Almonty Industries (AII) Q1 2025 earnings summary

Executive summary

• Revenue for Q1 2025 rose 1.3% year-over-year to $7.9 million, driven by higher tungsten concentrate sales and improved pricing.

• Income from mining operations increased 24.1% year-over-year to $0.75 million, mainly due to higher production at Panasqueira and better pricing.

• Net loss widened to $34.6 million from $3.8 million year-over-year, primarily due to a $25.8 million non-cash loss from warrant liability revaluation.

• Cash and cash equivalents rose to $16.9 million as of March 31, 2025, supported by equity placement and warrant exercises.

• Final preparations for Sangdong Tungsten Mine startup are underway, with construction complete and equipment installed.

Financial highlights

• Revenue: $7.91 million in Q1 2025 vs. $7.82 million in Q1 2024.

• Income from mining operations: $0.752 million in Q1 2025 vs. $0.606 million in Q1 2024.

• Operating expenses increased to $9.5 million from $4.3 million year-over-year, mainly due to non-cash and redomiciling costs.

• Adjusted EBITDA (non-IFRS): $(3.5) million in Q1 2025 vs. $(1.3) million in Q1 2024.

• Net loss: $(34.6) million in Q1 2025 vs. $(3.8) million in Q1 2024, driven by non-cash warrant liability revaluation.

Outlook and guidance

• Near-term production startup expected at Sangdong Tungsten Mine, anticipated to deliver favorable economics due to higher ore grades.

• Strategic positioning as a key tungsten supplier for U.S. defense and technology sectors, supported by new offtake agreements and partnerships.