second quarter 2026
Filed Aug 4, 2026Ramaco Resources Reports Second Quarter 2026 Results
The Company reported a quarterly net loss of $(15.4) million and Class A diluted EPS of $(0.26), while maintaining fourth consecutive sub-$100 per ton cash mine costs, expanding low-vol production projects, and returning almost $66 million to shareholders year to date. Full-year production and sales guidance was reduced because of weak high-vol market conditions, while capital-expenditure guidance increased for the Maben low-vol growth project.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| Net lossGAAP | $(15.4) million | – | – |
| Class A diluted EPSGAAP | $(0.26) | – | – |
| Adjusted EBITDAnon-GAAP | $5.7 million | – | – |
| Cash mine cost per ton soldnon-GAAP | $99 | – | $4 lower than the second quarter of 2025 |
full-year 2026 outlook
- NoteProduction: 3.6 – 3.9 million tons
- NoteSales: 4.0 – 4.3 million tons
- NoteCash cost per ton sold: $96 - $99 per ton
- NoteCapital expenditures: $92 - $97 million
- NoteThird-quarter 2026 coal shipments: between 950,000 and 1,100,000 tons
Capital returns
- During the second quarter, the Company repurchased 3.5 million Class A common shares in the open market at an average price of $14.41 per share, spending approximately $51 million.
- Year to date, the Company has repurchased nearly 4.6 million Class A common shares at an average price of $14.44, spending almost $66 million.
- These repurchases represent over 8% of the Class A common shares outstanding.
What drove it
- As of June 30, sales commitments for 2026 totaled 3.8 million tons, equal to slightly more than 100% of 2026 production guidance at the midpoint of 3.75 million tons.
- 1.1 million tons are committed to North American customers at an average realized fixed price of $138 per ton, and an additional 1.4 million tons are committed to seaborne customers at an average fixed price of $108 per ton.
- In total, 2.5 million tons are committed at an average fixed price of $121 per ton.
- A further 1.3 million export tons are committed to seaborne customers at index-linked pricing and are not yet priced.
- The Board approved a $25 million development project for the first two underground sections at the Maben Complex, with spending planned over the next 12 months.
- The Maben project is anticipated to add 0.6 million premium low-vol tons of production at full capacity.
- At full production, the Maben and Berwind projects are expected to add approximately 100,000-200,000 tons in 2026 and subsequently more than 1 million annualized tons of low-vol production as these new mines are developed.
- Construction of a new rail loadout at the Maben Complex remains on track for completion in the fourth quarter and is anticipated to reduce current trucking costs by roughly $20 per ton at this complex.
Concerns
- Full-year 2026 production guidance is now 3.6 – 3.9 million tons, down from 3.7 – 4.1 million tons, based on continued weakness in high-vol market conditions.
- Full-year 2026 sales guidance is being reduced to 4.0 – 4.3 million tons from 4.1 – 4.5 million tons.
- The Company is proactively idling one section at its high-vol Stonecoal Mine at its Elk Creek Complex due to weak high-vol market conditions.
- The Company expects third-quarter cash costs to trend toward the higher end of the full-year range because of continued elevated fuel costs related to the Iranian conflict.
- The Hatch report preliminarily estimated capital for construction of the Brook Project at $3.2 billion, with an additional contingency of ~$0.8 billion, and estimated timing for initial production to be in 2031.
What to watch
- The pilot plant building structure is expected to be completed in the fall of 2026.
- Fabrication of interior equipment and testing facilities is expected to begin in the fall, with full-scale pilot operations expected to commence in 2027.
- Hatch is expected to move forward with a subsequent Preliminary Feasibility Study next year, and the Company expects an interim study of revised economics by year-end 2026.
- The Laurel Fork Mine has restarted, and the Company anticipates the third section at its Berwind Mine to be operational in September.
- The Company is exploring potential domestic and international offtake transactions and non-dilutive third-party project financing involving public and private sectors.
Balance sheet and cash flow
- The Company ended the second quarter with liquidity of $400.1 million, an increase of nearly 360% year over year.
Analysis
Ramaco reported a quarterly net loss of $(15.4) million and Class A diluted EPS of $(0.26) for the second quarter of 2026. Adjusted EBITDA was $5.7 million. The operational offset was non-GAAP cash mine cost per ton sold of $99, which the Company said was $4 lower than the second quarter of 2025 and represented its fourth consecutive sub-$100 per ton cash-cost quarter.
The core coal outlook reflects a divergence between low-vol and high-vol markets. The Company described U.S. low-vol and high-vol indices as flat in the second quarter versus the first quarter, but said current spot prices were marginally below second-quarter averages and cited continued weakness in high-vol conditions. It reduced full-year production guidance to 3.6 – 3.9 million tons from 3.7 – 4.1 million tons and sales guidance to 4.0 – 4.3 million tons from 4.1 – 4.5 million tons. It is idling one section at the high-vol Stonecoal Mine.
Sales commitments provide a measure of volume coverage. As of June 30, commitments totaled 3.8 million tons, including 2.5 million tons at an average fixed price of $121 per ton and 1.3 million export tons at index-linked pricing that were not yet priced. The Company expects third-quarter cash costs to trend toward the higher end of its $96 - $99 per ton full-year guidance range, citing elevated fuel costs related to the Iranian conflict.
Management is directing incremental investment toward low-vol production. The Board approved a $25 million Maben development project, and full-year capital-expenditure guidance increased to $92 - $97 million from $85 - $90 million. The Company also cited restarted and planned Berwind operations and expects the Maben and Berwind projects to add approximately 100,000-200,000 tons in 2026 and subsequently more than 1 million annualized tons of low-vol output. The planned Maben rail loadout is anticipated to reduce current trucking costs by roughly $20 per ton at that complex.
Capital allocation remained active despite the quarterly loss. Ramaco repurchased 3.5 million Class A common shares for approximately $51 million during the quarter and nearly 4.6 million shares for almost $66 million year to date. The Company ended the quarter with liquidity of $400.1 million. Separately, the Brook Project remains a long-dated and capital-intensive development opportunity: the Hatch study preliminarily estimated $3.2 billion of construction capital plus an additional contingency of ~$0.8 billion, with initial production estimated in 2031. Management cited internal modeling showing potential NPV of $8 billion and average annual adjusted EBITDA of $1.3 billion, while further testing, engineering optimization, offtake discussions, and financing discussions remain ahead.
Management, verbatim
On our core metallurgical coal business, despite continued market weakness we continued to deliver strong operational results, again achieving sub-$100 per ton cash mine costs for the fourth quarter in a row.
Randall Atkins, Chairman and Chief Executive Officer
We are also advancing our transformation to become a primarily low-vol metallurgical coal producer. We expect over the next few years that 50% or more of our output will be high-quality low-vol coal.
Randall Atkins, Chairman and Chief Executive Officer
We believe the economics of the Brook Project are strong. We hope they will be enhanced and strengthened as we methodically move forward.
Randall Atkins, Chairman and Chief Executive Officer
Not in the filing
stated, not guessed- Total revenue
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- Operating income or loss
- GAAP net income prior-year and prior-quarter comparisons
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- Detailed income statement, balance sheet, cash-flow statement, and non-GAAP reconciliation tables in the supplied filing text
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AlphaAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.