Ramaco Resources, Inc.

Listed Company

METCCIK 0001687187NasdaqAcceleratedSilver OresDelawareFY ends Dec 31

Period

FY 2025

Revenue

—

Net Income

$-51.45M

Total Assets

$1.14B

Equity

$483.57M

Shares Out

44.16M

Op. Cash Flow

$1.97M

Business

Ramaco Resources, Inc. is an operator and developer of high-quality, low-cost metallurgical coal focused on Appalachian mining complexes. It produces high-, mid- and low-volatile metallurgical coals and is advancing initiatives around rare earth elements, critical minerals and coal-to-carbon advanced products. Its operations are organized around key mining complexes and asset groups, including the Elk Creek, Berwind, Knox Creek and Maben complexes, as well as the Brook research property and other permits. Ramaco markets coal to North American integrated steel mills and coke plants and to international customers, delivering by truck, rail, barge and vessel under primarily term and index-linked contracts.

Summary from filing dated 2025-03-17

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	537	666	694	566	283
Cost of sales (exclusive of items shown separately below)	453	533	494	333	195
Asset retirement obligations accretion	2	1	1	1	615,000
Depreciation, depletion, and amortization	68	66	54	41	26
Selling, general, and administrative	69	49	49	40	22
Total costs and expenses	593	650	598	415	244
Operating (loss) income	−56	17	95	150	40
Other income (expense), net	2	4	18	3	7
Interest expense, net	−8	−6	−9	−7	−3
(Loss) Income before tax	−62	15	105	146	44
Income tax (benefit) expense	−11	4	22	30	5
Net (loss) income	−51	11	82	116	40
Basic (in dollars per share)	−0.99	0.11	1.77	2.63	0.9
Diluted (in dollars per share)	−0.99	0.11	1.73	2.6	0.9

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	440	33	42	36	22
Accounts receivable	54	74	97	41	44
Inventories	87	43	37	45	16
Prepaid expenses and other	16	18	14	26	5
Total current assets	598	168	190	147	87
Property, plant, and equipment, net	512	482	459	430	227
Financing lease right-of-use assets, net	16	12	10	13	9
Advanced coal royalties	6	5	3	3	6
Other	9	8	4	3	491,000
Total Assets	1,141	675	666	596	329
Accounts payable	42	49	52	35	15
Accrued liabilities	55	62	52	42	19
Current portion of asset retirement obligations	2	1	110,000	29,000	489,000
Current portion of long-term debt	56,000	359,000	57	36	8
Current portion of financing lease obligations	7	6	5	6	3
Insurance financing liability	4	4	4	5	280,000
Total current liabilities	110	122	170	163	47
Long-term asset retirement obligations	33	30	29	29	22
Long-term equipment loans	—	57,000	—	—	—
Long-term financing lease obligations	10	8	5	5	5
Long-term debt, net	451	88	33	33	32
Deferred tax liability, net	44	56	54	36	6
Other long-term liabilities	9	8	4	3	3
Total liabilities	657	312	296	287	118
Commitments and contingencies	—	—	—	—	—
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued or outstanding	—	—	—	—	—
Additional paid-in capital	483	293	277	169	164
Retained earnings (accumulated deficit)	−311,000	70	92	140	47
Total stockholders' equity	484	363	370	309	211
Total Liabilities and Stockholders' Equity	1,141	675	666	596	329

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Amortization of debt issuance costs	3	934,000	776,000	491,000	214,000
Stock-based compensation	18	17	13	8	5
(Gain)/loss on disposal of assets	38,000	−18,000	—	756,000	—
Other income - gain on insurance recoveries	—	—	−10	—	—
Deferred income taxes	−12	2	19	29	5
Accounts receivable	19	23	−56	3	−24
Prepaid expenses and other current assets	12	2	14	−14	6
Inventories	−44	−6	8	−29	−4
Other assets and liabilities	−3	−3	−430,000	1	1
Accounts payable	−10	−5	25	13	−2
Accrued liabilities	714,000	3	10	19	5
Net cash from operating activities	2	113	161	188	53
Capital expenditures	−63	−55	−83	−123	—
Land and mineral acquisition	−19	—	—	—	—
Acquisition of Maben assets (bond recovery in 2023)	—	—	1	—	—
Insurance proceeds related to property, plant, and equipment	2,000	—	11	—	—
Maben preparation plant capital expenditures	−2	−14	—	—	—
Capitalized interest	−1	−1	−1	−1	—
Other	584,000	−495,000	−608,000	—	—
Net cash used in investing activities	−84	−71	−72	−146	−60
Proceeds from equity offering	189	—	—	—	—
Payment of equity offering costs	−746,000	—	—	—	—
Proceeds from long-term debt issuances	398	55	—	—	—
Purchase of capped calls	−33	—	—	—	—
Proceeds from borrowings	52	142	130	42	54
Repayment of borrowings	−52	−198	−128	−26	−26
Repayments of senior notes	−35	—	−40	−15	—
Repayment of Ramaco Coal acquisition financing - related party	—	—	−40	—	—
Proceeds from stock options exercised	802,000	534,000	—	107,000	—
Payment of dividends	−4	−25	−26	−20	—
Repayments of insurance financing	−7	−6	−5	−1	−862,000
Repayments of equipment finance leases	−10	−9	−7	−5	−2
Payment of debt issuance costs	−5	−657,000	—	—	−2
Shares surrendered for withholding taxes payable	−3	−11	−7	−3	−539,000
Net cash from (used in) financing activities	489	−51	−83	−28	22
Net change in cash and cash equivalents and restricted cash	407	−9	6	14	16
Cash paid for interest (net of amounts capitalized)	8	5	8	6	2
Cash paid for income taxes	2	1	771,000	16	—
Cash received for income tax refund	352,000	—	12	—	—
Leased assets under financing leases	14	12	6	8	10
Capital expenditures included in accounts payable and accrued liabilities	13	12	5	13	7
Financed insurance	7	6	6	6	280,000
Financed insurance (2022 adjustment recorded in 2023)	—	—	−1	—	—

Filings

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