Key Highlights

  • Ramaco Resources (NASDAQ:METC) reported third quarter 2026 Revenue of USD 150.1 million on November 3, 2026, up 24% from USD 121.0 million a year earlier.
  • Adjusted EBITDA fell 64% to USD 3.0 million from USD 8.4 million, and the net loss widened to USD 18.2 million from USD 13.3 million.
  • Cash and equivalents were USD 233.0 million at September 30, 2026 versus USD 440.3 million at December 31, 2025, with total Liquidity of USD 374.7 million.
  • Published market data from an undated snapshot showed the shares down 9.33% near USD 6.11; that quote and a listed one year EPS gain of 132.30% were not verified.

Higher Volumes Fail to Lift Third Quarter Profit

Ramaco Resources (NASDAQ:METC) produces metallurgical coal in Appalachia and is developing a rare earth and critical minerals project at its Brook Mine in Wyoming. For the quarter ended September 30, 2026, revenue rose 24% to USD 150.1 million on tons sold of 1,077 thousand, up 23%. The realized price was flat at USD 120 per ton, while cash cost rose to USD 104 from USD 97, so cash Margin shrank to USD 16 per ton from USD 23. Class A diluted loss per share was USD 0.32 versus USD 0.25, and tons produced fell 10% to 851 thousand, below the Volume sold, so the company sold more coal than it mined in the quarter (own arithmetic on two reported figures). Nine-month adjusted EBITDA was USD 6.9 million versus USD 27.2 million.

Guidance Trimmed and Cash Balance Lower

The company cut 2026 production guidance to 3.5 million to 3.6 million tons from 3.6 million to 3.9 million, and sales guidance to 4.0 million to 4.1 million tons from 4.0 million to 4.3 million. Cash cost guidance rose to USD 101 to USD 103 per ton, and Capital spending to USD 97 million to USD 102 million. Cash fell by about USD 207.3 million since year-end (simple arithmetic on two reported balances), and nine-month cash spent on treasury share purchases was USD 65.9 million. Long-term debt, net, was USD 453.6 million, and the revolver was undrawn. Management did not provide 2027 guidance and plans to release it after the early December board meeting.

Brook Mine Milestones, EPS Screen Mismatch and Dividend

In the release, carbochlorination recoveries were 97% for scandium, gallium and germanium combined and 92% for neodymium and praseodymium. A pre-feasibility study is due to begin in the first quarter of 2027, with completion expected in the second half, and talks on offtake and project financing are described as advanced. The screen figure of 132.30% one year EPS growth conflicts with the filed loss, which widened, so it is omitted as a growth claim. A Class B Dividend of USD 0.0742 per share is payable December 18, 2026 to holders of record December 4.

Where Things Stand

Adjusted EBITDA at Ramaco Resources (NASDAQ:METC) fell 64% because cash cost per ton rose to USD 104 while the realized price stayed at USD 120, squeezing the cash margin even as tons sold grew 23%. Revenue growth therefore did not translate into profit, and guidance was trimmed. The offsetting items are USD 374.7 million of liquidity, an undrawn revolver and the rare earth work at Brook Mine. Investors will watch the 2027 outlook promised after the early December board meeting and the feasibility study timeline.