Almonty Industries (AII) Q2 2025 earnings summary

Executive summary

• Revenue for Q2 2025 was $7.2 million, down 9.4% year-over-year due to lower tungsten concentrate sales and personnel diversion for project preparation.

• Net loss for Q2 2025 was $58.2 million, primarily due to non-cash losses from warrant and derivative liability revaluations.

• Adjusted EBITDA for Q2 2025 was ($4.8) million, compared to $0.0 million in Q2 2024.

• Cash and cash equivalents increased to $24.7 million as of June 30, 2025, driven by warrant exercises and equity inflows.

• Major operational milestones included completion of Sangdong mine construction and transition to pre-production phase.

Financial highlights

• Revenue decreased to $7.2 million from $8.0 million year-over-year.

• Operating expenses rose to $11.2 million from $2.5 million, mainly due to higher non-cash share-based compensation and redomiciling costs.

• Net loss increased to $58.2 million from $1.8 million, driven by $38.1 million non-cash warrant liability loss and $6.9 million derivative liability loss.

• Adjusted EBITDA was ($4.8) million, down from $0.0 million in the prior year.

• Cash position improved to $24.7 million, up from $16.9 million sequentially.

Outlook and guidance

• Initial production at Sangdong mine remains on track for the second half of 2025.

• Higher ore grades at Sangdong expected to drive robust production economics.

• Management anticipates reversal of non-cash losses after shareholder approval to reprice Australian warrants.