Ramaco Resources (METC) has opened 2026 with Q1 revenue of US$121.6 million and a basic EPS loss of US$0.27, alongside a trailing 12 month EPS loss of US$0.92 and net loss of US$61.2 million on revenue of US$523.6 million. Over recent quarters the company has seen revenue move from US$170.9 million in Q4 2024 to US$134.7 million in Q1 2025, then to US$121.6 million most recently. Basic EPS has shifted from a profit of US$0.06 in Q4 2024 to losses of US$0.18, US$0.26 and US$0.27 across the last three first quarters, prompting investors to focus closely on how margins are holding up against the growth story now built into expectations.

See our full analysis for Ramaco Resources.

Next up, the numbers will be set against the most widely held market narratives around Ramaco Resources to see which storylines still fit and which are being tested by the latest margin picture.

Losses deepen as trailing 12 month earnings slide to US$61 million

• Over the trailing 12 months, Ramaco reported a net loss of US$61.2 million and a basic EPS loss of US$0.92, compared with a small loss of US$0.30 million and a basic EPS loss of US$0.01 at the start of this period, while quarterly net loss widened from US$9.5 million in Q1 2025 to US$18.3 million in Q1 2026.
• Bears argue that long running earnings pressure limits the appeal of growth projects, and the recent figures line up with that concern:
  • Losses have grown at about 33.6% per year over the past five years, and the company stayed unprofitable across the last four reported quarters, with quarterly net losses between roughly US$9.5 million and US$18.3 million.
  • The trailing 12 month net loss of US$61.2 million contrasts with earlier profitability of US$9.2 million in the 12 months to Q4 2024, which critics see as evidence that turning forecast earnings growth into consistent profits is not yet visible in the reported numbers.

Stay with the cautious view if you want to see how skeptics frame these widening losses against future projects 🐻 Ramaco Resources Bear Case.

Revenue down from US$666 million LTM while growth forecasts stay aggressive

• Trailing 12 month revenue eased from US$666.3 million in the period ending Q4 2024 to US$523.6 million in the latest 12 months, even as quarterly revenue has recently sat in a relatively tight band between US$121.0 million and US$153.0 million over the last four reported quarters.
• The bullish narrative leans heavily on strong growth forecasts, and the current revenue run rate gives you a clear reference point:
  • Forecasts point to revenue growth of 20.9% per year and earnings growth of 103.71% per year, starting from a base of US$523.6 million of trailing 12 month revenue and a net loss of US$61.2 million.
  • Bullish investors highlight projects like Brook Mine and cost efficiency in metallurgical coal, while the present revenue trend shows that the projected step up is not yet reflected in the historical figures, which is important context when weighing those forecasts.

If you want to see how optimistic investors link these forecasts to Ramaco's projects and future margins, take a look at the 🐂 Ramaco Resources Bull Case.

Valuation sits between DCF fair value and analyst target

• At a share price of US$16.51, Ramaco trades on a P/S of 2.1x compared with a peer average of 0.4x and a US Metals & Mining industry average of 2.3x, while reference points include a DCF fair value of US$32.27 and an analyst consensus price target of US$28.00.
• Consensus narrative focuses on whether the current share price already reflects the mix of losses and growth expectations:
  • Analysts expect revenue to grow 11.9% per year and earnings to reach US$134.6 million by around 2028, which would be a marked change from the current trailing 12 month net loss of US$61.2 million.
  • The gap between the current price of US$16.51, the US$28.00 analyst target, and the US$32.27 DCF fair value is being weighed against ongoing unprofitability and past dilution, so the Q1 2026 loss profile is a key data point for anyone comparing these valuation anchors.

Next Steps

To see how these results tie into long-term growth, risks, and valuation, check out the full range of community narratives for Ramaco Resources on Simply Wall St. Add the company to your watchlist or portfolio so you'll be alerted when the story evolves.

Seeing both optimism and concern in these numbers. If you want to weigh the trade off yourself, start by checking the 2 key rewards and 1 important warning sign.

Explore Alternatives

Ramaco Resources is contending with deepening losses, a trailing 12 month net loss of US$61.2 million and revenue drifting from prior levels while forecasts stay ambitious.

If you want ideas where recent financial pressure is less of a concern, set a higher bar on fundamentals and check out the solid balance sheet and fundamentals stocks screener (46 results) now to compare options side by side.

This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.