Almonty Industries Revenue Rises 221% on Record Tungsten Pricing
The tungsten concentrate producer generated $25.4 million in revenue for the first quarter of 2026
Almonty Industries Inc. (ALM), a global producer of tungsten concentrate, reported that revenue for the first quarter of 2026 rose 221% to $25.4 million compared to $7.9 million in the same period last year. The company said the increase was driven by strong operational performance at the Panasqueira Mine and a significant increase in the spot price of tungsten APT.
Financial results for the quarter showed a shift toward positive cash flow. The company generated $9.7 million in positive operating cash flow, compared to a negative cash flow from operations of $4.4 million in the first quarter of 2025. Adjusted EBITDA was $6.1 million, compared to a loss of $2.4 million in the prior-year quarter.
Despite the operating gains, Almonty reported a net loss of $5.3 million for the quarter. This result included $8.4 million in non-cash revaluation charges on derivative and warrant liabilities, which the company attributed to its share price increasing from $12.07 at December 31, 2025, to $20.24 at March 31, 2026. General and administrative expenses also rose to $7.1 million from $3.4 million in the year-ago quarter, primarily due to higher salaries and wages.
Operational developments centered on the transition to commercial production at the Sangdong tungsten mine in South Korea. Almonty hosted a formal commissioning ceremony at the site on March 17, 2026, marking the completion of development. The company said the mine is expected to be a key source of secure supply for Western industrial and defense supply chains.
Almonty held $259.9 million in cash and a working capital position of $169.5 million as of March 31, 2026. The company noted that $56.8 million of its debt is maturing within the next twelve months, compared to $27.2 million as of December 31, 2025. To meet these obligations, the company identified potential sources of liquidity including future cash flow from operations, potential divestments, new joint ventures, or the issuance of additional equity or unsecured debt.
Subsequent to the quarter, Almonty relocated its corporate headquarters from Toronto, Ontario, to Dillon, Montana. The company said the move aligns it with U.S. defense and industrial stakeholders and places it closer to its Gentung Tungsten Project.