10-Q · August 1, 2025
Ramaco Resources reported Q2 revenue of $152,959,000 (Q2 2025) with an operating loss of $13,844,000 and Class B EPS of $(0.12). Revenue was slightly below the prior-year quarter ($155,315,000) but the company swung to…
Earnings analysis · 10-K
METCB earnings analysis
Filed February 26, 2026 · Our reading of the company's report
The latest report
Ramaco Resources positions itself as a dual‑platform critical minerals company operating two reportable segments — Metallurgical Coal and Rare Earths and Critical Minerals — and emphasizes scale in metallurgical coal…
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Ramaco Resources positions itself as a dual‑platform critical minerals company operating two reportable segments — Metallurgical Coal and Rare Earths and Critical Minerals — and emphasizes scale in metallurgical coal (85 million reserve tons; 1,337 million measured and indicated resource tons) while advancing commercialization of the Brook Mine (15,800 acres) following a July 2025 Fluor Preliminary Economic Assessment that concluded the project was technically and economically viable. The company reports an estimated current aggregate annual production capacity of approximately four million clean tons of coal and a medium‑term objective to increase to possibly more than seven million clean tons, while continuing to pursue low‑cost production, permitting, and selective development investments.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Segment
- Metallurgical Coal
- Segment
- Rare Earths and Critical Minerals
What stood out
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Dual‑platform strategy and segments
Company operates two reportable segments — "Metallurgical Coal" and "Rare Earths and Critical Minerals" (direct statement in Item 1 Business).
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Large metallurgical coal reserves & resources
Management discloses 85 million reserve tons and 1,337 million measured and indicated resource tons of high‑quality metallurgical coal (Item 1 Business).
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Existing production capacity and growth target
Estimated aggregate annual production capacity of approximately four million clean tons of coal with a plan to potentially increase to more than seven million clean tons subject to market conditions and permitting (Item 1 Business).
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Elk Creek scale and processing capacity
Elk Creek property controls ~20,200 acres and is estimated to contain reserves capable of yielding approximately 29 million tons of clean saleable metallurgical coal; Elk Creek preparation plant upgrade (completed 2023) increased processing capacity to approximately three million tons per year (Item 1 Business).
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Berwind reserves, resources and mine life
Berwind Complex controls ~62,500 acres with reserves estimated at approximately 18 million tons, measured and indicated resource tons of 634 million, and an estimated mine life of over 20 years (Item 1 Business).
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Brook Mine PEA supports technical/economic viability
Fluor issued a Preliminary Economic Assessment in July 2025 concluding the Brook Mine was both technically and economically viable (Item 1 Business); Brook Mine property consists of approximately 15,800 acres.
What to watch
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Commercialization risk for Brook Mine / REE resources
Filing explicitly warns that "whether the estimates of rare earth element oxides in the deposits in our Brook Mine are realized and whether we are ever able to establish rare earth element resources or reserves" is uncertain (forward‑looking risk factors).
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Permitting and regulatory risk (RAM permit denial)
The Company discloses the Pennsylvania Department of Environmental Protection issued a denial of the RAM Mine permit during 2023 and the Company will not appeal the denial, instead focusing on other core properties (Item 1 Business).
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Demand cyclicality tied to steel industry
The filing states metallurgical coal demand "is highly correlated with conditions in the steel industry," exposing revenue to cycles in steel demand and contract pricing practices (Metallurgical Coal Industry discussion).
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Financing and capital availability risk
Management identifies the risk that "our ability to obtain additional financing on favorable terms, if required" could affect completion of acquisitions or funding of rare earth and other operations (forward‑looking statements list).
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Tracking‑stock / CORE asset structure risk
The filing lists as a risk "the Company’s tracking stock structure and separate performance of its Carbon Ore‑Rare Earth ("CORE") assets," indicating structural governance/valuation complexity (Risk Factors).
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Operational and execution risks for new activities
Company cautions about geologic, equipment, permitting, site access and operational risks and notes rare earth element mining/processing is a type of mining the company "has not previously pursued" (forward‑looking statements and Risk Factors).
Management's outlook
This 10‑K does not provide numeric forward financial guidance; the filing contains forward‑looking statements but no specific revenue or EPS ranges. (The company states forward‑looking information is subject to the risk factors in the report; annual outlook is typically provided in earnings release/call.)
Earlier filings 4
10-Q · May 12, 2025
Ramaco reported Q1 revenue of $134.66M (down from $172.68M) and an operating loss of $12.02M, producing a net loss of $9.46M and Class B EPS of $(0.20). Operating cash flow remained positive at $26.04M and the company…
10-K · March 17, 2025
Ramaco Resources positions itself as a pure-play U.S. metallurgical coal producer with an advantaged geologic reserve base (66 million reserve tons; 1,352 million measured and indicated resource tons) and a strategy to…
10-Q · November 8, 2024
Ramaco Resources reported Q3 2024 revenue of $167.4M (down from $186.97M a year ago) and a consolidated net loss of $0.24M (EPS -$0.03) for the quarter. Gross margin compressed to 19.5% and operating margin collapsed to…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.