Almonty Industries Reports First Quarter 2026 Financial Results

Almonty Industries Inc. reported first-quarter 2026 financial results on May 11, 2026, after market close. Revenue surged 221% year-over-year to $25.4 million, driven by robust tungsten prices and the ramp-up of the Sangdong mine. The company posted positive Adjusted EBITDA of $6.1 million, compared to a loss of $2.4 million a year ago, and positive operating cash flow of $9.7 million, versus a loss of $4.4 million.

Net loss narrowed to $5.3 million, or $0.02 per share, compared with a $34.6 million loss in Q1 2025. The bottom line was burdened by $8.4 million in non-cash revaluation charges on embedded derivative liabilities and warrant liabilities, stemming from the share price climbing from $12.07 to $20.24 during the quarter. Cash and equivalents stood at $259.9 million at quarter-end.

The company held a formal commissioning ceremony at Sangdong on March 17, 2026, and relocated its corporate headquarters to Dillon, Montana.

Almonty Industries Inc. (AII) reported a significant shift in its financial performance, driven by the commencement of commercial mining at its Sangdong project. The company posted $25.4 million in revenue, a sharp increase from the $7–9 million seen in prior quarters, alongside the generation of meaningful positive cash flow. This transition from modest revenue and deeply negative adjusted EBITDA and operating cash flow to a cash-generating producer validates the project’s economics.

The market had already anticipated a production ramp-up, with first ore delivered in December 2025 and Phase 1 completed in March 2026. However, the magnitude of the revenue and cash-flow swing exceeds the previous run-rate. While the company still reported a net loss, this is almost entirely caused by non-cash accounting charges related to warrant and derivative valuations that inflate when the stock rises. Underlying operating performance remains strong, marking a material confirmation that Almonty Industries Inc. has successfully transitioned from a developer to a producer.

Almonty Industries Inc. (AII) is a tungsten concentrate producer operating mines in South Korea, Portugal, and the United States. Its South Korean Sangdong mine is considered the company's primary asset. Phase I of the project was completed in early 2026, targeting an ore throughput of 640,000 tonnes per year to produce approximately 2,300 tonnes of tungsten concentrate. The deposit boasts a mine life exceeding 45 years and an average grade of 0.51% WO₃, which is roughly three times the global average. A planned Phase II expansion aims to double capacity by 2027.

The company also holds the Sangdong molybdenum deposit and plans to construct a tungsten oxide facility. As the only large-scale non-Chinese tungsten supplier, Almonty Industries has drawn significant interest from U.S. defense and government entities.