per common share
Basic - Class A
$(0.30)
$(0.19)Basic - Class B
$(0.15)
$(0.20)
Diluted - Class A
$(0.30)
$(0.19)Diluted - Class B
$(0.15)
$(0.20) Ramaco Resources, Inc.Unaudited Consolidated Balance Sheets
In thousands, except per-share amounts
March 31, 2026
December 31, 2025
Assets
Current assets
Cash and cash equivalents
$355,205
$440,347Accounts receivable
66,335
54,354Inventories
105,546
87,155Prepaid expenses and other
15,616
15,750Total current assets
542,702
597,606Property, plant, and equipment, net
517,090
511,943Financing lease right-of-use assets, net
14,998
15,763Advanced coal royalties
6,260
5,815Other
10,538
9,442Total Assets
$1,091,588
$1,140,569
Liabilities and Stockholders' Equity
Liabilities
Current liabilities
Accounts payable
$57,004
$41,600Accrued liabilities
43,487
54,724Current portion of asset retirement obligations
997
1,797Current portion of long-term debt
6
56Current portion of financing lease obligations
7,625
7,281Insurance financing liability
2,121
4,042Total current liabilities
111,240
109,500Asset retirement obligations, net
34,270
33,122Long-term financing lease obligations, net
9,137
10,184Long-term debt, net
452,063
451,361Deferred tax liability, net
38,469
44,309Other long-term liabilities
9,405
8,527Total liabilities
654,584
657,003
Commitments and contingencies
Stockholders' Equity
Class A common stock, $0.01 par value
458
445Class B common stock, $0.01 par value
110
106Additional paid-in capital
470,099
483,326Treasury stock
(15,031)
—Retained earnings
(18,632)
(311)Total stockholders' equity
437,004
483,566Total Liabilities and Stockholders' Equity
$1,091,588
$1,140,569 Ramaco Resources, Inc.Unaudited Statement of Cash Flows
Three months ended March 31, In thousands
2026
2025Cash flows from (used in) operating activities:
Net income (loss)
$(18,319)
$(9,457)Adjustments to reconcile net income to net cash from operating activities:
Accretion of asset retirement obligations
506
402Depreciation, depletion, and amortization
16,613
17,542Amortization of debt issuance costs
924
353Stock-based compensation
4,908
3,361(Gain)/loss on disposal of assets
(448)
—Deferred income taxes
(5,840)
(4,668)Changes in operating assets and liabilities:
Accounts receivable
(11,981)
21,460Prepaid expenses and other current assets
297
5,429Inventories
(18,391)
(12,765)Other assets and liabilities
(673)
(1,253)Accounts payable
12,896
9,809Accrued liabilities
(15,096)
(4,174)Net cash from (used in) operating activities
(34,604)
26,039
Cash flows from (used in) investing activities:
Capital expenditures
(17,495)
(20,313)Capitalized interest
(327)
(527)Other
805
(1,416)Net cash used in investing activities
(17,017)
(22,256)
Cash flows from (used in) financing activities:
Proceeds from borrowings
—
19,000Repayment of borrowings
(50)
(3,110)Purchase of treasury shares
(11,929)
—Payment of dividends
—
(2,476)Repayments of insurance financing
(1,921)
(1,937)Repayments of equipment finance leases
(1,741)
(2,056)Payment of debt issuance costs
(265)
(67)Shares surrendered for withholding taxes payable
(17,616)
(2,680)Net cash from (used in) financing activities
(33,522)
6,674
Net change in cash and cash equivalents and restricted cash
(85,143)
10,457Cash and cash equivalents and restricted cash, beginning of period
441,168
33,823Cash and cash equivalents and restricted cash, end of period
356,025
44,280
Cash and cash equivalents
355,205
43,466Restricted cash
820
814Total cash, cash equivalents and restricted cash
356,025
44,280Reconciliation of Non-GAAP Measures (Unaudited)Adjusted EBITDAAdjusted EBITDA is used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders, and rating agencies. We believe Adjusted EBITDA is useful because it allows us to evaluate our operating performance more effectively.We define Adjusted EBITDA as net income plus net interest expense; equity-based compensation; depreciation, depletion, and amortization expenses; income taxes; accretion of asset retirement obligations; and, when applicable, certain other non-operating and expense items that are non-recurring and not related to the underlying business performance. Its most comparable GAAP measure is net income. A reconciliation of net income to Adjusted EBITDA is included below. Adjusted EBITDA is not intended to serve as a substitute for GAAP measures of performance and may not be comparable to similarly titled measures presented by other companies.
Q1
Q4
Q1(In thousands)
2026
2025
2025
Reconciliation of Net Income to Adjusted EBITDA
Net (loss) income$(18,319)
$(14,705)
$(9,457)Depreciation, depletion, and amortization
16,613
16,484
17,542Interest expense, net
334
506
2,230Income tax (benefit) expense
(5,835)
(1,076)
(4,290)EBITDA
(7,207)
1,209
6,025Stock-based compensation
4,908
4,726
3,361Other expense (a)
—
2,500
—Accretion of asset retirement obligation
506
461
402Adjusted EBITDA$(1,793)
$8,896
$9,788(a) Represents non-recurring expenses incurred in connection with the structuring of a strategic critical minerals terminal.Non-GAAP revenue and cash cost per tonNon-GAAP revenue per ton (FOB mine) is calculated as coal sales revenue less transportation costs including demurrage costs, divided by tons sold. Non-GAAP cash cost per ton sold (FOB mine) is calculated as cash cost of coal sales less transportation costs and idle and other costs, divided by tons sold. We believe revenue per ton (FOB mine) and cash cost per ton (FOB mine) provide useful information to investors as these enable investors to compare revenue per ton and cash cost per ton for the Company against similar measures made by other publicly-traded coal companies and more effectively monitor changes in coal prices and costs from period to period excluding the impact of transportation costs, which are beyond our control. The adjustments made to arrive at these measures are significant in understanding and assessing the Company's financial performance. Revenue per ton sold (FOB mine) and cash cost per ton sold (FOB mine) are not measures of financial performance in accordance with GAAP and therefore should not be considered as a substitute for revenue and cost of sales under GAAP. The tables below show how we calculate non-GAAP revenue and cash cost per ton:Non-GAAP revenue per ton (unaudited)
Q1
Q4
Q1(In thousands, except per ton amounts)
2026
2025
2025Metallurgical Coal Segment
Revenue
$121,613
$128,007
$134,656Less: Adjustments to reconcile to Non-GAAP revenue (FOB mine)
Transportation
20,202
19,290
19,042Non-GAAP revenue (FOB mine)
$101,411
$108,717
$115,614Tons sold
892
938
946Non-GAAP revenue per ton sold (FOB mine)
$114
$116
$122Non-GAAP cash cost per ton (unaudited)
Q1
Q4
Q1(In thousands, except per ton amounts)
2026
2025
2025Metallurgical Coal Segment
Cost of sales $108,514
$107,063
$112,220Less: Adjustments to reconcile to Non-GAAP cash cost of sales
Transportation costs
19,967
19,290
18,998Idle and other costs
1,367
1,331
459Non-GAAP cash cost of sales$87,180
$86,442
$92,763Tons sold
892
938
946Non-GAAP cash cost per ton sold (FOB mine)$98
$92
$98
Non-GAAP cash margins on tons sold $16
$24
$24We do not provide reconciliations of our outlook for cash cost per ton to cost of sales in reliance on the unreasonable efforts exception provided for under Item 10(e)(1)(i)(B) of Regulation S-K. We are unable, without unreasonable efforts, to forecast certain items required to develop the meaningful comparable GAAP cost of sales. These items typically include non-cash asset retirement obligation accretion expenses, mine idling expenses and other non-recurring indirect mining expenses that are difficult to predict in advance in order to include a GAAP estimate. View original content:https://www.prnewswire.com/news-releases/ramaco-resources-reports-first-quarter-2026-results-302768613.htmlSOURCE Ramaco Resources, Inc. Original: RAMACO RESOURCES REPORTS FIRST QUARTER 2026 RESULTS
US Market News
3月前
Ramaco Resources, Inc. Announces Internal Corporate ReorganizationMarch 31, 2026 8:15 AM
PR Newswire (US)
LEXINGTON, Ky., March 31, 2026 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, "Ramaco" or the "Company") a dual platform company that is both a leading operator and developer of high-quality, low-cost metallurgical coal in Central Appalachia and a developing producer of coal, rare earth elements and critical minerals ("REE/CM") in Wyoming, announces it is undergoing a strategic internal corporate reorganization.The Board of Directors has authorized management to pursue a strategic internal reorganization of the Company's corporate structure (the "Reorganization"). The Reorganization is designed to align the Company's corporate organization with its distinct business activities and asset portfolios. The objective is to maximize shareholder value by enhancing operational focus, improving operating and financial transparency for investors, and facilitating future financing opportunities for the Company's various business divisions. This could include potential access by one or more of those divisions to the public capital markets.Strategic RationaleThe Company believes that the Reorganization represents a significant opportunity to maximize shareholder value by unlocking the full financial and investment potential of its diverse asset base. The Company's existing operations and assets span multiple distinct and, in some senses, unaligned business categories. These include:An established metallurgical coal production and sales business,A rare earth and critical mineral resource and sales development,Various mineral rights and related infrastructure ownership encompassing both coal and various future potential rare earth elements and critical minerals, as well asFuture potential critical mineral related processing and refining facilitiesFollowing the Reorganization, each such business category will be contained in separate related subsidiaries that, at the outset, will be 100% owned by Ramaco Resources, Inc.By organizing its assets and operations into clearly defined business divisions, the Company intends to enhance the development and financing flexibility as well as position each division to pursue dedicated financing strategies tailored to its specific capital needs, growth profile, and investor base.This includes the potential in the future for one or more divisions to separately access public equity and debt capital markets. This structure is intended to enable each business division to attract capital from investors and financing sources best suited to its unique risk and return profile, thereby reducing the Company's overall cost of capital and maximizing long-term shareholder value.The Company's Board of Directors believes that this reorganized structure will create a stronger platform for value creation across all of the Company's business activities.Description of Business DivisionsFollowing the Reorganization, the Company expects its business activities to be organized into the following four principal operating divisions:Metallurgical Coal Production and Sales Operations. This operating division will consist of the Company's established eastern United States metallurgical coal mining production and sales operations. The division will continue to operate substantially as it does today, serving global steel producers with high-quality metallurgical coal products.Rare Earth and Critical Mineral Development and Sales Operations. This operating division will encompass both the development and sales from the Company's western rare earth, critical mineral exploration and development, and thermal mining operations being pursued at the Brook Mine located near Sheridan, Wyoming. The Brook Mine is believed to host a rich and unconventional deposit of rare earth elements and critical mineral deposits including scandium, high purity gallium, germanium, high-purity alumina, and high-purity quartz. It also contains light and heavy rare earths including neodymium, praseodymium, terbium, dysprosium, yttrium, samarium, and gadolinium.All of these minerals and rare earths are hosted in soft carbonaceous coal, clay, and siltstone seams. There is no certainty that any estimated mineral resources at the Brook Mine will be converted to mineral reserves, and no assurance that we will successfully develop the Brook Mine into a commercial–scale mine. This division is expected to be responsible for the mining, development and sales of both thermal coal and the related feedstock for the Company's critical mineral oxide and carbonate refining operations.Royalty and Infrastructure. This operating division will hold the Company's mineral rights in coal as well as rare earth and critical minerals, real property interests, and infrastructure assets across both the Company's eastern and western operations. Revenue for this division is expected to be derived from royalty payments and infrastructure income received from the Company's operating divisions in exchange for the use of the Company's mineral rights and infrastructure. This division is expected to benefit from a capital-light business model with high margins and minimal ongoing capital expenditure requirements.Critical Mineral Refining and Processing. This operating division is expected to be responsible for the future processing and refining of rare earth and critical mineral feedstock expected to be produced by the Company's mining operations, utilizing the Company's proprietary carbochlorination processing technology. The division is expected to produce multiple distinct product streams.Additional InformationThe Company expects the Reorganization to be implemented in a tax-efficient manner using a series of internal corporate restructuring transactions. The Reorganization is not expected to result in any immediate change to the Company's current publicly traded equity or the Company's listing on the Nasdaq Stock Market. The Company is being advised by various legal, accounting and investment banking groups on strategic and accounting matters in connection with the Reorganization.The Company is pursuing this initiative with the overarching objective of maximizing shareholder value. There can be no assurance regarding the timing of the completion of the Reorganization, the specific form it will ultimately take, or whether it will achieve the anticipated benefits. The Company has no obligation to update or supplement the information contained in this Current Report.ABOUT RAMACO RESOURCESRamaco Resources, Inc. is a dual platform company that is both an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and a developing producer of coal, rare earth elements and critical minerals in Wyoming. The Company's executive offices are in Lexington, Kentucky, with operational offices in Charleston, West Virginia and Sheridan, Wyoming. The Company currently has four active metallurgical coal mining complexes in Central Appalachia and one coal mine and rare earths development near Sheridan, Wyoming. In 2023, the Company announced that a major deposit of primary magnetic rare earths and critical minerals was discovered at its mine near Sheridan, Wyoming. Contiguous to the Wyoming mine, the Company currently operates a carbon research and pilot facility related to the development and production of advanced carbon products and materials derived from coal. In connection with these activities, the Company holds a body of more than 70 intellectual property patents, pending applications, exclusive licensing agreements and various trademarks. News and additional information about Ramaco Resources, including filings with the Securities and Exchange Commission, are available at https://www.ramacoresources.com. For more information, contact investor relations at (859) 244-7455.CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTSCertain statements contained in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements related to Ramaco's plan for the Brook Mine, as well as expected benefits and advantages from the Brook Mine, and the anticipated mineral sources at the Brook Mine, the timing of the completion of the Reorganization and the expected benefits of the Reorganization. These forward-looking statements represent Ramaco Resources' expectations or beliefs concerning guidance, future events, anticipated revenue, future demand and production levels, macroeconomic trends, the development of ongoing projects, costs and expectations regarding operating results, and it is possible that the results described in this news release will not be achieved.These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ramaco Resources' control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.These factors include, without limitation, unexpected delays in our current mine development activities, the ability to successfully increase production at our existing met coal complexes in accordance with the Company's growth initiatives, failure of our sales commitment counterparties to perform, increased government regulation of coal in the United States or internationally, the impact of tariffs imposed by the United States and foreign governments, the further decline of demand for coal in export markets and underperformance of the railroads, the Company's ability to successfully develop the Brook Mine REE/CM project, including whether the Company's exploration target and estimates for such mine are realized, the timing of the initial production of rare earth concentrates, the development of a pilot and ultimately a full scale commercial processing facility. Mineral resources are not mineral reserves and do not meet the threshold for reserve modifying factors, such as estimated economic viability, that would allow for conversion to mineral reserves. There is no certainty that any part of the estimated mineral resources at Brook Mine will be converted into mineral reserves in the future. Rare earths and critical minerals is a new initiative for us and, as such, has required and will continue to require us to make significant investments to build out our rare earth capabilities.Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ramaco Resources does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ramaco Resources to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in Ramaco Resources' filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The risk factors and other factors noted in Ramaco Resources' SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement.POINT OF CONTACT
INVESTOR RELATIONS: info @anajatwo-7455
View original content:https://www.prnewswire.com/news-releases/ramaco-resources-inc-announces-internal-corporate-reorganization-302729334.htmlSOURCE Ramaco Resources, Inc.
Original: Ramaco Resources, Inc. Announces Internal Corporate Reorganization
US Market News
5月前
RAMACO RESOURCES REPORTS FOURTH QUARTER AND FULL-YEAR 2025 RESULTSFebruary 25, 2026 4:25 PM
PR Newswire (US)
LEXINGTON, Ky., Feb. 25, 2026 /PRNewswire/ -- Ramaco Resources, Inc. (NASDAQ: METC, METCB, "Ramaco" or the "Company") is a leading operator and developer of high-quality, low-cost metallurgical coal in Central Appalachia and is transitioning to also become a developer of rare earth and critical minerals in Wyoming. Today it reported financial results for the three and twelve month periods ending December 31, 2025 (the "Results").FOURTH QUARTER 2025 HIGHLIGHTSThe Company had a quarterly net loss of $(14.7) million and Class A diluted EPS of $(0.26). Class A diluted EPS was $(0.22) excluding a $2.5 million one-time, non-recurring expense incurred in connection with the structuring of a strategic critical minerals terminal at the Company's Brook Mine.The Company had quarterly Adjusted EBITDA of $8.9 million defined as adjusted earnings before interest, taxes, depreciation, amortization, certain non-operating expenses, the non-recurring expense noted above and equity-based compensation, a non-GAAP measure ("Adjusted EBITDA"). Also, see "Reconciliation of Non-GAAP Measures" below.The Company had quarterly non-GAAP cash mine cost per ton sold of $92 which was a $5 per ton decline compared to the third quarter of 2025. (See "Reconciliation of Non-GAAP Measures" below.) The Company's cash costs continue to remain in the first quartile of the U.S. cost curve. This quarter also represented the Company's strongest quarter in terms of cash costs per ton in four years. Fourth quarter cash margins of $24 per ton equaled those of the first quarter as the strongest of 2025 despite the U.S. high-vol metallurgical coal indices having fallen 17% during that time. They also exceeded third quarter margins by 4%, despite a 4% quarterly decline in U.S. high-vol metallurgical coal indices.FULL-YEAR 2025 HIGHLIGHTSFor full-year 2025 Ramaco had a net loss of $(51.4) million and Class A diluted EPS of $(0.99). Class A diluted EPS was $(0.95), excluding the one-time, non-recurring expense noted above.For full-year 2025 Adjusted EBITDA was $36.1 million as defined above. For full-year 2025 non-GAAP cash mine cost was $98 per ton sold, which was a $7 per ton decline compared to full-year 2024. (See "Reconciliation of Non-GAAP Measures" below.) For full-year 2025 cash margins were $22 per ton, compared to $35 per ton in 2024 principally because of lower priced metallurgical coal indices in 2025.The fourth quarter reflected record liquidity of $521 million, an increase of more than 275% year over year. The Company's balance sheet is now the strongest in its history, despite challenging price declines and the weakness in the metallurgical coal markets.This financial strength will allow the Company to optimize the transition and growth into a dual platform critical minerals company including both future growth of metallurgical coal production as well as the advancement of our rare earths and critical mineral development.MARKET COMMENTARY / 2026 OUTLOOKRare Earths and Critical Minerals:The Company continues to progress to development of a Pre-Feasibility Study ("PFS"). It is announcing today that it has developed a fundamental alternative flowsheet design for the processing of its rare earth elements and critical minerals from coal deposits. This process is both proprietary and patent-pending and has been developed by Ramaco's new internal critical mineral processing team. It has also now been endorsed by third party independent testing groups. This design improves upon the solvent extraction processing techniques previously modeled and outlined in the Preliminary Economic Assessment ("PEA") prepared in mid-2025 by Fluor Corporation.The alternative flowsheet design uses a carbochlorination process for recovery of critical minerals. Internal projections estimate that this flowsheet process will generate materially increased incremental revenue and free cash flow when compared to our previously published projections which had been based on the use of the solvent extraction method. As explained below, the carbochlorination process is anticipated to provide fundamental de-risking of the previous processing approach by reducing the overall capital and operating costs associated with oxide production, improving overall recoveries and product yields, increasing cash flow, creating a higher value product slate, while using a proven technique deployed in the titanium industry and reducing the project's reliance on scandium as the main product driver.Initial testing by independent third-party laboratories using this flowsheet method indicates an ability to produce significantly higher recovery levels of both gallium and scandium, as well as the ability to produce a slate of high purity, and thus, higher value, gallium related products. This is expected to expand the proposed product suite of critical minerals. We now anticipate that the largest amount of our revenue will be from a product slate of high purity gallium, high purity alumina ("HPA") and high purity quartz ("HPQ"). These high value products are primarily used in the semiconductor industry and other related applications. This approach is anticipated to also reduce the project's former reliance on scandium as the dominant product.The flowsheet provides potentially increased overall oxide production, higher oxide recovery, and expected higher revenue per ton of feed to the critical minerals processing facility. As a result, as part of the flowsheet redesign Ramaco is evaluating the optimal level of initial plant feedstock throughput. We anticipate this may reduce the initial capital expenditure of the oxide processing plant. Ramaco expects, however, to maintain the design optionality to increase both feedstock and plant output as future demand dictates. As part of this process revision, Ramaco is now planning to produce a mixed rare earth carbonate ("MREC") product for sale to third-party rare earth magnet-oriented processing companies. MREC output will constitute a minority of total revenue.This change is expected to greatly simplify and eliminate the need to construct the costly portion of the processing facility associated with the technically complex solvent extraction form of separation of the rare earths into separated magnetic oxides. Thus, we expect that it will eliminate the substantial capital and operating cost associated with construction and development of the previous large solvent extraction portion of the overall plant.Independent third-party testing, design, optimization and preparation of detailed economics for the change in flowsheet design will now modestly push out previous reporting timelines. We now expect to receive a revised PEA being prepared by Hatch, Inc. by mid-year. This PEA will generate revised economics utilizing the new flowsheet. The subsequent more detailed PFS, also being prepared by Hatch, is now expected to be completed by late 2026.As part of this new flowsheet analysis Hatch is expected to provide a pilot plant re-design expected by Q3-2026. During this redesign period we will continue current construction of the pilot plant and testing facility in Sheridan, WY. Development of the interior pilot plant infrastructure is expected to recommence at the Zeton pilot plant fabrication facility in Canada upon receipt of Hatch plans. We will continue third party metallurgical testing to support the PFS phase and are in parallel ramping up internal laboratory and test operations at the iCAM research facility.Ramaco continues its ongoing dialogue with both governmental and strategic groups regarding our development progress as we clarify our product capabilities, economics and timelines over the coming months.Metallurgical Coal Sales, Marketing and Growth Projects:Sales commitments for 2026 currently total 3.1 million tons as of the date of these Results. These sales equate to almost 80% of the midpoint and roughly 75% at the high-end of 2026 production guidance. 1.1 million tons are committed to North American customers at an average realized fixed price of $142 per ton. In addition, 2.0 million export tons are committed to seaborne customers at index-linked pricing.The fourth quarter of 2025 was the weakest quarter of the year for U.S. high-vol metallurgical coal indices. We have however begun to see a meaningful rebound in low-vol metallurgical index pricing on the back of both Australian supply constraints and stronger Indian demand. Australian premium low-vol indices are up more than $40 per ton from the fourth quarter average to now roughly $240 per ton. US low-vol and high-vol indices are up as much as 10% on average today compared to the fourth quarter average. Based on this positive market movement the Company will now both initiate and accelerate from 2027 to 2026 several growth projects associated with its low-vol portfolio. Specifically, the Board of Directors has authorized the restarting of the Laurel Fork Mine, as well as adding a 3rd section at our Berwind Mine. At full production, these projects are expected to add 0.5 million tons of production in 2027 and add 0.1-0.2 million tons in 2026.In addition, we are accelerating the construction of the new rail loadout project at our low-vol Maben complex. Completion of the new rail loadout is expected before year-end. This loadout is anticipated to save roughly $20 per ton on trucking costs at Maben. It is also expected to facilitate development of deep mining at this complex should the Company elect to initiate that step in the future. It is anticipated that at full production the Maben deep mining could provide approximately 1.5 million tons of additional low-vol production.Overall, these new low-vol development projects are anticipated to involve roughly $20 million in new growth commitments in 2026.Metallurgical Coal Guidance:The Company is issuing initial guidance for the 2026 calendar year and expects annual sales volumes between 4.1 and 4.5 million tons, with an ability to increase sales to almost 5 million tons, depending on market conditions. The Company expects annual met coal production volumes between 3.7 and 4.1 million tons, with an ability to optimize production levels depending on market conditions. Despite modest capital outlays, the Company anticipates both production and tons sold to increase in 2026 versus 2025. This would mark the Company's sixth consecutive year of production growth. This record is the longest continuous production growth curve among the met coal peer group.Ramaco anticipates 2026 cash cost of sales will be in the range of $95 and $100 per ton. Continued cost discipline is anticipated to lead to the third annual decrease in cash cost of sales in a row and the lowest level of cash cost per ton since 2021. The Company remains committed to maintaining its first quartile cash cost position in the U.S. met coal peer group. The Company anticipates Company-wide maintenance and growth capital outlays in 2026 of between $85 and $90 million. This includes spending on maintenance capital on its metallurgical coal mines of roughly $10-11 per ton, approximately $20 million of capital outlays at the Berwind and Maben complexes and roughly $20 million for its rare earth elements business. We anticipate 2026 first quarter shipments of between 800,000 – 950,000 tons due to normal annual seasonality in the Great Lakes which is closed for most of the first quarter. We expect cash costs towards the higher end of the range for that quarter, on the back of lower ratable shipments.MANAGEMENT COMMENTARYRandall Atkins, Ramaco Resources' Chairman and Chief Executive Officer commented, "Given the exceptional job by our operations team in terms of maintaining cost control at our core metallurgical coal complexes in 2025, I will start my comments on the coal front. Although we share our shareholder interest in the on-going Brook Mine critical mineral development in Wyoming, we have not lost sight that our fundamental core business today is the operation of our metallurgical coal complexes in Appalachia.Overall cash costs of $92 per ton this past quarter were the lowest we have achieved since the fourth quarter of 2021. Indeed, at our largest complex at Elk Creek, fourth quarter costs averaged just $80 per ton. We would also note that in this difficult market environment, unlike some others, we have not cut either wages or benefits to our mine workers.We regard Ramaco as a best-in-class employer, that continues to attract the top talent in the industry, and which also led to very strong productivity last quarter.Furthermore, our fourth quarter cash margins of $24 per ton were tied with our first quarter cash margins as the strongest of 2025. This was despite a 17% decline in U.S. high-vol metallurgical coal indices during that period.As we look ahead, we have initiated our 2026 met coal guidance. We are poised to both grow our total coal production for the 6th year in a row, while lowering overall cash costs per ton sold for the 3rd year in a row. Based on our current 2026 guidance, if benchmark price indices hold at current levels or improve, we expect meaningful earnings growth overall in 2026 versus 2025.World metallurgical coal markets have begun to see a meaningful and we hope sustained rebound. This appears in index pricing on the back of both Australian supply constraints and stronger Indian demand. Australian premium low-vol indices have increased to roughly $240 per ton and by more than $40 per ton from the fourth quarter average. US low-vol and high-vol indices are also up as much as 10% on average today compared to the fourth quarter average.As a result, we are either accelerating or initiating some of our low-vol growth projects which we had deferred until we began to see some positive market clarity. These low-vol projects are expected to add 0.5 million tons of production in 2027. We anticipate they will add 0.1-0.2 million tons in 2026. They also set the table should we decide to pursue further low-vol development in the future.We are focusing on low-vol production growth in the face of a crowded field of new high-vol projects from our peers who are now fiercely competing in the export markets. This has created current pricing pressure on high-vol coals with indices today lagging well below historical relativities.Despite this market overcrowding, we have been able to secure recent sales in Asia at meaningful premiums to these indices because of the low sulfur character of our high-vol coals. It is our expectation given market conditions that published high-vol index pricing will ultimately adjust accordingly, which should lead to an upward movement in these indices.Our coal sales for the year have again started off strong. We have sales commitments for 2026 currently totaling 3.1 million tons as of the date of these Results. These sales equate to almost 80% of the midpoint of the 2026 production guidance of 3.9 million tons. 1.1 million tons are committed to North American customers at an average realized fixed price of $142 per ton which is currently the highest level of our peer published results. In addition, 2.0 million export tons are committed to seaborne customers at index-linked pricing. We expect ultimate annual sales volumes between 4.1 and 4.5 million tons, with an ability to increase sales to almost 5 million tons, depending on market conditions.Moving to our emerging rare earth elements and critical minerals business in Wyoming, we are announcing a fundamental technology breakthrough for processing the minerals found comingled in coal. This is a new proprietary carbochlorination flowsheet that our internal critical mineral team developed by building upon the research and discoveries from the Fluor Corporation's Preliminary Economic Assessment ("PEA"). In simplistic terms, the results of current testing show that this approach should yield meaningful benefits to the Brook Mine's cash flows compared to the already strong projected cash flows in both Fluor's PEA and in the upsized development case from my last Shareholder Letter.Basically, we now expect markedly increased recoveries and yields of an overall higher value slate of basket oxide production. From this technique we also expect substantially increased production levels of high-purity gallium, high purity alumina, as well as high purity quartz. All of these products target the semi-conductor industries.The gallium and related products will constitute the largest portion of our overall projected revenue. Although we still expect to produce high levels of scandium, that critical mineral will not dominate the overall product slate in the same manner as in our original flowsheet design.We also now expect to sell our magnetic rare earth feedstock production as a mixed rare earth carbonate. This approach substantially simplifies the flowsheet. It is expected to reduce both the significant initial capital outlays as well as the on-going operating reagent expense associated with the solvent extraction separation processing technique for rare earth separation.Internal financial estimates indicate that these modifications, together with the current higher critical mineral pricing environment, are expected to materially increase cash flow generation estimates from our previously published figures. We are now working with our independent consultant Hatch to validate these estimates and expect to publish a revised PEA utilizing this new flowsheet and new economics by mid-year.These new flowsheet modifications will modestly increase the timeline for completion of our Preliminary Feasibility Study ("PFS"). We believe however that these changes will both ultimately and substantially improve the overall project and best serve the joint interests of both our shareholders and indeed the country.Importantly, we have now developed and filed patent and trade secret protections around a robust portfolio of intellectual property associated with this novel process. This should ensure that the Brook Mine will be the only coal based unconventional source of domestic REEs and critical minerals that will be able to utilize our new process.On the market front, the Trump administration recently announced an initiative to establish international price floors for critical minerals to counter China's market dominance. We remain confident that the U.S. government is committed to ensuring the development of a supply chain for domestic rare earth elements and critical minerals. We continue to pursue potential procurement, funding and development opportunities with strategic and governmental stakeholders.We were also recently gratified to note the Administration's discussion about the creation of domestic rare earth and critical mineral stockpiles for overall supply chain management and procurement. This initiative dovetails with our previously announced critical mineral stockpile and terminal initiative at the Brook Mine which we are pursuing with Goldman Sachs.Lastly, I want to touch upon the financial transformation of the liquidity levels on our balance sheet that we achieved in the second half of 2025. In total we raised over $1 billion in new capital.First, in July/August we raised $65 million in gross proceeds through the public issuance of unsecured notes led by Lucid Capital. Second, in August we raised $200 million in new equity through an underwriting led by Morgan Stanley and Goldman Sachs. Third, in November working again with Goldman Sachs, Morgan Stanley and a larger underwriting syndicate we raised $345 million in 6-year unsecured convertible notes with a zero percent coupon. Then in December we increased our revolving credit facility led by KeyBank to $500 million, inclusive of a $150 million accordion feature.Our balance sheet is now in the strongest position in our history, in spite of the challenging state of the metallurgical coal markets. We ended the fourth quarter with record liquidity of $521 million, which was up more than 275% year over year. This will allow us to rapidly move forward with our transition into a dual platform critical minerals company.On the other side of this journey, we hope to realize substantial growth and shareholder opportunities as a dual platform critical minerals enterprise. We will do so by producing both larger levels of high-quality low-cost metallurgical coal, as well as hopefully becoming one of the nation's leading vertically integrated rare earth and critical mineral companies. We look forward to 2026 moving us further along this unique path." Key operational and financial metrics are presented below (unaudited):
Key Metrics
4Q25
3Q25Chg.
4Q24Chg.
2025 YTD
2024 YTDChg.Total Tons Sold ('000)
938
8737 %
1,122(16) %
3,834
3,989(4) %Liquidity ($mm)$521.0
$272.491 %
$137.8278 %
$521.0
$137.8278 %Revenue ($mm)$128.0
$121.06 %
$170.9(25) %
$536.6
$666.3(19) %Cost of Sales ($mm)$103.2
$101.81 %
$136.1(24) %
$453.4
$533.3(15) %Non-GAAP Revenue of Tons Sold ($/Ton) (a)$116
$120(3) %
$129(10) %
$120
$140(14) %Non-GAAP Cash Cost of Sales ($/Ton) (a)$92
$97(5) %
$96(4) %
$98
$105(7) %Non-GAAP Cash Margins on Tons Sold ($/Ton) (a)$24
$234 %
$33(27) %
$22
$35(37) %Net Income (Loss) ($mm)$(14.7)
$(13.3)(11) %
$3.9(481) %
$(51.4)
$11.2(560) %Diluted EPS - Class A Common Stock$(0.26)
$(0.25)(4) %
$0.06(533) %
$(0.99)
$0.11(1,003) %Diluted EPS - Class B Common Stock$(0.07)
$(0.05)(40) %
$0.02(450) %
$(0.43)
$0.47(191) %Adjusted EBITDA ($mm) (a)$8.9
$8.46 %
$29.2(70) %
$36.1
$105.8(66) %Cash Capex ($mm)$12.2
$16.6(27) %
$11.92 %
$64.3
$68.8(7) %Adjusted EBITDA less Capex ($mm) $(3.3)
$(8.3)60 %
$17.3(119) %
$(28.2)
$36.9(176) %(1) See "Reconciliation of Non-GAAP Measures." Differences may occur due to rounding.FOURTH QUARTER AND FULL-YEAR 2025 PERFORMANCE In the following paragraphs, all references to "quarterly" periods or to "the quarter" refer to the fourth quarter of 2025, unless specified otherwise.Quarterly Year 2025 over 2024 Year ComparisonQuarterly overall production in the fourth quarter of 2025 of 892,000 tons was down 7% from the same period of 2024. The Elk Creek complex produced 697,000 tons, up 4% from last year. The Berwind, Knox Creek, and Maben complexes had production of 195,000 tons in the quarter, which was down 31% from the same period last year. The decline was largely due to the previously announced idling of some higher cost metallurgical coal production in light of continued weak market conditions.U.S. high-vol metallurgical coal indices fell almost 20% versus the fourth quarter of 2024. As a result, quarterly pricing was $116 per ton, or 10% lower compared to $129 per ton in the fourth quarter of 2024.Cash costs were $92 per ton sold, excluding transportation costs and idle mine costs, which was a 4%, or $4 per ton decrease from the same period in 2024.As a result of the above, cash margins were $24 per ton during the fourth quarter, down from $33 per ton or 27% from the same period of 2024. This was based on non-GAAP revenue (FOB mine) and non-GAAP cash cost of sales (FOB mine).Quarterly 2025 Sequential ComparisonFourth quarter of 2025 production was 892,000 tons, down 6% from the third quarter of 2025. The decrease was due to continued production discipline in the current challenging market environment, coupled with an extra week of vacation in the third quarter compared to the second quarter.Realized quarterly pricing of $116 per ton was down 3% from $120 per ton in the third quarter of 2025. This reflected the sequential decline in U.S. high-vol metallurgical indices, which fell roughly 4%, versus the third quarter.Quarterly cash costs of $92 per ton were down $5 per ton or 5% compared to $97 per ton in the third quarter of 2025. Quarterly cash margins were $24 per ton, increasing from $23 per ton sequentially, mainly due to the decreased cash cost per ton. These figures are based on non-GAAP revenue (FOB mine) and non-GAAP cash cost of sales (FOB mine).BALANCE SHEET AND LIQUIDITY As of December 31, 2025, the Company had liquidity of $521.0 million, consisting of approximately $440.3 million of cash plus $80.7 million of availability under our revolving credit facility. Liquidity was up over 275% compared to the same period of 2024 and was the strongest quarter-end liquidity on record for the Company.During the fourth quarter, the Company issued $345 million of zero coupon unsecured convertible debt with Goldman Sachs and Morgan Stanley. As of December 31, 2025, net debt stood at approximately $11 million versus net debt of $56 million on December 31, 2024.Quarterly capital expenditures totaled $12.2 million, down 27% compared to $16.6 million the third quarter of 2025. This compared to $11.9 million for the same period of 2024.For the fourth quarter of 2025, the Company recognized income tax benefit of $1.1 million, which was an approximate 6.8% effective tax benefit rate.The following summarizes key sales, production and financial metrics for the periods noted (unaudited):
Three months ended
Year ended December 31,
December 31,
September 30,
December 31,
In thousands, except per ton amounts
2025
2025
2024
2025
2024
Sales Volume (tons)
938
873
1,122
3,834
3,989
Company Production (tons)
Elk Creek Mining Complex
697
647
672
2,719
2,286Berwind Mining Complex (includes Knox Creek and Maben)
195
298
282
1,107
1,385Total
892
945
954
3,826
3,671
Per Ton Financial Metrics (a)
Average revenue per ton
$116
$120
$129
$120
$140Average cash costs of coal sold
92
97
96
98
105Average cash margin per ton
$24
$23
$33
$22
$35
Cash Capital Expenditures
$12,195
$16,626
$11,920
$64,282
$68,842(a) Metrics are defined and reconciled under "Reconciliation of Non-GAAP Measures."Class B DividendOur Board of Directors (the "Board") has declared a stock dividend for the first quarter of fiscal year 2026 relating to its Class B common shares to shareholders of record as of the close of Nasdaq on March 13, 2026 (the "Record Date"). The dividends will be paid in Class B common stock and issued on March 27, 2026 (the "Payment Date").The Board approved and declared the quarterly Class B common stock dividend of $0.1489 per share on the Company's Class B common stock. Given that this payment will occur in the form of Class B shares, Class B holders will receive a number of shares of Class B common stock for each share of Class B common stock determined by dividing $0.1489 by the closing transaction price of the Class B common stock on March 13, 2026.No fractional shares will be issued in connection with the above-described stock dividend. In lieu of the issuance of fractional shares, the Company will pay in cash on the Payment Date the fair value of the fractions of a share issuable, determined as of the close of Nasdaq on the Record Date and based upon the closing transaction price per share of the Class B common stock reported by Nasdaq on that date.FINANCIAL GUIDANCE
(In thousands, except per ton amounts and percentages)
Full-Year
Full-Year
2026 Guidance
2025
Company Production (tons)
3,700 - 4,100
3,826
Sales (tons) (a)
4,100 - 4,500
3,834
Cash Costs Per Ton Sold (b)
$95 - 100$98
Other
Capital Expenditures (c)
$85,000 - 90,000$64,282Selling, general and administrative expense (d)
$67,000 - 72,000$69,363Depreciation, depletion, and amortization expense
$75,000 - 80,000$68,155Interest expense (income), net
$(1,000 - 2,000)$7,804Effective tax rate (e)
20 - 25%
17 %Idle Mine and Other Costs
$2,000 - 3,000$3,059
(a) Includes purchased coal.(b) Excludes transportation costs and idle mine costs.(c) Excludes capitalized interest.(d) Includes stock-based compensation.(e) Normalized to exclude discrete items.Committed 2026 Sales Volume(a)
(In millions, except per ton amounts) (unaudited)
2026
Volume
Average PriceNorth America, fixed priced
1.1
$142Seaborne, fixed priced
-
Total, fixed priced
1.1
$142Index priced
2.0
Total committed tons
3.1
(a) Amounts as of February 24, 2026 include purchased coal. Totals may not add due to rounding. Excludes demurrage.ABOUT RAMACO RESOURCESRamaco Resources, Inc. is an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia, and southwestern Virginia and a developing producer of coal, rare earth and critical minerals in Wyoming. Its executive offices are in Lexington, Kentucky, with operational offices in Charleston, West Virginia and Sheridan, Wyoming. The Company currently has four active metallurgical coal mining complexes in Central Appalachia and one coal mine and rare earth development near Sheridan, Wyoming in the initial stages of production. In 2023, the Company announced that a major deposit of primary magnetic rare earths and critical minerals was discovered at its mine near Sheridan, Wyoming. Contiguous to the Wyoming mine, the Company operates a carbon research related to the production of advanced carbon products and materials from coal. In connection with these activities, it holds a body of more than 70 intellectual property patents, pending applications, exclusive licensing agreements and various trademarks. News and additional information about Ramaco Resources, including filings with the Securities and Exchange Commission, are available at http://www.ramacoresources.com. For more information, contact investor relations at (859) 244-7455.FOURTH QUARTER AND FULL-YEAR 2025 CONFERENCE CALLRamaco Resources will hold its quarterly conference call and webcast at 9:00 AM Eastern Time (ET) on Thursday, February 26, 2026. An accompanying slide deck will be available at https://www.ramacoresources.com/investors/investor-presentations/ immediately before the conference call.To participate in the live teleconference on February 26, 2026:Domestic Live: (833) 890-6680
International Live: (412) 564-6129
Conference ID: Ramaco Resources Fourth Quarter 2025 Results
Web link: Click HereCAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTSCertain statements contained in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Ramaco Resources' expectations or beliefs concerning guidance, future events, anticipated revenue, future demand and production levels, macroeconomic trends, the development of ongoing projects, costs and expectations regarding operating results, and it is possible that the results described in this news release will not be achieved.These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ramaco Resources' control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.These factors include, without limitation, unexpected delays in our current mine development activities, the ability to successfully increase production at our existing met coal complexes in accordance with the Company's growth initiatives, failure of our sales commitment counterparties to perform, increased government regulation of coal in the United States or internationally, the impact of tariffs imposed by the United States and foreign governments, the further decline of demand for coal in export markets and underperformance of the railroads, the Company's ability to successfully develop the Brook Mine rare earth and critical mineral project, including whether the Company's exploration target and estimates for such mine are realized, the timing of the initial production of rare earth concentrates, the development of a pilot and ultimately a full scale commercial processing facility. Mineral resources are not mineral reserves and do not meet the threshold for reserve modifying factors, such as estimated economic viability, that would allow for conversion to mineral reserves. There is no certainty that any part of the estimated mineral resources at Brook Mine will be converted into mineral reserves in the future. Rare earth and critical minerals is a new initiative for us and, as such, has required and will continue to require us to make significant investments to build out our rare earth capabilities.Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ramaco Resources does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ramaco Resources to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in Ramaco Resources' filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The risk factors and other factors noted in Ramaco Resources' SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement.Ramaco Resources, Inc.
Unaudited Consolidated Statements of Operations
Three months ended December 31,
Year ended December 31, In thousands, except per share amounts
2025
2024
2025
2024
Revenue
$128,007
$170,893
$536,618
$666,295
Costs and expenses
Cost of sales (exclusive of items shown separately below)
103,233
136,079
453,389
533,293Asset retirement obligations accretion
461
402
1,667
1,465Depreciation, depletion, and amortization
16,484
16,706
68,155
65,615Selling, general, and administrative
20,936
11,354
69,363
49,286Total costs and expenses
141,114
164,541
592,574
649,659
Operating (loss) income
(13,107)
6,352
(55,956)
16,636
Other income (expense), net
(2,168)
1,332
1,620
4,407Interest expense, net
(506)
(1,614)
(7,804)
(6,123)(Loss) income before tax
(15,781)
6,070
(62,140)
14,920Income tax (benefit) expense
(1,076)
2,212
(10,694)
3,728Net (loss) income
$(14,705)
$3,858
$(51,446)
$11,192
Earnings per common share
Basic - Class A
$(0.26)
$0.06
$(0.99)
$0.11Basic - Class B
$(0.07)
$0.02
$(0.43)
$0.50
Diluted - Class A
$(0.26)
$0.06
$(0.99)
$0.11Diluted - Class B
$(0.07)
$0.02
$(0.43)
$0.47 Ramaco Resources, Inc.Unaudited Consolidated Balance Sheets
In thousands, except per-share amounts
December 31, 2025
December 31, 2024
Assets
Current assets
Cash and cash equivalents
$440,347
$33,009Accounts receivable
54,354
73,582Inventories
87,155
43,358Prepaid expenses and other
15,750
17,685Total current assets
597,606
167,634Property, plant, and equipment, net
511,943
482,019Financing lease right-of-use assets, net
15,763
12,437Advanced coal royalties
5,815
4,709Other
9,442
7,887Total Assets
$1,140,569
$674,686
Liabilities and Stockholders' Equity
Liabilities
Current liabilities
Accounts payable
$41,600
$48,855Accrued liabilities
54,724
61,659Current portion of asset retirement obligations
1,797
1,035Current portion of long-term debt
56
359Current portion of financing lease obligations
7,281
6,218Insurance financing liability
4,042
4,302Total current liabilities
109,500
122,428Asset retirement obligations, net
33,122
30,052Long-term equipment loans
—
57Long-term financing lease obligations, net
10,184
7,517Long-term debt, net
451,361
88,135Deferred tax liability, net
44,309
56,027Other long-term liabilities
8,527
7,664Total liabilities
657,003
311,880
Commitments and contingencies
Stockholders' Equity
Class A common stock, $0.01 par value
445
438Class B common stock, $0.01 par value
106
95Additional paid-in capital
483,326
292,739Retained earnings
(311)
69,534Total stockholders' equity
483,566
362,806Total Liabilities and Stockholders' Equity
$1,140,569
$674,686 Ramaco Resources, Inc.Unaudited Statement of Cash Flows
Year ended December 31,
In thousands
2025
2024
Cash flows from (used in) operating activities:
Net (loss) income
$(51,446)
$11,192
Adjustments to reconcile net income to net cash from operating activities:
Accretion of asset retirement obligations
1,667
1,465
Depreciation, depletion, and amortization
68,155
65,615
Amortization of debt issuance costs
2,711
934
Stock-based compensation
17,569
17,466
(Gain)/loss on disposal of assets
38
(18)
Deferred income taxes
(11,718)
1,675
Changes in operating assets and liabilities:
Accounts receivable
19,228
23,284
Prepaid expenses and other current assets
12,059
1,869
Inventories
(43,797)
(6,195)
Other assets and liabilities
(3,169)
(2,982)
Accounts payable
(10,042)
(4,834)
Accrued liabilities
714
3,194
Net cash from operating activities
1,969
112,665
Cash flows from (used in) investing activities:
Capital expenditures
(62,781)
(55,236)
Land and mineral acquisition
(18,544)
—
Maben preparation plant capital expenditures
(1,717)
(13,606)
Capitalized interest
(1,209)
(1,498)
Other
586
(495)
Net cash used in investing activities
(83,665)
(70,835)
Cash flows from (used in) financing activities:
Proceeds from equity offering
189,000
—
Payment of equity offering costs
(746)
—
Proceeds from long-term debt issuances
398,483
55,160
Purchase of capped calls
(32,810)
—
Proceeds from borrowings
52,000
141,500
Repayment of borrowings
(52,369)
(197,966)
Repayments of senior notes
(34,500)
—
Proceeds from stock options exercised
802
534
Payment of dividends
(4,340)
(24,602)
Repayments of insurance financing
(7,276)
(5,540)
Repayments of equipment finance leases
(10,497)
(8,636)
Payment of debt issuance costs
(5,217)
(657)
Shares surrendered for withholding taxes payable
(3,489)
(10,581)
Net cash from (used in) financing activities
489,041
(50,788)
Net change in cash and cash equivalents and restricted cash
407,345
(8,958)
Cash and cash equivalents and restricted cash, beginning of period
33,823
42,781
Cash and cash equivalents and restricted cash, end of period
441,168
33,823
Reconciliation of Non-GAAP Measures (Unaudited)Adjusted EBITDAAdjusted EBITDA is used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders, and rating agencies. We believe Adjusted EBITDA is useful because it allows us to evaluate our operating performance more effectively.We define Adjusted EBITDA as net income plus net interest expense; equity-based compensation; depreciation, depletion, and amortization expenses; income taxes; accretion of asset retirement obligations; and, when applicable, certain other non-operating and expense items that are non-recurring and not related to the underlying business performance. Its most comparable GAAP measure is net income. A reconciliation of net income to Adjusted EBITDA is included below. Adjusted EBITDA is not intended to serve as a substitute for GAAP measures of performance and may not be comparable to similarly titled measures presented by other companies.
Q4
Q3
Q4
Year ended December 31, (In thousands)
2025
2025
2024
2025
2024
Reconciliation of Net Income to Adjusted EBITDA
Net (loss) income$(14,705)
$(13,308)
$3,858
$(51,446)
$11,192Depreciation, depletion, and amortization
16,484
17,091
16,706
68,155
65,615Interest expense, net
506
2,250
1,614
7,804
6,123Income tax (benefit) expense
(1,076)
(3,299)
2,212
(10,694)
3,728EBITDA
1,209
2,734
24,390
13,819
86,658Stock-based compensation
4,726
4,731
4,211
17,569
17,466Other non-operating (a)
—
500
193
500
203Other expense (b)
2,500
—
—
2,500
—Accretion of asset retirement obligation
461
402
402
1,667
1,465Adjusted EBITDA$8,896
$8,367
$29,196
$36,055
$105,792
(a) Represents income tax penalties and charitable contributions.(b) Represents non-recurring expenses incurred in connection with the structuring of a strategic critical minerals terminal.Non-GAAP revenue and cash cost per tonNon-GAAP revenue per ton (FOB mine) is calculated as coal sales revenue less transportation costs including demurrage costs, divided by tons sold. Non-GAAP cash cost per ton sold (FOB mine) is calculated as cash cost of coal sales less transportation costs and idle and other costs, divided by tons sold. We believe revenue per ton (FOB mine) and cash cost per ton (FOB mine) provide useful information to investors as these enable investors to compare revenue per ton and cash cost per ton for the Company against similar measures made by other publicly-traded coal companies and more effectively monitor changes in coal prices and costs from period to period excluding the impact of transportation costs, which are beyond our control. The adjustments made to arrive at these measures are significant in understanding and assessing the Company's financial performance. Revenue per ton sold (FOB mine) and cash cost per ton sold (FOB mine) are not measures of financial performance in accordance with GAAP and therefore should not be considered as a substitute for revenue and cost of sales under GAAP. The tables below show how we calculate non-GAAP revenue and cash cost per ton:Non-GAAP revenue per ton (unaudited)
Q4
Q3
Q4
Year ended December 31, (In thousands, except per ton amounts)
2025
2025
2024
2025
2024Metallurgical Coal Segment
Revenue
$128,007
$120,996
$170,893
$536,618
$666,295Less: Adjustments to reconcile to Non-GAAP revenue (FOB mine)
Transportation
19,290
16,131
25,945
75,070
107,031Non-GAAP revenue (FOB mine)
$108,717
$104,865
$144,948
$461,548
$559,264Tons sold
938
873
1,122
3,834
3,989Non-GAAP revenue per ton sold (FOB mine)
$116
$120
$129
$120
$140Non-GAAP cash cost per ton (unaudited)
Q4
Q3
Q4
Year ended December 31, (In thousands, except per ton amounts)
2025
2025
2024
2025
2024Metallurgical Coal Segment
Cost of sales $107,063
$101,842
$134,942
$453,389
$528,538Less: Adjustments to reconcile to Non-GAAP cash cost of sales
Transportation costs
19,290
16,366
25,942
75,327
106,241Idle and other costs
1,331
583
742
3,059
1,529Non-GAAP cash cost of sales$86,442
$84,893
$108,258
$375,003
$420,768Tons sold
938
873
1,122
3,834
3,989Non-GAAP cash cost per ton sold (FOB mine)$92
$97
$96
$98
$105
Non-GAAP cash margins on tons sold $24
$23
$33
$22
$35We do not provide reconciliations of our outlook for cash cost per ton to cost of sales in reliance on the unreasonable efforts exception provided for under Item 10(e)(1)(i)(B) of Regulation S-K. We are unable, without unreasonable efforts, to forecast certain items required to develop the meaningful comparable GAAP cost of sales. These items typically include non-cash asset retirement obligation accretion expenses, mine idling expenses and other non-recurring indirect mining expenses that are difficult to predict in advance in order to include a GAAP estimate.
View original content:https://www.prnewswire.com/news-releases/ramaco-resources-reports-fourth-quarter-and-full-year-2025-results-302697586.htmlSOURCE Ramaco Resources, Inc.
Original: RAMACO RESOURCES REPORTS FOURTH QUARTER AND FULL-YEAR 2025 RESULTS
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