Key Highlights
- Shares fell 8.31% to USD 6.18 in pre-market trading on November 4, 2026, a decline of USD 0.5601.
- Third quarter Revenue climbed 24% to USD 150.1 million, while the net loss widened to USD 18.2 million from USD 13.3 million.
- Adjusted EBITDA came in at USD 3.0 million, down 64% from USD 8.4 million a year earlier.
- Cash stood at USD 233.0 million on September 30, 2026, compared with USD 440.3 million at the end of 2025.
- The 2026 production guidance was lowered to 3.5 million to 3.6 million tons, and cash cost guidance was raised to USD 101 to USD 103 per ton.
What Moved Ramaco Resources Before the Open (down USD 0.5601, 8.31%)
Ramaco Resources (NASDAQ:METC) traded 8.31% lower at USD 6.18 in pre-market trading on November 4, 2026, a fall of USD 0.5601 from an implied Tuesday, November 3, 2026 close of about USD 6.74 (calculated from the screen figures).
The company released its third quarter 2026 results after the close on November 3, 2026 and held its call that afternoon.
The Third Quarter Results in Detail
According to the company press release, revenue reached USD 150.1 million, up 24% from USD 121.0 million a year earlier and up 4% from the prior quarter. Tons sold rose 23% to 1,077 thousand, while realized revenue was USD 120 per ton. Cash cost was USD 104 per ton, up from USD 99 in the second quarter and USD 97 a year earlier, which left a cash Margin of USD 16 per ton compared with USD 23 a year ago.
The net loss was USD 18.2 million, or USD 0.32 per Class A share, against USD 15.4 million in the second quarter and USD 13.3 million in the third quarter of 2025. Adjusted EBITDA of USD 3.0 million fell 47% sequentially.
Guidance was revised. The company now expects 2026 production of 3.5 million to 3.6 million tons, down from 3.6 million to 3.9 million, and sales of 4.0 million to 4.1 million tons. Cash costs are now expected at USD 101 to USD 103 per ton, up from USD 96 to USD 99, which management linked to diesel and rebar inflation.
Business Background and Recent Updates
Ramaco Resources mines high-quality metallurgical coal in Central Appalachia. It is also developing the Brook Mine rare earth and critical minerals project in Sheridan, Wyoming, which remains an exploration-stage property.
Third-party tests reported recoveries of 92% for neodymium and praseodymium and 96% for yttrium. A pre-feasibility study is due in the second half of 2027. The company has committed 4.2 million tons for 2026, including 3.4 million fixed-price tons at an average USD 120 per ton, and 2.8 million tons for 2027, including 1.7 million domestic tons at USD 139 per ton.
Balance Sheet and Risks
Cash and equivalents were USD 233.0 million, and Liquidity totaled USD 374.7 million, including USD 141.7 million of revolver availability. Long-term debt, net, was USD 453.6 million, and revolver borrowings were zero.
With the shares trading near USD 6, this is a low-priced stock that can be volatile, with thinner liquidity at times. Coal price swings, cost Inflation and exploration-stage risk at Brook all remain factors.
What to Watch Next
The company expects the Berwind and Maben underground sections to begin production before the end of 2026, and 2027 guidance should follow its early December board meeting. A Class B Dividend of USD 0.0742 per share is payable on December 18, 2026 to holders of record on December 4, 2026.





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