Almonty posted $8.7 million in revenue for Q3 2025, a 28% increase year-over-year, supported by higher tungsten prices. The company recorded $33.2 million in net income due to a $34.5 million gain from warrant revaluation, while adjusted EBITDA was negative due to continued ramp-up activities at Sangdong.
Revenue increased 28% year-over-year to $8.7 million, driven by higher tungsten prices and stable output from Panasqueira.
Net income reached $33.2 million, primarily due to a $34.5 million gain from warrant revaluation.
Adjusted EBITDA was negative $2.2 million, reflecting ongoing transition costs toward commercial production.
Cash balance rose to $111.6 million following a $90 million U.S. public offering completed in July 2025.
Almonty is transitioning to final commissioning at Sangdong with expectations for commercial production to begin soon. The company will also advance its U.S. and European projects.
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