Revenue has contracted to $121.6 million in 2026Q1, driving gross margins into negative territory at -3.3% compared to the 24.0% margin achieved in 2023Q4.
| Sales/Revenue | 523.58M | 536.62M | 666.29M | 693.52M | 565.69M | 283.39M | 168.91M | 230.21M | 227.57M | 61.04M | 5.22M | 0 | 0 |
| Revenue Growth % | -16.66% | -19.46% | -3.93% | 22.6% | 99.61% | 67.77% | -26.63% | 1.16% | 272.85% | 1070.24% | - | - | - |
| Cost of Goods Sold | 516.77M | 523.21M | 600.37M | 549.45M | 375.27M | 222.23M | 166.99M | 182.5M | 189.47M | 64.34M | 5.29M | 1.01M | 1.01M |
| COGS % of Revenue | - | 97.5% | 90.11% | 79.23% | 66.34% | 78.42% | 98.86% | 79.28% | 83.26% | 105.41% | 101.5% | - | - |
| Gross Profit | 6.81M | 13.41M | 65.92M | 144.08M | 190.42M | 61.16M | 1.93M | 47.71M | 38.1M | -3.3M | -78.34K | -1.01M | -1.01M |
| Gross Margin % | 1.3% | 2.5% | 9.89% | 20.77% | 33.66% | 21.58% | 1.14% | 20.72% | 16.74% | -5.41% | -1.5% | - | - |
| Gross Profit Growth % | - | -79.66% | -54.24% | -24.34% | 211.34% | 3069.02% | -95.95% | 25.22% | 1253.99% | -4114.65% | 92.23% | -0.19% | - |
| Operating Expenses | 72.55M | 69.36M | 49.29M | 48.83M | 40.03M | 21.63M | 21.02M | 18.18M | 14.01M | 12.59M | 7.45M | 1.32M | 758.81K |
| OpEx % of Revenue | - | 12.93% | 7.4% | 7.04% | 7.08% | 7.63% | 12.45% | 7.9% | 6.15% | 20.63% | 142.87% | - | - |
| Selling, General & Admin | 72.55M | 69.36M | 49.29M | 48.83M | 40.03M | 21.63M | 21.02M | 18.18M | 14.01M | 12.59M | 7.45M | 1.32M | 758.81K |
| SG&A % of Revenue | - | 12.93% | 7.4% | 7.04% | 7.08% | 7.63% | 12.45% | 7.9% | 6.15% | 20.63% | 142.87% | - | - |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -65.74M | -55.96M | 16.64M | 95.25M | 150.39M | 39.53M | -19.09M | 29.53M | 24.1M | -15.89M | -7.53M | -2.33M | -1.77M |
| Operating Margin % | -12.56% | -10.43% | 2.5% | 13.73% | 26.58% | 13.95% | -11.3% | 12.83% | 10.59% | -26.04% | -144.37% | - | - |
| Operating Income Growth % | - | -436.35% | -82.53% | -36.67% | 280.41% | 307.05% | -164.65% | 22.56% | 251.62% | -111.07% | -222.75% | -32.14% | - |
| EBITDA | 3.26M | 13.87M | 83.72M | 150.9M | 192.7M | 66.35M | 2.39M | 49.56M | 37.01M | -12.33M | -7.05M | -2.26M | -1.7M |
| EBITDA Margin % | 0.62% | 2.58% | 12.56% | 21.76% | 34.06% | 23.41% | 1.41% | 21.53% | 16.26% | -20.21% | -135.15% | - | - |
| EBITDA Growth % | -95.4% | -83.44% | -44.52% | -21.69% | 190.41% | 2677.44% | -95.18% | 33.91% | 400.1% | -74.98% | -212.1% | -33.06% | - |
| D&A (Non-Cash Add-back) | 69M | 69.82M | 67.08M | 55.66M | 42.31M | 26.82M | 21.48M | 20.03M | 12.92M | 3.56M | 480.99K | 74.52K | 68.21K |
| EBIT | -65.74M | -55.96M | 21.04M | 113.57M | 153.02M | 46.96M | -7.17M | 31.29M | 26.65M | -15.39M | -7.39M | -2.33M | -1.77M |
| Net Interest Income | -5.91M | -7.8M | -6.12M | -8.9M | -6.83M | -2.56M | -1.22M | -1.19M | -1.43M | 272K | 15K | 0 | 0 |
| Interest Income | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 36K | 295.19K | 139K | 0 | 0 |
| Interest Expense | 5.91M | 7.8M | 6.12M | 8.9M | 6.83M | 2.56M | 1.22M | 1.19M | 1.46M | 22.84K | 124K | 2K | 622 |
| Other Income/Expense | -6.81M | -6.18M | -1.72M | 9.42M | -4.19M | 4.87M | 10.7M | 565K | 1.09M | 476.32K | 14.63K | -1.92K | -622 |
| Pretax Income | -72.55M | -62.14M | 14.92M | 104.66M | 146.19M | 44.41M | -8.39M | 30.1M | 25.19M | -15.42M | -7.52M | -2.33M | -1.77M |
| Pretax Margin % | -13.86% | -11.58% | 2.24% | 15.09% | 25.84% | 15.67% | -4.97% | 13.07% | 11.07% | -25.26% | -144.09% | - | - |
| Income Tax | -12.24M | -10.69M | 3.73M | 22.35M | 30.15M | 4.65M | -3.48M | 5.16M | 113K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 16.87% | 17.21% | 24.99% | 21.35% | 20.63% | 10.46% | 41.52% | 17.15% | 0.45% | 0% | 0% | 0% | 0% |
| Net Income | -60.31M | -51.45M | 11.19M | 82.31M | 116.04M | 39.76M | -4.91M | 24.93M | 25.07M | -15.42M | -7.52M | -2.33M | -1.77M |
| Net Margin % | -11.52% | -9.59% | 1.68% | 11.87% | 20.51% | 14.03% | -2.9% | 10.83% | 11.02% | -25.26% | -144.09% | - | - |
| Net Income Growth % | -20205.05% | -559.67% | -86.4% | -29.07% | 191.86% | 910.25% | -119.68% | -0.56% | 262.64% | -105.14% | -221.85% | -32.21% | - |
| Net Income (Continuing) | -60.31M | -51.45M | 11.19M | 82.31M | 116.04M | 39.76M | -4.91M | 24.93M | 25.07M | -15.42M | -7.52M | -2.34M | -1.77M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -1.21 | -1.03 | 0.21 | 1.73 | 2.60 | 0.90 | -0.12 | 0.61 | 0.62 | -0.41 | -0.19 | -0.06 | -0.04 |
| EPS Growth % | -5326.01% | -590.48% | -87.86% | -33.46% | 188.89% | 850% | -119.67% | -1.61% | 251.22% | -115.79% | -222.58% | -32.06% | - |
| EPS (Basic) | - | -0.96 | 0.22 | 1.77 | 2.63 | 0.90 | -0.12 | 0.61 | 0.63 | -0.41 | -0.19 | -0.06 | -0.05 |
| Diluted Shares Outstanding | 49.77M | 49.77M | 44.61M | 44.75M | 44.7M | 44.26M | 42.46M | 40.84M | 40.26M | 37.6M | 39.06M | 39.63M | 39.63M |
| Basic Shares Outstanding | 53.56M | 53.56M | 53.65M | 46.5M | 44.16M | 43.96M | 42.46M | 40.84M | 40.04M | 37.58M | 39.06M | 39.06M | 39.06M |
| Dividend Payout Ratio | - | - | 219.82% | 31.37% | 17.27% | - | - | - | - | - | - | - | - |
Unsustainable negative operating margins
As indicated by the most recent quarterly data, METC has experienced a sustained revenue decline, with the top line falling to $121.6 million in 2026Q1, representing a significant contraction from the $202.7 million reported in 2023Q4, driven by volatile export pricing and potential production volume constraints.
The consistent quarter-over-quarter revenue decay suggests that the company is struggling to maintain its competitive position in the global metallurgical coal market. Investors should monitor whether this trend reflects structural geological challenges at primary mining sites or a broader inability to secure favorable pricing in the current export environment.
Based on the latest financial statements, METC's gross margin has deteriorated into negative territory at -3.3% in 2026Q1, a stark reversal from the 24.0% margin achieved in 2023Q4, highlighting the company's extreme sensitivity to the current cost of production relative to realized coal prices.
The collapse in gross profitability suggests that the company's fixed-cost structure is no longer being adequately absorbed by current output levels. This margin profile warrants further investigation into whether the company can achieve a sustainable cost-per-ton floor or if it remains permanently exposed to commodity price volatility.
According to reported income statements, METC's operating margin has plummeted to -20.0% in 2026Q1, demonstrating that the company is currently unable to cover its corporate overhead and depreciation expenses, effectively reversing the positive operating leverage observed during the more profitable periods of 2024.
The inability to scale operating income alongside revenue suggests that the company's SG&A expenses are becoming disproportionately burdensome as production volumes decline. This negative operating leverage implies that any further softening in coal prices could lead to an accelerated depletion of the company's existing cash reserves.
Data from recent filings reveals that COGS has consistently exceeded revenue in recent quarters, with 2026Q1 COGS reaching $125.6 million against $121.6 million in revenue, indicating that the company's primary production costs are currently outpacing its ability to generate top-line value from its metallurgical coal assets.
The lack of expense discipline relative to realized pricing suggests that the company may be facing inflationary pressures in labor or logistics that are not being offset by operational efficiencies. Analysts should scrutinize whether these costs are temporary geological anomalies or a permanent shift in the cost of extraction.
While the company maintains a robust cash position of $440 million, the fundamental disconnect between this liquidity and the -10.43% operating margin, as noted in recent financial disclosures, suggests that the market may be misinterpreting the firm's long-term viability as a pure-play coal producer.
Short-sellers may focus on the fact that the company is effectively burning cash to maintain operations, which may not be sustainable if coal prices remain depressed. The current cash pile may be masking underlying operational distress, and investors should monitor if this capital is deployed for a strategic pivot.
Quick answers to the most common questions about buying METC stock.
For fiscal year 2025, Ramaco Resources, Inc. (METC) reported total revenue of $536.6M.
Ramaco Resources, Inc. (METC) reported a net loss of $51.4M for the fiscal year ending 2025.
Ramaco Resources, Inc. (METC) reported an operating income of $-56.0M, resulting in an operating profit margin of -10.4%. This margin reflects the operational efficiency of the business before interest and taxes.
Ramaco Resources, Inc. (METC) generated $13.4M in gross profit for the year, representing a gross profit margin of 2.5%. This demonstrates the company's core pricing power and production efficiency.