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Edge16 Oct 2026
Winner, Winner: The Chicken McNugget Story
How a 1940s breeding contest, a Cornell food scientist, and a hedge by Ray Dalio helped McDonald's turn the Chicken McNugget into a fast-food icon.
Ramaco Resources
Ramaco Resources (METC) investor relations material
Ramaco Resources Q3 2026 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q3 2026 earnings summary3 Nov, 2026
Executive summary
Q3 revenue was $150.1M, up 24% YoY; net loss was $18.2M and Adjusted EBITDA was $3.0M.
Quarter-end liquidity was $374.7M, including $233.0M cash and $141.7M revolver availability, with no revolver borrowings.
2027 domestic fixed-price sales reached 1.7M tons at $139/ton, representing more than $65M of segment Adjusted EBITDA using YTD 2026 cash costs.
Financial highlights
Q3 coal sales were 1.077M tons, up 23% YoY; realized price was $120/ton, up 3% QoQ, while cash cost rose to $104/ton.
Q3 operating loss was $21.1M versus $14.5M, and net loss was $18.2M versus $13.3M; Adjusted EBITDA was $3.0M versus $8.4M.
9M revenue was $416.5M, up 1.9% YoY; net loss widened to $52.0M from $36.7M and Adjusted EBITDA fell to $6.9M from $27.2M.
9M operating cash flow was $(34.4)M versus $20.3M; investing and financing cash outflows were $80.1M and $92.9M.
Q3 coal Segment Adjusted EBITDA was $12.1M versus $15.9M YoY; 9M segment Adjusted EBITDA was $34.8M versus $51.4M.
Outlook and guidance
FY2026 production guidance narrowed to 3.5M–3.6M tons and sales guidance to 4.0M–4.1M tons; cash-cost guidance rose to $101–$103/ton.
FY2026 capex guidance increased to $97M–$102M; formal 2027 coal guidance is expected after the Board meeting in early December.
If spot prices hold, Q4 Adjusted EBITDA and net income could exceed their combined Q1–Q3 totals; management anticipates stronger margins in Q4 2026 and FY2027.
Domestic 2027 fixed-price commitments total 1.7M tons at $139/ton; the 2027 forward book also includes 1.1M export tons.
Medium-term met-coal production capability exceeds 7M tons, subject to market conditions and Board approvals.
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Latest events from Ramaco Resources
- Q2 net loss of $15.4M, strong liquidity, and major low-vol coal and rare earth project expansion.METC
Q2 2026 - All proposals passed amid record liquidity, production growth, and new critical minerals strategy.METCAGM 2026
- Q1 2026 net loss and margin pressure offset by strong liquidity and major share buybacks.METCQ1 2026
- Key votes include director elections, auditor ratification, and LTIP share increase.METCProxy filing
- Virtual meeting to vote on directors, auditor, LTIP amendment, and executive pay, with strong governance.METCProxy filing
- Record liquidity, rare earths breakthrough, and cost leadership drive 2026 growth outlook.METCQ4 2025
- Record Q3 production and cost cuts offset price declines, with rare earths project advancing.METCQ3 2024
- Record Q2 output and cost cuts boosted earnings despite weak coal prices.METCQ2 2024
- Record Q4 sales, low costs, and rare earth progress set up strong 2025 growth.METCQ4 2024
Next Ramaco Resources earnings date
Q4 202625 Feb, 2027
Ramaco Resources
Next Ramaco Resources earnings date
Q4 202625 Feb, 2027
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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.