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Get filing alertsRamaco Resources posts Q2 loss, cuts 2026 guidance, repurchases 8% of Class A shares
Filed August 4, 2026 · Period ending August 4, 2026 · ~1 min read
Key Changes
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high
Q2 2026 net loss of $15.4M ($0.26 per Class A share) on weak high-vol met coal markets, though Adjusted EBITDA positive at $5.7M with cash costs held at $99/ton for fourth straight quarter.
Item 2.02 verify on EDGAR → -
high
Repurchased 3.5M Class A shares in Q2 at $14.41 average ($51M); YTD repurchases total 4.6M shares at $14.44 average ($66M), representing over 8% of Class A shares outstanding.
Item 2.02 verify on EDGAR → -
high
Released Brook Mine rare earth study showing $8B NPV and $1.3B average annual Adjusted EBITDA; project requires $3.2B capital plus $0.8B contingency, with 2031 initial production target.
Item 2.02 verify on EDGAR → -
high
Cut 2026 production guidance to 3.6-3.9M tons (from 3.7-4.1M) and sales to 4.0-4.3M tons (from 4.1-4.5M) on continued high-vol weakness; raised capex guidance to $92-97M (from $85-90M) for Maben expansion.
Item 2.02 verify on EDGAR → -
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Declared $0.1535 per share stock dividend on Class B common stock payable September 25, 2026 to shareholders of record September 11; dividend paid in shares based on record date closing price.
Item 7.01 verify on EDGAR →
Summary
Ramaco Resources reported a challenging second quarter with a $15.4 million net loss driven by weak high-volatility metallurgical coal markets, though the company maintained positive Adjusted EBITDA of $5.7 million and held cash costs at $99 per ton for the fourth consecutive quarter. Management responded to market conditions by reducing 2026 production and sales guidance while simultaneously executing an aggressive share repurchase program that has retired over 8% of Class A shares year-to-date at an average price of $14.44, signaling confidence that shares trade below intrinsic value despite near-term headwinds. The company released a Hatch Associates study on its Brook Mine rare earth and critical minerals project showing potential net present value of $8 billion and average annual Adjusted EBITDA of $1.3 billion, a material increase from prior estimates.
The project requires $3.2 billion in capital plus $0.8 billion contingency with initial production targeted for 2031, positioning Ramaco for potential diversification beyond coal. Near-term, the Board approved a $25 million Maben Complex expansion to add 0.6 million tons of premium low-volatility coal production at margins roughly double current company-wide levels, supporting the strategic shift toward higher-margin low-vol production. The stock dividend declaration provides Class B shareholders a tax-efficient return of capital while the company navigates the current market downturn.
Section-by-Section Diff
Event · Item 2.02 — Results of Operations and Financial Condition
Ramaco Resources disclosed Q2 2026 financial and operating results via press release.
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On August 4, 2026, Ramaco Resources, Inc. (the “Company”) issued a press release reporting its financial and operating results for the second quarter of 2026 (the “Earnings Release”).
The company announced its second quarter 2026 financial and operating results through a press release. The 8-K body itself does not contain specific financial figures; those details are in the attached Exhibit 99.1 press release, which is incorporated by reference.
Event · Item 7.01 — Regulation FD Disclosure
Item 7.01 — Regulation FD Disclosure filed; see Key Changes for terms.
Added in current filing · verify on EDGAR →
the Company announced that its board of directors approved and declared a stock dividend of $0.1535 per share of Class B common stock payable in shares of the Company’s Class B common stock on September 25, 2026 (the “Payment Date”), to shareholders of record as of the close of Nasdaq on September 11, 2026 (the “Record Date”). The dividend will be paid in Class B common stock and the amount of shares to be issued per share owned will be determined by dividing the dividend amount by the closing transaction price of the Class B common stock at the close of the market on the Record Date.
The board approved a stock dividend of $0.1535 per share of Class B common stock. The dividend will be paid in shares rather than cash, with the number of shares issued per share owned calculated by dividing $0.1535 by the Class B stock's closing price on the September 11, 2026 record date. Payment occurs September 25, 2026.
Show 1 minor / wording change
Added in current filing · verify on EDGAR →
No fractional shares will be issued in connection with the stock dividend. In lieu of the issuance of fractional shares, the Company will pay in cash on the Payment Date the fair value of the fractions of a share issuable, determined as of the close of Nasdaq on the Record Date and based upon the closing transaction price per share of the Class B common stock reported by Nasdaq on that date.
Shareholders will not receive fractional shares from the stock dividend. Instead, any fractional share amounts will be paid in cash based on the Class B stock's closing price on the September 11, 2026 record date.
Event · Exhibit 99.1
Ramaco Resources reported Q2 2026 net loss of $15.4M, Adjusted EBITDA of $5.7M, repurchased 8% of Class A shares YTD, and released Brook Mine study showing $8B NPV.
Added in current filing · view on EDGAR →
In June, the Company’s Board of Directors (“Board”) approved a $25 million development project for the first two underground sections at our Maben Complex, with spending planned over the next 12 months. Given strong low-vol market conditions, we anticipate this will add 0.6 million premium low-vol tons of production at full capacity, at cash margins roughly double the Company’s overall second quarter margins.
The Board approved a $25 million development project for two underground sections at the Maben Complex, expected to add 0.6 million tons of premium low-vol coal production at full capacity with cash margins roughly double the company's Q2 overall margins. This supports the strategic shift to increase low-vol production to 50% of total output from the current 25%.
Added in current filing · view on EDGAR →
Based on continued weakness in high-vol market conditions, full-year 2026 production guidance is now 3.6 – 3.9 million tons, down from 3.7 – 4.1 million tons. ... Full-year 2026 sales guidance is being reduced accordingly to 4.0 – 4.3 million tons, from 4.1 – 4.5 million tons. ... The Company is maintaining the midpoint of its full-year 2026 cash cost per ton sold guidance, at $96 - $99 per ton versus $95 - $100 per ton previously ... The Company now expects full-year 2026 capital expenditures to be $92 - $97 million versus $85 - $90 million previously.
Ramaco reduced 2026 production guidance to 3.6-3.9 million tons (from 3.7-4.1 million) and sales guidance to 4.0-4.3 million tons (from 4.1-4.5 million) due to weak high-vol market conditions and the idling of one section at the Stonecoal Mine. Cash cost guidance midpoint remains unchanged at $96-99 per ton despite lower production. Capital expenditure guidance increased to $92-97 million (from $85-90 million) to fund the Maben expansion project.
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