Ramaco Resources Q4 loss $14.7M, cuts cash cost to $92/ton
Ramaco Resources posted Q4 2025 net loss of $14.7M, EPS of –$0.26 (–$0.22 adjusted), $8.9M Adjusted EBITDA, and reduced cash mine cost to $92/ton, boosting cash margins to $24/ton despite index falls. Year-end liquidity reached $521M (up >275%), supporting its pivot to a new patent-pending carbochlorination flowsheet for rare earths.
1. Q4 2025 Financial Results
Ramaco Resources reported a net loss of $14.7 million in Q4 2025, with Class A diluted EPS of –$0.26 (–$0.22 adjusted). Adjusted EBITDA reached $8.9 million, non-GAAP cash mine cost fell to $92 per ton, and cash margins held at $24 per ton.
2. Full-Year 2025 Financial Highlights
For all of 2025 the company recorded a net loss of $51.4 million and adjusted EBITDA of $36.1 million. Non-GAAP cash mine cost declined to $98 per ton, cash margins averaged $22 per ton, and record liquidity rose to $521 million, up over 275% year-over-year.
3. Rare Earths Development and Flowsheet Innovation
Ramaco unveiled a proprietary, patent-pending carbochlorination flowsheet for extracting rare earths and critical minerals from coal. Third-party tests indicate higher recoveries of gallium and scandium, lower capital and operating costs, and an expanded product suite targeting high-purity gallium, alumina and quartz.