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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.
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.
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