METCIHIGH SIGNALFINANCIAL10-K

METCI experienced a dramatic deterioration in operating cash flow alongside substantial balance sheet expansion, indicating significant operational stress despite asset growth.

The company's operating cash flow collapsed to just $2.0M from $112.7M in the prior year, representing a fundamental shift in cash generation capability that raises immediate liquidity concerns. This cash flow decline occurred despite total assets growing substantially to $1.1B, suggesting the company may be investing heavily in expansion while struggling to maintain operational profitability.

Comparing 2026-02-26 vs 2025-03-17View on EDGAR →
FINANCIAL ANALYSIS

The financial profile shows a company under significant operational strain, with operating cash flow nearly disappearing while stockholders' equity grew modestly to $483.6M. Capital expenditures remained elevated at $82.9M despite the cash flow pressures, and SG&A expenses increased meaningfully to $69.4M, suggesting higher operational costs. The combination of dramatically reduced cash generation, lower dividend payments, and substantial asset expansion indicates METCI is in a capital-intensive growth phase that has severely impacted near-term cash flow performance.

FINANCIAL STATEMENT CHANGES
Operating Cash Flow
Cash Flow
-98.3%
$112.7M→$2.0M

Operating cash flow fell 98.3% — earnings quality concerns; investigate working capital changes and non-cash items.

Net Interest Income
P&L
-87.8%
$295K→$36K

Net interest income declined 87.8% — margin compression from rate changes or funding cost increases.

Dividends Paid
Cash Flow
-82.4%
$24.6M→$4.3M

Dividends cut 82.4% — significant signal of cash flow stress or capital reallocation priorities.

Total Assets
Balance Sheet
+69.1%
$674.7M→$1.1B

Asset base grew 69.1% — expansion through organic growth, acquisitions, or capital deployment.

SG&A Expense
P&L
+40.7%
$49.3M→$69.4M

SG&A up 40.7% — significant increase in sales or administrative costs, monitor impact on operating leverage.

Stockholders Equity
Balance Sheet
+33.3%
$362.8M→$483.6M

Equity base grew 33.3% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Capital Expenditure
Cash Flow
-32.6%
$123.0M→$82.9M

Capex reduced 32.6% — investment cycle winding down or capital discipline; may improve near-term free cash flow.

Accounts Receivable
Balance Sheet
-26.1%
$73.6M→$54.4M

Receivables declined — improved collection efficiency or conservative revenue recognition.

Current Liabilities
Balance Sheet
-10.6%
$122.4M→$109.5M

Current liabilities reduced — improved short-term financial position and working capital health.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-03-17
ADDED
Ramaco Resources, Inc._December 31, 2025 http://xbrl.sec.gov/stpr/2025#WV http://xbrl.sec.gov/stpr/2025#WV http://xbrl.sec.gov/country/2025#US http://xbrl.sec.gov/country/2025#US 0001687187 --12-31 2025 FY http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent http://fasb.org/us-gaap/2025#AccruedLiabilitiesCurrent http://fasb.org/us-gaap/2025#OtherLiabilitiesNoncurrent http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent http://fasb.org/us-gaap/2025#OtherAssetsNoncurrent Ramaco Resources, Inc.
As of February 25, 2026, the registrant had 55,963,520 and 11,155,785 outstanding shares of Class A and Class B common stock, respectively.
We caution you that these forward-looking statements are subject to a number of risks, uncertainties and assumptions, which are difficult to predict and many of which are beyond our control, incident to the development, production, gathering and sale of metallurgical coal and critical mineral and rare earth element assets.
(the Company, Ramaco, we, us, or our ) is a Delaware corporation formed in October 2016.
Our principal corporate and executive offices are located in Lexington, Kentucky with operational offices in Charleston, West Virginia and Sheridan, Wyoming.
We are a dual platform critical mineral company that is both an operator and developer of high-quality, low-cost metallurgical coal in southern West Virginia and southwestern Virginia, and a developing producer of coal, rare earth elements and critical minerals in Wyoming.
In mid-2025, we initiated development of our rare earth element and critical mineral operations near Sheridan, Wyoming (the Brook Mine ).
Contiguous to the Brook Mine, the Company operates a carbon research facility related to the production of advanced carbon products and materials from coal.
The Company s operations are organized into two reportable segments: Metallurgical Coal and Rare Earths and Critical Minerals.
See Note 14--Segment Reporting in Item 8, Part II for additional information.
REMOVED
Ramaco Resources, Inc._December 31, 2024 Ramaco Resources, Inc.
As of February 28, 2025, the registrant had 44,403,347 and 9,596,356 outstanding shares of Class A and Class B common stock, respectively.
Our 9.00% Senior Notes due 2026 (the Senior Notes due 2026 ) and 8.375% Senior Notes due 2029 (the Senior Notes due 2029, together with our Senior Notes due 2026, the Senior Notes ) are listed on the NASDAQ Global Select Market under the symbols METCL and METCZ, respectively.
Our principal corporate offices are located in Lexington, Kentucky.
As used herein, Ramaco Resources, Ramaco, the Company, we, us, or our, and similar terms include Ramaco Resources, Inc.
and its subsidiaries, unless the context indicates otherwise.
We are a pure play metallurgical coal company with 66 million reserve tons and 1,352 million measured and indicated resource tons of high-quality metallurgical coal.
We also control mineral deposits near Sheridan, Wyoming as part of the Company s initiatives regarding the potential recovery of rare earth elements and critical minerals as well as the potential commercialization of coal-to-carbon-based products and materials.
Our operations include seven active mines at our Elk Creek mining complex (the Elk Creek Complex ), two active mines at our Berwind mining complex (the Berwind Complex ), one active mine at our Knox Creek mining complex (the Knox Creek Complex ), and one active mine at our Maben mining complex (the Maben Complex ).
In early-2021, as pricing and demand improved, Berwind development was restarted.
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