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Ramaco Resources (METC) investor relations material
Ramaco Resources Q2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q2 2025 earnings summary1 Aug, 2025
Executive summary
Transitioned to a dual platform model, expanding from met coal into rare earths and critical minerals, with Brook Mine in Wyoming commencing mining in June/July 2025, the first new U.S. rare earth mine in over 70 years, supported by government and DOE.
Achieved record quarterly production, with Q2 2025 tons sold up 18% year-over-year, but lower average prices led to a net loss of $14M and margin compression.
2024 revenue was $666M with $11M net income; Q2 2025 revenue was $153M, down 2% year-over-year.
Strategic focus on cost control, production optimization, and accelerating rare earth commercialization, with commercial oxide production targeted for 2027.
Strong growth track record since 2017, maintaining a conservative balance sheet and low legacy liabilities.
Financial highlights
Q2 2025 adjusted EBITDA was $9M, down from $28.8M in Q2 2024; net loss of $14M vs. $5.5M net income in Q2 2024.
Q2 2025 tons sold reached 1.1M, up from 900,000 in Q1; cash cost per ton sold at $103.
Liquidity at June 30, 2025 was $87M, up 22% year-over-year; increased to ~$105M by July 31, 2025.
Six-month 2025 revenue was $287.6M, down 12% year-over-year; operating cash flow for H1 2025 was $21.8M.
Net debt to adjusted EBITDA just over 1x; effective tax benefit rate of ~13% for Q2 2025.
Outlook and guidance
Full-year 2025 production and sales expected at the low end of prior ranges: 3.9–4.3M tons produced, 4.1–4.5M tons sold.
2025 cash cost per ton guidance set at $96–$102; SG&A guidance increased to $39M–$43M to support rare earth pilot plant acceleration.
Capital expenditures for 2025 expected at $55–$65M, with most growth capex already spent.
2.5% production tax credit for met coal starting 2026, estimated to add ~$15M/year to EBITDA.
No revenues anticipated from rare earths in 2025; commercial production targeted for 2027.
What is the expected timeline for oxide production?
How will DOE assist Brook Mine development?
What factors drive scandium market growth?
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Next Ramaco Resources earnings date
Q3 202528 Oct, 2025
Next Ramaco Resources earnings date
Q3 202528 Oct, 2025
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Frequently asked questions
Ramaco Resources, Inc. is a metallurgical coal company engaged in the production and sale of high-quality metallurgical coal, which is primarily used in steelmaking. The company operates multiple coal mines in the United States, focusing on mining and developing coal reserves. Its operations include coal production, processing, and transportation to serve both domestic and international customers in the steel manufacturing industry. Ramaco Resources is also involved in research and innovation to develop alternative uses for coal products. The company is headquartered in Lexington, United States, and its shares are listed on the NASDAQ.
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