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 at $11 million year-end.

• Maintained lowest met coal costs since Q4 2021, with FY25 cash costs at $98/ton and Q4 at $92/ton, supporting strong cash margins despite a 17% decline in coal indices.

• Achieved record liquidity of $521 million at year-end 2025, up over 275% year-over-year, marking the strongest balance sheet in company history.

• Advanced proprietary carbochlorination technology for rare earth extraction, reducing capital and operating costs, and increasing product value, with pilot plant construction underway at Brook Mine.

• Transitioning to a dual platform with growth in both metallurgical coal and rare earth/critical minerals, attracting significant government and industry attention.

Financial highlights

• Q4 2025 cash costs per ton sold were $92, the lowest in four years; full-year cash mine cost was $98 per ton, down $7 from 2024.

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

• Liquidity reached $521 million at year-end, with net debt at $11 million.

• Raised over $1 billion in 2025 through unsecured notes, equity, convertible notes, and expanded revolving credit facility to $500 million.

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

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

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