Revenue has contracted year-over-year in eight of the last ten quarters, and while the Q2 2026 gross margin of 11.5% appears elevated, the prevailing trend shows structural compression, with operating margins deeply negative at -12.6% due to negative operating leverage.
Ramaco Resources, Inc. (METC) annual income statement — 12-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 |
|---|
| Sales/Revenue | 515.41M | 536.62M | 666.29M | 693.52M | 565.69M | 283.39M | 168.91M | 230.21M | 227.57M | 61.04M | 5.22M | 0 | 0 |
| Revenue Growth % | -17.65% | -19.46% | -3.93% | 22.6% | 99.61% | 67.77% | -26.63% | 1.16% | 272.85% | 1070.24% | - | - | - |
| Cost of Goods Sold | 493.32M | 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 | 22.09M | 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 % | 4.29% | 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 | 92.23M | 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 | 57.36M | 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 | 1000K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -70.14M | -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 % | -13.61% | -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 | -1.77M | 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 % | -0.34% | 2.58% | 12.56% | 21.76% | 34.06% | 23.41% | 1.41% | 21.53% | 16.26% | -20.21% | -135.15% | - | - |
| EBITDA Growth % | -103.36% | -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) | 68.37M | 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 | -71.89M | -54.34M | 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 | -4.61M | -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 | 4.61M | 7.8M | 6.12M | 8.9M | 6.83M | 2.56M | 1.22M | 1.19M | 1.46M | 22.84K | 124K | 2K | 622 |
| Other Income/Expense | -5.98M | -6.18M | -1.72M | 9.42M | -4.19M | 4.87M | 10.7M | 565K | 1.09M | 476.32K | 14.63K | -1.92K | -622 |
| Pretax Income | -76.12M | -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 % | -14.77% | -11.58% | 2.24% | 15.09% | 25.84% | 15.67% | -4.97% | 13.07% | 11.07% | -25.26% | -144.09% | - | - |
| Income Tax | -14.37M | -10.69M | 3.73M | 22.35M | 30.15M | 4.65M | -3.48M | 5.16M | 113K | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 18.88% | 17.21% | 24.99% | 21.35% | 20.63% | 10.46% | 41.52% | 17.15% | 0.45% | 0% | 0% | 0% | 0% |
| Net Income | -61.75M | -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 % | -11.98% | -9.59% | 1.68% | 11.87% | 20.51% | 14.03% | -2.9% | 10.83% | 11.02% | -25.26% | -144.09% | - | - |
| Net Income Growth % | -211.66% | -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) | -61.75M | -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) | -1.04 | -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 % | -186.2% | -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 | 59.29M | 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 | 59.29M | 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% | - | - | - | - | - | - | - | - |
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.
Key Metrics
Top Statement Risk
Sustained operating losses.
Metrics are mathematically derived from official filings.
Persistent Revenue Contraction
Ramaco's revenue has declined in eight of the last ten quarters, with the most recent two quarters showing sequential improvement but a year-over-year contraction of 5.3% and 9.7%, indicating a persistent downward trend in top-line demand.
The company's revenue trajectory shows a sustained contraction from its 2024Q1 peak of $172.7M, with only a brief uptick in 2024Q2. This pattern suggests the coal market is experiencing structural headwinds rather than a temporary soft patch. The deceleration in the rate of decline over the last two quarters (from -27.7% to -5.3%) offers a potential stabilization signal, but it remains well below prior-year levels.
Structural Gross Margin Compression
Gross margins have deteriorated from a stable ~10% band in early 2024 to a negative -3.3% in 2026Q1, with the most recent quarter's 11.5% margin appearing anomalous against the prevailing trend, as reported in recent SEC filings.
The collapse in gross margins to negative territory in Q1 2026 is a critical deterioration, indicating that the cost of sales has become unsustainably high relative to realized pricing. While the Q2 2026 recovery to 11.5% is notable, the ten-quarter trend shows severe margin compression. This suggests significant pricing pressure and/or an inability to manage variable costs in line with falling revenue, placing the company at a competitive disadvantage relative to peers like HCC which maintain positive, albeit lower, gross margins.
Negative Operating Leverage Amplifies Losses
Operating leverage is working in reverse, as the shrinking gross profit base is insufficient to cover the relatively fixed SG&A expense, resulting in operating losses that have widened significantly since the loss of operating profitability in 2025.
As revenue contracted, the SG&A expense line did not contract proportionally, rising from ~$11M in 2024 to over $20M in two recent quarters. This created a scenario where even a small gross profit (or a loss) is overwhelmed by overhead, leading to deep operating losses. The implication is a cost structure that is not flexible enough to align with the current revenue reality, forcing cash burn.
Net Losses Driven by Core Operations
Based on financial statements, Ramaco's net losses are fundamentally driven by operating losses, with no significant non-operating items or tax benefits to distort the picture, indicating the core business is currently unprofitable.
The negative net income figures closely track the negative operating income, with minimal noise from taxes or other line items. The recent $9.9M stock-based compensation charge in 2026Q2 is a notable non-cash expense that widened the net loss. The quality of earnings is low in a positive sense—there are no artificial supports to the bottom line—but this also underscores the fundamental profitability challenge.
SG&A Escalation Amid Revenue Decline
A key cost anomaly is the significant increase in SG&A expenses during a period of falling revenue, suggesting a lack of expense discipline or necessary investments that are weighing on operating results.
SG&A expense rose from $10.9M in 2024Q2 to $20.3M in 2026Q1, nearly doubling while revenue fell. This counter-cyclical increase is the primary driver of the shift from marginal operating profitability to deep losses. It raises questions about the nature of these expenses (e.g., administrative bloat, acquisition-related costs, or strategic investments) and management's ability to control the cost base during a downturn.
Margin Recovery May Be Unsustainable
The recent 11.5% gross margin in 2026Q2 appears as a sharp reversal from the -3.3% low, but the underlying revenue contraction and cost structure suggest this improvement may be cyclical rather than structural, warranting scrutiny.
The swing from a -3.3% gross margin to 11.5% in a single quarter is dramatic and could indicate a favorable mix shift or temporary cost relief rather than a sustainable recovery. Given that revenue is still declining year-over-year and SG&A remains elevated, the path back to consistent profitability is unclear. Investors should monitor whether this margin improvement persists or reverts, as the company's operating leverage is currently negative.