Almonty Industries
ConvictionSpeculative
Vertically integrated hard-rock mining: extracts and processes tungsten concentrate (WO3/APT) and molybdenum, sold under long-dated floor-priced offtake contracts to Western industrial and defense buyers; revenue = tonnes shipped x contracted/market price, with heavy up-front capex and a multi-year mine-ramp curve.
Revenue
$32.5M FY2025$35.8M TTM; $25.4M Q1 2026Rev growth
+13% FY2025 YoY+221% Q1 2026 YoY; +73% TTMGross margin
not disclosed as a line itemQ1 2026 adjusted EBITDA margin ~24% ($6.1M on $25.4M) as surging tungsten prices lifted Panasqueira revenue (Sangdong still pre-revenue in Q1Op margin
negative on an IFRS basis FY2025development-stage); turned positive on an adjusted-EBITDA basis in Q1 2026Capex intensity
very high — multi-year ~$100M+ build-out of Sangdong plus processing plantnow transitioning from build to rampMarket cap
~$4.66B USDNasdaq: ALM, ~283.7M shares x $16.21, close 2026-07-06The read
Where our coverage leans
Coverage leans bullish
Sign in free to read the bull & bear take — Pro unlocks the full dossier.
Members only
Full financial intelligence for Almonty Industries
Earnings, margins & COGS, the income-statement breakdown, SWOT, moats & dependencies, the supplier–customer ecosystem graph, top signals & trends, and the valuation range.
- Income statement & margin structure
- SWOT, moats & dependency map
- Supplier–customer ecosystem graph
- Signals, trends & valuation range
Not investment advice — analyst work product for a qualified professional.· intel vintage 2026-07· sign in (free) for the analyst summary; Pro unlocks full intelligence