Ramaco Resources, Inc. filed its third-quarter 2026 financial results on November 3, 2026, reporting a net loss of $18.2 million and Adjusted EBITDA of $3.0 million for the three months ended September 30, 2026.

Key Highlights

  • Net loss of $18.2 million for Q3 2026, with Class A diluted EPS of $(0.32), according to the filing.
  • Adjusted EBITDA of $3.0 million for the third quarter, a non-GAAP measure as defined in the filing.
  • Liquidity of $375 million at quarter-end, an increase of 38% year over year, per the filing.
  • $30 million jury verdict won against Chubb Insurance related to the 2018 Elk Creek coal storage silo failure, including $27.5 million in net economic losses and $2.5 million in additional damages.
  • 1.7 million tons of domestic 2027 business signed at an average fixed price of $139 per ton, with an additional 1.1 million tons in 2027 export commitments.
  • 2026 cash cost guidance raised to $101-$103 per ton from $96-$99 per ton, driven by diesel prices of $5.85 per gallon and rebar prices of $952 per ton.
  • Class B quarterly dividend of $0.0742 per share declared, payable December 18, 2026, to shareholders of record as of December 4, 2026.

Ramaco Resources Q3 2026 Financial and Operational Results

Ramaco Resources (NASDAQ:METC), a metallurgical coal operator in Central Appalachia, reported a net loss of $(18.2) million and Adjusted EBITDA of $3.0 million for the third quarter of 2026, according to the filing. The company described its balance sheet as "among the strongest in its history," with quarter-end liquidity of $375 million, up 38% from the same period in the prior year. Year-to-date 2026 cash costs stood at $100 per ton as of the reporting date.

On coal sales, the filing stated that as of September 30, 2026, commitments for the full year totaled approximately 4.2 million tons, exceeding 100% of the midpoint of 2026 production guidance of 3.6 million tons. Of these, 1.3 million tons were committed to North American customers at an average fixed price of $137 per ton, and 2.1 million tons to seaborne customers at an average fixed price of $110 per ton. The company also reported that U.S. low-vol and high-vol indices averaged $174 per ton in Q3, up 4% from Q2, and that current average spot prices stood at $191 per ton as of the filing date. Full-year 2026 production guidance was revised to 3.5-3.6 million tons from the prior range of 3.6-3.9 million tons, and capital expenditure guidance was increased to $97-$102 million from $92-$97 million.

Regarding the company's critical minerals platform, the filing disclosed that carbochlorination tests at a third-party laboratory achieved average recoveries of 97% for combined scandium, gallium, and germanium, 92% for NdPr, 96% for yttrium, and 97% for dysprosium and terbium. A pre-feasibility study being prepared by Hatch Consultants is expected to commence in Q1 2027 and be completed in the second half of 2027. The pilot plant building structure is under construction in Wyoming, with completion of the structure expected in early 2027.

What Was Disclosed

Ramaco Resources reported Q3 2026 results including a $18.2 million net loss, $3.0 million Adjusted EBITDA, a $30 million insurance jury verdict, updated full-year 2026 guidance, early 2027 sales commitments, and progress on its Wyoming critical minerals project.