Almonty Industries: Revenue Skyrockets 221% as Tungsten Operations Turn Cash-Positive, Yet Short Interest Climbs

Almonty Industries Q1 2026 revenue surges 221% to $25.4M on record tungsten prices and Panasqueira output. Adjusted EBITDA turns positive at $6.1M. Stock down 24% from high amid rising short interest, but analysts remain bullish.

The tungsten specialist Almonty Industries has delivered a watershed quarter that underscores its transition from developer to producer, but the stock’s recent pullback and a jump in share-lending rates suggest the market is not yet fully convinced. First-quarter 2026 revenue soared to $25.4 million, a 221% surge year-on-year, propelled by record prices for ammonium paratungstate and steady output from the Panasqueira mine in Portugal.

Behind the headline revenue figure, the operating picture has shifted decisively into the black. Adjusted EBITDA swung from a $2.4 million loss in the prior-year period to a positive $6.1 million, while operating cash flow improved from negative $4.4 million to a healthy $9.7 million. The company held roughly $260 million in cash at the end of March, with working capital standing at around $170 million. A net loss of roughly $5 million was attributed to non-cash valuation adjustments, a technicality analysts have largely shrugged off.

That operational strength is built on the twin pillars of Panasqueira and the Sangdong mine in South Korea. Sangdong, one of the world’s largest and highest-grade tungsten deposits, formally transitioned from development to commercial operation in March, with a start-up ceremony marking the milestone. The mine is set to become a cornerstone of non-Chinese tungsten supply — a critical advantage given that about 80% of global production currently comes from China. Tungsten’s melting point above 3,400°C makes it indispensable for defense, high-temperature applications, and heavy industrial manufacturing.

The strategic pivot toward Western supply chains is further reflected in Almonty’s decision to relocate its global headquarters from Toronto to Dillon, Montana. The move is designed to deepen ties with the U.S. defense and industrial sectors, which are scrambling to secure strategic minerals. On the leadership front, Jorge Beristain will take over as chief financial officer on June 1, tasked with overseeing the financial ramp-up of Sangdong.

Yet even as these structural shifts take shape, the equity is facing headwinds. On May 20, the indicative borrowing rate for Almonty’s Nasdaq-listed shares jumped 1.45 percentage points to 5.78%, signaling increased interest from short sellers. The stock has pulled back roughly 24% from its 52-week high of A$32.51, reached in mid-April, and currently trades at A$24.75. Despite the correction, the share price still reflects a gain of about 87% year-to-date and nearly 483% over the past twelve months.

Analysts remain bullish. Alliance Global has a price target of A$26.25, while D.A. Davidson rates the stock a buy. In a separate administrative move, the company allocated 1.48 million new common shares under internal compensation and convertible instruments, filing them for trading on the Australian Securities Exchange — a technical step that adds modest dilution but signals normalised equity management as the miner enters its next growth phase.