Ramaco Resources (METC) Q4 2025 earnings summary

Executive summary

• Achieved $537 million in 2025 revenue, 3.8 million tons in sales, and Adjusted EBITDA of $36 million, with net debt of $11 million at year-end.

• Achieved lowest coal production costs since Q4 2021, with Q4 2025 cash costs at $92/ton and strong cash margins despite a 17% decline in high-vol met coal indices year-over-year.

• Maintained workforce wages and benefits, attracting top mining talent and achieving record productivity in Q4 2025.

• Advanced proprietary carbochlorination technology for rare earth extraction, reducing capital and operating costs and increasing product value.

• Raised over $1 billion in 2025, ending Q4 with record liquidity of $521 million, up over 275% year-over-year.

Financial highlights

• Q4 2025 cash costs per ton sold were $92, supporting positive margins and placing the company in the first quartile of the U.S. cost curve.

• Q4 cash margins of $24/ton matched the strongest quarter of 2025, despite a 17% drop in high-vol indices.

• Q4 Adjusted EBITDA was $8.9 million, with full-year Adjusted EBITDA of $36.1 million; Q4 net loss was $14.7 million, and full-year net loss was $51.4 million.

• Ended Q4 with $521 million in liquidity and net debt of $11 million.

• Q4 production was 892,000 tons; full-year production was 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.

• Cash cost per ton sold expected at $95–$100 for 2026, targeting a third consecutive year of cost reductions.

• Capital expenditures for 2026 projected at $85–$90 million, including $20 million for rare earths and $20 million for 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.