Ramaco Resources(METCB) - 2024 Q4 - Annual Results

Financial Performance - In Q4 2024, Ramaco Resources achieved Adjusted EBITDA of $29.2 million, a 24% increase from$ 23.6 million in Q3 2024[3]. - Net income for Q4 2024 was $3.9 million, a significant increase of approximately 1,700% compared to a loss of$ 0.2 million in Q3 2024[3]. - Year-end liquidity reached a record $137.8 million, up over 50% from the previous year[32]. - Net income for 2024 was$ 11,192,000, a significant decrease of 86.4% compared to $82,313,000 in 2023[51]. - Adjusted EBITDA for 2024 was$ 105,792,000, down 41.8% from $182,126,000 in 2023[54]. Sales and Production - The company sold over 1.1 million tons of metallurgical coal in Q4 2024, marking a 10% increase compared to Q3 2024[9]. - Overall production for Q4 2024 was 954,000 tons, up 28% year-over-year from Q4 2023[26]. - The Elk Creek complex produced a record 672,000 tons, representing a 63% increase from the previous year[27]. - Full-year 2024 production was 3,671,000 tons, with guidance for 2025 set at 4,200,000 to 4,600,000 tons[37]. - Committed sales volume for 2025 is 3.5 million tons, with an average price of$ 145 per ton[40]. Costs and Margins - Non-GAAP cash cost per ton sold decreased by $6 per ton, or 6%, to$ 96 per ton in Q4 2024, down from $102 per ton in Q3 2024[3]. - Cash costs were$ 96 per ton sold, a 10% decrease from the same period in 2023[28]. - Cash margins decreased to $33 per ton, down from$ 68 per ton in Q4 2023[29]. - The company expects to maintain cash margins of $33 per ton sold in Q4 2024, down just$ 1 per ton from Q3 2024[10]. Market Conditions - The metallurgical coal indices declined by $12 per ton, or 6%, in Q4 2024 compared to Q3 2024, and by$ 80 per ton, or 30%, compared to Q4 2023[3]. - U.S. metallurgical coal pricing fell to $129 per ton, a 26% decrease compared to$ 175 per ton in Q4 2023[28]. - Non-GAAP revenue per ton sold (FOB mine) decreased to $129 in Q4 2024 from$ 175 in Q4 2023, a decline of 26.29%[55]. Capital Expenditures and Assets - Capital expenditures for Q4 2024 totaled $11.9 million, down from$ 18.0 million in Q4 2023[33]. - Capital expenditures for 2024 were $55,236,000, down from$ 82,904,000 in 2023, a decrease of 33.6%[51]. - Total assets increased to $674,686,000 in 2024 from$ 665,836,000 in 2023, representing a growth of 1.28%[49]. - Total current liabilities decreased to $122,428,000 in 2024 from$ 169,986,000 in 2023, a reduction of 28%[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 results from testing[20]. Taxation - The effective tax rate for full-year 2024 was 25%, with Q4 2024 tax expense recognized at $2.2 million[34].