Revenue has contracted by 9.7% year-over-year as of 2026Q1, while operating income has deteriorated from a $37.3 million profit in 2023Q4 to a $24.3 million loss.
| 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 | -66.64M | -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 | -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% | - | - | - | - | - | - | - | - |
Commodity price and margin volatility
According to the company's recent financial disclosures, revenue has experienced a consistent downward trajectory, culminating in a 9.7% year-over-year decline in 2026Q1, which reflects the broader challenges of navigating volatile metallurgical coal benchmarks and shifting sales volumes across both domestic and international export markets.
The persistent revenue decay suggests that the company is struggling to maintain top-line momentum amidst a challenging global steel production environment. Investors should monitor whether this contraction is a byproduct of strategic volume management or an inability to secure favorable pricing in the current Atlantic export market.
As reported in quarterly filings, gross margins have deteriorated significantly from 24.0% in 2023Q4 to a negative 3.3% in 2026Q1, indicating that the cost of production is currently outpacing the realized market price for the company's metallurgical coal output in the current cycle.
This margin collapse appears to be driven by a combination of elevated variable costs and a lack of pricing power relative to global benchmarks. The inability to maintain positive gross margins suggests that the current operational footprint may be unsustainable without a recovery in coal pricing or significant cost-structure optimization.
Based on the provided income statement data, operating income has shifted from a positive $37.3M in 2023Q4 to a loss of $24.3M in 2026Q1, demonstrating that fixed overhead and development expenses are now exerting significant downward pressure on the company's overall profitability profile.
The transition to negative operating margins indicates that the company lacks the necessary scale to absorb its current SG&A and development-related overhead. This trend warrants further investigation into whether these costs are temporary investments in the Brook Mine or indicative of a permanent increase in the company's fixed cost burden.
While management emphasizes the potential of the Brook Mine's rare earth element initiatives, the income statement reveals that core coal operations are currently burning capital, with net losses reaching $18.3M in 2026Q1, raising questions about the viability of funding long-term exploration through declining commodity cash flows.
Short-sellers may focus on the disconnect between the company's high-tech narrative and the reality of its deteriorating core business. Investors should remain cautious, as the reliance on speculative non-coal assets to justify current valuations may prove insufficient if the coal segment continues to consume liquidity at the current rate.
Quick answers to the most common questions about buying METCB stock.
For fiscal year 2025, Ramaco Resources, Inc. (METCB) reported total revenue of $536.6M.
Ramaco Resources, Inc. (METCB) reported a net loss of $51.4M for the fiscal year ending 2025.
Ramaco Resources, Inc. (METCB) 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. (METCB) 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.