Ramaco Resources, Inc. Revenue Disclosure
NOTE 10—REVENUES
Our revenue is derived from contracts for the sale of coal and is recognized when the performance obligations under the contract are satisfied, which is at the point in time control is transferred to our customer. Generally, domestic sales contracts have terms of approximately one year and the pricing is typically fixed. Export sales have spot or term contracts, and pricing can be either fixed or derived against index-based pricing mechanisms. Sales completed with delivery to an export terminal are reported as export revenue.
Disaggregated information about Revenue by segment is presented below:
Year ended December 31, | ||||||||||
(In thousands) | | 2025 | | 2024 | | 2023 | ||||
Metallurgical Coal Segment | ||||||||||
Coal Sales |
| |
| |
| | ||||
North American revenue | $ | 196,963 | $ | 221,664 | $ | 227,484 | ||||
Export revenue, excluding Canada |
| 339,655 |
| 444,631 |
| 466,040 | ||||
Total revenue | $ | 536,618 | $ | 666,295 | $ | 693,524 | ||||
Annual revenues for 2025 include less than a $0.1 million net decrease to revenue related to adjustments for performance obligations satisfied in a previous reporting period. These adjustments were due to true-ups of previous estimates for provisional pricing and demurrage as well as price adjustments for minimum specifications or qualities of delivered coal.
As of December 31, 2025, the Company had outstanding performance obligations of approximately 1.1 million tons for contracts with fixed sales prices averaging $142 per ton as well as 1.2 million of additional tons for contracts with index-based pricing mechanisms. The Company expects to satisfy approximately 97% of the committed tons in and the remainder in 2027. Variable amounts, including index-based prices, have not been estimated for the purpose of disclosing remaining performance obligations as permitted under the revenue recognition guidance when variable consideration is allocated entirely to a wholly unsatisfied performance obligation.
Sales into individual foreign countries equaling or exceeding 10% of our total revenues for 2025 included Germany, which represented 11% of 2025 revenues. Sales into India and Germany were 11% and 10%, respectively, of 2024 revenues. Sales into Germany, Canada, and Brazil were 14%, 14%, and 10%, respectively, of 2023 revenues. The Company used the final export destination of the goods as the basis for these disclosures.
The Company has not recorded any revenues from the Rare Earths and Critical Minerals Segment.
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Mar 17, 2025 | |
| 2023 | Mar 14, 2024 | |
| 2022 | Mar 14, 2023 | |
| 2021 | Apr 1, 2022 | |
| 2020 | Feb 18, 2021 | |
| 2019 | Feb 20, 2020 | |
| 2018 | Mar 19, 2019 | |
About Revenue Disclosures
Revenue disclosures under ASC 606 explain how a company identifies performance obligations, allocates transaction prices, and determines when revenue is recognized. This section is essential for understanding whether reported revenue reflects genuine economic activity or aggressive accounting choices. Analysts examine the mix of point-in-time versus over-time recognition, which directly affects revenue timing and comparability.
Key signals: rising contract liabilities (deferred revenue) suggest strong future revenue visibility, while declining contract assets may indicate slowing project milestones. Watch for variable consideration estimates — rebates, returns, and performance bonuses that require management judgment. Significant changes in disaggregated revenue by geography or product line can reveal shifting business mix before it appears in headline numbers. Compare revenue growth against contract liability growth to assess sustainability, and scrutinize any changes in the timing of recognition that coincide with earnings pressure.