DILLON, Mont. — Almonty Industries Inc. (Nasdaq: ALM; TSX: AII; ASX: AII; Frankfurt: ALI1), a prominent global producer of tungsten concentrate, has reported its financial results for the first quarter ended March 31, 2026, showcasing substantial growth and a significant shift towards profitability.
The company announced a remarkable 221% year-over-year increase in revenue, reaching $25.4 million for Q1 2026, up from $7.9 million in the same period of 2025. This surge was primarily attributed to record tungsten APT spot prices and sustained strong operational performance from its Panasqueira Mine.
Operational Milestones Drive Performance
A key highlight for the quarter was the formal commissioning ceremony held on March 17, 2026, at Almonty’s Sangdong tungsten mine in Gangwon Province, South Korea. This event marked the completion of the project’s development phase and its transition towards commercial operations. Sangdong is recognized as one of the world’s largest and highest-grade tungsten deposits, poised to become a critical and secure supply source for Western industrial and defense supply chains.
Complementing the Sangdong development, the Panasqueira Mine continued to deliver robust operational performance, contributing significantly to the quarter’s revenue growth.
Financial Trajectory Shifts Positively
Almonty’s Q1 2026 results reflect a decisive inflection point in its financial trajectory. The company reported positive Adjusted EBITDA of $6.1 million, a substantial improvement compared to a negative Adjusted EBITDA of ($2.4) million in Q1 2025. Furthermore, Almonty generated positive operating cash flow of $9.7 million for the quarter, a stark contrast to the negative cash flow from operations of ($4.4) million recorded in the prior year’s first quarter.
Lewis Black, Chairman, President & CEO of Almonty, commented on the results, stating, “The first quarter of 2026 represents a pivotal moment for Almonty. The results speak for themselves – revenue increased 221% to $25.4 million, we generated positive Adjusted EBITDA of $6.1 million and positive operating cash flow of $9.7 million, marking a decisive inflection point in the Company’s financial trajectory.”
Balance Sheet Strength and Strategic Relocation
As of March 31, 2026, Almonty maintained a strong financial position with cash totaling $259.9 million. The company also reported a healthy working capital position of $169.5 million, providing substantial financial flexibility to pursue its growth initiatives.
Subsequent to the quarter’s close, Almonty announced the relocation of its corporate headquarters from Toronto, Ontario, Canada, to Dillon, Montana, United States. This strategic move is intended to reinforce the company’s alignment with U.S. defense and industrial stakeholders, positioning it closer to its Gentung Tungsten Project and key government, defense, and industrial partners.
Detailed Financial Performance
Revenue and Expenses
- Revenue for Q1 2026 increased to $25.4 million, up from $7.9 million in Q1 2025, primarily driven by higher tungsten APT spot prices and strong Panasqueira operations.
- General and administrative expenses for Q1 2026 totaled $7.1 million, an increase from $3.4 million in Q1 2025. This rise was attributed to higher salaries and wages due to an expanded management team supporting growth, as well as increased consulting, legal, office, and travel costs associated with operating as a multi-listed public company across four international exchanges. The company anticipates a normalization of these expenses throughout the remainder of 2026.
Net Loss and Non-Cash Items
The net loss for Q1 2026 significantly improved to $5.3 million, or ($0.02) per share, compared to a loss of $34.6 million, or ($0.13) per share, in Q1 2025. This improvement was largely due to the absence of a $25.8 million non-cash loss on revaluation of warrant liabilities recorded in Q1 2025, combined with substantially higher revenue and income from mining operations.
It is important to note that the current quarter’s net loss included $8.4 million in aggregate non-cash revaluation charges. These comprised $6.4 million related to the fair value revaluation of embedded derivative liabilities and $2.0 million related to the fair value revaluation of warrant liabilities. These charges, arising from IFRS fair value accounting requirements, were driven by the appreciation in Almonty’s share price from $12.07 at December 31, 2025, to $20.24 at March 31, 2026, alongside changes in volatility assumptions and other market-based inputs. Management emphasized that these non-cash accounting charges did not impact the Company’s operating performance, cash flow, or liquidity position.
Almonty’s first quarter 2026 results underscore a period of significant operational advancement and financial strengthening, positioning the company for continued growth and strategic relevance in the global tungsten market.
