Elmet Group Q2 Revenue Jumps 35% to $66.4M, Backlog Hits Record $131.5M
ELMT sits 42% above its 52-week low of $12.485.
Summary
Elmet Group reported Q2 2026 revenue of $66.4 million, up 35.2%, with record backlog of $131.5 million and adjusted EBITDA up 57.9% to $8.9 million. The GAAP net loss of $(4.5) million reflects IPO-related stock compensation, not operational weakness.
Key Events · Earnings and Guidance · ELMT
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Revenue Up 35.2% to $66.4M
Q2 2026 revenue increased 35.2% to $66.4 million from $49.1 million in Q2 2025, driven by demand acceleration in Aerospace, Defense & Government markets.
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Record Backlog of $131.5M
Open order backlog reached $131.5 million, up from $113.3 million at the end of Q1 2026 and $84.6 million at the end of Q2 2025, a nearly 55% year-over-year increase.
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Adjusted EBITDA Up 57.9%
Adjusted EBITDA increased to $8.9 million (13.3% of revenue) from $5.6 million (11.4% of revenue) in Q2 2025, reflecting gross margin expansion of 430 basis points to 25.0%.
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GAAP Net Loss Driven by IPO Compensation
Net loss was $(4.5) million, or $(0.16) per share, compared to net income of $1.2 million, or $0.06 per share, in Q2 2025. The loss includes $14.2 million in stock-based compensation, of which $4.1 million was settled in cash via stock appreciation rights.
Analysis · ELMT · Manufacturing
Elmet Group delivered a strong second quarter with revenue up 35.2% to $66.4 million and gross margin expanding 430 basis points to 25.0%. Adjusted EBITDA rose 57.9% to $8.9 million, and backlog reached a record $131.5 million, up nearly 55% year-over-year. The GAAP net loss of $(4.5) million, or $(0.16) per share, was driven by $14.2 million in stock-based compensation tied to the IPO and reorganization, not operational weakness. The company's recent IPO raised $125.4 million in net proceeds, strengthening the balance sheet with $66.1 million in cash and enabling significant debt reduction. This is a meaningful beat on growth and profitability metrics, though the headline loss may confuse investors unfamiliar with the one-time compensation charges.
How filings like this one have moved
In the 30 days to Oct 22, 2026, 36.9% of the 1029 measured filings Wiseek scored 8 moved their stock by 5% or more by the next session's close. The median move was -0.77%. These are measured outcomes after filings of this importance, not a forecast for this one.
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At the time of this filing, ELMT was trading at $17.79 on NASDAQ in the Manufacturing sector, with a market capitalization of approximately $507.6M. The 52-week trading range was $12.49 to $22.51. This filing was assessed with positive market sentiment and an importance score of 8 out of 10.