Key Highlights

  • Ramaco Resources (NASDAQ:METC) booked third-quarter 2026 Revenue of USD 150.1 million, roughly 24.0% above USD 121.0 million a year earlier on simple arithmetic, yet still posted a net loss of USD 18.2 million.
  • Adjusted EBITDA dropped to USD 3.0 million from USD 8.4 million, and nine-month adjusted EBITDA came to USD 6.9 million versus USD 27.2 million the year before.
  • Exports supplied 69% of nine-month revenue, up from 62%, and the company sold 3.0 million tons of coal for USD 416.5 million.
  • Coal segment Capital spending for nine months rose to USD 74.7 million, and another USD 25.0 million is planned for the Brook Mine.

Revenue Gains Overshadowed by a Wider Third-Quarter Deficit

Ramaco Resources (NASDAQ:METC) submitted its Quarterly Report on November 3, 2026, covering the period ended September 30. Third-quarter revenue reached USD 150.1 million, up from USD 121.0 million, but cost of sales climbed faster, to USD 133.8 million from USD 101.8 million, around 31.4% higher by simple arithmetic. The net loss widened to USD 18.2 million from USD 13.3 million, or USD 0.32 a Class A share versus USD 0.25. Across nine months, revenue was USD 416.5 million compared with USD 408.6 million, and the net loss totaled USD 52.0 million against USD 36.7 million.

Soft Met Coal Pricing and a Heavier Export Tilt

Ramaco runs metallurgical coal mines in southern West Virginia and southwestern Virginia and is developing a rare earth and critical minerals project in Wyoming. According to the filing, global met coal markets remained relatively weak in the third quarter because of limited growth in some regions and oversupply, although U.S. indices and spot prices edged up as higher-cost Supply was curtailed. Exports did not face significant delays from recent weather, dockworker disputes, conflicts or tariffs. Export sales, often priced off indices, reached 69% of nine-month revenue, increasing exposure to price swings. At September 30 the company had about 2.1 million tons committed at fixed prices averaging USD 139 a ton, plus 1.2 million tons priced on indices. Nine-month output was 2.7 million tons, and full-year guidance is 3.6 to 3.8 million tons.

Brook Mine Investment and Development Uncertainties

The Brook Mine is still in exploration, and the rare earths segment has not yet recognized any revenue. A July 2026 initial assessment examined a carbochlorination refining flowsheet, and a pre-feasibility study is anticipated once bench-scale tests and refreshed resource estimates are complete. Management said about USD 25.0 million of extra Brook spending is discretionary and not contractually required. The filing cautions there is no certainty the project will reach commercial scale or that inferred resources will convert into reserves. Selling, general and administrative costs increased to USD 19.3 million from USD 16.1 million during the quarter, while interest expense declined to USD 1.4 million from USD 2.3 million. No share price move is referenced.

Where Things Stand

Revenue rose about 24.0% as volumes and prices recovered from a weak base, but costs rose even faster, which is why the loss widened to USD 18.2 million. For Ramaco Resources (NASDAQ:METC), the result shows how thin coal margins become when index prices soften while growth spending continues. Fixed-price contracts averaging USD 139 a ton give some visibility into 2027, though 1.2 million tons remain exposed to index pricing. Watch coal price indices, output against the 3.6 to 3.8 million ton plan and milestones in the Brook Mine study.