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Ramaco Resources (METC) investor relations material
Ramaco Resources Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Achieved $537 million in 2025 revenue, 3.8 million tons in sales, and Adjusted EBITDA of $36 million, with net debt at $11 million year-end.
Maintained lowest met coal costs since Q4 2021, with FY25 cash costs at $98/ton and Q4 at $92/ton, supporting strong cash margins despite a 17% decline in coal indices.
Achieved record liquidity of $521 million at year-end 2025, up over 275% year-over-year, marking the strongest balance sheet in company history.
Advanced proprietary carbochlorination technology for rare earth extraction, reducing capital and operating costs, and increasing product value, with pilot plant construction underway at Brook Mine.
Transitioning to a dual platform with growth in both metallurgical coal and rare earth/critical minerals, attracting significant government and industry attention.
Financial highlights
Q4 2025 cash costs per ton sold were $92, the lowest in four years; full-year cash mine cost was $98 per ton, down $7 from 2024.
Q4 Adjusted EBITDA was $8.9 million, with full-year Adjusted EBITDA at $36.1 million; Q4 net loss was $14.7 million, and full-year net loss was $51.4 million.
Liquidity reached $521 million at year-end, with net debt at $11 million.
Raised over $1 billion in 2025 through unsecured notes, equity, convertible notes, and expanded revolving credit facility to $500 million.
Q4 production was 892,000 tons, with full-year production at 3.83 million tons.
Outlook and guidance
2026 production guidance: 3.7–4.1 million tons; sales guidance: 4.1–4.5 million tons, with potential to reach nearly 5 million tons depending on market conditions.
2026 cash cost per ton expected at $95–$100, targeting a third consecutive year of cost reductions.
Capital expenditures for 2026 projected at $85–$90 million, including $20 million each for rare earths and coal growth projects.
2026 sales commitments total 3.1 million tons, with 1.1 million tons to North America at $142/ton and 2.0 million export tons at index-linked pricing.
Effective tax rate guidance of 20–25% for 2026.
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