Filing Flows › Ramaco Resources (METC) › Q3 2025
Ramaco Resources (METC) Q3 2025 earnings results (third quarter 2025)
10-Q filed Oct 28, 2025
Ramaco Resources (METC) reported revenue of $121M for the third quarter 2025 (Q3 2025), -28% from a year earlier and -21% from the quarter before. Operating margin was -12.0%, net loss $13.3M (11.0% of revenue).
Ramaco Resources, Q3 2025: revenue $121M (-28% year over year), operating margin -12.0%, net loss $13.3M, operating cash flow −$1.4M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $121M | -21% | -28% |
| Operating profit | −$14.5M | — | — |
| Net earnings | −$13.3M | — | — |
| Operating cash flow | −$1.4M | — | — |
What changed
Revenue was $121.0M in Q3 2025, down 28% year over year and down 21% from the previous quarter. Export Coal Revenues was the largest line at 60% of revenue. Export Coal Revenues lost $40.3M year over year (down 36%), 87% of the total change.
Operating costs exceeded revenue by $14.5M, an operating margin of -12.0%. Total costs fell 18% while revenue fell 28%. The fastest-growing cost line was SG&A (+25%). The quarter ended with a net loss of $13.3M, narrower than the previous quarter's $14.0M loss.
Operating cash flow was −$1.4M. Non-cash charges added back $17.1M of depreciation and amortization and $4.7M of share-based compensation. Working capital and other items used $10.0M. Capital expenditures of $14.7M exceeded it, leaving free cash flow of −$16.1M.
Questions
What was Ramaco Resources' revenue in the third quarter 2025?
Ramaco Resources (METC) reported revenue of $121M for the third quarter 2025 (Q3 2025), -28% from a year earlier and -21% from the quarter before.
Was Ramaco Resources profitable in the third quarter 2025?
Operating loss was $14.5M (-12.0% of revenue) and net loss $13.3M.
Source: Ramaco Resources 10-Q on SEC EDGAR.