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Ramaco Resources cash flow, quarter by quarter

Latest: Q3 2026 · from the cash-flow statements filed with the SEC

Free cash flow−$47.5M in Q3 2026 · −$144M over twelve months

Operating cash flow−$12.0M
Capital spending−$35.5M
Free cash flow−$47.5M
Cash conversion cycle77 days

Analysis

In Q3 2026, Ramaco Resources generated −$12.0M of operating cash flow and spent $35.5M on capital projects, leaving free cash flow of −$47.5M. That is $29.4M less than in Q3 2025 (−$18.1M).

Over the twelve months to Sep 30, 2026, operating cash flow was −$52.8M; the largest uses were capital spending ($90.9M), operating cash flow ($52.8M), taxes on employees’ shares ($17.7M); besides operations, cash came from other financing ($217M), shares issued ($267K); the cash balance rose by $39.1M.

Operating cash flow was −$12.0M against net income of −$18.2M. The largest differences: depreciation & amortization +$17.6M, inventory +$6.0M, deferred taxes −$5.2M.

Its cash conversion cycle was 77 days (receivables 42 + inventory 67 − payables 32).

Free cash flow

Ramaco Resources: free cash flow by quarterRamaco Resources: free cash flow by quarter$5.1MQ4 2024$5.7MQ1 2025−$19.4MQ2 2025−$18.1MQ3 2025−$29.1MQ4 2025−$52.1MQ1 2026−$15.0MQ2 2026−$47.5MQ3 2026
Operating cash flow less capital spending.
Ramaco Resources: operating cash flow against capital spendingRamaco Resources: operating cash flow against capital spendingOperating cash flowCapital spending$15.7M$10.6MQ4 2024$26.0M$20.3MQ1 2025−$4.3M$15.1MQ2 2025−$1.4M$16.6MQ3 2025−$18.4M$10.7MQ4 2025−$34.6M$17.5MQ1 2026$12.2M$27.1MQ2 2026−$12.0M$35.5MQ3 2026
Latest (Q3 2026): Operating cash flow −$12.0M, Capital spending $35.5M.

Capital allocation, year by year

Ramaco Resources: where the cash came from (up) and went (down), by fiscal yearRamaco Resources: where the cash came from (up) and went (down), by fiscal yearOperating cash flowNet borrowingShares issuedAsset salesCapital spendingDividendsFY2021: Operating cash flow $53.3MFY2021: Net borrowing $28.1MFY2021: Capital spending −$29.5MFY2021: Dividends −$20.0M$81.4MFY2021FY2022: Operating cash flow $188MFY2022: Net borrowing $16.0MFY2022: Shares issued $107KFY2022: Capital spending −$123MFY2022: Dividends −$20.0M$204MFY2022FY2023: Operating cash flow $161MFY2023: Net borrowing $2.5MFY2023: Asset sales $11.3MFY2023: Capital spending −$82.9MFY2023: Dividends −$25.8M$175MFY2023FY2024: Operating cash flow $113MFY2024: Net borrowing −$56.5MFY2024: Shares issued $534KFY2024: Capital spending −$55.2MFY2024: Dividends −$24.6M$113MFY2024FY2025: Operating cash flow $2.0MFY2025: Net borrowing −$369KFY2025: Shares issued $190MFY2025: Asset sales $2KFY2025: Capital spending −$62.8MFY2025: Dividends −$4.3M$192MFY2025
Over these 5 years operating cash flow totalled $517M; the largest uses were capital spending ($353M) and dividends ($94.7M). Cash-flow statements as filed.

Cash runway and the debt wall

Cash & investments$233M
Debt$468M
Net debt$235M
Due within a year$56K
Cash runway19 months

Ramaco Resources is burning cash: its operations consume cash, a free cash flow of −$144M a year at the current rate against $233M of cash and investments: a runway of about 19 months; $56K of debt also comes due within a year, which the cash covers before any new financing.

Ramaco Resources: debt maturities by year (FY2025)Ramaco Resources: debt maturities by year (FY2025)$56KYear 1$57.5MYear 4$65.0MYear 5$345MAfter year 5
Principal due in each year as disclosed in the annual report, against $233M of cash and investments now.

Where the cash came from and went

Ramaco Resources: sources (+) and uses (−) of cash, Q3 2026Ramaco Resources: sources (+) and uses (−) of cash, Q3 2026Cash drawn (+) / kept (−)$49.6MCapital spending−$35.5MOperating cash flow−$12.0MOther financing−$1.8MOther investing−$181KTaxes on employees’ shares−$120KNet borrowing (+) / repaid (−)$1K
Ramaco Resources: sources (+) and uses (−) of cash, TTM to Q3 2026Ramaco Resources: sources (+) and uses (−) of cash, TTM to Q3 2026Other financing$217MCapital spending−$90.9MOperating cash flow−$52.8MCash drawn (+) / kept (−)−$39.1MTaxes on employees’ shares−$17.7MOther investing−$16.8MShares issued$267KNet borrowing (+) / repaid (−)−$142K

From profit to cash

Ramaco Resources: net income to operating cash flow, Q3 2026Ramaco Resources: net income to operating cash flow, Q3 2026Net income−$18.2MDepreciation & amortization$17.6MStock-based pay$5.1MDeferred taxes−$5.2MGains on disposals$44KInventory$6.0MPayables−$4.4MAccrued liabilities$4.9MPrepaid and other assets−$3.1MOther operating capital$123KOperating cash flow−$12.0M
Non-cash charges are added back; money tied up in receivables or inventory is subtracted.
QuarterReceivable daysInventory daysPayable daysCash conversion cycle
Q3 202642673277
Q2 202640733875
Q1 202645804184
Q4 202535723672
Q3 202538644457
Q2 202532393932
Q1 202542394339
Q4 202437333535

Every quarter

QuarterOperating cash flowCapital spendingBuybacksDividendsNet borrowing (+) / repaid (−)Cash drawn (+) / kept (−)Free cash flow
Q3 2026−$12.0M−$35.5M——$1K$49.6M−$47.5M
Q2 2026$12.2M−$27.1M−$54.0M—−$6K$72.7M−$15.0M
Q1 2026−$34.6M−$17.5M−$11.9M—−$50K$85.1M−$52.1M
Q4 2025−$18.4M−$10.7M——−$87K−$247M−$29.1M
Q3 2025−$1.4M−$16.6M——−$25.1M−$166M−$18.1M
Q2 2025−$4.3M−$15.1M—−$1.9M$8.9M$15.3M−$19.4M
Q1 2025$26.0M−$20.3M—−$2.5M$15.9M−$10.5M$5.7M
Q4 2024$15.7M−$10.6M—−$100K−$43.0M−$10.1M$5.1M

Ramaco Resources: income statement and cash flow

Ramaco Resources, Q3 2026: revenue $150M (+24% year over year), operating margin -14.1%. The chart follows the revenue to costs, profit and cash.

Ramaco Resources: every quarter, Q/Q and Y/Y → Open in the app

Read automatically from the company’s XBRL cash-flow statements; quarterly figures for the fourth quarter are the year less the first three. Errors are possible. Not investment advice.