Almonty Industries Inc · Q1 2026 earnings

Briefing

Almonty Q1 2026: $25.4M revenue (+221% YoY), positive $6.1M Adjusted EBITDA on record tungsten pricing

Almonty Industries reported first-quarter 2026 financial results highlighted by surging tungsten pricing and strong performance at its Panasqueira Mine in Portugal. Revenue increased 221% year over year to $25.4 million from $7.9 million, driven by significantly higher APT spot prices and continued operational strength. The company generated positive operating cash flow of $9.7 million versus negative $4.4 million in Q1 2025 and posted Adjusted EBITDA of $6.1 million compared with negative $2.4 million a year earlier. Reported net loss was $5.3 million, or $0.02 per share, versus a $34.6 million loss in the prior-year quarter; the improvement reflected absence of a prior $25.8 million warrant revaluation charge, partially offset by $8.4 million of non-cash derivative and warrant revaluation losses tied to share price appreciation. Cash totaled $259.9 million with working capital of $169.5 million, and management held a formal commissioning ceremony at the Sangdong tungsten mine in South Korea in March.

• Revenue surged 221% YoY to $25.4 million on record tungsten APT pricing and strong Panasqueira Mine operations.
• Adjusted EBITDA turned positive at $6.1 million versus negative $2.4 million in Q1 2025; operating cash flow was positive $9.7 million.
• Net loss narrowed to $5.3 million ($0.02 per share) from $34.6 million ($0.13), though current quarter included $8.4 million non-cash derivative revaluation charges.
• Cash position of $259.9 million and working capital of $169.5 million provide flexibility for Sangdong ramp and Gentung development.
• Sangdong mine commissioning ceremony in March 2026 marked transition toward commercial operations at one of the world's largest tungsten deposits.

Headline financials

Revenue & EPS history

Management expects G&A expenses to normalize through 2026 while ramping Sangdong toward full commercial throughput and advancing the Gentung Tungsten Project, positioning Almonty to address Western critical mineral supply needs.