Almonty Industries (AII) Q2 2026 earnings summary

Executive summary

• Revenue surged 498% year-over-year to $43.0 million, driven by record tungsten pricing and increased production volumes.

• Net income reached $181.8 million, reversing a loss of $58.2 million in the prior year quarter.

• Adjusted EBITDA improved to $17.6 million from a loss of $4.8 million year-over-year, reflecting strong operational leverage.

• Cash position rose to $1.2 billion following an oversubscribed US$800 million convertible senior notes offering.

Financial highlights

• Revenue increased 498% year-over-year and 69% sequentially, primarily due to higher tungsten prices (US$3,075/MTU vs. US$453/MTU last year).

• Income from mining operations was $26.1 million, up from a loss of $0.9 million in the prior year quarter.

• Gross profit margin reached 60.7% of revenue; total cost of sales was $16.9 million (39.3% of revenue).

• Net income included $173.1 million in non-cash gains from derivative and warrant revaluations.

• Cash flow from operating activities was $31.6 million for the first half, compared to a use of $14.9 million last year.

Outlook and guidance

• Phase I of the Sangdong Mine remains in commissioning and ramp-up, targeting 640,000 tonnes/year throughput.

• Phase II expansion is planned to increase capacity to 1.2 million tonnes/year.

• Amended offtake agreement extends term by six years, increases contracted volumes by 40%, and improves pricing by 6.3%.

• Capital raised will fund Sangdong Phase II, Tungsten Oxide Facility, Gentung Project, and Panasqueira extension in parallel.