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Ramaco Resources(METC) - 2024 Q4 - Annual Results
METCRamaco Resources(METC)2025-03-10 20:53

Financial Performance - In Q4 2024, Ramaco Resources achieved Adjusted EBITDA of 29.2million,a2429.2 million, a 24% increase from 23.6 million in Q3 2024[3]. - Net income for Q4 2024 was 3.9million,asignificantincreaseofapproximately1,7003.9 million, a significant increase of approximately 1,700% compared to a loss of 0.2 million in Q3 2024[3]. - Year-end liquidity reached a record 137.8million,upover50137.8 million, up over 50% from the previous year[32]. - Net income for 2024 was 11,192,000, a significant decrease of 86.4% compared to 82,313,000in2023[51].−AdjustedEBITDAfortheyearendedDecember31,2024,was82,313,000 in 2023[51]. - Adjusted EBITDA for the year ended December 31, 2024, was 105,792,000, down from 182,126,000in2023,reflectingadeclineof41.9182,126,000 in 2023, reflecting a decline of 41.9%[54]. - The effective tax rate for 2024 was 25%, with Q4 2024 tax expense recognized at 2.2 million[34]. Sales and Production - The company sold over 1.1 million tons of metallurgical coal in Q4 2024, marking a 10% increase compared to Q3 2024[9]. - Overall production for Q4 2024 was 954,000 tons, up 28% from the same period in 2023[26]. - The Elk Creek complex produced a record 672,000 tons, representing a 63% increase year-over-year[27]. - Full-year 2024 production was 3,671,000 tons, with guidance for 2025 set between 4,200,000 and 4,600,000 tons[37]. - Committed sales volume for 2025 is 3.5 million tons, with an average price of 145perton[40].CostsandMargins−Non−GAAPcashcostpertonsolddecreasedby145 per ton[40]. Costs and Margins - Non-GAAP cash cost per ton sold decreased by 6 per ton, or 6%, to 96pertoninQ42024,downfrom96 per ton in Q4 2024, down from 102 per ton in Q3 2024[3]. - Cash costs were 96pertonsold,a1096 per ton sold, a 10% decrease from the same period in 2023[28]. - Cash margins decreased to 33 per ton, down from 68pertoninQ42023[29].−Thecompanyexpectstomaintaincashmarginsof68 per ton in Q4 2023[29]. - The company expects to maintain cash margins of 33 per ton sold in Q4 2024, down just 1pertonfromQ32024[10].−Non−GAAPrevenuepertonsold(FOBmine)decreasedto1 per ton from Q3 2024[10]. - Non-GAAP revenue per ton sold (FOB mine) decreased to 140 in 2024 from 170in2023,adeclineof17.6170 in 2023, a decline of 17.6%[55]. - Non-GAAP cash cost per ton sold (FOB mine) was 96 in Q4 2024, compared to 107inQ42023,indicatingareductionof10.3107 in Q4 2023, indicating a reduction of 10.3%[55]. Market Conditions - The metallurgical coal indices declined by 12 per ton, or 6%, in Q4 2024 compared to Q3 2024, and by 80perton,or3080 per ton, or 30%, compared to Q4 2023[3]. - U.S. metallurgical coal pricing fell to 129 per ton, a 26% decrease from 175pertoninQ42023[28].CapitalExpendituresandAssets−CapitalexpendituresforQ42024totaled175 per ton in Q4 2023[28]. Capital Expenditures and Assets - Capital expenditures for Q4 2024 totaled 11.9 million, down from 18.0millioninQ42023[33].−Capitalexpendituresfor2024were18.0 million in Q4 2023[33]. - Capital expenditures for 2024 were 55,236,000, down from 82,904,000in2023,reflectingadecreaseof33.582,904,000 in 2023, reflecting a decrease of 33.5%[51]. - Total assets increased to 674,686,000 in 2024 from 665,836,000in2023,representingagrowthof1.28665,836,000 in 2023, representing a growth of 1.28%[49]. - Total current liabilities decreased to 122,428,000 in 2024 from 169,986,000in2023,areductionof28169,986,000 in 2023, a reduction of 28%[49]. - Total stockholders' equity decreased to 362,806,000 in 2024 from $369,605,000 in 2023, a decline of 1.9%[49]. Future Outlook - The company anticipates tons sold in Q1 2025 to be between 850,000 and 950,000, with a projected 33% increase in shipments for Q2 2025[7]. - Ramaco plans to commence full-scale mining for rare earth and critical minerals by July 2025, following positive preliminary testing results[20].