Ramaco Resources Inc. reported its third‑quarter 2025 financial results. Revenue for the quarter ended September 30 was $120.99 million, a 27.7% decline from the same period last year. The company posted a net loss of $13.308 million and adjusted EBITDA of $8.4 million. Cash cost per ton sold was $97, a $6 sequential improvement from the $103 per ton reported in the second quarter.
Full‑year 2025 guidance has been revised to 3.7–3.9 million tons of production and 3.8–4.1 million tons of sales, with cash costs projected at $98–$100 per ton.
Liquidity remains strong: cash and cash equivalents total $193.846 million, total liquidity is $272.4 million, and the net cash position exceeds $77 million.
Class A diluted earnings per share were $(0.25). The results fell short of analyst estimates, which projected revenue of $150.3 million, $130.92 million, or $136.4 million and earnings per share of $0.12, $0.10, or $0.11.
The board has suspended the Class A stock dividend while continuing the Class B dividend distribution.
Operational highlights include the Brook Mine expansion to a 5 million‑ton per year feedstock level and an increase in rare‑earth and critical‑mineral oxide production to approximately 3,400 tons per year, a 174% jump from prior projections. A pilot processing plant and laboratory for rare‑earth development were broken ground on October 23, 2025. The Strategic Critical Minerals Terminal (SCMT) at Brook Mine has been approved as part of the company’s dual‑platform strategy.
In early August 2025, Ramaco recapitalized, raising $200 million in new common equity to support its strategic initiatives.
CEO John Smith emphasized the company’s dual‑engine strategy, positioning Ramaco as a leading domestic producer of rare earths and critical minerals while maintaining low‑cost metallurgical coal operations to support defense and industrial customers.
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