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Ramaco Resources, Inc. (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.
The business is unprofitable at the operating level (-10.43% margin). The thesis depends entirely on whether and when it reaches sustainable profitability.
Revenue declined 19.5% YoY. Margins deteriorated 12.9pp alongside, both lines moving the wrong way.
Free cash flow declined 206% versus the prior year, cash generation momentum has weakened. ROIC dropped from 3.16% to -6.56%, capital efficiency is deteriorating.
Profitability & Returns
Revenue (TTM)
$524M
▼ -19.5% YoY
Net Income (TTM)
-$60M
▼ -559.7% YoY
Op. Margin
-13.03%
▼ -12.9pp YoY
ROIC
-7.20%
▼ -9.7pp YoY
Cash Flow & Balance Sheet
FCF (TTM)
-$119M
▼ -205.9% YoY
Op. Cash Flow (TTM)
-$59M
▼ -98.3% YoY
Net Debt
$114M
Cash & Equiv.
$355M
5Y CAGR: +26.0%
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