Ramaco Resources, Inc. reported a significant decline in financial performance for the third quarter of 2025, with revenues of $121.0 million, down approximately 28% from $167.4 million in the same period of 2024. For the nine months ending September 30, 2025, total revenue was $408.6 million, an 18% decrease compared to $495.4 million in the prior year. The company experienced a net loss of $13.3 million for the quarter, compared to a loss of $239,000 in the previous year, and a net loss of $36.7 million for the nine-month period, contrasting with a profit of $7.3 million in 2024. The decline in revenue and profitability was attributed to lower coal prices and a decrease in tons sold, particularly in export markets.
Operationally, Ramaco sold 2.9 million tons of coal during the first nine months of 2025, a slight increase from 2.9 million tons in the same period of 2024. The average revenue per ton sold decreased from $173 to $141 year-over-year, reflecting a broader trend of declining metallurgical coal prices due to global market conditions. The company’s cost of sales also decreased to $346.3 million from $397.2 million, primarily due to the closure of the Jawbone mine and reduced trucking costs at the Maben complex. Despite these reductions, the company reported an operating loss of $40.3 million for the nine months ended September 30, 2025.
In terms of strategic developments, Ramaco has initiated the development of its rare earth elements and critical minerals operations at the Brook Mine in Wyoming, which began producing ore material for pilot-scale testing. The company received a $6.1 million matching grant from the Wyoming Energy Authority to support this initiative. However, no revenues have been recognized from this segment to date. The company has also expanded its executive management team to enhance its focus on this new business area.
Financially, Ramaco has strengthened its liquidity position, ending the quarter with $193.8 million in cash and cash equivalents, a significant increase from $33.0 million at the end of 2024. The company raised $200 million through a public offering of Class A common stock in August 2025, which is intended to fund the development of its rare earth elements project and other strategic growth opportunities. The company has also amended its revolving credit facility to provide additional financial flexibility, with $78.6 million available for future borrowings as of September 30, 2025.
Looking ahead, Ramaco anticipates continued volatility in the metallurgical coal market, influenced by global economic conditions and pricing dynamics. The company is focused on managing its financial position and liquidity while pursuing growth opportunities in both its metallurgical coal and rare earth elements segments. The successful development of the Brook Mine and the establishment of a commercial processing facility for rare earth elements are critical to the company's future performance and financial outlook.
About Ramaco Resources, Inc.
Ramaco Resources, Inc. is a U.S.-based operator and developer of high-quality, low-cost metallurgical coal primarily in Appalachia. It focuses on producing and selling metallurgical coal for steelmaking, serving domestic and international markets. The company emphasizes advantaged geology, low production costs, and sustainable practices, while exploring rare earth elements and advanced carbon products to diversify growth opportunities within the global steel and industrial sectors.
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