Almonty's Accounting Loss Masks Operational Triumph as Tungsten Supply Deficit Drives Record Revenue

Almonty Industries delivers 221% revenue surge, positive operating cash flow, and analyst upgrades as Sangdong mine ramp-up positions it for a tungsten supercycle.

Lewis Black takes the stage in Miami today armed with a starkly different set of numbers than he carried a year ago. The CEO of Almonty Industries is presenting to investors just weeks after his company flipped the switch from cash burner to cash generator — a milestone that has analysts racing to revise their price targets upward. The first quarter of 2026 delivered a headline net loss of US$5.3 million, but that figure is almost entirely a bookkeeping artifact tied to the soaring value of outstanding warrants. Behind the accounting noise, the operating story is one of rapid-fire growth.

Revenue surged 221 percent year-over-year to US$25.4 million, propelled by higher spot tungsten prices and steady output from the Panasqueira mine in Portugal. Crucially, operating cash flow swung decisively into positive territory, reaching C$9.7 million against a negative reading a year earlier. Adjusted EBITDA clocked in at US$6.1 million, while the company’s cash position remained exceptionally strong at nearly C$260 million. The net loss, by contrast, stems from non-cash derivative revaluations — a direct consequence of Almonty’s share price having rocketed 733 percent over the past twelve months to C$30.27.

Wall Street has taken notice. Alliance Global lifted its price target on Almonty shares from US$19.25 to US$26.25, citing the ramp-up of the Sangdong mine in South Korea. That facility is expected to eventually supply roughly 40 percent of the world’s tungsten outside China. D.A. Davidson maintains a buy rating with a US$25 target, and Zacks Investment Research recently upgraded the stock to “buy.” The bullish consensus echoes a broader narrative taking shape among commodity strategists: both Bank of America and Oppenheimer have begun sketching the outlines of a potential tungsten supercycle, with Almonty positioned at the center of it through long-term offtake agreements that carry no price caps.

The Sangdong ramp is the engine behind the optimism. Commissioned officially in March, the mine’s first production phase is now in commercial startup, with Phase 2 already under way and scheduled for completion in 2027. At full build-out, capacity will reach 1.2 million tonnes per year, cementing Almonty’s role as a dominant Western tungsten supplier. Meanwhile, Panasqueira contributed mine earnings of US$9.7 million in the quarter, reinforcing the view that the global tungsten market is tightening.

Almonty recently relocated its corporate headquarters from Toronto to Dillon, Montana — a move widely interpreted as a strategic pivot toward U.S. defense and industrial supply chains ahead of new tungsten procurement rules set to take effect in 2027. The company is also advancing its local Gentung project in Montana. Black is expected to outline the next steps in this positioning during his appearance at the BofA Commodities Conference in Miami on May 13, followed by a presentation at the Critical Minerals Summit in Toronto the next day. To keep retail investors engaged, he is even raffling off a trip to the Sangdong mine site.