Investor Presentaiton
SOLID START TO 2023
Strong execution during first quarter positions Ramaco well for its long-term goals
RAMACO
RESOURCES
Change
Change
Strong 1Q23 execution led to
record coal production and tons
sold, as well as lower Non-GAAP
cash cost of sales.
1Q23
4Q22
1Q22
vs 4Q
YOY
Total Tons Sold (000)
757
675
12%
583
30%
Revenue ($MM)
$166
$135
23%
$155
7%
Cost of Sales ($MM)
$111
$95
16%
$81
36%
First quarter production was a record
834,000 tons and tons sold of 757,000 was
up 30% YoY, on the back of the Company's
continued strong growth pipeline.
Non-GAAP cash cost of sales was $105 per
ton during 1Q23, down from $114 per ton
during 4Q22.
First quarter net income of $25 million
(diluted EPS of $0.57) and Adjusted
EBITDA of $48 million were 76% and 51%
respectively above fourth quarter of
2022 results.
> First quarter net income and Adjusted
EBITDA were negatively affected by $2
million and $3 million respectively from
Berwind idle costs.
Pricing of Company Produced Tons
($/Ton)
$185
$182
2%
$234
(21%)
Cash Cost of Sales - Company
Produced ($/Ton)*
$105
$114
(8%)
$106
(1%)
Cash Margins on Company Produced
($/Ton)
$80
$68
18%
$128
(38%)
Net Income ($MM)
$25
$14
76%
$42
(39%)
Diluted Earnings per Share
$0.57
$0.32
75%
$0.92
(39%)
Adjusted EBITDA ($MM)
$48
$32
51%
$64
(25%)
Capital Expenditures ($MM)
$24
$32
(26%)
$20
19%
Adjusted EBITDA less Capex ($MM)
$25
$0
7985%
$44
(44%)
(*) Adjusted to include the royalty savings from the Ramaco Coal transaction 1Q22. Excludes Berwind idle costs in 1Q23 and 4Q22. Cash costs and margins are non-GAAP measures.
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