Ramaco Resources (METC) Q2 2026 earnings summary

Executive summary

• Advanced the Brook Mine critical minerals project, releasing the Hatch conceptual study showing NPV potential up to $8 billion and adjusted EBITDA up to $1.3 billion, with pilot plant construction underway and commercial production targeted for 2031.

• Progressed dual platform strategy: expanding low-cost metallurgical coal production and developing vertically integrated rare earth and critical minerals at Brook Mine.

• Repurchased over 8% of Class A shares YTD for nearly $66 million, maintaining strong liquidity of over $400 million at quarter-end.

• Internal reorganization into four divisions—coal mining, royalty/infrastructure, rare earth/critical minerals, and refining/processing—to be completed in Q3 2026.

• Revenue for the first half of 2026 was $266.4 million, down 7.4% year-over-year, with a net loss of $33.7 million.

Financial highlights

• Q2 2026 adjusted EBITDA was $5.7 million, down from $9 million in Q2 2025; Q2 net loss was $15.4 million, with diluted EPS of $(0.26).

• Q2 revenue was $144.8 million, down 5% year-over-year but up 19% sequentially; cash cost per ton sold was $99, with cash margin of $17 per ton.

• Cash and cash equivalents at June 30, 2026 were $282.5 million, with $117.6 million available under the Revolving Credit Facility.

• Segment capital expenditures for the first half of 2026 were $43.4 million for Metallurgical Coal and $6.7 million for Rare Earths and Critical Minerals.

• Market capitalization reached $0.6 billion as of August 4, 2026.

Outlook and guidance

• Full-year 2026 production guidance revised to 3.6–3.9 million tons; sales guidance to 4.0–4.3 million tons; cash cost per ton sold maintained at $96–$99.

• Capital expenditures for 2026 guided at $92–$97 million, reflecting low-vol coal expansion projects.

• Brook Mine milestones: updated technical report in 2H26, pre-feasibility study in 1H27, pilot plant completion in fall 2026, full pilot operations in 2027, and targeted commercial production in 2031.

• Management expects metallurgical coal prices to remain volatile due to global oversupply and weak steel demand.

• Quarterly dividends for Class B common stock anticipated, subject to Board approval.