Ramaco Resources (METC) Q1 2026 earnings summary

Executive summary

• Reported a net loss of $18.3 million and diluted EPS of $(0.30) for Q1 2026, with Adjusted EBITDA at $(1.8) million, reflecting challenging market conditions and lower coal prices.

• Repurchased approximately 2.6 million shares (~5% of stock) at $14.50/share, marking the first buyback in company history and reducing shares outstanding by nearly 5%.

• Liquidity reached $490 million at quarter-end, up over 310% year-over-year, supporting both coal and critical minerals growth initiatives.

• Advanced rare earth and critical mineral projects, with Brook Mine in Wyoming positioned as a significant domestic source and pilot plant operations expected to begin in 2027.

• Initiated corporate reorganization to create distinct entities for royalties, critical minerals, and refining, and transitioned to a dual platform as a low-cost metallurgical coal producer and rare earth developer.

Financial highlights

• Q1 2026 revenue was $121.6 million, down 10% year-over-year due to lower pricing and a 6% decrease in tons sold.

• Adjusted EBITDA was $(1.8) million, down from $10 million in Q1 2025.

• Q1 cash costs per ton sold were $98, maintaining a first quartile position among peers.

• Q1 cash margins fell to $16/ton from $24/ton year-over-year due to lower realized prices.

• Cash and cash equivalents at March 31, 2026 were $355.2 million, with $133.6 million available under the Revolving Credit Facility.

Outlook and guidance

• Full-year 2026 production guidance: 3.7–4.1 million tons; sales guidance: 4.1–4.5 million tons.

• Cash costs per ton sold expected at $95–$100 for 2026.

• Capital expenditures projected at $85–$90 million for 2026.

• Q2 2026 shipments expected between 900,000 and 1 million tons; over 1 million tons in inventory as of March 31.

• Anticipates upward movement in U.S. coal pricing in H2 2026 due to supply contraction and higher Australian benchmark prices.