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Mar 31, 2025
Ramaco Q1 2025 Earnings Report
Ramaco Resources reported a net loss and lower revenue in Q1 2025 amid challenging market conditions and weather disruptions.
Key Takeaways
Ramaco Resources faced a tough Q1 2025 with a net loss of $9.5 million and a revenue drop to $134.7 million due to weak metallurgical coal prices and production impacts from severe weather. Despite these headwinds, the company achieved record quarterly production and maintained industry-leading margins and pricing.
Posted a net loss of $9.5 million despite record production levels.
Maintained the highest cash margin and realized price per ton among peers.
Revenue declined to $134.7 million due to lower coal prices and shipment volumes.
Production annualized to 4.0 million tons despite weather-related disruptions.
Revenue by Geographic Location
Forward Guidance
Ramaco lowered its production and cost guidance for 2025 in response to market conditions, aiming to optimize earnings and free cash flow.
Positive Outlook
- Lowered 2025 cost guidance to $96–$102 per ton.
- Reduced capex guidance to $55–$65 million.
- Committed sales now cover over 90% of midpoint production guidance.
- Initiating rare earth mining and processing in 2025.
- Received $6.1M grant from Wyoming Energy Authority for Brook Mine.
Challenges Ahead
- Reduced production guidance to 3.9–4.3 million tons.
- Lower sales guidance to 4.1–4.5 million tons.
- Cash SG&A guidance increased due to legal expenses.
- Weak met coal pricing trends continue into Q2 2025.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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