Ramaco Resources(METC)2025-03-10 20:53Financial 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 the year ended December 31, 2024, was $105,792,000, down from $182,126,000 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 $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]. - Non-GAAP revenue per ton sold (FOB mine) decreased to $140 in 2024 from $170 in 2023, a decline of 17.6%[55]. - Non-GAAP cash cost per ton sold (FOB mine) was $96 in Q4 2024, compared to $107 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 $80 per ton, or 30%, compared to Q4 2023[3]. - U.S. metallurgical coal pricing fell to $129 per ton, a 26% decrease from $175 per ton in Q4 2023[28]. 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, reflecting a decrease of 33.5%[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]. - 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].