Q1 2026 Ramaco Resources Inc Earnings Call Transcript
Key Points
- Ramaco Resources Inc (METC) repurchased approximately 2.6 million shares of Class A common stock, representing about 5% of its stock, indicating strong shareholder return and capital allocation strategy.
- The company ended the first quarter with about $490 million in liquidity, up 310% year-over-year, providing significant financial flexibility.
- Operational performance remained solid with cash costs per ton sold at $98, placing Ramaco in the first quartile of the US cash cost curve among Central Appalachian met coal peers.
- Ramaco is advancing its rare earth element and critical minerals projects, with significant progress expected in the second half of 2026.
- The company is exploring reorganization options to enhance shareholder value and better reflect its dual-platform business model, including the formation of separate corporate entities for different operations.
- The company reported a Q1 adjusted EBITDA loss of $1.8 million, compared to a $10 million gain in Q1 2025, reflecting challenging market conditions.
- Cash margins fell from $24 per ton in Q1 2025 to $16 per ton in Q1 2026 due to lower realized prices.
- High diesel prices, exacerbated by the Iranian conflict, negatively impacted costs by approximately $1.50 per ton sold.
- The coal market remains challenged, particularly on the high-vol side, with unsustainably weak pricing indices.
- Weather-related transportation issues negatively impacted sales figures by more than 50,000 tons in the first quarter.
Good day, and welcome to the Ramaco Resources first quarter 2026 results conference call. (Operator Instructions) Please note this event is being recorded.
I would now like to turn the conference over to Jeremy Sussman, Chief Financial Officer. Please go ahead.
Thank you. On behalf of Ramaco Resources, I'd like to welcome all of you to our first quarter 2026 earnings conference call.
With me this morning is Randy Atkins, our Chairman and CEO, Chris Blanchard, our EVP for Mine Planning and Development, Jason Fannin, our Chief Commercial Officer, and Mike Woloschuk, our EVP of Critical Mineral Operations.
Before we start, I'd like to share our normal cautionary statement. Certain items discussed on today's call constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements represent Ramaco's expectations concerning future events. These statements are subject to risks,
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