Ramaco Resources (METC) Q3 2026 earnings summary

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.