AMG Critical Materials (AMG) Q2 2026 earnings summary

Executive summary

• Q2 2026 adjusted EBITDA reached $92 million, up 30% year-over-year, driven by strong lithium and vanadium performance, price increases, and favorable phasing effects.

• Revenue rose 19% year-over-year to $523 million, with net income attributable to shareholders more than doubling to $28 million, aided by a lithium inventory write-up.

• Closed acquisition of Zinnwald Lithium, expanding European lithium reserves and resource base.

• Opened a new chrome metal facility in Pennsylvania, establishing the only domestic producer in North America with a 6,500-ton annual capacity.

• Finalized divestiture of Graphit Kropfmühl for $64 million and completed a significantly oversubscribed equity offering, strengthening balance sheet and liquidity.

Financial highlights

• Q2 2026 revenue: $523 million (+19% YoY); adjusted EBITDA: $92 million (+30% YoY); net income: $28 million (+$17 million YoY).

• Gross profit up 36% to $125 million; adjusted EBITDA margin improved to 17.5% from 16.1%.

• Operating cash flow: $55 million, driven by higher profitability and reversal of prior working capital effects.

• Ended Q2 with $343 million in cash and $440 million net debt; total liquidity of $508 million.

• Return on capital employed improved to 14.1%; net debt/adjusted EBITDA decreased to 1.8x.

Outlook and guidance

• Raised 2026 adjusted EBITDA guidance to $230–$250 million (previously $210–$240 million).

• Q3 2026 expected to be down sequentially due to favorable Q2 phasing effects.

• Bitterfeld lithium plant expected to reach full capacity in 2027, with qualification ramping up through 2026.

• 2026 capital expenditures projected at $70–90 million, focused on Vanadium and Lithium growth.

• Engineering backlog remains at historically high levels, supporting future performance.