Almonty Industries (AII) Q1 2026 earnings summary

Executive summary

• Revenue surged 221% year-over-year to $25.4 million, driven by record tungsten prices and strong Panasqueira Mine performance.

• Adjusted EBITDA reached $6.1 million, a turnaround from a loss of $2.4 million in Q1 2025.

• Operating cash flow was positive at $9.7 million, compared to negative $4.4 million in the prior year.

• Net loss narrowed significantly to $5.3 million, largely due to non-cash revaluation charges.

• Formal commissioning of the Sangdong Mine in March 2026 marks a major operational milestone.

Financial highlights

• Revenue: $25.4 million in Q1 2026, up from $7.9 million in Q1 2025.

• Adjusted EBITDA: $6.1 million, up from negative $2.4 million year-over-year.

• Net loss: $5.3 million, improved from $34.6 million loss in Q1 2025.

• Cash balance: $259.9 million as of March 31, 2026.

• Working capital: $169.5 million at quarter-end.

Outlook and guidance

• Sangdong Mine ramping toward full commercial throughput, expected to become a key non-China tungsten supplier.

• Gentung Tungsten Project advancing toward production.

• Management expects normalization of general and administrative expenses for the remainder of 2026.