Ramaco Resources, Inc. SEC 10-Q Report

Ramaco Resources, Inc., a leading producer of metallurgical coal, has released its Form 10-Q report for the third quarter of 2025. The report highlights significant financial and operational metrics, reflecting the company's performance amidst challenging market conditions. The company continues to focus on high-quality, low-cost metallurgical coal production and has initiated new ventures in rare earth elements and critical minerals.

Financial Highlights

• Revenue: $120.996 million, a decrease of approximately 28% compared to the same period in 2024 due to lower pricing and a 15% decrease in tons sold.
• Operating (loss) income: $(14.482) million, compared to $1.594 million in the same period in 2024, reflecting the impact of lower revenue and increased SG&A expenses.
• Net (loss) income: $(13.308) million, compared to $(0.239) million in the same period in 2024, primarily due to the softening of global metallurgical coal markets.
• Basic - Class A: $(0.25) per share, compared to $(0.03) in the same period in 2024.
• Basic - Class B: $(0.05) per share, compared to $0.06 in the same period in 2024.
• Diluted - Class A: $(0.25) per share, compared to $(0.03) in the same period in 2024.
• Diluted - Class B: $(0.05) per share, compared to $0.06 in the same period in 2024.

Business Highlights

• Metallurgical Coal Segment Performance: The Metallurgical Coal segment remains the primary source of revenue, with 2.9 million tons sold during the first nine months of 2025. The segment is focused on high-quality, low-cost metallurgical coal production in southern West Virginia and southwestern Virginia, with plans to grow annual production to approximately seven million clean tons, subject to market conditions and additional capital deployment.
• Geographical Performance: During the nine months ended September 30, 2025, 38% of revenue was from sales into North American markets, including Canada, and 62% from export markets. This reflects a shift from the same period in 2024, where 33% of revenue was from North American markets and 67% from export markets.
• Sales Units: The company sold 2.9 million tons of coal in the first nine months of 2025, maintaining a similar volume compared to 2.9 million tons sold in the same period of 2024. The company expects full-year production volumes in 2025 to be between 3.7 and 3.9 million tons.
• New Production Launches: In June 2025, the company initiated development of its rare earth element and critical mineral operations at the Brook Mine near Sheridan, Wyoming. This project aims to establish rare earth element mineral reserves and resources for processing into oxides.
• Future Outlook for Metallurgical Coal: The company anticipates that limited global investment in new coking coal production capacity, along with the industrialization of emerging economies and eventual economic growth, will support coking coal markets in the long term.
• Rare Earths and Critical Minerals Segment Development: The Brook Mine project is progressing with the construction of a laboratory/pilot plant expected to be completed in mid-2026. The company has received a $6.1 million matching grant from the Wyoming Energy Authority to support this development.
• Strategic Initiatives for Rare Earths: The company is actively engaged with U.S. government agencies to expand and accelerate the Brook Mine project, reflecting its strategic importance for national security and economic resilience.
• Capital Expenditures: The Metallurgical Coal segment's capital expenditures were $45.9 million in the first nine months of 2025, a decrease from $55.8 million in the same period of 2024, due to lower spending on strategic growth projects.
• Operational Adjustments: The company has closed the Jawbone mine and idled the Rockhouse Eagle mine, contributing to a reduction in cost of sales. Additionally, reduced trucking costs at the Maben complex have further decreased operational expenses.

SEC Filing: Ramaco Resources, Inc. [ METC ] - 10-Q - Oct. 28, 2025