Ramaco Resources, Inc.

Ramaco reported Q2 adjusted EBITDA of $6 million versus $9 million in Q2 2025, and Class A EPS was a $0.26 loss versus a $0.29 loss a year ago. Q2 realized prices were $116 per ton, down 6% from $123 per ton in Q2 2025, while cash cost per ton sold was $99 and cash margins were $17 per ton versus $20 per ton in Q2 2025. For 2026, production guidance was reduced to 3.6 million to 3.9 million tons from 3.7 million to 4.1 million tons, and sales guidance was cut to 4.0 million to 4.3 million tons from 4.1 million to 4.5 million tons. Full-year cash cost per ton sold guidance was maintained at $96 to $99, while capex was raised to $92 million to $97 million from $85 million to $90 million, mainly due to the Maben underground low-vol project. For Q3, the company expects coal shipments of 950,000 to 1.1 million tons and said cash costs should trend toward the high end of the full-year range because of elevated diesel costs.

Randy Atkins framed the quarter as a turning point for the Brook Mine after the Hatch conceptual study, saying the report opened the door to pursue government, offtake, and commercial financing discussions more concretely. He emphasized the project’s scalability and said management now knows both how to process the material and what products it can produce, while also saying the company will work to optimize refining economics, construction timing, and costs. On met coal, he said the strategy is to rebalance toward low-vol production and use the company’s liquidity and long runway to make disciplined choices on capital deployment.

Jeremy Sussman highlighted a strong balance sheet, saying Ramaco used liquidity to repurchase $66 million of stock, reducing shares outstanding by roughly 8% to below 52 million, while still ending Q2 with more than $400 million of liquidity. He said Q2 cash cost per ton sold was $99, cash margins were $17 per ton, and lower realized prices plus weaker high-vol markets pressured earnings, with adjusted EBITDA at $6 million and EPS at a $0.26 loss. He also outlined updated guidance, including lower 2026 production and sales, unchanged cash cost guidance, and higher capex due to the newly approved Maben project; he noted Q3 costs should stay elevated because of diesel.

Analysts focused first on whether realized met coal pricing has much upside in the second half, and management said pricing is likely to remain relatively flat until U.S. indices move higher, though some incremental domestic tonnage has been layered in since quarter-end. Questions also centered on Brook Mine offtake timing and what would be needed to convert MOUs into binding agreements; management said MOUs should come in the near term, with more meaningful announcements toward year-end, and that a full investment decision remains well ahead, likely after the PFS. On e-waste, management said even small amounts could materially improve economics and that an interim study with e-waste economics should be out before year-end.