Ramaco Resources, Inc. reported a decline in financial performance for the second quarter of 2026, with revenues of $144.8 million, down 5.3% from $152.9 million in the same period of 2025. For the first half of 2026, the company generated $266.4 million in revenue, a decrease of 7.4% compared to $287.6 million in the first half of 2025. The decline in revenue was attributed to lower pricing and a decrease in tons sold, with coal sales volume dropping from 2.0 million tons in the first half of 2025 to 1.9 million tons in the same period of 2026.
The company's operating loss for the second quarter was $18.2 million, compared to a loss of $13.8 million in the prior year. For the first half of 2026, the operating loss widened to $42.6 million from $25.9 million in the first half of 2025. The increase in losses was driven by higher selling, general, and administrative expenses, which rose to $17.6 million in the second quarter of 2026 from $15.2 million in the same quarter of 2025. The company also reported a net loss of $15.4 million for the second quarter, compared to a loss of $14.0 million in the prior year.
In terms of operational developments, Ramaco Resources continues to focus on its metallurgical coal segment while also advancing its rare earth elements and critical minerals project at the Brook Mine in Wyoming. The company has not yet recognized any revenue from this segment, which remains in the exploration stage. Capital expenditures for the first half of 2026 totaled $50.9 million, with significant investments directed towards the Brook Mine project and enhancements to existing coal operations.
The company’s cash and cash equivalents stood at $282.5 million as of June 30, 2026, with total current assets of $460.6 million exceeding total current liabilities of $108.8 million. Ramaco Resources has also been active in share repurchases, having bought back 4.6 million shares of its common stock under a $100 million repurchase program initiated in December 2025. The company anticipates continuing its dividend payments, which are based on 20% of its CORE royalty and infrastructure fees, although future dividends are subject to board approval and market conditions.
Looking ahead, Ramaco Resources remains cautious about the global metallurgical coal market, which has been affected by economic uncertainties and reduced steel production. The company expects to manage its financial position and liquidity while pursuing growth opportunities, particularly in its rare earth elements segment. The outlook for the remainder of 2026 will depend on market conditions, production levels, and the successful advancement of its projects.
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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