METCB Filings — Ramaco Resources, Inc. - FilingSpy
METCB
Ramaco Resources, Inc.
A maker of metallurgical coal in Central Appalachia, Ramaco supplies the steelmaking ingredient to mills in North America and overseas from mines at Elk Creek, Berwind, Knox Creek, and Maben. Founded in 2015 in Lexington, Kentucky, the company also runs its Brook Mine in Wyoming, where the coal-bearing rock holds concentrations of rare earths like neodymium and dysprosium — the same elements that power the strong magnets inside electric motors and electronics.
Ramaco's Q2 2026 net loss widened to $15.4M as met coal prices remained below cash costs, while the company deployed $65.9M on stock buybacks.
Ramaco's met coal business continued to operate at a loss, with the realized price per ton still below the cost to produce it. fell 5.3% to $144.8 million and contracted to 11.5%, as a 22% drop in domestic shipments overwhelmed a slight improvement in cash costs. The company used its large cash reserves to $65.9 million in stock, a bet on its own future that deepens the risk if coal markets do not recover.
Key takeaways
The net loss for Q2 2026 was $15.4 million, widening from a $14.0 million loss a year ago, as the operating loss reached $18.2 million.
fell 5.3% to $144.8 million, driven by a $5 per ton drop in the realized price to $137 and a 3.8% decline in tons sold, with domestic shipments falling 22%.
contracted to 11.5% from 12.3% a year ago, as the sold rose slightly to $122, though the improved 3% to $98.
Section summaries
Management's Discussion and Analysis
Revenue fell 7.4% to $266.4M on lower met coal prices and volumes; net loss widened to $33.7M amid soft global steel markets.
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Coal declined 7.4% to $266.4M as realized price per ton dropped $5 to $137 and tons sold fell 3.8% to 1.9M, driven by a 22% drop in domestic shipments.
Cost of sales decreased only 4.7% to $236.7M, with cost per ton rising slightly to $122, though cash cost per ton () improved 3% to $98 on cost-efficiency efforts.
SG&A expenses rose 27% to $37.9 million for the first half of the year, driven by higher labor, stock compensation, and rare earth project development costs.
The company deployed $65.9 million to shares during the quarter, a significant use of its $282.5 million cash balance.
Full-year 2026 production was lowered to 3.6–3.9 million tons, and management expects metallurgical coal prices to remain volatile.
What changed
The realized price per ton fell to $137, remaining below the $142 average fixed price on 1.1 million tons of 2026 sales commitments flagged in the FY2025 10-K.
The improved to $98, sustaining the cost reductions achieved in FY2025 after the closure of the Jawbone mine and commissioning of the Maben plant.
The material weakness in internal controls, remediated in FY2025, was not reported as a concern in this filing.
The company began aggressively using its $440.3 million year-end cash balance for stock repurchases rather than solely preserving it as a buffer, spending $65.9 million in Q2.
What to watch
Whether the realized price per ton can recover above the $122 , the threshold for the met coal business to generate positive .
The pace of cash consumption, with $65.9 million spent on buybacks this quarter against a $282.5 million cash balance and a $40 million rare earth capital allocation planned for 2026.
Whether the lowered 3.6–3.9 million ton full-year production holds, given the 3.8% volume decline in the first half of the year.
Any update on the Brook Mine pre-feasibility study expected in 2026, which will provide the first formal economic assessment of the rare earth deposit.
SG&A jumped 27% to $37.9M, reflecting higher labor and stock compensation plus rare earth project development costs, partially offset by a $1.2M legacy accrual reversal.
Net fell sharply to $1.9M from $5.0M as $5.6M in higher interest income from U.S. Treasury securities more than offset new senior and convertible note interest.
Liquidity remained strong with $282.5M cash and $117.6M availability; major cash uses included $44.6M (new Maben rail loadout, Berwind sections) and $65.9M in stock repurchases.
Full-year 2026 production is 3.6–3.9M tons; the company expects met coal prices to stay volatile and has no yet from its Rare Earths and Critical Minerals .
Quantitative and Qualitative Disclosures About Market Risk
Disclosures about market risk are included in Item 7A, “Quantitative and Qualitative Disclosures about Market Risk,” of our Annual Report. There have been no material changes to our market risk exposure since December 31, 2025. 39 Table of Contents
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Disclosures about market risk are included in Item 7A, “Quantitative and Qualitative Disclosures about Market Risk,” of our Annual Report. There have been no material changes to our market risk exposure since December 31, 2025.
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Table of Contents
Due to the nature of our business, we may become, from time to time, involved in routine litigation or subject to disputes or claims related to our business activities. While the outcome of these proceedings cannot be predicted with certainty, in the opinion of our management,…
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Due to the nature of our business, we may become, from time to time, involved in routine litigation or subject to disputes or claims related to our business activities. While the outcome of these proceedings cannot be predicted with certainty, in the opinion of our management, there are no pending litigation, disputes or claims against us which, if decided adversely, individually or in the aggregate, will have a material adverse effect on our financial condition, cash flows or results of operations. For a description of our legal proceedings, see Note 8 to the Condensed Consolidated Financial Statements included in Part I of this Quarterly Report.
Transportation costs and fuel-price volatility, alongside global economic and geopolitical instability, are the most material risks highlighted.
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Rail delays, infrastructure damage, or capacity shortages could impair coal deliveries and profitability, echoing 2022 rail constraints.
Diesel fuel price spikes, driven by Iran war, supply-demand dynamics, and refining limits, are raising transportation costs and eroding coal competitiveness.
Global economic downturns, inflation, and rising interest rates may reduce steel demand, delay customer orders, and pressure sales and margins.
Wars in Ukraine and Iran are increasing raw-material and energy costs while softening customer demand and lowering steel prices.
Customer or supplier credit deterioration from economic slowdowns could lead to order cancellations, supply interruptions, and payment defaults.