Almonty Industries Inc. reported $43.0 million in revenue for the second quarter of 2026, marking a 498% increase compared to $7.2 million in the same period of 2025 and a 69% increase sequentially.

The financial performance for the three months ended June 30, 2026, included net income of $181.8 million, or $0.62 per diluted share, reversing a net loss of $58.2 million in the second quarter of 2025. Adjusted EBITDA rose to $17.6 million from a loss of $4.8 million in the prior-year period. Income from mining operations reached $26.1 million, compared to an operating loss of $0.9 million a year earlier.

The revenue growth was driven by a significant appreciation in tungsten prices, with the European APT average price rising to US$3,075 per MTU during the quarter from US$453 per MTU in the second quarter of 2025. Reported net income for the period included $173.1 million in net non-cash gains on the revaluation of derivative and warrant instruments.

“The second quarter of 2026 demonstrated a first look at the prospective earnings power that Almonty has spent more than a decade building toward. Revenue increased 498% year-over-year to $43.0 million and 69% sequentially, income from mining operations reached $26.1 million, and Adjusted EBITDA was $17.6 million - an improvement of more than $22 million from the same quarter last year.”

— Lewis Black, Chairman, President & CEO

Almonty closed an oversubscribed offering of US$800 million in convertible senior notes in June 2026 and held $1.2 billion in cash as of June 30, 2026, compared to $268.4 million at the end of December 2025. Subsequent to the quarter end, the company repaid its KfW term loan in full.

Almonty is advancing the commissioning and ramp-up of Phase I at the Sangdong tungsten mine in South Korea, targeting an ore throughput capacity of approximately 640,000 tonnes per year once fully operational. The company is also contemplating a fully permitted Phase II expansion at the Sangdong Mine to increase throughput capacity up to 1.2 million tonnes per year. Additionally, Almonty amended its long-term offtake agreement with Global Tungsten & Powders LLC, extending the term by six years, increasing contracted volumes by 40%, and improving pricing by approximately 6.3%.

Read the full announcement: Almonty Reports Q2 Financial Results