Revenue Performance - Revenue for the first three months of 2025 was $134.7 million, approximately 22% lower than the same period in 2024, driven by a decrease in pricing despite a 2% increase in tons sold [125]. - Total revenue for the three months ended March 31, 2025, was $134.7 million, a decrease of 22% compared to $172.7 million for the same period in 2024 [157]. - Non-GAAP revenue (FOB mine) for the three months ended March 31, 2025, was $115.6 million, down from $144.4 million in 2024, reflecting a decrease of approximately 20% [157]. - The average revenue per ton sold decreased by 24% from $186 in Q1 2024 to $142 in Q1 2025, attributed to variability in index-based pricing for export sales [128]. Sales and Production - The company sold 0.9 million tons of coal in Q1 2025, with 67% of revenue from export markets, compared to 0.9 million tons sold in Q1 2024, where 69% of revenue was from exports [115]. - The company produced 1.0 million tons in Q1 2025, up from 0.8 million tons in Q1 2024, with full-year production expected between 3.9 and 4.3 million tons [121]. - As of March 31, 2025, the company had outstanding performance obligations of approximately 1.5 million tons at an average fixed sales price of $154 per ton [118]. Financial Performance - Adjusted EBITDA for the three months ended March 31, 2025, was $9.8 million, significantly lower than $24.2 million in the same period of 2024, representing a decline of about 60% [156]. - The company reported a net loss of $9.5 million for the three months ended March 31, 2025, compared to a net income of $2.0 million in 2024 [156]. - Cash flows from operating activities were $26.0 million in Q1 2025, driven by net earnings adjusted for non-cash expenses [141]. Capital Expenditures - Total capital expenditures in Q1 2025 were $20.3 million, an increase from $18.7 million in Q1 2024, primarily due to strategic growth projects at the Maben preparation plant [120]. - Capital expenditures for the period totaled $20.3 million, with significant investments in the preparation plant and Maben complex expansion [145]. - Future capital expenditures may be adjusted based on liquidity needs and market conditions, with potential funding through debt or equity securities if cash flows are insufficient [147]. Cash and Financing - The company had $43.5 million in cash and cash equivalents and $74.9 million of remaining availability under its Revolving Credit Facility as of March 31, 2025 [140]. - Cash inflows from financing activities totaled $6.7 million, including net proceeds from borrowing of $15.9 million [145]. - The company filed a shelf registration statement on September 1, 2023, to sell securities with an aggregate initial offering price of up to $400 million [148]. Taxation - The effective tax rate for Q1 2025 was 31%, compared to 21% in Q1 2024, influenced by state taxes and non-deductible expenses [136]. Dividends - The company anticipates declaring similar dividends on a quarterly basis, with 20% of cash available for dividend for Class B common stock amounting to $1.9 million for the current period [144]. Grants and Development - The company received a $6.1 million matching grant from the Wyoming Energy Authority for the development of a pilot processing facility for rare earth elements and critical minerals [122]. Cost Efficiency - Non-GAAP cash cost per ton sold (FOB mine) was $98 for the three months ended March 31, 2025, down from $118 in 2024, indicating improved cost efficiency [158].
Ramaco Resources(METCB) - 2025 Q1 - Quarterly Report