Ramaco Resources (METC) Q3 2025 earnings summary

Executive summary

• Achieved $666 million in 2024 revenue and $106 million adjusted EBITDA, with a net cash position of $77 million as of September 30, 2025; Q3 2025 net loss was $13.3 million, reflecting lower coal prices and volumes.

• Opened Brook Mine in July 2025, the first new U.S. rare earth mine in over 70 years, with significant expansion targeting 3,414 tons of rare earths and critical minerals annually and a revised capex of $1,125 million.

• Record liquidity of $272 million at quarter-end, supported by a $200 million equity raise and strong cash position.

• Strategic focus on becoming a vertically integrated U.S. supplier of heavy magnetic rare earths and critical minerals, with plans for a national stockpile and terminal.

• Met coal business remains challenged by weak global pricing, leading to reduced production guidance and idling of higher-cost mines.

Financial highlights

• 2024 sales volume reached 4.0 million tons; Q3 2025 production was 945,000 tons, with 900,000 tons sold, both down from Q2 due to market-driven volume discipline.

• Adjusted EBITDA for 2024 was $106 million; Q3 2025 adjusted EBITDA was $8.4 million, with a net loss of $13.3 million.

• Cash cost per ton sold was $97 in Q3 2025, dropping to $86 in September; cash margins remained strong at $23 per ton.

• Cash and cash equivalents at September 30, 2025, were $193.8 million, with $78.6 million available under the revolving credit facility.

• Market capitalization was $2.0 billion as of October 27, 2025.

Outlook and guidance

• 2025 production guidance is 3.7–3.9 million tons, with committed sales of 3.8–4.1 million tons; cash cost per ton guidance for 2025 is $98–$100.

• Capital expenditures for 2025 projected at $58–62 million, with minimal met coal growth CapEx until market conditions improve.

• Rare earth platform projected to generate over $500 million EBITDA at steady state by 2028, with a pre-tax NPV of $5.1 billion and IRR over 150%.

• Commercial oxide plant targeted for late 2026/early 2027 construction, pending offtake agreements.

• Medium-term potential to double met coal production to over 7 million tons annually.