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Dec 31, 2025
Ramaco Q4 2025 Earnings Report
Ramaco Q4 2025 Earnings Report
Key Takeaways
Ramaco Resources reported a challenging fourth quarter with a net loss of $14.7 million, primarily driven by a 20% decline in U.S. high-vol metallurgical coal indices. Despite market headwinds, the company achieved its lowest cash costs in four years at $92 per ton and significantly strengthened its balance sheet, ending the year with record liquidity of $521 million to support its transition into a dual-platform critical minerals company.
Achieved record liquidity of $521 million, a 275% increase year-over-year, following significant capital raises in late 2025.
Quarterly cash mine costs fell to $92 per ton, the lowest level since Q4 2021, maintaining a first-quartile position on the U.S. cost curve.
Announced a proprietary carbochlorination flowsheet breakthrough for rare earth processing, expected to increase yields of high-purity gallium and alumina while reducing capital costs.
Initiated 2026 guidance for production growth (3.7-4.1 million tons) and further cash cost reductions ($95-$100 per ton).
Revenue by Segment
Forward Guidance
Ramaco expects 2026 to be its sixth consecutive year of production growth with improved cost efficiency and a strategic shift toward rare earth mineral development.
Positive Outlook
- Projected 2026 sales volumes between 4.1 and 4.5 million tons.
- Anticipated 2026 cash costs of $95-$100 per ton, the lowest since 2021.
- Acceleration of low-vol growth projects including Laurel Fork and Berwind Mine expansion.
- New rail loadout at Maben complex expected to save $20 per ton in trucking costs.
- Proprietary carbochlorination process expected to de-risk rare earth oxide production.
Challenges Ahead
- 2026 Q1 shipments expected to be lower (800k-950k tons) due to Great Lakes seasonality.
- High-vol coal indices currently lagging due to export market competition.
- Revised PEA and PFS timelines for rare earth project pushed out to mid-year and late 2026.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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