Key Highlights

  • Total Revenue was USD 150,089 thousand versus 120,996 thousand; tons sold were 1,077 thousand versus 873 thousand.
  • Cost of sales was USD 133,804 thousand versus 101,842 thousand; total costs were USD 171,201 thousand versus 135,478 thousand.
  • The operating loss was USD 21,112 thousand versus 14,482 thousand; net loss was USD 18,235 thousand versus 13,308 thousand.
  • The basic Class A loss per share was USD 0.32 versus USD 0.25, and cash was USD 232,954 thousand.

Revenue

Ramaco Resources, Inc. (NASDAQ:METC), a metallurgical coal producer with a Rare Earths and Critical Minerals segment, filed its Quarterly Report for the period ended September 30, 2026. Total revenue was USD 150,089 thousand, compared with USD 120,996 thousand in the third quarter of 2025. The filing attributes the change to a 23.3% increase in tons sold.

Tons sold were 1,077 thousand versus 873 thousand, and total revenue per ton sold on a GAAP basis was USD 139 in both periods. The filing states there are no revenues from the Rare Earths and Critical Minerals segment at this time.

For the nine months ended September 30, 2026, total revenue was USD 416,501 thousand versus USD 408,611 thousand, tons sold were 3,025 thousand, and total revenue per ton sold on a GAAP basis was USD 138 versus USD 141.

Revenue for the quarter includes a USD 0.1 million net decrease related to adjustments for performance obligations satisfied in a previous reporting period, due to true-ups of previous estimates for provisional pricing and demurrage.

Analyst estimates were EPS of negative USD 0.24 against reported EPS of negative USD 0.32, and revenue of USD 140.2 million against reported revenue of USD 150.1 million.

Costs and Operating Loss

Cost of sales, exclusive of items shown separately, was USD 133,804 thousand versus USD 101,842 thousand. Asset retirement obligations accretion was USD 483 thousand versus USD 402 thousand, and depreciation, depletion and amortization was USD 17,633 thousand versus USD 17,091 thousand. Selling, general and administrative expenses were USD 19,281 thousand versus USD 16,143 thousand.

Total costs and expenses were USD 171,201 thousand versus USD 135,478 thousand, and the operating loss was USD 21,112 thousand versus USD 14,482 thousand. For the nine months, cost of sales was USD 370,494 thousand versus USD 346,326 thousand, and the operating loss was USD 63,665 thousand versus USD 40,349 thousand.

Net Loss and Earnings per Share

Other expense, net, was USD 916 thousand versus other income, net, of USD 125 thousand. Interest expense, net, was USD 1,390 thousand versus USD 2,250 thousand. The loss before tax was USD 23,418 thousand versus USD 16,607 thousand, and the income tax benefit was USD 5,183 thousand versus USD 3,299 thousand.

The net loss was USD 18,235 thousand versus USD 13,308 thousand. The basic Class A loss per share was USD 0.32 versus USD 0.25. For the nine months, the net loss was USD 51,969 thousand versus USD 36,741 thousand.

Items to Follow

Investors can follow cash and working capital. Cash and cash equivalents were USD 232,954 thousand at September 30, 2026, compared with USD 440,347 thousand at December 31, 2025. Accounts Receivable were USD 77,001 thousand versus USD 54,354 thousand, and inventories were USD 94,342 thousand versus USD 87,155 thousand.

The filing also reports senior notes due 2029 and 2030, and the Rare Earths and Critical Minerals segment, which has no revenues at this time.