Key Highlights

  • Ramaco Resources (NASDAQ:METC) reported third quarter 2026 Revenue of USD 150.1 million, about 24.0% above USD 121.0 million a year earlier (simple arithmetic), yet posted a net loss of USD 18.2 million.
  • Adjusted EBITDA fell to USD 3.0 million from USD 8.4 million, and nine-month adjusted EBITDA was USD 6.9 million against USD 27.2 million a year ago.
  • Export markets provided 69% of nine-month revenue, up from 62%, and the company sold 3.0 million tons of coal for USD 416.5 million.
  • Nine-month Capital spending in the coal segment rose to USD 74.7 million, and about USD 25.0 million more is planned for the Brook Mine.

Higher Revenue, Deeper Third Quarter Loss

Ramaco Resources (NASDAQ:METC) filed its Quarterly Report on November 3, 2026, for the period ended September 30. Third quarter revenue was USD 150.1 million against USD 121.0 million, while cost of sales rose faster, to USD 133.8 million from USD 101.8 million, about 31.4% higher on simple arithmetic. The net loss widened to USD 18.2 million from USD 13.3 million, or a loss of USD 0.32 per Class A share against USD 0.25. For nine months, revenue of USD 416.5 million compared with USD 408.6 million, and the net loss was USD 52.0 million against USD 36.7 million.

Soft Coal Markets and Export Mix

Ramaco operates metallurgical coal mines in southern West Virginia and southwestern Virginia and is exploring a rare earth and critical minerals project in Wyoming. The filing says global metallurgical coal markets stayed relatively soft in the third quarter because of constrained growth in some regions and oversupply, although U.S. indices and spot prices rose modestly as higher-cost Supply was cut. The company said exports have not been materially delayed by recent weather, dockworker disputes, conflicts or tariffs. Export sales, which often use index-based pricing, were 69% of nine-month revenue, which increases exposure to price swings. At September 30, the company had about 2.1 million tons committed at fixed prices averaging USD 139 per ton, plus 1.2 million tons on index-based terms. It produced 2.7 million tons in nine months and guides to 3.6 to 3.8 million tons for the year.

Brook Mine Spending and Execution Risks

The Brook Mine remains exploration stage, and no revenue has been recognized from the rare earths segment. A July 2026 initial assessment evaluated a carbochlorination-based refining flowsheet, and a pre-feasibility study is expected once bench-scale testing and updated resource estimates are available. The company said about USD 25.0 million of additional Brook spending is discretionary and not contractually committed. The filing states there is no assurance the project reaches commercial scale or that inferred resources convert to reserves. Selling, general and administrative costs rose to USD 19.3 million from USD 16.1 million in the quarter. Interest expense fell to USD 1.4 million from USD 2.3 million. No share price move is cited.

Where Things Stand

Revenue rose about 24.0% because volumes and prices improved from a weak base, but costs rose faster, so the loss widened to USD 18.2 million. For Ramaco Resources (NASDAQ:METC), the gap shows how thin coal margins are when index prices are soft and spending on growth projects continues. Fixed-price contracts at an average of USD 139 per ton offer some visibility into 2027, though 1.2 million tons remain exposed to index prices. Watch coal price indices, production against the 3.6 to 3.8 million ton plan, and Brook Mine study milestones.