10-Q Filing

RAMACO RESOURCES, INC. CIK: 1687187 Q1 2023

Filing Information

Form Type	10-Q
Accession Number	`0001558370-23-008818`
Period End Date	20230331
Filing Date	20230509
Fiscal Year	2023
Fiscal Period	Q1
XBRL Instance	metc-20230331x10q_htm.xml

Filing Contents

This filing contains the following financial statements:

Balance Sheet 82 Income Statement 32 Cash Flow Statement 63 Stockholders Equity 16

Balance Sheet 82 line items

Line Item	Tag	Value	Unit	Period
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Preferred stock, par value (in dollars per share)	`PreferredStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$36.62M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Cash and cash equivalents	`CashAndCashEquivalentsAtCarryingValue`	$35.61M	USD	Point-in-time
Preferred stock, shares authorized (in shares)	`PreferredStockSharesAuthorized`	50.00M	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$71.10M	USD	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Preferred stock, shares outstanding (in shares)	`PreferredStockSharesOutstanding`	0.00	shares	Point-in-time
Accounts receivable	`AccountsReceivableNetCurrent`	$41.17M	USD	Point-in-time
Preferred stock, shares Issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Total Inventories	`InventoryNet`	$50.97M	USD	Point-in-time
Total Inventories	`InventoryNet`	$44.97M	USD	Point-in-time
Preferred stock, shares Issued (in shares)	`PreferredStockSharesIssued`	0.00	shares	Point-in-time
Prepaid expenses and other	`PrepaidExpenseCurrent`	$25.73M	USD	Point-in-time
Prepaid expenses and other	`PrepaidExpenseCurrent`	$19.00M	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Common stock, par value (in dollars per share)	`CommonStockParOrStatedValuePerShare`	$0.01	USD	Point-in-time
Total current assets	`AssetsCurrent`	$147.49M	USD	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	260.00M	shares	Point-in-time
Common stock, shares authorized (in shares)	`CommonStockSharesAuthorized`	260.00M	shares	Point-in-time
Total current assets	`AssetsCurrent`	$177.69M	USD	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	44.16M	shares	Point-in-time
Common stock, shares issued (in shares)	`CommonStockSharesIssued`	44.42M	shares	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$429.84M	USD	Point-in-time
Property, plant and equipment, net	`PropertyPlantAndEquipmentNet`	$444.07M	USD	Point-in-time
Financing lease right-of-use assets, net	`FinanceLeaseRightOfUseAsset`	$12.90M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	44.42M	shares	Point-in-time
Financing lease right-of-use assets, net	`FinanceLeaseRightOfUseAsset`	$12.44M	USD	Point-in-time
Common stock, shares outstanding (in shares)	`CommonStockSharesOutstanding`	44.16M	shares	Point-in-time
Advanced coal royalties	`AdvanceRoyaltiesNoncurrent`	$3.28M	USD	Point-in-time
Advanced coal royalties	`AdvanceRoyaltiesNoncurrent`	$3.27M	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$2.83M	USD	Point-in-time
Other	`OtherAssetsNoncurrent`	$3.83M	USD	Point-in-time
Total Assets	`Assets`	$641.32M	USD	Point-in-time
Total Assets	`Assets`	$596.34M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$49.85M	USD	Point-in-time
Accounts payable	`AccountsPayableCurrent`	$34.83M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$33.07M	USD	Point-in-time
Accrued liabilities	`AccruedLiabilitiesCurrent`	$41.81M	USD	Point-in-time
Current portion of asset retirement obligations	`AssetRetirementObligationCurrent`	$29.00K	USD	Point-in-time
Current portion of asset retirement obligations	`AssetRetirementObligationCurrent`	$29.00K	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$29.68M	USD	Point-in-time
Current portion of long-term debt	`LongTermDebtCurrent`	$35.64M	USD	Point-in-time
Current portion of related party debt	`DueToRelatedPartiesCurrent`	$40.00M	USD	Point-in-time
Current portion of related party debt	`DueToRelatedPartiesCurrent`	$30.00M	USD	Point-in-time
Current portion of financing lease obligations	`FinanceLeaseLiabilityCurrent`	$6.11M	USD	Point-in-time
Current portion of financing lease obligations	`FinanceLeaseLiabilityCurrent`	$5.97M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$162.84M	USD	Point-in-time
Total current liabilities	`LiabilitiesCurrent`	$151.16M	USD	Point-in-time
Asset retirement obligations, net	`AssetRetirementObligationsNoncurrent`	$29.21M	USD	Point-in-time
Asset retirement obligations, net	`AssetRetirementObligationsNoncurrent`	$28.86M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$18.76M	USD	Point-in-time
Long-term debt, net	`LongTermDebtNoncurrent`	$45.57M	USD	Point-in-time
Long-term financing lease obligations, net	`FinanceLeaseLiabilityNoncurrent`	$4.92M	USD	Point-in-time
Long-term financing lease obligations, net	`FinanceLeaseLiabilityNoncurrent`	$3.98M	USD	Point-in-time
Senior notes, net	`SeniorNotes`	$32.83M	USD	Point-in-time
Senior notes, net	`SeniorNotes`	$32.95M	USD	Point-in-time
Deferred tax liability, net	`DeferredIncomeTaxLiabilitiesNet`	$35.64M	USD	Point-in-time
Deferred tax liability, net	`DeferredIncomeTaxLiabilitiesNet`	$37.79M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$3.74M	USD	Point-in-time
Other long-term liabilities	`OtherLiabilitiesNoncurrent`	$3.30M	USD	Point-in-time
Total liabilities	`Liabilities`	$304.39M	USD	Point-in-time
Total liabilities	`Liabilities`	$287.14M	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Commitments and contingencies	`CommitmentsAndContingencies`	-	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$2.42M	USD	Point-in-time
Other current liabilities	`OtherLiabilitiesCurrent`	$4.58M	USD	Point-in-time
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Preferred stock, $0.01 par value, 50,000,000 shares authorized, none issued and outstanding	`PreferredStockValue`	-	USD	Point-in-time
Common stock, $0.01 par value, 260,000,000 shares authorized, 44,418,879 at March 31, 2023 and 44,155,735 at December 31, 2022 shares issued and outstanding	`CommonStockValue`	$442.00K	USD	Point-in-time
Common stock, $0.01 par value, 260,000,000 shares authorized, 44,418,879 at March 31, 2023 and 44,155,735 at December 31, 2022 shares issued and outstanding	`CommonStockValue`	$444.00K	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$171.53M	USD	Point-in-time
Additional paid-in capital	`AdditionalPaidInCapitalCommonStock`	$168.71M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$164.95M	USD	Point-in-time
Retained earnings	`RetainedEarningsAccumulatedDeficit`	$140.04M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$309.20M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$251.94M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$211.07M	USD	Point-in-time
Total stockholders' equity	`StockholdersEquity`	$336.92M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$596.34M	USD	Point-in-time
Total Liabilities and Stockholders' Equity	`LiabilitiesAndStockholdersEquity`	$641.32M	USD	Point-in-time

Income Statement 32 line items

Line Item	Tag	Value	Unit	Period
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$166.36M	USD	1 Quarter
Revenue	`RevenueFromContractWithCustomerIncludingAssessedTax`	$154.88M	USD	1 Quarter
Cost of sales (exclusive of items shown separately below)	`CostOfGoodsAndServicesSold`	$81.25M	USD	1 Quarter
Cost of sales (exclusive of items shown separately below)	`CostOfGoodsAndServicesSold`	$110.55M	USD	1 Quarter
Asset retirement obligations accretion	`AssetRetirementObligationAccretionExpense`	$235.00K	USD	1 Quarter
Asset retirement obligations accretion	`AssetRetirementObligationAccretionExpense`	$350.00K	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortization`	$8.68M	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortization`	$11.85M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$11.82M	USD	1 Quarter
Selling, general and administrative	`SellingGeneralAndAdministrativeExpense`	$11.74M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$101.99M	USD	1 Quarter
Total costs and expenses	`CostsAndExpenses`	$134.49M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$52.89M	USD	1 Quarter
Operating income	`OperatingIncomeLoss`	$31.87M	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$366.00K	USD	1 Quarter
Other income, net	`OtherNonoperatingIncomeExpense`	$1.25M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-1.13M	USD	1 Quarter
Interest expense, net	`InterestIncomeExpenseNonoperatingNet`	$-2.31M	USD	1 Quarter
Income before tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$30.80M	USD	1 Quarter
Income before tax	`IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest`	$52.13M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$10.65M	USD	1 Quarter
Income tax expense	`IncomeTaxExpenseBenefit`	$5.55M	USD	1 Quarter
Net income	`NetIncomeLoss`	$41.47M	USD	1 Quarter
Net income	`NetIncomeLoss`	$25.26M	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.94	USD	1 Quarter
Basic	`EarningsPerShareBasic`	$0.57	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.57	USD	1 Quarter
Diluted	`EarningsPerShareDiluted`	$0.92	USD	1 Quarter
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	44,281.00	shares	1 Quarter
Basic weighted average shares outstanding	`WeightedAverageNumberOfSharesOutstandingBasic`	44,181.00	shares	1 Quarter
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	44,908.00	shares	1 Quarter
Diluted weighted average shares outstanding	`WeightedAverageNumberOfDilutedSharesOutstanding`	44,692.00	shares	1 Quarter

Cash Flow Statement 63 line items

Line Item	Tag	Value	Unit	Period
Net income	`NetIncomeLoss`	$41.47M	USD	1 Quarter
Net income	`NetIncomeLoss`	$25.26M	USD	1 Quarter
Accretion of asset retirement obligations	`AssetRetirementObligationAccretionExpense`	$235.00K	USD	1 Quarter
Accretion of asset retirement obligations	`AssetRetirementObligationAccretionExpense`	$350.00K	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortization`	$8.68M	USD	1 Quarter
Depreciation, depletion, and amortization	`DepreciationDepletionAndAmortization`	$11.85M	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$149.00K	USD	1 Quarter
Amortization of debt issuance costs	`AmortizationOfFinancingCosts`	$121.00K	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$2.94M	USD	1 Quarter
Stock-based compensation	`ShareBasedCompensation`	$1.89M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$2.15M	USD	1 Quarter
Deferred income taxes	`DeferredIncomeTaxExpenseBenefit`	$5.01M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsAndNotesReceivable`	$29.93M	USD	1 Quarter
Accounts receivable	`IncreaseDecreaseInAccountsAndNotesReceivable`	$3.19M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-1.81M	USD	1 Quarter
Prepaid expenses and other current assets	`IncreaseDecreaseInPrepaidExpense`	$-4.78M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$6.00M	USD	1 Quarter
Inventories	`IncreaseDecreaseInInventories`	$3.75M	USD	1 Quarter
Other assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$591.00K	USD	1 Quarter
Other assets and liabilities	`IncreaseDecreaseInOtherOperatingCapitalNet`	$823.00K	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$18.65M	USD	1 Quarter
Accounts payable	`IncreaseDecreaseInAccountsPayable`	$13.90M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$7.04M	USD	1 Quarter
Accrued liabilities	`IncreaseDecreaseInAccruedLiabilities`	$-3.27M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$21.36M	USD	1 Quarter
Net cash provided by operating activities	`NetCashProvidedByUsedInOperatingActivities`	$77.37M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$23.55M	USD	1 Quarter
Capital expenditures	`PaymentsToAcquirePropertyPlantAndEquipment`	$19.74M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-19.74M	USD	1 Quarter
Net cash used for investing activities	`NetCashProvidedByUsedInInvestingActivities`	$-22.36M	USD	1 Quarter
Proceeds from borrowings	`ProceedsFromIssuanceOfDebt`	$45.00M	USD	1 Quarter
Proceeds from borrowings	`ProceedsFromIssuanceOfDebt`	$1.34M	USD	1 Quarter
Payment of dividends	`PaymentsOfDividends`	$5.56M	USD	1 Quarter
Payment of dividends	`PaymentsOfDividends`	$5.00M	USD	1 Quarter
Repayment of borrowings	`RepaymentsOfDebt`	$24.14M	USD	1 Quarter
Repayment of borrowings	`RepaymentsOfDebt`	$2.52M	USD	1 Quarter
Repayment of Ramaco Coal acquisition financing - related party	`RepaymentsOfNotesPayable`	$10.00M	USD	1 Quarter
Repayments of insurance financing	`RepaymentsOfFinancedInsurancePayable`	$105.00K	USD	1 Quarter
Repayments of insurance financing	`RepaymentsOfFinancedInsurancePayable`	$1.43M	USD	1 Quarter
Repayments of equipment finance leases	`RepaymentsOfFinancingLeasedEquipment`	$1.64M	USD	1 Quarter
Repayments of equipment finance leases	`RepaymentsOfFinancingLeasedEquipment`	$1.75M	USD	1 Quarter
Shares surrendered for withholding taxes payable	`PaymentsRelatedToTaxWithholdingForShareBasedCompensation`	$115.00K	USD	1 Quarter
Net cash (used for) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$2.00M	USD	1 Quarter
Net cash (used for) provided by financing activities	`NetCashProvidedByUsedInFinancingActivities`	$-7.92M	USD	1 Quarter
Net change in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$49.71M	USD	1 Quarter
Net change in cash and cash equivalents and restricted cash	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseExcludingExchangeRateEffect`	$1.00M	USD	1 Quarter
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$37.48M	USD	Point-in-time
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$36.47M	USD	Point-in-time
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$72.51M	USD	Point-in-time
Cash and cash equivalents and restricted cash, beginning of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$22.81M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$37.48M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$36.47M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$72.51M	USD	Point-in-time
Cash and cash equivalents and restricted cash, end of period	`CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents`	$22.81M	USD	Point-in-time
Leased assets obtained under new financing leases	`RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability`	$3.62M	USD	1 Quarter
Leased assets obtained under new financing leases	`RightOfUseAssetObtainedInExchangeForFinanceLeaseLiability`	$954.00K	USD	1 Quarter
Capital expenditures included in accounts payable and accrued liabilities	`CapitalExpendituresIncurredButNotYetPaid`	$13.81M	USD	1 Quarter
Capital expenditures included in accounts payable and accrued liabilities	`CapitalExpendituresIncurredButNotYetPaid`	$13.06M	USD	1 Quarter
Financed insurance	`LiabilitiesAssumed1`	$407.00K	USD	1 Quarter
Accrued dividends payable adjustment	`DividendsPayableCurrentAndNoncurrent`	$5.50M	USD	Point-in-time
Accrued dividends payable adjustment	`DividendsPayableCurrentAndNoncurrent`	$5.00M	USD	Point-in-time
Accrued dividends payable adjustment	`DividendsPayableCurrentAndNoncurrent`	$5.60M	USD	Point-in-time
Accrued dividends payable adjustment	`DividendsPayableCurrentAndNoncurrent`	$322.00K	USD	Point-in-time

Stockholders Equity 16 line items

Line Item	Tag	Value	Unit	Period
Balance	`StockholdersEquity`	$309.20M	USD	Point-in-time
Balance	`StockholdersEquity`	$251.94M	USD	Point-in-time
Balance	`StockholdersEquity`	$211.07M	USD	Point-in-time
Balance	`StockholdersEquity`	$336.92M	USD	Point-in-time
Restricted stock surrendered for withholding taxes payable	`AdjustmentsRelatedToTaxWithholdingForShareBasedCompensation`	$115.00K	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$1.89M	USD	1 Quarter
Stock-based compensation	`AdjustmentsToAdditionalPaidInCapitalSharebasedCompensationRequisiteServicePeriodRecognitionValue`	$2.94M	USD	1 Quarter
Adjustment to dividends previously declared	`DividendsCommonStock`	$2.50M	USD	Point-in-time
Adjustment to dividends previously declared	`DividendsCommonStock`	$2.50M	USD	1 Quarter
Adjustment to dividends previously declared	`DividendsCommonStock`	$354.00K	USD	1 Quarter
Net income	`NetIncomeLoss`	$41.47M	USD	1 Quarter
Net income	`NetIncomeLoss`	$25.26M	USD	1 Quarter
Balance	`StockholdersEquity`	$309.20M	USD	Point-in-time
Balance	`StockholdersEquity`	$251.94M	USD	Point-in-time
Balance	`StockholdersEquity`	$211.07M	USD	Point-in-time
Balance	`StockholdersEquity`	$336.92M	USD	Point-in-time

Data is extracted from SEC EDGAR XBRL filings. Values shown are as reported in the filing.