RAMACO RESOURCES REPORTS FIRST QUARTER 2026 RESULTS
Rhea-AI Summary
Ramaco Resources (NASDAQ: METC) reported a first quarter 2026 net loss of $18.3 million, or $(0.30) diluted EPS for Class A shares, and Adjusted EBITDA of $(1.8) million. Revenue was $121.6 million, with 892,000 tons sold and cash costs of $98 per ton.
Liquidity rose to $488.8 million, up about 313% year over year. Ramaco repurchased $37 million, or 2.5 million Class A shares, nearly 5% of the class. The company reaffirmed 2026 coal guidance, has 3.5 million tons contracted, and advanced low-vol coal growth and Wyoming rare earth projects.
AI-generated analysis. Not financial advice.
Positive
- Liquidity increased to $488.8 million, up about 313% year over year
- Repurchased $37 million (2.5 million) Class A shares, about 5% of that class
- 3.5 million tons of 2026 sales committed, about 90% of 3.9 million ton guidance midpoint
- Non-GAAP cash cost per ton sold of $98, flat versus first quarter 2025
- Low-vol growth projects expected to add up to 200,000 tons in 2026 and 500,000 tons in 2027
- New Maben rail loadout expected to reduce trucking costs by about $20 per ton
Negative
- First quarter 2026 net loss of $18.3 million versus $9.5 million loss a year earlier
- Adjusted EBITDA declined to $(1.8) million from $9.8 million in first quarter 2025
- Revenue fell to $121.6 million, down about 10% year over year
- Cash margin per ton declined to $16 from $24, a 33% decrease year over year
- U.S. high-vol metallurgical coal indices down about 12% year over year, pressuring realized pricing
- Diesel fuel prices for mine operations rose about 23% versus last year, increasing operating costs
Key Figures
Market Reality Check
Peers on Argus
Pre-release, sector peers were mixed: AMR up 3.33%, SXC up 0.27%, while HCC and AREC fell 1.93% and 2.61%. With no momentum scanner flags and conflicting peer moves, the setup looks stock-specific rather than a broad coking coal move.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Oct 27 | Q3 2025 earnings | Negative | -16.9% | Reported Q3 2025 net loss with modest Adjusted EBITDA amid weak pricing. |
| Jul 31 | Q2 2025 earnings | Negative | -6.8% | Posted Q2 2025 net loss despite record production and Brook Mine progress. |
| May 12 | Q1 2025 earnings | Neutral | +0.1% | Q1 2025 net loss but solid EBITDA, cost cuts, and REE project advances. |
| Mar 10 | Q4 2024 earnings | Positive | +38.3% | Strongest quarter with higher EBITDA, record sales, and lower cash costs. |
| Nov 04 | Q3 2024 earnings | Positive | +9.6% | Solid EBITDA, record production and sales, and reduced 2024 guidance. |
Earnings releases have generally moved in the same direction as the underlying tone: positive quarters saw sharp gains, while loss-heavy reports tended to sell off.
Over the last five earnings releases from Q3 2024 through Q3 2025, Ramaco shifted from profitable quarters with strong Adjusted EBITDA (e.g., $29.2M in Q4 2024) to repeated net losses (e.g., $(14.0)M, $(13.3)M). Despite this, liquidity steadily increased, aided by financing and rare earths development. The current Q1 2026 loss and negative Adjusted EBITDA sit within this pattern of pressured coal pricing but strengthening balance sheet and growing critical minerals optionality.
Historical Comparison
Across the last five earnings releases, METC moved on average ±4.85%. Reactions often tracked the earnings tone, with strong Q4 2024 results drawing the biggest upside response.
Earnings history shows Ramaco moving from strong 2024 coal profitability toward repeated 2025 losses, while simultaneously building liquidity and accelerating its Brook Mine rare earths and critical minerals platform.
Market Pulse Summary
This announcement reported a Q1 2026 net loss of $(18.3)M and negative $(1.8)M Adjusted EBITDA, but also highlighted record liquidity of $488.8M and $37M in share repurchases. Operationally, cash costs stayed at $98/ton as margins compressed to $16/ton. The company is progressing low‑vol coal expansions and its Brook Mine critical minerals pilot, so future updates on pricing, project milestones, and capital allocation will be important to track.
Key Terms
adjusted ebitda financial
non-gaap financial
carbochlorination technical
technical report summary regulatory
pilot plant technical
convertible notes financial
AI-generated analysis. Not financial advice.
FIRST QUARTER 2026 HIGHLIGHTS
- The Company had a quarterly net loss of
$(18.3) million $(0.30) - The Company had quarterly Adjusted EBITDA of
$(1.8) million - During the first quarter and through the close of business on May 8, 2026, the Company has purchased
$37 million $14.54 5% of the Class A common shares. At current price levels, we believe share repurchases represent a prudent use of our capital. - The first quarter reflected liquidity of
$488.8 million 310% year over year. The Company's balance sheet remains among the strongest in its history. - This financial strength has allowed the Company to optimize the transition into a dual platform critical minerals company with liquidity for both future growth of metallurgical coal production as well as advancement of our exploratory rare earths and critical minerals project in
Wyoming . This year it has also provided the optionality to enhance shareholder value through opportunistic open market purchases of the Company's Class A common stock. - The Company had quarterly non-GAAP cash mine cost per ton sold of
$98 U.S. metallurgical coal cost curve. - First quarter 2026 cash margins of
$16 $24 $20 U.S. high-vol indices over that same period. We view current high-vol price indices as unsustainable, as the majority of global high-vol mines remain unprofitable on a sustainable cost basis. - We anticipate upward movement in
U.S. coal pricing in the second half of 2026, caused by anticipated higher cost domestic high-vol supply contraction, coupled with Australian benchmark pricing having risen$50
MARKET COMMENTARY / 2026 OUTLOOK
Rare Earths and Critical Minerals:
- The Company anticipates receipt in late June of a revised conceptual study being prepared by the engineering firm of Hatch Ltd. ("Hatch"). It will be followed soon thereafter with a Technical Report Summary ("TRS") for the Initial Assessment of the Brook Mine project from Weir International ("Weir"). Both the Hatch study and Weir TRS are being prepared utilizing the carbochlorination process for recovery of critical minerals. This technique is currently used extensively in the titanium dioxide industry.
- Internal projections continue to estimate that this flowsheet process should generate materially increased incremental revenue and free cash flow when compared to our previously published projections in the Fluor study prepared in July 2025 which utilized a hydrometallurgical extraction process with a solvent extraction refining technique.
- We continue discussions regarding both potential critical mineral product offtake transactions and non-dilutive third-party project financing involving public and private sectors both domestically and overseas.
- The pilot plant's building structure is now being constructed in
Wyoming with anticipated completion this summer. Design and construction of the interior equipment and testing facilities being fabricated at the Zeton, Inc. facility inCanada will begin in the Fall and full-scale pilot operations should commence in 2027.
Metallurgical Coal Sales, Marketing and Growth Projects:
- Sales commitments for 2026 currently total 3.5 million tons as of April 30. This sales level equates to
90% of 2026 production guidance at the midpoint of 3.9 million tons. - 1.1 million tons at an average realized fixed price of
$138 $107 $124 - While
U.S. high-vol indices rose6% on average in the first quarter of 2026 versus the fourth quarter of 2025, our average realized pricing as a whole fell$2 2% sequentially. This first quarter decline was due to a combination of lower fixed priced annual domestic business in 2026 versus 2025, as well as lower netback realizations on export sales intoAsia caused by increased freight rates due to the Iranian conflict. - In the short to medium term, we see stronger current demand for low-vol products as compared to high-vol.
U.S. low-vol indices were up6% year-on-year in the first quarter, whereasU.S. high-vol prices were down12% over the same period. - To meet this demand our recently announced low-vol growth projects remain on track and on budget. Specifically, at our
Berwind complex we have restarted our Laurel Fork Mine and will be adding a 3rd section at the main Berwind Mine this summer. At full production, these projects are expected to add approximately 100,000-200,000 tons in 2026 and 500,000 tons of metallurgical coal production in 2027. - Similarly, we continue construction of a new rail loadout at our low-vol
Maben complex with completion expected before year-end. This loadout is anticipated to save roughly$20 Maben deep mine could provide approximately 1.5 million tons of additional low-vol coal production.
Metallurgical Coal Guidance:
- The Company reiterates all previous key operational guidance across the board for full-year 2026.
- For the second quarter of 2026, we anticipate coal shipments of between 900,000 – 1,000,000 tons, with an ability to increase this figure depending on market conditions. We expect cash costs towards the higher end of the full-year range for the second quarter on the back of elevated fuel costs due to the Iranian conflict.
MANAGEMENT COMMENTARY
Randall Atkins, Ramaco Resources' Chairman and Chief Executive Officer commented, "Through our previously announced
Over the past 9 months, we raised more than
Our current share price level on a forward basis is in line with our metallurgical coal peers based on consensus estimates. As a result, we see that the market is placing limited share value on our potential rare earth elements and other critical minerals opportunity. Given our more positive internal view, we felt a prudent use of cash was to initiate execution on our authorized share repurchase plan in the first quarter.
We will continue to evaluate the best use of cash on the balance sheet. I would note that we ended the first quarter with almost
Regarding the metallurgical coal business, this was the third consecutive quarter of cash cost per ton sold under
The Iranian conflict has impacted our business in several direct and indirect aspects. Diesel fuel prices for mine operations in the first quarter increased by roughly
On met coal sales we have solidly started 2026 with 3.5 million tons contracted as of April 30. This sales level equates to
Despite strong operational performance, both met coal pricing and realizations remain challenged, especially on the high-vol side. Current first quarter cash margins of
At these levels, almost all global high-vol mines remain unprofitable on a sustaining cost basis. This year that dynamic has caused many key operations throughout both the
Based on this supply dynamic alone we anticipate metallurgical prices will rise in the second half of 2026. Further, with Australian benchmark pricing now up
Our recently announced low-vol growth projects are proceeding on both anticipated timing and projected spend. Last quarter we restarted our Laurel Fork Mine and this summer we will add a 3rd section to our Berwind Mine. At full production, these projects are expected to add 100,000-200,000 tons in 2026 and 500,000 tons of coal production in 2027. In addition, at our low-vol
On the rare earth elements and critical minerals front, we expect the second half of 2026 will see significant advancement on a number of fronts. The revised conceptual study from Hatch is expected in June, followed soon thereafter by a geological Technical Report Summary from Weir, both analyzing the Initial Assessment of the carbochlorination processing flowsheet technique. Based on internal projections we estimate that this process should materially increase previous estimates of incremental revenue and free cash flow.
We are now in advanced stages regarding potential domestic and international offtake transactions and non-dilutive third-party project financing. Specifics will be disclosed when transactions are complete. Timing on our pilot plant construction remains as projected with pilot operations expected to begin in early 2027.
We are advancing our reorganization efforts outlined in our last Earnings release earlier this year. We expect to detail more on this in our remarks tomorrow in connection with this quarter's release."
Key operational and financial metrics are presented below (unaudited):
Key Metrics | ||||||||||
1Q26 | 4Q25 | Chg. | 1Q25 | Chg. | ||||||
Total Tons Sold ('000) | 892 | 938 | (5) % | 946 | (6) % | |||||
Total Tons Produced ('000) | 951 | 892 | 7 % | 989 | (4) % | |||||
Liquidity ($mm) | $ | 488.8 | $ | 521.0 | (6) % | $ | 118.4 | 313 % | ||
Revenue ($mm) | $ | 121.6 | $ | 128.0 | (5) % | $ | 134.7 | (10) % | ||
Cost of Sales ($mm) | $ | 108.5 | $ | 103.2 | 5 % | $ | 114.1 | (5) % | ||
Non-GAAP Revenue of Tons Sold ($/Ton) (a) | $ | 114 | $ | 116 | (2) % | $ | 122 | (7) % | ||
Non-GAAP Cash Cost of Sales ($/Ton) (a) | $ | 98 | $ | 92 | 7 % | $ | 98 | 0 % | ||
Non-GAAP Cash Margins on Tons Sold ($/Ton) (a) | $ | 16 | $ | 24 | (33) % | $ | 24 | (33) % | ||
Net Income (Loss) ($mm) | $ | (18.3) | $ | (14.7) | (25) % | $ | (9.5) | (94) % | ||
Diluted EPS - Class A Common Stock | $ | (0.30) | $ | (0.26) | (15) % | $ | (0.19) | (58) % | ||
Diluted EPS - Class B Common Stock | $ | (0.15) | $ | (0.07) | (114) % | $ | (0.20) | 25 % | ||
Adjusted EBITDA ($mm) (a) | $ | (1.8) | $ | 8.9 | (120) % | $ | 9.8 | (118) % | ||
Cash Capex ($mm) | $ | 17.1 | $ | 12.2 | 40 % | $ | 20.3 | (16) % | ||
(1) See "Reconciliation of Non-GAAP Measures." Differences may occur due to rounding. |
FIRST QUARTER 2026 PERFORMANCE
In the following paragraphs, all references to "quarterly" periods or to "the quarter" refer to the first quarter of 2026, unless specified otherwise.
Quarterly Year 2026 over 2025 Year Comparison
Quarterly overall coal production in the first quarter of 2026 of 951,000 tons was down
Cash costs were
Resultant cash margins were
Quarterly 2026 Sequential Comparison
First quarter of 2026 production of 951,000 tons was up
First quarter of 2026 sales of 892,000 tons were down
Realized first quarter pricing of
Quarterly cash costs of
BALANCE SHEET AND LIQUIDITY
As of March 31, 2026, the Company had liquidity of
Quarterly capital expenditures totaled
For the first quarter of 2026, the Company recognized income tax benefit of
The following summarizes key sales, production and financial metrics for the periods noted (unaudited):
Three months ended | |||||||||
March 31, | December 31, | March 31, | |||||||
In thousands, except per ton amounts | 2026 | 2025 | 2025 | ||||||
Sales Volume (tons) | 892 | 938 | 946 | ||||||
Company Production (tons) | |||||||||
Elk Creek Mining Complex | 717 | 697 | 687 | ||||||
Berwind Mining Complex (includes Knox Creek and | 234 | 195 | 302 | ||||||
Total | 951 | 892 | 989 | ||||||
Per Ton Financial Metrics (a) | |||||||||
Average revenue per ton | $ | 114 | $ | 116 | $ | 122 | |||
Average cash costs of coal sold | 98 | 92 | 98 | ||||||
Average cash margin per ton | $ | 16 | $ | 24 | $ | 24 | |||
Cash Capital Expenditures | $ | 17,100 | $ | 12,195 | $ | 20,312 | |||
(a) Metrics are defined and reconciled under "Reconciliation of Non-GAAP Measures." | |||||||||||
Class B Dividend
Relating to its Class B common shares, the Board of Directors (the "Board") declared a stock dividend of
The dividends will be paid in Class B common stock and issued on June 26, 2026 (the "Payment Date") whereby holders will receive new shares of Class B common stock determined by dividing
No fractional shares will be issued in connection with the above-described stock dividend. In lieu of the issuance of fractional shares, the Company will pay in cash on the Payment Date the fair value of the fractions of a share issuable, determined as of the close of Nasdaq on the Record Date and based upon the closing transaction price per share of the Class B common stock reported by Nasdaq on that date.
FINANCIAL GUIDANCE
(In thousands, except per ton amounts and percentages)
Full-Year | Full-Year | |||||
2026 Guidance | 2025 | |||||
Company Production (tons) | 3,700 - 4,100 | 3,826 | ||||
Sales (tons) (a) | 4,100 - 4,500 | 3,834 | ||||
Cash Costs Per Ton Sold (b) | $ | 95 - 100 | $ | 98 | ||
Other | ||||||
Capital Expenditures (c) | $ | 85,000 - 90,000 | $ | 64,282 | ||
Selling, general and administrative expense (d) | $ | 67,000 - 72,000 | $ | 69,363 | ||
Depreciation, depletion, and amortization expense | $ | 75,000 - 80,000 | $ | 68,155 | ||
Interest expense, net | $ | 1,000 - 2,000 | $ | 7,804 | ||
Effective tax rate (e) | 20 - | 17 % | ||||
Idle Mine and Other Costs | $ | 2,000 - 3,000 | $ | 3,059 | ||
(a) Includes purchased coal. |
(b) Excludes transportation costs and idle mine costs. |
(c) Excludes capitalized interest. |
(d) Includes stock-based compensation. |
(e) Normalized to exclude discrete items. |
Committed 2026 Sales Volume(a) | |||||
(In millions, except per ton amounts) (unaudited) | |||||
2026 | |||||
Volume (Tons) | Average Price/Ton | ||||
1.1 | $ | 138 | |||
Seaborne, fixed priced | 1.0 | 107 | |||
Total, fixed priced | 2.1 | $ | 124 | ||
Index priced | 1.4 | ||||
Total committed tons | 3.5 | ||||
(a) | Amounts as of April 30, 2026 include purchased coal. Totals may not add due to rounding. Includes impact from demurrage and other logistics and related fees. |
ABOUT RAMACO RESOURCES
Ramaco Resources, Inc. is an operator and developer of high-quality, low-cost metallurgical coal in southern
FIRST QUARTER 2026 CONFERENCE CALL
Ramaco Resources will hold its quarterly conference call and webcast at 10:00 AM Eastern Time (ET) on Tuesday, May 12, 2026. An accompanying slide deck will be available at https://www.ramacoresources.com/investors/investor-presentations/ immediately before the conference call.
To participate in the live teleconference on May 12, 2026:
Domestic Live: (833) 890-6680
International Live: (412) 564-6129
Conference ID: Ramaco Resources First Quarter 2026 Results
Web link: Click Here
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
Certain statements contained in this news release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995, including, but not limited to, statements related to future production volumes and sales, anticipated capital expenditures, expected demand for metallurgical coal, the development and commercialization of the Brook Mine rare earth and critical mineral project, projected operating costs and margins, and the Company's financial guidance and outlook. These forward-looking statements represent Ramaco Resources' expectations or beliefs concerning guidance, future events, anticipated revenue, future demand and production levels, macroeconomic trends, the development of ongoing projects, costs and expectations regarding operating results, and it is possible that the results described in this news release will not be achieved.
These forward-looking statements are subject to risks, uncertainties and other factors, many of which are outside of Ramaco Resources' control, which could cause actual results to differ materially from the results discussed in the forward-looking statements.
These factors include, without limitation, unexpected delays in our current mine development activities, the ability to successfully increase production at our existing met coal complexes in accordance with the Company's growth initiatives, failure of our sales commitment counterparties to perform, increased government regulation of coal in
Any forward-looking statement speaks only as of the date on which it is made, and, except as required by law, Ramaco Resources does not undertake any obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise. New factors emerge from time to time, and it is not possible for Ramaco Resources to predict all such factors. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements found in Ramaco Resources' filings with the Securities and Exchange Commission ("SEC"), including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q. The risk factors and other factors noted in Ramaco Resources' SEC filings could cause its actual results to differ materially from those contained in any forward-looking statement.
Ramaco Resources, Inc. | ||||||
Three months ended March 31, | ||||||
In thousands, except per share amounts | 2026 | 2025 | ||||
Revenue | $ | 121,613 | $ | 134,656 | ||
Costs and expenses | ||||||
Cost of sales (exclusive of items shown separately below) | 108,514 | 114,132 | ||||
Asset retirement obligations accretion | 506 | 402 | ||||
Depreciation, depletion, and amortization | 16,613 | 17,542 | ||||
Selling, general, and administrative | 20,285 | 14,602 | ||||
Total costs and expenses | 145,918 | 146,678 | ||||
Operating (loss) income | (24,305) | (12,022) | ||||
Other income (expense), net | 485 | 505 | ||||
Interest expense, net | (334) | (2,230) | ||||
(Loss) income before tax | (24,154) | (13,747) | ||||
Income tax (benefit) expense | (5,835) | (4,290) | ||||
Net (loss) income | $ | (18,319) | $ | (9,457) | ||
Earnings per common share | ||||||
Basic - Class A | $ | (0.30) | $ | (0.19) | ||
Basic - Class B | $ | (0.15) | $ | (0.20) | ||
Diluted - Class A | $ | (0.30) | $ | (0.19) | ||
Diluted - Class B | $ | (0.15) | $ | (0.20) | ||
Ramaco Resources, Inc. Unaudited Consolidated Balance Sheets | ||||||
In thousands, except per-share amounts | March 31, 2026 | December 31, 2025 | ||||
Assets | ||||||
Current assets | ||||||
Cash and cash equivalents | $ | 355,205 | $ | 440,347 | ||
Accounts receivable | 66,335 | 54,354 | ||||
Inventories | 105,546 | 87,155 | ||||
Prepaid expenses and other | 15,616 | 15,750 | ||||
Total current assets | 542,702 | 597,606 | ||||
Property, plant, and equipment, net | 517,090 | 511,943 | ||||
Financing lease right-of-use assets, net | 14,998 | 15,763 | ||||
Advanced coal royalties | 6,260 | 5,815 | ||||
Other | 10,538 | 9,442 | ||||
Total Assets | $ | 1,091,588 | $ | 1,140,569 | ||
Liabilities and Stockholders' Equity | ||||||
Liabilities | ||||||
Current liabilities | ||||||
Accounts payable | $ | 57,004 | $ | 41,600 | ||
Accrued liabilities | 43,487 | 54,724 | ||||
Current portion of asset retirement obligations | 997 | 1,797 | ||||
Current portion of long-term debt | 6 | 56 | ||||
Current portion of financing lease obligations | 7,625 | 7,281 | ||||
Insurance financing liability | 2,121 | 4,042 | ||||
Total current liabilities | 111,240 | 109,500 | ||||
Asset retirement obligations, net | 34,270 | 33,122 | ||||
Long-term financing lease obligations, net | 9,137 | 10,184 | ||||
Long-term debt, net | 452,063 | 451,361 | ||||
Deferred tax liability, net | 38,469 | 44,309 | ||||
Other long-term liabilities | 9,405 | 8,527 | ||||
Total liabilities | 654,584 | 657,003 | ||||
Commitments and contingencies | ||||||
Stockholders' Equity | ||||||
Class A common stock, | 458 | 445 | ||||
Class B common stock, | 110 | 106 | ||||
Additional paid-in capital | 470,099 | 483,326 | ||||
Treasury stock | (15,031) | — | ||||
Retained earnings | (18,632) | (311) | ||||
Total stockholders' equity | 437,004 | 483,566 | ||||
Total Liabilities and Stockholders' Equity | $ | 1,091,588 | $ | 1,140,569 | ||
Ramaco Resources, Inc. Unaudited Statement of Cash Flows | ||||||
Three months ended March 31, | ||||||
In thousands | 2026 | 2025 | ||||
Cash flows from (used in) operating activities: | ||||||
Net income (loss) | $ | (18,319) | $ | (9,457) | ||
Adjustments to reconcile net income to net cash from operating activities: | ||||||
Accretion of asset retirement obligations | 506 | 402 | ||||
Depreciation, depletion, and amortization | 16,613 | 17,542 | ||||
Amortization of debt issuance costs | 924 | 353 | ||||
Stock-based compensation | 4,908 | 3,361 | ||||
(Gain)/loss on disposal of assets | (448) | — | ||||
Deferred income taxes | (5,840) | (4,668) | ||||
Changes in operating assets and liabilities: | ||||||
Accounts receivable | (11,981) | 21,460 | ||||
Prepaid expenses and other current assets | 297 | 5,429 | ||||
Inventories | (18,391) | (12,765) | ||||
Other assets and liabilities | (673) | (1,253) | ||||
Accounts payable | 12,896 | 9,809 | ||||
Accrued liabilities | (15,096) | (4,174) | ||||
Net cash from (used in) operating activities | (34,604) | 26,039 | ||||
Cash flows from (used in) investing activities: | ||||||
Capital expenditures | (17,495) | (20,313) | ||||
Capitalized interest | (327) | (527) | ||||
Other | 805 | (1,416) | ||||
Net cash used in investing activities | (17,017) | (22,256) | ||||
Cash flows from (used in) financing activities: | ||||||
Proceeds from borrowings | — | 19,000 | ||||
Repayment of borrowings | (50) | (3,110) | ||||
Purchase of treasury shares | (11,929) | — | ||||
Payment of dividends | — | (2,476) | ||||
Repayments of insurance financing | (1,921) | (1,937) | ||||
Repayments of equipment finance leases | (1,741) | (2,056) | ||||
Payment of debt issuance costs | (265) | (67) | ||||
Shares surrendered for withholding taxes payable | (17,616) | (2,680) | ||||
Net cash from (used in) financing activities | (33,522) | 6,674 | ||||
Net change in cash and cash equivalents and restricted cash | (85,143) | 10,457 | ||||
Cash and cash equivalents and restricted cash, beginning of period | 441,168 | 33,823 | ||||
Cash and cash equivalents and restricted cash, end of period | 356,025 | 44,280 | ||||
Cash and cash equivalents | 355,205 | 43,466 | ||||
Restricted cash | 820 | 814 | ||||
Total cash, cash equivalents and restricted cash | 356,025 | 44,280 | ||||
Reconciliation of Non-GAAP Measures (Unaudited)
Adjusted EBITDA
Adjusted EBITDA is used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders, and rating agencies. We believe Adjusted EBITDA is useful because it allows us to evaluate our operating performance more effectively.
We define Adjusted EBITDA as net income plus net interest expense; equity-based compensation; depreciation, depletion, and amortization expenses; income taxes; accretion of asset retirement obligations; and, when applicable, certain other non-operating and expense items that are non-recurring and not related to the underlying business performance. Its most comparable GAAP measure is net income. A reconciliation of net income to Adjusted EBITDA is included below. Adjusted EBITDA is not intended to serve as a substitute for GAAP measures of performance and may not be comparable to similarly titled measures presented by other companies.
Q1 | Q4 | Q1 | ||||||
(In thousands) | 2026 | 2025 | 2025 | |||||
Reconciliation of Net Income to Adjusted EBITDA | ||||||||
Net (loss) income | $ | (18,319) | $ | (14,705) | $ | (9,457) | ||
Depreciation, depletion, and amortization | 16,613 | 16,484 | 17,542 | |||||
Interest expense, net | 334 | 506 | 2,230 | |||||
Income tax (benefit) expense | (5,835) | (1,076) | (4,290) | |||||
EBITDA | (7,207) | 1,209 | 6,025 | |||||
Stock-based compensation | 4,908 | 4,726 | 3,361 | |||||
Other expense (a) | — | 2,500 | — | |||||
Accretion of asset retirement obligation | 506 | 461 | 402 | |||||
Adjusted EBITDA | $ | (1,793) | $ | 8,896 | $ | 9,788 |
(a) Represents non-recurring expenses incurred in connection with the structuring of a strategic critical minerals terminal. |
Non-GAAP revenue and cash cost per ton
Non-GAAP revenue per ton (FOB mine) is calculated as coal sales revenue less transportation costs including demurrage costs, divided by tons sold. Non-GAAP cash cost per ton sold (FOB mine) is calculated as cash cost of coal sales less transportation costs and idle and other costs, divided by tons sold. We believe revenue per ton (FOB mine) and cash cost per ton (FOB mine) provide useful information to investors as these enable investors to compare revenue per ton and cash cost per ton for the Company against similar measures made by other publicly-traded coal companies and more effectively monitor changes in coal prices and costs from period to period excluding the impact of transportation costs, which are beyond our control. The adjustments made to arrive at these measures are significant in understanding and assessing the Company's financial performance. Revenue per ton sold (FOB mine) and cash cost per ton sold (FOB mine) are not measures of financial performance in accordance with GAAP and therefore should not be considered as a substitute for revenue and cost of sales under GAAP. The tables below show how we calculate non-GAAP revenue and cash cost per ton:
Non-GAAP revenue per ton (unaudited)
Q1 | Q4 | Q1 | |||||||
(In thousands, except per ton amounts) | 2026 | 2025 | 2025 | ||||||
Metallurgical Coal Segment | |||||||||
Revenue | $ | 121,613 | $ | 128,007 | $ | 134,656 | |||
Less: Adjustments to reconcile to Non-GAAP revenue (FOB mine) | |||||||||
Transportation | 20,202 | 19,290 | 19,042 | ||||||
Non-GAAP revenue (FOB mine) | $ | 101,411 | $ | 108,717 | $ | 115,614 | |||
Tons sold | 892 | 938 | 946 | ||||||
Non-GAAP revenue per ton sold (FOB mine) | $ | 114 | $ | 116 | $ | 122 |
Non-GAAP cash cost per ton (unaudited)
Q1 | Q4 | Q1 | ||||||
(In thousands, except per ton amounts) | 2026 | 2025 | 2025 | |||||
Metallurgical Coal Segment | ||||||||
Cost of sales | $ | 108,514 | $ | 107,063 | $ | 112,220 | ||
Less: Adjustments to reconcile to Non-GAAP cash cost of sales | ||||||||
Transportation costs | 19,967 | 19,290 | 18,998 | |||||
Idle and other costs | 1,367 | 1,331 | 459 | |||||
Non-GAAP cash cost of sales | $ | 87,180 | $ | 86,442 | $ | 92,763 | ||
Tons sold | 892 | 938 | 946 | |||||
Non-GAAP cash cost per ton sold (FOB mine) | $ | 98 | $ | 92 | $ | 98 | ||
Non-GAAP cash margins on tons sold | $ | 16 | $ | 24 | $ | 24 |
We do not provide reconciliations of our outlook for cash cost per ton to cost of sales in reliance on the unreasonable efforts exception provided for under Item 10(e)(1)(i)(B) of Regulation S-K. We are unable, without unreasonable efforts, to forecast certain items required to develop the meaningful comparable GAAP cost of sales. These items typically include non-cash asset retirement obligation accretion expenses, mine idling expenses and other non-recurring indirect mining expenses that are difficult to predict in advance in order to include a GAAP estimate.
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SOURCE Ramaco Resources, Inc.