Ramaco Resources (METC) Q2 2026 earnings summary

Executive summary

• Advanced the Brook Mine critical minerals project, releasing the Hatch conceptual study and shareholder letter, highlighting transformative potential and scalability for U.S. supply chains.

• Achieved 2025 sales volume of 3.8M tons and revenue of $537M, with $400M liquidity as of June 30, 2026.

• Reported a Q2 2026 net loss of $15.4 million and adjusted EBITDA of $5.7 million, with over 8% of Class A shares repurchased YTD.

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

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

Financial highlights

• Q2 adjusted EBITDA was $5.7 million, down from $9 million in Q2 2025.

• Q2 revenue was $144.8 million, down 5% year-over-year but up 19% sequentially.

• Cash cost per ton sold was $99, with cash margins of $17 per ton, down from $20 per ton in Q2 2025 due to lower realized prices.

• Ended Q2 with $400.1 million in liquidity and $282.5 million in cash, with no borrowings on the revolver.

• Earnings per share for Q2 2026 were $(0.26) for Class A and $(0.28) for Class B common stock.

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.

• Full-year 2026 cash cost per ton sold guidance maintained at $96–$99.

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

• Brook Mine milestones: updated technical report in 2H26, 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 in the near term due to global oversupply and weak steel demand.