On February 17, 2026, Potrero Capital Research disclosed in a Securities and Exchange Commission (SEC) filing that it sold 234,584 shares of Ramaco Resources (METC 3.88%) in the fourth quarter, an estimated $6.16 million trade based on quarterly average pricing.
What happened
According to a Securities and Exchange Commission (SEC) filing dated February 17, 2026, Potrero Capital Research reduced its holdings in Ramaco Resources by 234,584 shares in the fourth quarter of 2025. The estimated transaction value was $6.16 million based on the quarter's average closing price. The value of Potrero’s remaining position declined by $9.52 million, reflecting both trading activity and underlying price movements.
What else to know
- Potrero’s Ramaco Resources stake now accounts for 0.69% of the fund’s reportable assets under management (AUM) following the reduction.
- Top holdings after the filing:
- NASDAQ: TLN: $29.05 million (9.8% of AUM)
- NYSE: TAC: $21.80 million (7.3% of AUM)
- NASDAQ: BL: $20.49 million (6.9% of AUM)
- NASDAQ: MSFT: $18.71 million (6.3% of AUM)
- NASDAQ: STX: $16.96 million (5.7% of AUM)
- As of February 17, 2026, Ramaco Resources shares were priced at $16.06, up 69.4% over the previous year, outperforming the S&P 500 by 51.13 percentage points.
Company overview
| Metric | Value |
|---|---|
| Market Capitalization | $885.87 million |
| Revenue (TTM) | $579.50 million |
| Net Income (TTM) | ($32.88 million) |
| Price (as of market close 2/17/26) | $16.06 |
Company snapshot
- Ramaco Resources produces and sells metallurgical coal, with principal assets including the Elk Creek, Berwind, Knox Creek, and RAM Mine properties.
- The firm operates a resource-based business model, generating revenue primarily through the extraction and sale of coal to industrial buyers.
- It serves blast furnace steel mills and coke plants in the United States and internationally, targeting the metallurgical coal market.
Ramaco Resources is a U.S.-based producer of metallurgical coal, operating a portfolio of mining assets across West Virginia, Virginia, and Pennsylvania. The company leverages its controlled mineral reserves to supply coal to domestic and international steelmakers, focusing on high-quality metallurgical grades. Strategic property holdings and proximity to key industrial customers underpin Ramaco's competitive positioning in the coal sector.
What this transaction means for investors
When a small position runs nearly 70% in a year, discipline matters. Ramaco has outpaced the S&P 500 by more than 50 percentage points, fueled by its pivot into rare earth and critical minerals—a narrative that has very clearly resonated.
Operationally, however, the third quarter was mixed, and last quarter started to stress-test Ramaco’s stock price. The company reported a wider-than-expected net loss of $13.3 million and adjusted EBITDA of $8.4 million, as metallurgical coal pricing fell 12% year over year to $120 per ton. Cash costs held firm at $97 per ton, keeping margins positive at $23 per ton despite weaker indices. Perhaps more importantly, liquidity hit a record $272 million, and the company ended the quarter with over $77 million in net cash.
Nevertheless, shares are still down about 40% since that earnings release, and reducing the stake to just 0.69% of assets suggests this is not a core holding alongside larger bets like TransAlta and BlackLine. For long-term investors, the story hinges on execution at the Brook Mine. The rare earth platform could be transformative, but it remains capital-intensive and early stage.
