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Almonty Industries (AII) investor relations material
Almonty Industries Q3 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenue for Q3 2025 rose 28% year-over-year to $8.7 million, driven by higher tungsten prices and steady output from the Panasqueira Mine.
Net income reached $33.2 million, reversing a $5.3 million loss in Q3 2024, primarily due to a $34.5 million gain from warrant liability revaluation.
Construction at the Sangdong Mine is substantially complete, with ramp-up and final commissioning underway, positioning the asset for commercial production.
Successfully listed on Nasdaq in July 2025, raising US$90 million in gross proceeds.
Acquired a strategic U.S. tungsten project in Montana for US$10 million, targeting near-term production by H2 2026.
Financial highlights
Revenue increased to $8.7 million in Q3 2025 from $6.8 million in Q3 2024.
General and administrative expenses rose to $3.7 million from $1.3 million year-over-year, mainly due to costs related to the Nasdaq uplisting and regulatory activities.
Adjusted EBITDA (non-IFRS) was negative $2.2 million, compared to negative $0.6 million in Q3 2024.
Cash and cash equivalents stood at $111.6 million as of September 30, 2025, up from $7.8 million at year-end 2024, reflecting proceeds from the public offering.
Outlook and guidance
Focused on transitioning Sangdong from construction to commercial production and final commissioning.
Plans to advance European and U.S. assets and explore strategic partnerships to strengthen Western tungsten supply chains.
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