Ramaco Resources, Inc.

For the period ended Dec 31, 2025. Filed Feb 26, 2026.

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A company's yearly report to the SEC, with audited financial statements. It is the fullest account a company gives of its business, its finances and the risks it sees.

FY2025 · Filed Feb 26, 2026

METC$6.56-3.8%Stored close · as of Nov 10, 2026

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Contents

Item 8. Consolidated Statements of Cash Flows

Consolidated Statements of Cash Flows


· · Years ended December 31,
In thousands · · 2025 · · 2024 · · 2023
Cash flows from (used in) operating activities: · · · · · · ·
Net (loss) income	$(51,446)	$11,192	$82,313
Adjustments to reconcile net income to net cash from operating activities:
Accretion of asset retirement obligations	1,667	1,465	1,403
Depreciation, depletion, and amortization	68,155	65,615	54,252
Amortization of debt issuance costs	2,711	934	776
Stock-based compensation	17,569	17,466	12,905
(Gain)/loss on disposal of assets	38	(18)	—
Other income - gain on insurance recoveries	—	—	(10,192)
Deferred income taxes	(11,718)	1,675	18,714
Changes in operating assets and liabilities:
Accounts receivable	19,228	23,284	(55,692)
Prepaid expenses and other current assets	12,059	1,869	14,361
Inventories	(43,797)	(6,195)	7,810
Other assets and liabilities	(3,169)	(2,982)	(430)
Accounts payable	(10,042)	(4,834)	24,549
Accrued liabilities	714	3,194	10,267
Net cash from operating activities	1,969	112,665	161,036

Cash flows from (used in) investing activities:
Capital expenditures	(62,781)	(55,236)	(82,904)
Land and mineral acquisition	(18,544)	—	—
Acquisition of Maben assets (bond recovery in 2023)	—	—	1,182
Insurance proceeds related to property, plant, and equipment	2	—	11,256
Maben preparation plant capital expenditures	(1,717)	(13,606)	—
Capitalized interest	(1,209)	(1,498)	(1,137)
Other	584	(495)	(608)
Net cash used in investing activities	(83,665)	(70,835)	(72,211)

Cash flows from (used in) financing activities:
Proceeds from equity offering	189,000	—	—
Payment of equity offering costs	(746)	—	—
Proceeds from long-term debt issuances	398,483	55,160	—
Purchase of capped calls	(32,810)	—	—
Proceeds from borrowings	52,000	141,500	130,000
Repayment of borrowings	(52,369)	(197,966)	(127,514)
Repayments of senior notes	(34,500)	—	—
Repayment of Ramaco Coal acquisition financing - related party	—	—	(40,000)
Proceeds from stock options exercised	802	534	—
Payment of dividends	(4,340)	(24,602)	(25,820)
Repayments of insurance financing	(7,276)	(5,540)	(5,207)
Repayments of equipment finance leases	(10,497)	(8,636)	(6,659)
Payment of debt issuance costs	(5,217)	(657)	—
Shares surrendered for withholding taxes payable	(3,489)	(10,581)	(7,317)
Net cash from (used in) financing activities	489,041	(50,788)	(82,517)

Net change in cash and cash equivalents and restricted cash	407,345	(8,958)	6,308
Cash and cash equivalents and restricted cash, beginning of period	33,823	42,781	36,473
Cash and cash equivalents and restricted cash, end of period	$441,168	$33,823	$42,781

Cash and cash equivalents	440,347	33,009	41,962
Restricted cash	821	814	819
Total cash, cash equivalents and restricted cash	441,168	33,823	42,781

Supplemental cash flow information:
Cash paid for interest (net of amounts capitalized)	$8,063	$4,756	$8,113
Cash paid for income taxes	2,242	1,228	771
Cash received for income tax refund	352	—	11,758
Non-cash investing and financing activities:
Leased assets under financing leases	14,488	12,000	6,144
Capital expenditures included in accounts payable and accrued liabilities	13,263	12,447	4,939
Financed insurance	7,016	5,811	5,803
Financed insurance (2022 adjustment recorded in 2023)	—	—	(1,136)
Accrued dividends and dividend equivalents payable	757	7,085	7,198

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The text of this filing, as the company filed it with the SEC, without its images or exhibits. This is not investment advice.