Almonty Industries (AII) Q3 2025 earnings summary

Executive summary

• Revenue for Q3 2025 rose 28% year-over-year to $8.7 million, driven by higher tungsten prices and steady output from the Panasqueira Mine.

• Net income reached $33.2 million, reversing a $5.3 million loss in Q3 2024, primarily due to a $34.5 million gain from warrant liability revaluation.

• Construction at the Sangdong Mine is substantially complete, with ramp-up and final commissioning underway, positioning the asset for commercial production.

• Successfully listed on Nasdaq in July 2025, raising US$90 million in gross proceeds.

• Acquired a strategic U.S. tungsten project in Montana for US$10 million, targeting near-term production by H2 2026.

Financial highlights

• Revenue increased to $8.7 million in Q3 2025 from $6.8 million in Q3 2024.

• General and administrative expenses rose to $3.7 million from $1.3 million year-over-year, mainly due to costs related to the Nasdaq uplisting and regulatory activities.

• Adjusted EBITDA (non-IFRS) was negative $2.2 million, compared to negative $0.6 million in Q3 2024.

• Cash and cash equivalents stood at $111.6 million as of September 30, 2025, up from $7.8 million at year-end 2024, reflecting proceeds from the public offering.

Outlook and guidance

• Focused on transitioning Sangdong from construction to commercial production and final commissioning.

• Plans to advance European and U.S. assets and explore strategic partnerships to strengthen Western tungsten supply chains.