Ramaco Resources Q3 adjusted EBITDA misses estimates on higher costs; lowers FY production guidance
METC•Ramaco Resources reported Q3 revenue of $150.1 million, above the $140.23 million consensus, while adjusted EBITDA of $3.0 million missed the $8.09 million estimate. It lowered 2026 production guidance to 3.5–3.6 million tons and raised cash cost and capital expenditure guidance.
1. Quarterly results
Ramaco Resources reported Q3 revenue of $150.1 million, up 24% year over year and above analyst expectations of $140.23 million. Adjusted EBITDA was $3.0 million, below the $8.09 million consensus, and the company posted a net loss of $18.2 million, or $0.32 per share.
2. Costs and production
Cash mine costs rose 7% year over year, mainly due to higher diesel prices. Production fell 10% as Ramaco idled higher-cost output amid weak market conditions; increased coal sales were driven by a reduction in previously stockpiled inventory.
3. 2026 outlook
The company lowered its 2026 production guidance to 3.5–3.6 million tons from 3.6–3.9 million tons. It raised cash cost guidance to $101–$103 per ton from $96–$99 and increased capital expenditure guidance to $97–$102 million from $92–$97 million.
