Surging Tungsten Demand Fuels Almonty's Strategic Expansion

Almonty Industries reports strong revenue growth driven by surging tungsten prices, a major analyst price target hike, and a fortified balance sheet with over CAD $268M cash.

A significant rise in the price of tungsten is now clearly reflected in the financial performance of Almonty Industries. The company reported a 13% increase in full-year 2025 revenue, reaching CAD $32.5 million. Furthermore, current quarterly results are already benefiting from this favorable market trend.

Analyst Confidence and Share Performance

Market sentiment toward Almonty has strengthened considerably. The day following the earnings release, B. Riley Financial raised its price target on the company to US $23, up from US $17, while reiterating a "Buy" recommendation. This analyst optimism follows impressive share price momentum, with the stock delivering a 30-day return of nearly 40% and a staggering 139% gain over the preceding 90 days.

Revenue Growth and a Deferred Boost

The company's fourth-quarter 2025 revenue jumped 39% to CAD $8.7 million. This surge was primarily driven by the spot price for tungsten APT (Ammonium Paratungstate). By mid-March 2026, the 12-month moving average for this key commodity had climbed to US $2,250 per metric tonne unit (MTU), representing an increase of 534%.

Notably, a portion of Q4 sales did not contribute to the 2025 annual results. Certain shipments made in December 2025 reached customers only in January 2026. Consequently, CAD $3.07 million in revenue was deferred and transferred to the first quarter of 2026, providing the current quarter with a solid foundational start.

Understanding the Reported Net Loss

Almonty posted a net loss of CAD $102.3 million for Q4 2025 and CAD $161.9 million for the full year. While these figures appear substantial, they are not indicative of operational performance.

The vast majority of this loss—CAD $87.3 million—is a non-cash accounting entry. It resulted from the revaluation of embedded derivative liabilities within convertible notes, triggered by the dramatic appreciation of Almonty's share price throughout 2025. The stock price rose from CAD $1.36 to CAD $12.07 during the year. This paper loss has no impact on the company's cash flow, liquidity, or core business operations.

Reflecting its growth phase, the company's general and administrative expenses increased to CAD $20.5 million for the full year, up from CAD $6.2 million in the prior period.

Strengthened Balance Sheet and Leadership

Almonty's balance sheet has been fortified by capital market activities, leaving the company with over CAD $268 million in cash. This financial strength coincides with strategic additions to its executive team. Retired Brigadier General Steven L. Allen has been appointed Chief Operating Officer, while Guillaume Wiesenbach de Lamaziere has taken on the role of Chief Development Officer.

Structural Tailwinds and Project Pipeline

The company is positioned to benefit from significant geopolitical shifts. Beginning in 2027, the United States will ban tungsten imports from China for defense procurement purposes, creating a new market dynamic.

Almonty's development pipeline is advancing to meet this demand. The Gentung project in Montana is slated to commence production in the second half of 2026, with a planned annual capacity of approximately 140,000 MTU. Furthermore, the planned Phase-2 expansion at the Sangdong mine in South Korea is expected to double its ore processing capacity to 1.2 million tonnes annually by 2027.