Ramaco Resources Buys $37M Shares, Posts Q1 Loss and $488.8M Liquidity
Ramaco Resources posted a Q1 net loss of $18.3 million and Adjusted EBITDA of negative $1.8 million, with Class A diluted EPS at $(0.30). It repurchased $37 million (2.5 million shares) at $14.54 average, ending March with $488.8 million liquidity to fund dual metallurgical coal and exploratory rare earths projects.
1. Q1 Financial Results
Ramaco Resources reported a net loss of $18.3 million for Q1 2026, translating to Class A diluted EPS of $(0.30). Adjusted EBITDA was negative $1.8 million, while non-GAAP cash mine costs remained at $98 per ton and cash margins fell to $16 per ton from $24 per ton year-on-year.
2. Share Repurchase and Liquidity
The company repurchased $37 million of Class A common shares (2.5 million shares) at an average price of $14.54, representing nearly 5% of the float. Liquidity climbed to $488.8 million, a year-over-year increase of 310%, supporting both coal operations and critical minerals development.
3. Rare Earths and Critical Minerals Outlook
Ramaco expects a revised conceptual study by Hatch Ltd. in late June and a Technical Report Summary from Weir International for its Wyoming Brook Mine project. Construction of the pilot plant structure is under way, with interior equipment fabrication beginning this fall and full-scale operations slated for 2027.
4. Metallurgical Coal Sales and Growth
As of April 30, sales commitments reached 3.5 million tons, or 90% of 2026 production guidance, with 2.1 million tons fixed at an average $124 per ton and 1.4 million export tons on index-linked pricing. Low-vol product demand remains stronger, and growth projects at the Berwind complex are on track and on budget.