Ramaco Resources, Inc. (METC), a metallurgical coal operator also exploring rare earths and critical minerals, reported third-quarter 2026 revenue of $150.1 million, compared with $121.0 million a year earlier. Net loss was $18.2 million versus $13.3 million, and operating loss was $21.1 million versus $14.5 million. For the first nine months, revenue was $416.5 million versus $408.6 million and net loss was $52.0 million versus $36.7 million.
Operating activities used $34.4 million of cash in the first nine months, versus $20.3 million provided a year earlier; cash and cash equivalents were $233.0 million at September 30, 2026. Ramaco repurchased 4,558,404 shares in the first nine months at an average price of $14.46 per share, including commissions and other repurchase costs, under its $100 million stock repurchase program. No shares were repurchased in the third quarter.
Third-quarter Segment Adjusted EBITDA was $12.1 million for Metallurgical Coal and a $5.9 million loss for Rare Earths and Critical Minerals; the latter segment recorded no revenue.
Ramaco Resources, Inc. (METC) reported third-quarter 2026 revenue of $150.1 million, up 24% from a year earlier, while its net loss widened to $18.2 million from $13.3 million. Adjusted EBITDA was $3.0 million, down 64%. Coal sales rose 23% to 1.077 million tons, while production fell 10% to 851,000 tons. Cash margin was $16 per ton, compared with $23 a year earlier.
At September 30, 2026, liquidity was $374.7 million, including $233.0 million of cash and $141.7 million of revolving-credit availability; the company had no revolver borrowings. The board declared a cash dividend of $0.0742 per Class B share, payable December 18 to shareholders of record December 4. Full-year 2026 guidance includes production of 3.5–3.6 million tons, sales of 4.0–4.1 million tons, and cash costs of $101–$103 per ton. The critical-mineral pilot plant is expected to be completed in the second half of 2027.
Ramaco Resources, Inc. reported that a federal jury awarded its subsidiary, Ramaco Resources, LLC, $30.0 million in damages in the insurance coverage case; the court entered judgment on September 25, 2026. The verdict resolved two damages elements: aggravation and inconvenience, and net economic loss.
The jury did not decide attorneys’ fees, which the court will determine. Defendants may file post-trial motions within 28 days of judgment. A notice of appeal is due within 30 days of entry of final judgment; if a party files a timely qualifying post-trial motion, the appeal period runs from the order disposing of the last such motion.
Ramaco Resources, Inc. (METC) filed an 8-K to report details of the third-quarter 2026 Class B common stock dividend. The board had previously declared a quarterly Class B dividend of $0.1535 per share, payable on September 25, 2026 to holders of record on September 11, 2026, with payment in additional Class B shares.
Based on the Class B closing price of $5.99 on the record date, each Class B shareholder will receive 0.025626 shares of Class B common stock for each share held at the close of trading on September 11, 2026. No fractional shares will be issued; instead, Ramaco will pay cash for fractional entitlements on the payment date using the same closing price.
Ramaco Resources, Inc. (METC) reported that on September 4, 2026, former U.S. Senator Joseph Manchin III resigned from its Board of Directors and from all Board committees, effective the same day. He had served on the Environmental, Health, and Safety Committee, the Government Relations Committee, and as Chair of the Technology Committee.
The company stated that Senator Manchin’s resignation was not due to any disagreement regarding operations, policies, or practices. A press release dated September 10, 2026, details that he is stepping down to focus on his independent leadership council movement and that he remains a supporter and friend of Ramaco.
Ramaco Resources, Inc. (METC) reported that one of its larger institutional shareholders, Yorktown Energy Partners, distributed approximately one million shares of Ramaco’s Class A common stock to its limited partners on September 2, 2026. Ramaco states it believes this shareholder distribution contributed to negative trading activity in its Class A stock on September 3, 2026.
The company also reiterates its business focus as an operator and developer of high-quality, low-cost metallurgical coal in West Virginia and Virginia, and as an explorer of coal, rare earth and other critical minerals at its Brook Mine project in Wyoming, which it describes as an exploration stage property.
Ramaco Resources, Inc. (METC) director Peter A. Leidel reported restructuring-related movements in Class A common stock on September 2, 2026. Entities associated with him made pro rata distributions of 1,000,000 shares, recorded as an indirect disposition, and he acquired 46,777 shares directly, bringing his direct holdings to 151,535 shares. The distributions and certain indirect holdings are attributed to Yorktown investment partnerships, and Leidel disclaims beneficial ownership beyond his pecuniary interest. No Rule 10b5-1 trading plan is reported.
Ramaco Resources, Inc. (METC) director Lawrence Bryan H. reported restructuring-related movements in Class A Common Stock on September 2, 2026. Entities associated with him made pro rata distributions of 1,000,000 shares, reported as an indirect disposition, and he acquired 88,135 shares directly, bringing his direct holdings to 253,689 shares. The indirectly held shares are owned by Yorktown Energy Partners funds (including Yorktown IX, X and XI), and he disclaims beneficial ownership of these securities except to the extent of his pecuniary interest.
Ramaco Resources, Inc. (METC) director Lawrence Bryan H. reported a restructuring of his economic exposure to the company’s Class A common stock. On 2026-08-25, entities associated with him made pro rata distributions of 1,000,000 shares held indirectly through Yorktown IX-related investment partnerships. The same day, he acquired 13,634 shares of Class A common stock in a Form 4 code J transaction, resulting in direct holdings of 165,554 shares. The filing notes that certain shares are owned directly by Yorktown IX, Yorktown X, and Yorktown XI funds, and he disclaims beneficial ownership of those securities except to the extent of his pecuniary interest.
Ramaco Resources, Inc. (METC) director Peter A. Leidel reported a restructuring of his holdings in Class A common stock on August 25, 2026. An affiliated Yorktown fund group made pro rata distributions that resulted in the disposition of 1,000,000 shares held indirectly through Yorktown IX entities and the acquisition of 8,571 shares in Leidel’s direct ownership, leaving him with 104,758 shares held directly. The transactions were coded as "J" (other acquisition or disposition), involved no stated per-share price, and include footnote disclaimers that Leidel only has a pecuniary interest in certain Yorktown‑related positions.