Key Highlights

  • Third-quarter 2026 Revenue reached USD 150.1 million, a 24% increase from USD 121.0 million a year earlier, according to the November 3, 2026 release.
  • Adjusted EBITDA shrank to USD 3.0 million, down from USD 8.4 million, and the net loss grew to USD 18.2 million against USD 13.3 million a year earlier.
  • Cash and equivalents of USD 233.0 million at September 30, 2026 compare with USD 440.3 million at December 31, 2025, leaving USD 374.7 million of total liquidity.
  • Published market data showed the stock near USD 6.11, down 9.33%, alongside a 132.30% one-year EPS figure; neither number has been verified.

Sales Volume Rises, but Costs Erase the Margin Gain

Appalachian metallurgical coal output comes from Ramaco Resources (NASDAQ:METC), which also works on a rare earth and critical minerals scheme at Brook Mine in Wyoming. Results for the three months to September 30, 2026 show sales up 24% to USD 150.1 million, built on 1,077 thousand tons sold, a 23% increase in volume. Realized pricing held at USD 120 a ton, yet cash cost climbed to USD 104 from USD 97, which narrowed cash margin to USD 16 a ton from USD 23. That left adjusted EBITDA down 64% for the period, and nine-month adjusted EBITDA came to USD 6.9 million compared with USD 27.2 million a year earlier. Production of 851 thousand tons fell 10%, so the company sold more coal than it mined, a conclusion drawn from two reported figures. Class A diluted loss per share widened to USD 0.32 from USD 0.25, a move that tracks the squeeze on unit economics.

Trimmed Outlook and a Lower Cash Balance

Management lowered its 2026 production expectation to a band of 3.5 million to 3.6 million tons, down from 3.6 million to 3.9 million. On sales, the range now reads 4.0 million to 4.1 million tons, versus 4.0 million to 4.3 million previously. Cash cost guidance moved up to USD 101 to USD 103 per ton, while Capital spending is now projected at USD 97 million to USD 102 million. Cash has fallen by roughly USD 207.3 million since year-end, a figure we derived by subtracting two reported balances, and nine-month treasury share purchases reached USD 65.9 million. Long-term debt, net, stood at USD 453.6 million, and the revolving Facility remained undrawn. Ramaco Resources (NASDAQ:METC) did not issue 2027 guidance, instead promising it after a board meeting in early December, which leaves the next year's volume and cost path open for now.

Brook Mine Recovery Results, the EPS Screen and the Dividend

Test work in the carbochlorination step produced 97% recovery across scandium, gallium and germanium together, against 92% for the neodymium and praseodymium pairing. A pre-feasibility study is set to start in the first quarter of 2027 and conclude in the second half, while offtake and project financing talks are described as advanced. The screen's 132.30% one-year EPS growth number conflicts with a loss that widened, so it is excluded as a growth measure. The Class B payout of USD 0.0742 per share is due December 18, 2026 for holders of record on December 4. Taken together, the operating squeeze, the guidance trim and the cash decline outweigh the rare earth progress in the near term.

Where Things Stand

Ramaco Resources (NASDAQ:METC) saw adjusted EBITDA drop 64% as cash costs climbed to USD 104 a ton and the realized price stayed flat at USD 120. Higher tonnage did not reach the bottom line, and guidance came down. Counterweights are USD 374.7 million of liquidity, a revolver with no borrowings and rare earth progress at Brook Mine. Attention will center on the 2027 outlook due after the early December board meeting, plus the feasibility study timeline.