Ramaco Resources (METC) Q2 2026 Earnings Call Transcript
Ramaco Resources (METC) reported Q2 2026 net loss of $15.4 million and adjusted EBITDA of $5.7 million, down 37% year over year. Diluted EPS was ($0.26). Liquidity totaled $400.1 million at June 30, 2026. 2026 production guidance was cut to 3.6-3.9 million tons and sales to 4.0-4.3 million tons. Brook Mine NPV was modeled at $3.4B-$8B.
How this was made
The 30-second read
Why it matters
The most tradable elements are the revised 2026 production and sales ranges, increased capex for Maben expansion, and the reported decline in adjusted EBITDA, all framed against strong liquidity and ongoing buybacks.
Market read
This is a company-specific earnings call transcript with multiple concrete guidance and cost/cash-flow datapoints that can drive repricing of METC’s 2026 outlook.
What to watch
The transcript highlights large project optionality (Brook NPV $3.4B-$8B) and potential government financing pending third-party diligence, which could be a catalyst not captured by near-term adjusted EBITDA weakness.
Background
Ramaco Resources held its Q2 2026 earnings call, discussing financial results, revised 2026 guidance, and progress on the Brook Mine critical-minerals refinery and Maben/Berwind coal expansions.
Ticker impact
Ramaco reported Q2 results and revised 2026 production, sales, and capex guidance, plus liquidity and buyback figures.
Likely choppy trading around guidance revisions, with downside risk if investors focus on lower adjusted EBITDA and higher costs.
The transcript provides multiple concrete datapoints: revised 2026 production (3.6-3.9M tons), sales (4.0-4.3M), capex (92-97M), and adjusted EBITDA down 37% YoY, which can reprice near-term cash flow expectations. However, it also includes liquidity above $400M and ongoing project optionality (Brook NPV range), which can offset bearish read-through.
Market effects
Could influence sentiment toward US metallurgical coal and low-vol premium pricing expectations, especially where diesel and cost inflation are key drivers.
Limited direct regional spillover beyond Wyoming critical-minerals development narrative.
Brook Mine critical-minerals framing (semiconductors, data centers, AI) may affect investor appetite for rare-earth and gallium/germanium supply-chain plays, but coal remains the near-term earnings driver.
Counterpoint
Investors may underweight the guidance cuts because liquidity is sizable ($400.1M) and the company is still targeting sub-$100 cash mine costs for a fourth straight quarter, suggesting cost discipline despite diesel volatility.
Key entities
- companyRamaco Resources, Inc.
Reported Q2 2026 net loss and adjusted EBITDA decline, revised 2026 guidance, and discussed Brook Mine critical-minerals refinery progress and financing discussions.
- projectBrook Mine (Wyoming)
Carbochlorination-based critical-minerals refinery concept with internal NPV modeling and an updated timeline/capex outlook.
- coal assetMaben Complex
Underground low-vol production expansion with rail loadout savings expected to complete in Q4 2026.
- coal assetBerwind Complex
Expansion expected to add incremental annual production by 2027.
- counterpartyRE Alloys
Named in an MoU for offtake and separation of mixed rare earth concentrates.
