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Ramaco Resources Inc. (METC-2.93%) has filed its annual report on Form 10-K for the fiscal year ended December 31, 2024. filing
The filing reveals that Ramaco Resources, a pure-play metallurgical coal company, reported revenue of $666.3 million for 2024, a decrease from $693.5 million in 2023. This decline was attributed to lower coal prices despite an increase in sales volume.
Cost of sales for the year was $533.3 million, up from $493.8 million in 2023. The increase in cost was due to higher sales volume, but cost per ton sold decreased due to improved production efficiencies.
The company reported a net income of $11.2 million, down significantly from $82.3 million in the previous year. The decrease was primarily due to lower coal prices and the absence of significant insurance recoveries that benefited the prior year.
Adjusted EBITDA for 2024 was $105.8 million, compared to $182.1 million in 2023. The decrease reflects the impact of lower pricing and the absence of non-recurring insurance proceeds.
Ramaco Resources produced 3.7 million tons of coal in 2024, an increase from 3.2 million tons in 2023, due to increased capacity and completed development work. The company expects production to rise further in 2025.
The company declared $19.1 million in cash dividends during 2024, alongside non-cash dividends in the form of Class B common stock in the fourth quarter, reflecting its strategy to maintain liquidity while returning value to shareholders.
Ramaco continues to explore opportunities in rare earth elements and critical minerals at its Brook Mine property in Wyoming, with plans to complete a techno-economic analysis and begin constructing a pilot processing facility in 2025.
The filing also outlines the company's sales commitments for 2025, which include forward sales contracts for approximately 1.5 million tons to North American customers and 1.5 million tons to export customers, with varying pricing structures.
Ramaco Resources' liquidity and capital resources were supported by $112.7 million in cash flows from operating activities in 2024, although this was down from $161 million in 2023 due to lower cash earnings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Ramaco Resources Inc. annual 10-K report dated March 17, 2025. To report an error, please email earnings@qz.com.