# Ramaco Resources, Inc.: Form 10-Q for the period ended Jun 30, 2025

- Company: [Ramaco Resources, Inc.](/companies/metc.md) (CIK 1687187)
- Form: 10-Q
- Filed: 2025-08-01
- Accepted by EDGAR: Aug 1, 2025, 14:32 ET
- Period: 2025-06-30
- Accession: 0001558370-25-009974
- Inline XBRL: yes
- Main document: https://www.sec.gov/Archives/edgar/data/1687187/000155837025009974/metc-20250630x10q.htm
- All documents and exhibits: https://www.sec.gov/Archives/edgar/data/1687187/000155837025009974/

## Figures reported in this filing

Standardized XBRL line items for the period ended 2025-06-30.

| Line item | Period | Value | XBRL concept |
| --- | --- | ---: | --- |
| Revenue | 3 months, 2025-04-01 to 2025-06-30 | $153.0m | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax |
| Revenue | 6 months, 2025-01-01 to 2025-06-30 | $287.6m | us-gaap:RevenueFromContractWithCustomerIncludingAssessedTax |
| Cost of revenue | 3 months, 2025-04-01 to 2025-06-30 | $134.2m | us-gaap:CostOfGoodsAndServicesSold |
| Cost of revenue | 6 months, 2025-01-01 to 2025-06-30 | $248.3m | us-gaap:CostOfGoodsAndServicesSold |
| Selling, general and administrative | 3 months, 2025-04-01 to 2025-06-30 | $15.2m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Selling, general and administrative | 6 months, 2025-01-01 to 2025-06-30 | $29.8m | us-gaap:SellingGeneralAndAdministrativeExpense |
| Operating income | 3 months, 2025-04-01 to 2025-06-30 | −$13.8m | us-gaap:OperatingIncomeLoss |
| Operating income | 6 months, 2025-01-01 to 2025-06-30 | −$25.9m | us-gaap:OperatingIncomeLoss |
| Income tax | 3 months, 2025-04-01 to 2025-06-30 | −$2.0m | us-gaap:IncomeTaxExpenseBenefit |
| Income tax | 6 months, 2025-01-01 to 2025-06-30 | −$6.3m | us-gaap:IncomeTaxExpenseBenefit |
| Net income | 3 months, 2025-04-01 to 2025-06-30 | −$14.0m | us-gaap:NetIncomeLoss |
| Net income | 6 months, 2025-01-01 to 2025-06-30 | −$23.4m | us-gaap:NetIncomeLoss |
| Operating cash flow | 6 months, 2025-01-01 to 2025-06-30 | $21.8m | us-gaap:NetCashProvidedByUsedInOperatingActivities |
| Dividends paid | 6 months, 2025-01-01 to 2025-06-30 | $4.3m | us-gaap:PaymentsOfDividends |
| Cash and equivalents | at 2025-06-30 | $28.1m | us-gaap:CashAndCashEquivalentsAtCarryingValue |
| Current assets | at 2025-06-30 | $154.9m | us-gaap:AssetsCurrent |
| Total assets | at 2025-06-30 | $674.6m | us-gaap:Assets |
| Current liabilities | at 2025-06-30 | $113.8m | us-gaap:LiabilitiesCurrent |
| Total liabilities | at 2025-06-30 | $327.2m | us-gaap:Liabilities |
| Current portion of debt | at 2025-06-30 | $223.0k | us-gaap:LongTermDebtCurrent |
| Shareholders' equity | at 2025-06-30 | $347.4m | us-gaap:StockholdersEquity |

## Management's discussion and analysis

As filed, 34,702 characters.

*The following discussion and analysis of our financial condition and results of operations should be read in conjunction with the “Management’s Discussion and Analysis of Financial Condition and Results of Operations” contained in our Annual Report, as well as the financial statements and related notes appearing elsewhere in this Quarterly Report. The following discussion contains forward-looking statements that reflect our future plans, estimates, beliefs and expected performance. The forward-looking statements are dependent upon events, risks and uncertainties that may be outside our control. We caution you that our actual results could differ materially from those discussed in these forward-looking statements. Factors that could cause or contribute to such differences are discussed elsewhere in this Quarterly Report, particularly in the “Cautionary Note Regarding Forward-Looking Statements” and in our Annual Report and in this Quarterly Report under the heading “Item 1A. Risk Factors,” all of which are difficult to predict. In light of these risks, uncertainties and assumptions, the forward-looking events discussed may not occur. We do not undertake any obligation to publicly update any forward-looking statements except as otherwise required by applicable law.*

### Overview

We are an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia. Our development portfolio primarily includes the following properties: Elk Creek, Berwind, Knox Creek, and Maben. We believe each of these properties possesses geologic and logistical advantages that make our coal among the lowest delivered-cost U.S. metallurgical coal to our domestic customer base, North American blast furnace steel mills and coke plants, as well as international metallurgical coal consumers. We also control mineral deposits near Sheridan, Wyoming as part of the Company’s initiatives regarding the potential recovery of rare earth elements and critical minerals as well as the potential commercialization of coal-to-carbon-based products and materials.

Our primary source of revenue is the sale of metallurgical coal. We maintain 66 million reserve tons and 1,352 million measured and indicated resource tons of high-quality metallurgical coal. Our plan is to continue the development of our existing properties and grow annual production over the next few years to approximately seven million clean tons of metallurgical coal, subject to market conditions, permitting and additional capital deployment in the medium-term. We may make acquisitions of reserves or infrastructure that continue our focus on advantaged geology and lower costs.

The overall outlook of the metallurgical coal business is dependent on a variety of factors such as pricing, regulatory uncertainties, and global economic conditions. Coal consumption and production in the U.S. are driven by several market dynamics and trends including the U.S. and global economies, the U.S. dollar’s strength relative to other currencies and accelerating production cuts. Blast furnace steelmaking is more prevalent outside the U.S. compared to domestic steel production, which creates demand for exports of metallurgical coal, including demand growth in Asia Pacific.

Global metallurgical coal markets softened in 2024 and continued to do so in 2025 due to constrained economic growth in some regions of the world and continued conflict overseas. The global steel market experienced slower growth, especially in China, resulting in elevated levels of Chinese steel exports. These conditions have led steel companies to both cut back on their own production and to reduce the price they are willing to pay for their metallurgical coal feedstock. For 2025, overall steel demand will likely remain weak in the near term; however, supply cuts may occur for higher cost operations absent a significant upward movement in pricing. Longer term, the Company believes that limited global investment in new coking coal production capacity, the industrialization of emerging economies, expansion of urbanization globally, and an eventual return to economic growth will support coking coal markets overall.

During the six months ended June 30, 2025, we sold 2.0 million tons of coal and recognized $287.6 million of revenue. Of this amount, 37% of our revenue was from sales into North American markets, including Canada, and 63% of our revenue was from sales into export markets. During the same period of 2024, we sold 1.8 million tons of coal and recognized $328.0 million of revenue, of which 33% was from sales into North American markets, including Canada, and 67% was from sales into export markets. Sales into export markets, which often include index-based pricing, generally have greater exposure to variability in pricing from period to period. The Company’s exports have not been materially delayed or otherwise affected by recent severe weather events or by dockworker labor disputes taking place at U.S. East Coast ports.

As of June 30, 2025, the Company had outstanding performance obligations of approximately 1.1 million tons for contracts with fixed sales prices averaging $154 per ton, excluding freight, as well as 2.0 million tons for contracts with index-based pricing mechanisms. The Company expects to satisfy approximately 60% of these commitments in 2025 and 40% of these commitments in 2026. Refer to Note 8 of Part I, Item 1 for additional information.

The metallurgical coal markets are volatile in nature; therefore, the Company prioritizes managing its financial position and liquidity, while managing costs and capital expenditures and returning value to its shareholders.

In the first six months of 2025, our total capital expenditures were $35.5 million, excluding capitalized interest of $0.7 million. In the first six months of 2024, our capital expenditures were $40.1 million, excluding capitalized interest of $0.6 million. The decrease in capital expenditures was due to lower spending in 2025 on the Company’s strategic growth projects, specifically at the Maben preparation plant.

The Company produced 2.0 million tons during the first six months of 2025 compared to 1.7 million tons during the first six months of 2024 as a result of the increase in capacity and completed development work. The Company expects full-year production volumes in 2025 between 3.9 and 4.3 million tons with an ability to vary production dependent on market conditions.

The Company continues to move forward with its potential rare earth elements and critical minerals deposit development in Wyoming. Analyses performed to date indicate elevated levels of rare earth elements along with significant concentrations of critical minerals gallium and germanium, which were banned for export to the United States by China on December 2, 2024. The Company, in conjunction with Fluor Corporation, has completed its preliminary economic assessment that demonstrates the viability of commercial development of rare earth and critical minerals processing. The Company recently received a $6.1 million matching grant from the Wyoming Energy Authority, which will be applied toward the development of the initial laboratory/pilot plant and related facilities at the Brook Mine.

No revenues have been recognized from the Company’s Wyoming initiatives.

### Results of Operations

*(In thousands, except per share amounts)*

| ​ ​ ​ | ​ ​ ​ | ​ ​ Three months ended June 30, 2025 ​ ​ | ​ ​ | ​ ​ 2024 ​ ​ | ​ ​ ​ | ​ ​ Six months ended June 30, 2025 ​ ​ | ​ ​ | ​ ​ 2024 ​ ​ | ​ ​ ​ |
| --- | --- | ---: | --- | --- | --- | --- | --- | --- | --- |
| Revenue | ​ | $152,959 | ​ | $155,315 | ​ | $287,615 | ​ | $327,991 | ​ |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ |
| Costs and expenses | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ |
| Cost of sales (exclusive of items shown separately below) | ​ | 134,182 |  | ​ 122,770 |  | ​ 248,314 |  | ​ 262,483 |  |
| Asset retirement obligations accretion | ​ | ​ 402 |  | ​ 354 |  | ​ 804 |  | ​ 709 |  |
| Depreciation, depletion, and amortization | ​ | 17,038 | ​ | ​ 15,879 | ​ | ​ 34,580 | ​ | ​ 31,098 | ​ |
| Selling, general and administrative expenses | ​ | 15,181 | ​ | ​ 10,897 | ​ | ​ 29,783 | ​ | ​ 25,012 | ​ |
| Total costs and expenses | ​ | 166,803 | ​ | ​ 149,900 | ​ | ​ 313,481 | ​ | ​ 319,302 | ​ |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ |
| Operating (loss) income | ​ | (13,844) |  | ​ 5,415 |  | ​ (25,866) |  | ​ 8,689 |  |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ |
| Other income (expense), net | ​ | 658 | ​ | ​ 2,522 | ​ | ​ 1,163 | ​ | ​ 3,151 | ​ |
| Interest expense, net | ​ | (2,818) | ​ | ​ (1,481) | ​ | ​ (5,048) | ​ | ​ (2,812) | ​ |
| Income before tax | ​ | ​ (16,004) | ​ | ​ 6,456 | ​ | ​ (29,751) | ​ | ​ 9,028 | ​ |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ |
| Income tax (benefit) expense | ​ | (2,030) |  | ​ 915 |  | ​ (6,320) |  | ​ 1,455 |  |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ |
| Net (loss) income | ​ | $(13,974) | ​ | $5,541 | ​ | $(23,431) | ​ | $7,573 | ​ |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ |
| Earnings per common share | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ |
| Basic - Class A | ​ | $(0.29) | ​ | $0.08 | ​ | $(0.48) | ​ | $0.08 | ​ |
| Basic - Class B | ​ | $(0.12) | ​ | $0.18 | ​ | $(0.31) | ​ | $0.42 | ​ |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ |
| Diluted - Class A | ​ | $(0.29) | ​ | $0.08 | ​ | $(0.48) | ​ | $0.08 | ​ |
| Diluted - Class B | ​ | $(0.12) | ​ | $0.18 | ​ | $(0.31) | ​ | $0.41 | ​ |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ |
| Adjusted EBITDA | ​ | $9,005 | ​ | $28,799 | ​ | $18,794 | ​ | $52,978 | ​ |

Net income and Adjusted EBITDA for the three and six months ended June 30, 2025 were negatively impacted by the softening of global metallurgical coal markets and the decrease in metallurgical coal price indices. This occurred due to a variety of macroeconomic factors, including the continued Chinese oversupply of steel into a muted global economic environment. Refer to *Non-GAAP Financial Measures* later in Item 2 for more information regarding Adjusted EBITDA.

Coal sales information is summarized as follows:

*(In thousands)*

| ​ ​ ​ | ​ ​ ​ ​ | ​ ​ Three months ended June 30, 2025 ​ ​ | ​ ​ | ​ ​ 2024 ​ ​ | ​ ​ ​ | ​ ​ Increase (Decrease) ​ ​ | ​ ​ ​ | ​ ​ Six months ended June 30, 2025 ​ ​ | ​ ​ | ​ ​ 2024 ​ ​ | ​ ​ ​ | ​ ​ Increase (Decrease) ​ ​ | ​ ​ ​ |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue | ​ | $152,959 | ​ | $155,315 | ​ | $(2,356) | ​ | $287,615 | ​ | $327,991 | ​ | $(40,376) | ​ |
| Tons sold | ​ | ​ 1,079 | ​ | ​ 915 | ​ | ​ 164 | ​ | ​ 2,024 | ​ | ​ 1,843 | ​ | ​ 181 | ​ |
| Total revenue per ton sold (GAAP basis) | ​ | $142 | ​ | $170 | ​ | $(28) | ​ | $142 | ​ | $178 | ​ | $(36) | ​ |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ |
| Cost of sales | ​ | $134,182 | ​ | $122,770 | ​ | $11,412 | ​ | $248,314 | ​ | $262,483 | ​ | $(14,169) | ​ |
| Tons sold | ​ | ​ 1,079 | ​ | ​ 915 | ​ | ​ 164 | ​ | ​ 2,024 | ​ | ​ 1,843 | ​ | ​ 181 | ​ |
| Total cost of sales per ton sold (GAAP basis) | ​ | $124 | ​ | $134 | ​ | $(10) | ​ | $123 | ​ | $142 | ​ | $(19) | ​ |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ |
| Refer to Non-GAAP Financial Measures for supplemental calculations of revenue per ton sold (FOB mine) and cash cost per ton sold (FOB mine) | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ |

Our revenue includes sales of Company-produced coal and coal purchased from third parties. We include amounts billed by us for transportation to our customers within revenue and transportation costs incurred within cost of sales.

#### Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024

*Revenue.* Coal sales revenue for the three months ended June 30, 2025 was $153.0 million, approximately 2% lower than the same period in 2024 driven by the negative impact of pricing, offset partially by the 18% increase in tons sold. The increase in tons sold occurred in both North American and export markets, which increased by 29% and 13%, respectively, and was aided by the Company’s increased capacity for production achieved during late 2023. Revenue per ton sold decreased 16% from $170 per ton to $142 per ton while revenue per ton sold (FOB mine), a non-GAAP measure which excludes transportation revenues and demurrage, also decreased 14% from $143 per ton to $123 per ton. Refer to Non-GAAP Financial Measures later in Item 2 for more information regarding this measure. The decrease in the Company’s revenue per ton sold measures were due to the decrease in metallurgical coal prices as U.S. metallurgical coal price indices fell by an average of 20% during the three months ended June 30, 2025 compared to the same period of 2024 as a result of the macroeconomic conditions discussed earlier. We expect metallurgical coal prices to remain volatile in the near term.

There are no revenues from rare earth and critical minerals at this time.

*Cost of sales.* Our cost of coal sales for the three months ended June 30, 2025 was $134.2 million, approximately 9% higher than the same period in 2024 driven by the 18% increase in tons sold discussed above. Cost of sales per ton sold decreased 7% from $134 per ton to $124 per ton. Cash cost per ton sold *(FOB mine)*, a non-GAAP measure which excludes transportation costs, alternative mineral development costs, and idle mine costs, decreased 5% from $108 per ton to $103 per ton. Refer to *Non-GAAP Financial Measures* later in Item 2 for more information regarding this measure. Mine costs for the second quarter of 2025 benefited from efficiencies gained from increased production versus the same period in 2024.

*Depreciation, depletion, and amortization.* Depreciation, depletion, and amortization expense totaled $17.0 million and $15.9 million for the three months ended June 30, 2025 and 2024, respectively. The increase quarter-to-quarter was related to general increases in plant and equipment and production versus 2024.

*Selling, general, and administrative.* Selling, general, and administrative (“SG&A”) expenses were $15.2 million and $10.9 million for the three months ended June 30, 2025 and 2024 respectively. The $4.3 million increase in 2025 was primarily due to an increase in professional service expenses.

*Other income (expense), net.* Other income (expense), net was $0.7 million for the three months ended June 30, 2025, compared to $2.5 million for the three months ended June 30, 2024. The $1.8 million decrease was principally due to a non-recurring transportation damage settlement in the prior year resulting in greater transportation-related income at that time.

*Interest expense, net.* Interest expense, net was $2.8 million for the three months ended June 30, 2025 compared to $1.5 million for the same period in 2024. The increase in 2025 was largely due to issuance of the 8.375% Senior Unsecured Notes due 2029 (the “Senior Notes due 2029”) in late 2024.

*Income tax expense (benefit).* The effective tax rate for the three months ended June 30, 2025 and 2024 was 12.7% and 26.3%, respectively, excluding the impact of discrete items. Discrete items for the periods included items for management compensation and stock-based compensation. The primary differences from the federal statutory rate of 21% are related to state taxes, non-deductible expenses, the foreign-derived intangible income deduction, and depletion expense for income tax purposes.

*Earnings (loss) per share.* Refer to Note 10 of Part I, Item 1 for information regarding earnings per share calculations for Class A and Class B common stock.

#### Six Months Ended June 30, 2025 Compared to Six Months Ended June 30, 2024

*Revenue.* Coal sales revenue for the six months ended June 30, 2025 was $287.6 million, approximately 12% lower than the same period in 2024 driven by the negative impact of pricing offset partially by the 10% increase in tons sold. The increase in tons sold occurred in both North America and export markets, which increased by 11% and 9%, respectively, and was aided by the Company’s increased capacity for production achieved during late 2023. Revenue per ton sold decreased 20% from $178 per ton to $142 per ton while revenue per ton sold (FOB mine), a non-GAAP measure which excludes transportation revenues and demurrage, also decreased 17% from $149 per ton to $123 per ton. The decrease in the Company’s revenue per ton sold measures were due to the decrease in metallurgical coal prices as U.S. metallurgical coal price indices fell by an average of 23% during the six months ended June 30, 2025 compared to the same period of 2024 as a result of the macroeconomic conditions discussed earlier. We expect metallurgical coal prices to remain volatile in the near term.

There are no revenues from rare earth and critical minerals at this time.

*Cost of sales.* Our cost of coal sales totaled $248.3 million for the six months ended June 30, 2025 compared to $262.5 million for the same period in 2024. The 5% decrease was driven by the closure of the Jawbone mine in Q3 2024 and the idling of the Rockhouse Eagle mine in Q2 2025, in addition to reduced trucking costs at the Maben complex subsequent to commissioning in Q4 2024. Cost of sales per ton sold decreased 13% from $142 per ton to $123 per ton. Cash cost per ton sold *(FOB mine)*, a non-GAAP measure which excludes transportation costs, alternative mineral development costs, and idle mine costs, decreased 11% from $113 per ton to $101 per ton. Mine costs for 2024 were impacted negatively by challenging geology and labor constraints in the first half of 2024 but improved during the same period of 2025.

*Depreciation, depletion, and amortization.* Depreciation, depletion, and amortization expense totaled $34.6 million and $31.1 million for the six months ended June 30, 2025 and 2024 respectively. The increase year-to-year was related to general increases in plant and equipment and production versus 2024.

*Selling, general, and administrative.* SG&A expenses were $29.8 million and $25.0 million for the six months ended June 30, 2025 and 2024, respectively. The increase in 2025 was primarily due to an increase in professional service expenses.

*Other income (expense), net.* Other income, net was $1.2 million and $3.2 million for the six months ended June 30, 2025 and 2024, respectively. The $2.0 million decrease was principally due to a non-recurring transportation damage settlement in the prior year resulting in greater transportation-related income at that time.

*Interest expense, net.* Interest expense, net was $5.0 million and $2.8 million for the six months ended June 30, 2025 and 2024, respectively. The increase in 2025 was largely due to issuance of the Senior Notes due 2029 in late 2024.

*Income tax expense.* The effective tax rate for the six months ended June 30, 2025 and 2024 was 23.5% and 24.5%, respectively, excluding the impact of discrete items. Discrete items for the periods included items for management compensation and stock-based compensation. The primary differences from the federal statutory rate of 21% are related to state taxes, non-deductible expenses, the foreign-derived intangible income deduction, and depletion expense for income tax purposes.

*Earnings per share.* Refer to Note 10 of Part I, Item 1 for information regarding earnings per share calculations for Class A and Class B common stock.

### Liquidity and Capital Resources

The metallurgical coal markets are volatile in nature; therefore, the Company prioritizes managing its financial position and liquidity, while managing costs and capital expenditures and returning value to its shareholders.

On May 3, 2024, the Company entered into the First Amendment Agreement to the Second Amended and Restated Credit and Security Agreement in order to, among other things, extend the maturity date and increase the size of its existing Revolving Credit Facility. The amended facility has a maturity date of May 3, 2029, and provides an initial aggregate revolving commitment of $200 million as well as an accordion feature to increase the size by an additional $75 million subject to certain terms and conditions, including the lenders’ consent. The amended facility provides the Company with additional flexibility to pursue further growth in production while meeting normal operating requirements. The terms of the amended facility also require the Company to maintain certain covenants, including fixed charge coverage ratio and compensating balance requirements. Borrowings under the amended facility may not exceed the borrowing base as determined under the amended formula included in the agreement.

At June 30, 2025, we had $28.1 million of cash and cash equivalents and $59.2 million of remaining availability under our Revolving Credit Facility for future borrowings. Cash and cash equivalents include $7.5 million of compensating balances held in dedicated accounts to assure future credit availability under the revolver. The Company’s total current assets were $154.9 million and were in excess of total current liabilities by $41.1 million as of the balance sheet date.

#### Significant sources and uses of cash during the first six months of 2025

Sources of cash:

- Cash flows provided by operating activities were $21.8 million during the six months ended June 30, 2025, which were driven primarily by net earnings adjusted for non-cash expenses including depreciation, depletion, and amortization as well as stock-based compensation. Changes in operating assets and liabilities also contributed to operating cash flow driven primarily by the decrease in accounts receivable due to the collection of fourth quarter 2024 revenues, which were $17.9 million higher than second quarter revenues.
- Cash inflows for financing activities totaled $9.7 million, which included:
- net proceeds from borrowing of $16.8 million on our existing debt, finance leases, and insurance financing and
- net outflow of $4.3 million to stockholders in the form of dividend payments and
- net outflows of $2.8 million of other various activities

Uses of cash:

- Capital expenditures totaled $35.5 million, including expenditures related to the preparation plant and expansion of our Maben complex. The preparation plant at Maben was commissioned in October 2024,

which contributed to the reduced trucking costs at the complex in subsequent period. A majority of total capital expenditures in 2025 are expected to have occurred in the first half of the year due to the continued carryforward of activities associated with growth commitments made in 2024.

The Class B common stock dividends are calculated based on 20% of the previous quarter’s CORE royalty and infrastructure fees as shown below. Refer to Note 6 of Part I, Item 1 for additional information regarding dividends.

*(In thousands)*

| ​ ​ ​ Royalties | ​ ​ ​ ​ ​ | ​ ​ Three months ended June 30, 2025 ​ ​ ​ ​ | ​ ​ ​ ​ | ​ ​ 2024 ​ ​ ​ ​ | ​ ​ ​ ​ ​ | ​ ​ Six months ended June 30, 2025 ​ ​ ​ ​ | ​ ​ ​ ​ | ​ ​ 2024 ​ ​ ​ ​ | ​ ​ ​ |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Ramaco Coal | ​ | $2,748 | ​ | $2,433 | ​ | $5,129 | ​ | $5,163 | **​** |
| Amonate Assets | ​ | ​ 704 | ​ | ​ 1,099 | ​ | ​ 1,304 | ​ | ​ 2,411 | **​** |
| Other | ​ | ​ 5 | ​ | ​ 13 | ​ | ​ 12 | ​ | ​ 25 | **​** |
| Total Royalties | ​ | $3,456 | ​ | $3,545 | ​ | $6,444 | ​ | $7,599 | **​** |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | **​** |
| Infrastructure Fees | **​** | ​ ​ | **​** | ​ ​ | **​** | ​ ​ | ​ | ​ ​ | **​** |
| Preparation Plants (Processing at $5.00/ton) | ​ | $4,625 | ​ | $4,314 | ​ | $8,881 | ​ | $8,789 | **​** |
| Rail Load-outs (Loading at $2.50/ton) | ​ | ​ 2,176 | ​ | ​ 1,933 | ​ | ​ 4,245 | ​ | ​ 3,887 | **​** |
| Total Infrastructure Fees (at $7.50/ton) | ​ | $6,801 | ​ | $6,247 | ​ | $13,126 | ​ | $12,676 | **​** |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | **​** |
| CORE Royalty and Infrastructure Fees | **​** | $10,257 | **​** | $9,792 | **​** | $19,570 | ​ | $20,275 | **​** |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | **​** |
| **Total Cash Available for Dividend for Class B Common Stock** | **​** | $10,257 | **​** | $9,792 | **​** | $19,570 | ​ | $20,275 | **​** |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | **​** |
| **20% of Cash Available for Dividend for Class B Common Stock** | **​** | $2,051 | **​** | $1,958 | **​** | $3,914 | ​ | $4,055 | ​ |

As of the issuance of these financial statements, the Board of Directors has not declared a dividend for the third quarter of fiscal year 2025. The Company anticipates declaring a similar dividend for the third quarter of fiscal year 2025 and on a quarterly basis in future periods; however, future declarations of dividends are subject to Board of Directors’ approval and may be adjusted as business needs or market conditions change.

#### Future sources and uses of cash

Our primary use of cash includes capital expenditures for mine development and ongoing operating expenses. We expect to fund our capital and liquidity requirements for the next twelve months and the reasonably foreseeable future with cash on hand, borrowings under our revolving credit facility, projected cash flows from operations, and, if warranted, capital raised under the Company’s shelf registration discussed below. Factors that could adversely impact our future liquidity and ability to carry out our capital expenditure program include the following:

- Timely delivery of our product by rail and other transportation carriers;
- Late payments of accounts receivable by our customers;
- Cost overruns in our purchases of equipment needed to complete our mine development plans;
- Delays in completion of development of our various mines, processing plants and refuse disposal facilities, which would reduce the coal we would have available to sell and our cash flow from operations; and
- Adverse changes in the metallurgical coal markets that would reduce the expected cash flow from operations.

If future cash flows were to become insufficient to meet our liquidity needs or capital requirements, due to changes in macroeconomic conditions or otherwise, we may reduce our expected level of capital expenditures for new mine production and/or fund a portion of our capital expenditures through the issuance of debt or equity securities, new debt arrangements, or from other sources such as asset sales.

On September 1, 2023, the Company filed a shelf registration statement to sell any combination of Class A common stock, Class B common stock, preferred stock, depositary shares, debt securities, warrants, and rights at an aggregate initial offering price of up to $400.0 million. No securities may be sold until a prospectus supplement describing the method and terms of any future offering is delivered.

Refer to Note 4 of Part I, Item 1 for information regarding the Company’s Revolving Credit Facility and indebtedness.

### Critical Accounting Estimates

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the amounts of revenue and expenses reported for the period then ended. A discussion of our critical accounting policies and estimates is included in “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Critical Accounting Policies and Estimates” of the Annual Report. There were no material changes to our critical accounting policies the six months ended June 30, 2025.

### Off-Balance Sheet Arrangements

A discussion of off-balance sheet arrangements is included under the heading “Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations - Off-Balance Sheet Arrangements” in the Annual Report. There were no material changes during the six months ended June 30, 2025.

### Non-GAAP Financial Measures

*Adjusted EBITDA -* Adjusted EBITDA is used as a supplemental non-GAAP financial measure by management and external users of our financial statements, such as industry analysts, investors, lenders, and rating agencies. We believe Adjusted EBITDA is useful because it allows us to more effectively evaluate our operating performance.

We define Adjusted EBITDA as net income plus net interest expense; stock-based compensation expense; depreciation, depletion, and amortization expenses; income taxes; accretion of asset retirement obligations; and, when applicable, certain other non-operating items (income tax penalties and charitable contributions). A reconciliation of net income to Adjusted EBITDA is included below. Adjusted EBITDA is not intended to serve as a substitute to U.S. GAAP measures of performance and may not be comparable to similarly-titled measures presented by other companies.

*(In thousands)*

| ​ ​ Reconciliation of Net Income to Adjusted EBITDA | ​ ​ | ​ ​ Three months ended June 30, 2025 ​ | ​ | ​ ​ 2024 ​ | ​ ​ ​ | ​ ​ Six months ended June 30, 2025 ​ | ​ | ​ ​ 2024 ​ | ​ ​ |
| --- | --- | ---: | --- | ---: | --- | ---: | --- | ---: | --- |
| Net (loss) income | ​ | $(13,974) | ​ | $5,541 | ​ | $(23,431) | ​ | $7,573 | ​ |
| Depreciation, depletion, and amortization | ​ | 17,038 | ​ | 15,879 | ​ | 34,580 | ​ | 31,098 | ​ |
| Interest expense, net | ​ | 2,818 | ​ | 1,481 | ​ | 5,048 | ​ | 2,812 | ​ |
| Income tax (benefit) expense | ​ | (2,030) | ​ | 915 | ​ | (6,320) | ​ | 1,455 | ​ |
| EBITDA | ​ | 3,852 | ​ | 23,816 | ​ | 9,877 | ​ | 42,938 | ​ |
| Stock-based compensation | ​ | 4,751 | ​ | 4,584 | ​ | 8,113 | ​ | 9,285 | ​ |
| Other non-operating | ​ | ​ — | ​ | ​ 45 | ​ | ​ — | ​ | ​ 46 | ​ |
| Accretion of asset retirement obligation | ​ | 402 | ​ | 354 | ​ | 804 | ​ | 709 | ​ |
| Adjusted EBITDA | ​ | $9,005 | ​ | $28,799 | ​ | $18,794 | ​ | $52,978 | ​ |

*Non-GAAP revenue per ton sold-* Non-GAAP revenue per ton sold (FOB mine) is calculated as coal sales revenue less transportation revenues and demurrage, divided by tons sold. We believe revenue per ton sold (FOB mine) provides useful information to investors as it enables investors to compare revenue per ton we generate against similar measures made by other publicly-traded coal companies and more effectively monitor changes in coal prices from period to period excluding the impact of transportation costs which are beyond our control. The adjustments made to arrive at these measures are significant in understanding and assessing our financial performance. Revenue per ton sold (FOB mine) is not a measure of financial performance in accordance with U.S. GAAP and, therefore, should not be considered as a substitute to revenue under U.S. GAAP.

*(In thousands)*

| ​ ​ ​ | ​ ​ ​ ​ | ​ ​ Three months ended June 30, 2025 ​ ​ | ​ ​ | ​ ​ 2024 ​ ​ | ​ ​ ​ | ​ ​ Increase (Decrease) ​ ​ | ​ ​ ​ | ​ ​ Six months ended June 30, 2025 ​ ​ | ​ ​ | ​ ​ 2024 ​ ​ | ​ ​ ​ | ​ ​ Increase (Decrease) ​ ​ |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Revenue | ​ | $152,959 | ​ | $155,315 | ​ | $(2,356) | ​ | $287,615 | ​ | $327,991 | ​ | $(40,376) |
| Less: Adjustments to reconcile to Non-GAAP revenue (FOB mine) | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Transportation | ​ | ​ 20,608 | ​ | ​ 24,218 | ​ | ​ (3,610) | ​ | ​ 39,650 | ​ | ​ 52,503 | ​ | ​ (12,853) |
| Non-GAAP revenue (FOB mine) | ​ | $132,352 | ​ | $131,097 | ​ | $1,255 | ​ | $247,965 | ​ | $275,488 | ​ | $(27,523) |
| Tons sold | ​ | ​ 1,079 | ​ | ​ 915 | ​ | ​ 164 | ​ | ​ 2,024 | ​ | ​ 1,843 | ​ | ​ 181 |
| Non-GAAP revenue per ton sold (FOB mine) | ​ | $123 | ​ | $143 | ​ | $(20) | ​ | $123 | ​ | $149 | ​ | $(26) |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Refer to coal sales information for revenue per ton sold (GAAP basis) calculations | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |

*Non-GAAP cash cost per ton sold -* Non-GAAP cash cost per ton sold (FOB mine) is calculated as cash cost of sales less transportation costs, alternative mineral development costs, and idle and other costs, divided by tons sold. We believe cash cost per ton sold provides useful information to investors as it enables investors to compare our cash cost per ton against similar measures made by other publicly-traded coal companies and more effectively monitor changes in coal cost from period to period excluding the impact of transportation costs which are beyond our control, and alternative mineral costs, which are more developmentally focused at the present time. The adjustments made to arrive at these measures are significant in understanding and assessing our financial performance. Cash cost per ton sold (FOB mine) is not a measure of financial performance in accordance with U.S. GAAP and, therefore, should not be considered as a substitute to cost of sales under U.S. GAAP.

*(In thousands)*

| ​ ​ ​ | ​ ​ ​ ​ | ​ ​ Three months ended June 30, 2025 ​ ​ | ​ ​ | ​ ​ 2024 ​ ​ | ​ ​ ​ | ​ ​ Increase (Decrease) ​ ​ | ​ ​ ​ | ​ ​ Six months ended June 30, 2025 ​ ​ | ​ ​ | ​ ​ 2024 ​ ​ | ​ ​ ​ | ​ ​ Increase (Decrease) ​ ​ |
| --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- |
| Cost of Sales: | ​ | $134,182 | ​ | $122,770 | ​ | $11,412 | ​ | $248,314 | ​ | $262,483 | ​ | $(14,169) |
| Less: Adjustments to reconcile to Non-GAAP cash cost of sales | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Transportation costs | ​ | ​ 20,673 | ​ | ​ 22,872 | ​ | ​ (2,199) | ​ | ​ 39,671 | ​ | ​ 51,748 | ​ | ​ (12,077) |
| Alternative mineral development costs | ​ | ​ 1,918 | ​ | ​ 1,124 | ​ | ​ 794 | ​ | ​ 3,830 | ​ | ​ 2,255 | ​ | ​ 1,575 |
| Idle and other costs | ​ | ​ 686 | ​ | ​ 305 | ​ | ​ 381 | ​ | ​ 1,144 | ​ | ​ 543 | ​ | ​ 601 |
| Non-GAAP cash cost of sales | ​ | $110,905 | ​ | $98,469 | ​ | $12,436 | ​ | $203,669 | ​ | $207,937 | ​ | $(4,268) |
| Tons sold | ​ | ​ 1,079 | ​ | ​ 915 | ​ | ​ 164 | ​ | ​ 2,024 | ​ | ​ 1,843 | ​ | ​ 181 |
| Non-GAAP cash cost per ton sold (FOB mine) | ​ | $103 | ​ | $108 | ​ | $(5) | ​ | $101 | ​ | $113 | ​ | $(12) |
| ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |
| Refer to coal sales information for cost per ton sold (GAAP basis) calculations | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ | ​ | ​ ​ |

## Market risk

As filed, 138 characters.

Disclosures about market risk are included in Item 7A, “Quantitative and Qualitative Disclosures about Market Risk,” of our Annual Report.

## Controls and procedures

As filed, 5,082 characters.

As required by Rule 13a-15(b) of the Exchange Act, we have evaluated, under the supervision and with the participation of our management, including our chief executive officer, who serves as our principal executive officer, and our chief financial officer, who serves as our principal financial officer, the effectiveness of our disclosure controls and procedures (as defined in Rules 13a-15(e) and 15d-15(e) under the Exchange Act) as of the end of the period covered by this quarterly report. Our disclosure controls and procedures are designed to provide reasonable assurance that the information required to be disclosed by us in reports that we file under the Exchange Act is accumulated and communicated to our management, including our principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosures, and is recorded, processed, summarized and reported within the periods specified in the rules and forms of the SEC. However, based on that evaluation, our principal executive officer and principal financial officer concluded that our disclosure controls and procedures were not effective at the reasonable assurance level as of the end of the period covered by this quarterly report as a result of the material weakness in internal control over financial reporting as described below.

### Previously Reported Material Weakness

We previously identified a material weakness and concluded that our disclosure controls and procedures as of December 31, 2024, were not effective at the reasonable assurance level as a result of the material weakness in internal control over financial reporting disclosed below. The Company’s remediation plan for the material weakness in internal control over financial reporting is also discussed below.

Based on this evaluation, management identified a material weakness related to an insufficiency of appropriately qualified and trained professionals to perform certain control activities necessary to achieve our control objectives. The material weakness also resulted in incomplete or inadequate documentation related to accounting policies and procedures, inappropriate conclusions reached regarding non-routine accounting matters, and insufficient evidence of internal control activities. A material weakness is a control deficiency, or a combination of deficiencies, in internal control over financial reporting such that there is a reasonable possibility that a material misstatement of our annual or interim financial statements will not be prevented or detected on a timely basis. Management concluded that its internal control over financial reporting was ineffective as of December 31, 2024.

### Remediation Plan

We are executing on our plan for remediation to address the material weakness, which includes assessing, redesigning, and implementing modifications of our internal controls, and the hiring of additional qualified accounting personnel, or supplementing internal resources with qualified external advisors as needed. We will not be able to fully remediate this material weakness until these steps have been completed and subsequent validation and testing of these internal controls have demonstrated their operating effectiveness over a sustained period of financial reporting cycles.

During the second quarter of 2025, we took continued steps to improve our internal control over financial reporting. We continued to engage the services of a national professional services firm to assist us in evaluating the effectiveness of our disclosure controls and procedures. Additionally, we hired multiple qualified accounting personnel into financial accounting and external reporting positions. We continued to engage the services of a top-five accounting firm to assist us in reviewing technical non-routine accounting matters.

### Changes in Internal Control Over Financial Reporting

We are actively improving our control environment by executing our remediation plan to address the material weakness, as described above. Except as described above, there were no significant changes in our internal control over financial reporting during our second quarter that materially affected, or are reasonably likely to materially affect, our internal control over financial reporting.

### Inherent Limitations on Effectiveness of Controls and Procedures

Senior members of management do not expect that our disclosure controls and procedures or our internal control over financial reporting will prevent all errors and all fraud. A control system, no matter how well designed and operated, can provide only reasonable, not absolute, assurance that the objectives of the control system are met. Because of its inherent limitations, internal control over financial reporting may not prevent or detect misstatements. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.

## Risk factors

As filed, 7,840 characters.

In addition to the other information set forth in this Quarterly Report, you should carefully consider the risk factors and other cautionary statements described under the heading “Item 1A. Risk Factors” included in our Annual Report and the risk factors and other cautionary statements contained in our other SEC filings, which could materially affect our business, financial condition, cash flows, or future results of operations.

Additional risks and uncertainties not currently known to us, or that we currently deem to be immaterial, also may materially adversely affect our business, financial condition, or future results. Except as set forth below, there have been no material changes in our risk factors from those described in our Annual Report.

***Our growth prospects may be adversely affected by fluctuations in demand for, and prices of, rare earth and critical minerals.***

Changes in the level of demand for, and the market price of (including taxes and other tariffs and fees imposed upon) rare earth and critical minerals could significantly affect our growth prospects, which depend in large part on our ability to successfully develop the Brook Mine into a producing mine. As is the case with any mining asset that is not yet in commercial production, there is no assurance that we will be able to successfully develop the Brook Mine into a commercial scale mine. In particular, the prices for rare earth and critical minerals may fluctuate and are likely to be affected by numerous factors beyond our control such as interest rates, exchange rates, taxes, inflation, fluctuation in the relative value of the U.S. dollar against foreign currencies, shipping and other transportation and logistics costs, global and regional supply and demand for rare earth minerals and products, potential industry trends and the political and economic conditions of countries that produce and procure rare earth and critical minerals. In addition, a future change in the U.S. federal administration could result in changing policies and priorities, including with respect to trade policy and tariffs, taxes and regulation generally, all of which may have a detrimental impact on the demand for rare earth and critical minerals and related products.

Furthermore, supply side factors may have a significant influence on price volatility for rare earth and critical minerals. Supply of rare earth and critical minerals is currently dominated by Chinese producers. The Chinese Central Government regulates production via export bans, quotas and looser environmental standards compared to other countries, and, to a lesser extent, regulation of imports, and has and may continue to change such export bans, production quotas, environmental standards, and import regulations. Over the past few years, there has been significant restructuring of the Chinese market in line with Chinese Central Government policy; however, periods of over-supply or speculative trading of rare earth and critical minerals can lead to significant fluctuations in the market price of such products. A prolonged or significant economic contraction in the U.S., China, or worldwide could put downward pressure on market prices of rare earth and critical minerals. Protracted periods of low prices for rare earth and critical minerals could significantly impact our growth prospects. Demand for rare earth and critical minerals may be impacted by demand for downstream products such as hybrid and electric vehicles, wind turbines, robotics, medical equipment, military equipment and other high-growth, advanced motion technologies, as well as demand in the general automotive and electronics industries. By contrast, extended periods of high commodity prices may create economic dislocations that may be destabilizing to rare earth and critical minerals supply and demand and ultimately to the broader markets. Strong rare earth and critical minerals prices may create economic pressure to identify or create alternate technologies that ultimately could depress long-term demand for rare earth minerals and products, and at the same time may incentivize development of competing mining properties.

Based on all of the above, we cannot provide assurance that mineralization can be mined or processed profitably.

***An increase in the global supply of rare earth products, dumping, predatory pricing and other anti-competitive tactics taken by our competitors may materially adversely affect our growth prospects and the price of our common stock.***

The pricing of and demand for rare earth products is affected by a number of factors beyond our control, including the global macroeconomic environment and the global supply and demand for products that use rare earth and critical minerals. China accounts for the significant majority of global rare earth and critical mineral production and also dominates the manufacture of metals from rare earths, capabilities that are not currently present at scale in the U.S. Over the past few years, there has been significant restructuring of the Chinese rare earth production industry, further centralizing control over production by state-owned enterprises. Chinese competitors may engage in predatory pricing or other behaviors designed to inhibit competition. Any increase in the amount of rare earth products exported from China or other nations and increased competition may adversely affect our ability to develop Brook Mine into an economically feasible producing mine or, in the future, our ability to ultimately profitably recover and sell rare earth and critical minerals, which could adversely impact our growth prospects and the price of our common stock. As a result of these factors, we may not be able to compete effectively against current and future competitors.

Chinese competitors may have greater financial resources, as well as other strategic advantages to operate, maintain, improve, and possibly expand their facilities. Additionally, our Chinese competitors have historically been able to produce at relatively low costs due to domestic economic and regulatory factors, including less stringent environmental and governmental regulations and lower labor and benefit costs. If we are not able to achieve consistent product quality at our anticipated costs of production, then any strategic advantages that our competitors may have over us, including, without limitation, lower labor, compliance, and production costs, could have a material adverse effect on our growth prospects and the price of our common stock.

***Consolidation of the rare earth and critical minerals industry may result in increased competition.***

Some of our competitors have made, or may make, acquisitions or enter into partnerships or other strategic relationships to achieve competitive advantages. In addition, new entrants not currently considered competitors may enter our market through acquisitions, partnerships, or strategic relationships. We expect these trends to continue as demand for rare earth materials increases. Industry consolidation may result in competitors with more compelling product offerings or greater pricing flexibility than we may have, or business practices that make it more difficult for us to compete effectively, including on the basis of price, sales, technology or supply. For example, in December 2021, China merged three state entities to establish the China Rare Earth Group Co. Ltd (“China Rare Earth Group”), that accounts for more than half of China’s heavy rare earths supplies. China Rare Earth Group has enhanced pricing power of key rare earths, such as dysprosium and terbium, which has brought changes to the global rare earth supply chain. These competitive pressures could have a material adverse effect on our growth prospectus and the price of our common stock.

Filed Aug 1, 2025.
Source: SEC EDGAR, the filing index for accession 0001558370-25-009974. Last ingested by Listed: Nov 3, 2026, 20:51 ET. No prices; not investment advice.