Ramaco Resources, Inc. reported a significant decline in financial performance for the first quarter of 2025, with revenues totaling $134.7 million, down approximately 22% from $172.7 million in the same period of 2024. The company experienced an operating loss of $12.0 million compared to an operating income of $3.3 million in the prior year. The net loss for the quarter was $9.5 million, translating to a loss per share of $0.19 for Class A common stock and $0.20 for Class B common stock. This downturn is attributed to a decrease in metallurgical coal prices, which fell by an average of 27% quarter-over-quarter due to macroeconomic factors, including oversupply in the global steel market.
In terms of operational metrics, Ramaco sold 946,929 tons of coal during the first quarter, consistent with the previous year. However, the revenue per ton sold decreased from $186 to $142, reflecting the impact of lower pricing in export markets. The company’s cost of sales also decreased by 18% to $114.1 million, aided by improved efficiencies in production. The total capital expenditures for the quarter were $20.3 million, up from $18.7 million in the same period last year, primarily due to ongoing development projects at the Maben preparation plant.
Strategically, Ramaco continues to focus on its growth initiatives, particularly in the area of rare earth elements and critical minerals. The company is assessing its mineral deposits in Wyoming and has received a $6.1 million matching grant from the Wyoming Energy Authority to support the development of a pilot processing facility. Additionally, the company announced the appointment of Michael Woloschuk as Executive Vice President for Critical Minerals, indicating a commitment to expanding its operations in this sector.
Looking ahead, Ramaco anticipates that the overall steel demand may remain weak in the near term, but it expects to satisfy approximately 67% of its committed performance obligations in 2025. The company is also focused on maintaining its financial position and liquidity amid volatile market conditions. As of March 31, 2025, Ramaco had $43.5 million in cash and cash equivalents, with an additional $74.9 million available under its revolving credit facility, positioning it to navigate the challenges ahead while pursuing its strategic objectives.
About Ramaco Resources, Inc.
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