Ramaco Resources, Inc. (METC) · Nov 3, 2026 · Earnings

Ramaco earnings beat revenue but EPS misses as guidance slips

Miss — Class A diluted EPS $(0.32) vs ~$0.26 loss consensus

Ramaco’s third-quarter earnings beat revenue expectations, but EPS missed as costs rose and 2026 production and cash-cost guidance weakened.

Ramaco is still a metallurgical-coal producer using its operating cash base to fund an exploration-stage Wyoming rare-earth and critical-minerals platform; the Brook project remains in development rather than commercial production. The quarter therefore matters mainly through coal execution, costs, and whether the balance sheet can keep funding that second platform.

The headline earnings result was a miss despite a revenue beat. Revenue reached $150.1 million versus a published consensus of roughly $140.23 million, but Class A diluted EPS was a $0.32 loss versus an expected $0.26 loss; the company also produced only $3.0 million of adjusted EBITDA versus $8.4 million a year earlier. The market had been expecting a loss, but not one this deep. The filing reported, “The Company had a quarterly net loss of $(18.2) million and Class A diluted EPS of $(0.32).” 〔0〕

Metric	Q3 2026	Q3 2025	Consensus / prior guide
Revenue (Financial Statements)	$150.1M	$121.0M	~$140.23M
Class A diluted EPS (Income Statement)	$(0.32)	$(0.25)	~$(0.26)
Adjusted EBITDA (Reconciliation)	$3.0M	$8.4M
Cash margin per ton (Per Ton Financial Metrics)	$16	$23
2026 production guidance (Financial Guidance)	3.5–3.6M tons	3.826M tons	3.6–3.9M tons prior
2026 cash-cost guidance (Financial Guidance)	$101–103/ton	$98/ton	$96–99/ton prior
2026 capex guidance (Financial Guidance)	$97–102M	$64.3M	$92–97M prior

The underlying coal economics weakened rather than merely looking noisy. Sales rose 23% year over year because Ramaco worked down inventory, but production fell 10%, cash costs rose to $104 per ton from $97, and cash margin fell 30% to $16 per ton. The filing attributes the cost pressure largely to diesel, while the revenue benefit came partly from selling stockpiled coal rather than from stronger realized pricing.

Management lowered the 2026 operating bar. Production guidance moved to 3.5–3.6 million tons from 3.6–3.9 million, sales guidance narrowed to 4.0–4.1 million tons from 4.0–4.3 million, cash-cost guidance rose to $101–103 per ton from $96–99, and capex increased to $97–102 million from $92–97 million. The company says the capex increase reflects accelerating the Maben underground section, but the net message is that near-term execution is more expensive and lower-volume than previously expected. 〔1〕

The balance sheet and 2027 setup keep this from being a major setback. Liquidity was $374.7 million with no revolver borrowings, and Ramaco has already signed 1.7 million tons of 2027 domestic business at $139 per ton plus 1.1 million export tons. That provides better forward visibility and supports the critical-minerals buildout, but it does not offset the immediate margin compression and guidance cuts.

The rare-earth story advanced, but mostly through milestones rather than cash generation. Recovery tests were strong and the pilot plant, technical report, and pre-feasibility study now have defined 2027 milestones, yet the project remains pre-commercial and still depends on further testing, engineering, financing, and resource validation. The filing’s $30 million Chubb jury verdict is a potential liquidity benefit, but the final award remains subject to post-trial motions and fee determination.

Bottom line: This was a mixed quarter leaning negative: revenue and the 2027 contract position were encouraging, but the earnings miss, margin deterioration, and higher-cost/lower-production 2026 outlook weaken the near-term operating story. The balance sheet prevents it from becoming a broader reversal of the company’s longer-term plan.

What to watch next

2027 guidance after the early-December board meeting

Original filing on SEC EDGAR

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AllSight · BlackBerry Q2 FY27

Revenue $163.3M vs ~$144M expected; adjusted basic EPS $0.07 vs ~$0.04 consensus — a real upside surprise.Income statement
QNX revenue +27% to $80.3M; segment EBITDA $29.0M from $20.5M. “Record performance… core automotive.”Segment — QNX
Licensing jumped to $22.1M from $6.6M — it amplified the beat, but it's less recurring than QNX, so the quality sits in QNX.Segment — Licensing
FY27 guide lifted to $616–636M rev / $141–158M EBITDA, above the prior $594–621M / $119–139M framework.Guidance
QNX growth, margins, cash and a raised outlook all beat. But licensing amplified it and Secure Comms is flat — net retention 91% from 93%.Segment — Secure Comms

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Events/ANDE/8-K · Earnings

8-K · Item 2.02 · Earnings

The Andersons — a record Renewables quarter that beat profit expectations

Filed Aug 3, 2026ANDE · NASDAQ

AllSight readBeatPriced in▲ 1.8% since filed · reaction agrees

adj. EPS $2.15 vs ~$1.48 consensus

This filing tests whether The Andersons' sharp profit increase reflects broad operating improvement or a one-off renewable-fuels boost. It also separates strong adjusted earnings and cash generation from the quarter's legal and impairment charges.

The quarter was substantially stronger than both last year and the published earnings expectation. Adjusted EPS reached $2.15, versus $0.24 a year earlier and above the published consensus of about $1.48; reported EPS was $1.65. Adjusted EBITDA more than doubled to $140 million, while sales slipped modestly — the improvement came from margins and operating performance rather than higher revenue. Financial Highlights · Statements of Operations

Q2 ($M, exc. per-share)	Q2 2026	Q2 2025	YoY
Sales & merchandising revenue	3,097.7	3,135.9	−1%
Net income (attributable)	56.6	7.9	+48.7
Diluted EPS	1.65	0.23	+1.42
Adjusted EPS	2.15	0.24	+1.91
Adjusted EBITDA	140.3	65.2	+75.1
Agribusiness adj. pretax	20.3	16.8	+3.5
Renewables adj. pretax	88.4	9.6	+78.8
Cash from operations	487.9	299.3	+188.6
Cash from ops (pre-WC)	112.9	42.9	+70.1

Renewables drove nearly all of the upside — the operating backdrop was strong, but the result also benefited materially from tax credits. Renewables' adjusted pretax income rose to $88 million on record production, stronger ethanol margins and merchandising gains. It also received $24 million of 45Z producer tax credits, so this was not solely a repeatable plant-margin improvement; the company did cite healthy export and domestic ethanol demand as supportive. Renewables — Record Q2 · Segment Data

Agribusiness improved, but it was a supporting contributor rather than the main earnings engine. Adjusted pretax income increased to $20 million as fertilizer margins improved and merchandising benefited from commodity-price volatility, despite lower fertilizer volumes. Agribusiness — Improved Q2 · Segment Data

Cash generation improved and funding capacity is comfortable, while reported earnings still absorbed meaningful non-core costs. Operating cash flow was $488 million ($113 million before working-capital changes); capital spending was $76 million. Adjusted EPS excludes $0.50 of legal-settlement, impairment and transaction items, so the $2.15 adjusted result runs ahead of the $1.65 reported. Leverage stays below the <2.5× debt-to-EBITDA target; no new quantified full-year outlook was given. Cash & Liquidity · Adjusted Net Income

Community sentiment · 612 votes

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Ramaco earnings beat revenue but EPS misses as guidance slips

What to watch next

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