Ramaco Resources, Inc. reported a revenue of $121.6 million for the first quarter of 2026, a decrease of approximately 10% compared to $134.7 million in the same period of 2025. The decline in revenue was attributed to a 6% decrease in tons sold, which totaled 892,946 tons in the latest quarter. The company's net loss for the quarter was $18.3 million, or $(0.30) per share for Class A common stock, compared to a net loss of $9.5 million, or $(0.19) per share, in the prior year. The decrease in profitability was influenced by unfavorable global metallurgical coal market conditions and increased operational costs.
In terms of operational metrics, the cost of sales for the first quarter of 2026 was $108.5 million, down from $114.1 million in the previous year, reflecting a reduction in tons sold. Selling, general, and administrative expenses rose significantly to $20.3 million from $14.6 million, primarily due to increased professional service costs and labor expenses associated with the development of the company's rare earth elements and critical minerals project. The company’s Adjusted EBITDA for the quarter was $(1.8 million), a notable decline from $9.8 million in the same quarter of 2025.
Strategically, Ramaco continues to focus on its metallurgical coal operations while advancing its rare earth elements 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 quarter totaled $20 million, with $17.7 million allocated to metallurgical coal operations and $2.3 million to the rare earths segment, reflecting ongoing investments in infrastructure and development.
As of March 31, 2026, Ramaco had $355.2 million in cash and cash equivalents, with an additional $133.6 million available under its Revolving Credit Facility. The company’s total current assets exceeded total current liabilities by $431.5 million, indicating a strong liquidity position. Looking ahead, Ramaco anticipates that the metallurgical coal market will remain volatile, influenced by global economic conditions and pricing dynamics. The company plans to manage its financial position carefully while pursuing growth opportunities in both its coal and rare earths segments.
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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