Ramaco Resources(US:METC)2025-10-28 14:44Revenue Performance - The company sold 2.9 million tons of coal during the nine months ended September 30, 2025, generating $408.6 million in revenue, a decrease of approximately 18% compared to $495.4 million in the same period of 2024[135]. - Revenue for the three months ended September 30, 2025, was $121.0 million, approximately 28% lower than the same period in 2024, driven by a 15% decrease in tons sold[149]. - Coal sales revenue for the nine months ended September 30, 2025 was $408.6 million, approximately 18% lower than the same period in 2024[157]. - Coal sales revenue for the three months ended September 30, 2025 was $121.0 million, approximately 28% lower than the same period in 2024[168]. Cost of Sales - The cost of coal sales for the three months ended September 30, 2025, was $101.8 million, approximately 24% lower than the same period in 2024, due to mine closures and reduced trucking costs[150]. - Cost of coal sales totaled $346.3 million for the nine months ended September 30, 2025, a 12% decrease compared to $393.6 million for the same period in 2024[172]. - Non-GAAP cash cost of sales for the three months ended September 30, 2025, was $84,893,000, down 18.8% from $104,573,000 in the prior year[194]. Profitability - The company reported a net loss of $36.7 million for the nine months ended September 30, 2025, compared to a net income of $7.3 million in the same period of 2024[147]. - The net loss for the three months ended September 30, 2025, was $13,308,000, compared to a loss of $239,000 in the same period of 2024[192]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $27.2 million, significantly lower than $76.6 million in the same period of 2024, impacted by softening global metallurgical coal markets[148]. - Segment adjusted EBITDA for the nine months ended September 30, 2025 was $51.4 million, approximately 40% lower than the same period in 2024[173]. - Segment adjusted EBITDA for the three months ended September 30, 2025 was $15.9 million, approximately 41% lower than the same period in 2024[170]. - Adjusted EBITDA for the nine months ended September 30, 2025, was $27,160,000, down 64.6% from $76,596,000 for the same period in 2024[192]. Production and Sales Volume - The company produced 2.9 million tons during the first nine months of 2025, an increase from 2.7 million tons in the same period of 2024, with full-year production expected between 3.7 and 3.9 million tons[139]. - The company had outstanding performance obligations of approximately 0.6 million tons for contracts with fixed sales prices averaging $164 per ton, and 1.2 million tons for contracts with index-based pricing mechanisms[136]. Capital Expenditures and Financing - Capital expenditures for the metallurgical coal segment in the first nine months of 2025 were $45.9 million, a decrease from $55.8 million in the same period of 2024[138]. - Capital expenditures for the nine months ended September 30, 2025, were $52.1 million, including investments in the preparation plant and Maben complex expansion[182]. - The company raised gross proceeds of $200 million through a public offering of its Class A common stock to fund the development of the Brook Mine project[142]. - Cash inflows from financing activities amounted to $196.6 million, primarily driven by a Class A common stock equity issuance of $189.0 million[182]. Grants and Projects - The company received a $6.1 million matching grant from the Wyoming Energy Authority for the Brook Mine project, which is expected to enhance the development of rare earth elements and critical minerals[140]. Cash and Liquidity - As of September 30, 2025, the Company had $193.8 million of cash and cash equivalents[178]. - Cash flows provided by operating activities were $20.3 million during the nine months ended September 30, 2025[179]. - The amended Revolving Credit Facility has a maturity date of May 3, 2029, with an initial aggregate revolving commitment of $200 million[177]. Tax and Royalties - The effective tax rate for the nine months ended September 30, 2025 was 22.2%, down from 28.0% in the same period of 2024[163]. - Total royalties for the three months ended September 30, 2025, were $3,454,000, a decrease of 15.4% compared to $4,083,000 for the same period in 2024[181]. - Infrastructure fees for the three months ended September 30, 2025, totaled $6,194,000, slightly down from $6,240,000 in the prior year, reflecting a decrease of 0.7%[181]. Market and Risk Disclosures - Market risk disclosures are included in Item 7A of the Annual Report[196]. - The company filed an automatic shelf registration statement on August 5, 2025, to sell various securities, effective upon filing[185].