Almonty Q2 Revenue Surges 498% to $43M, Net Income Hits $181.8M on Record Tungsten Prices
ALM has more than doubled off its 52-week low of $3.97.
Summary
Almonty Industries reported Q2 2026 revenue of $43.0 million, up 498% year-over-year, with net income of $181.8 million driven by record tungsten prices and non-cash derivative gains. The company ended the quarter with C$1.2 billion in cash.
Key Events · Earnings and Guidance · ALM
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Revenue Surges 498% YoY
Q2 2026 revenue reached $43.0 million, up from $7.2 million in Q2 2025, driven by record tungsten APT prices averaging US$3,075 per MTU versus US$453 a year ago.
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Operating Profitability Achieved
Income from mining operations was $26.1 million compared to a loss of $0.9 million last year. Adjusted EBITDA improved to $17.6 million from negative $4.8 million.
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Cash Position Bolstered to C$1.2B
Cash totaled $1.2 billion as of June 30, 2026, following the closing of an oversubscribed US$800 million convertible senior notes offering, providing capital for Phase II expansion and other projects.
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Non-Cash Gains Dominate Net Income
Reported net income of $181.8 million includes $173.1 million in non-cash gains from revaluation of derivative and warrant instruments — a mark-to-market accounting effect, not operational cash flow.
Analysis · ALM · Energy & Transportation
Almonty's second quarter results reveal a dramatic transformation, fueled by record tungsten prices and the ramp-up of its Sangdong mine. Revenue jumped 498% year-over-year to $43.0 million, income from mining operations swung to a $26.1 million profit, and Adjusted EBITDA improved by over $22 million. The company closed the quarter with C$1.2 billion in cash after its oversubscribed $800 million convertible note offering, providing ample capital to fund multiple expansion projects in parallel. However, the reported net income of $181.8 million includes $173.1 million in non-cash gains from derivative revaluations — the underlying operating profit is more modest. The continued material weakness in internal controls over financial reporting remains a governance concern that management is working to remediate.
At the time of this filing, ALM was trading at $13.67 on NASDAQ in the Energy & Transportation sector, with a market capitalization of approximately $3.8B. The 52-week trading range was $3.97 to $24.41. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.