Almonty Industries Inc. (NASDAQ: ALM) reported second-quarter earnings per share (EPS) of $0.45, significantly beating the analyst consensus estimate of $0.07 by 542.86%. This result marks a dramatic turnaround from the loss of $(0.22) per share recorded in the same period last year, representing a 304.55% improvement. However, quarterly sales of $31.053 million missed the analyst consensus estimate of $35.038 million by 11.37%, despite a massive 497.63% year-over-year surge from $5.196 million in Q2 2025.

The divergence between earnings and revenue performance highlights the impact of non-operational gains on the bottom line. While operational revenue growth was robust, driven by record-high tungsten prices and ramp-up activities at its Sangdong Mine in South Korea, the EPS beat was largely fueled by aggregate net non-cash gains on derivative instruments. Management noted that these accounting items, related to IFRS fair value adjustments on convertible instruments, did not impact operating cash flow.

Financial Performance vs. Estimates

The company’s financial results present a mixed picture against market expectations. While profitability metrics exceeded forecasts, top-line revenue fell short of consensus targets. The EPS beat of 542.86% underscores the significant contribution from non-cash items, whereas the revenue miss suggests that volume or pricing realization did not fully align with analyst projections for the quarter.

Operational Context and Strategic Developments

Almonty’s Sangdong tungsten mine in Gangwon Province remains in the commissioning phase for Phase I, with a target ore throughput capacity of approximately 640,000 tonnes per year once fully operational. A fully permitted Phase II expansion is planned to increase throughput to up to 1.2 million tonnes per year. The company recently closed an oversubscribed offering of US$800 million in convertible senior notes due 2031, bolstering its cash position to C$1.2 billion as of June 30, 2026.

Subsequent to the quarter-end, on July 14, 2026, Almonty amended its long-term offtake agreement with Global Tungsten & Powders LLC (GTP). The amendment extends the agreement term by six years, increases contracted volumes by 40%, and improves pricing payable to Almonty by approximately 6.3%. These developments aim to secure future cash flows and support the company’s growth pipeline despite the recent revenue miss against estimates.

What the Numbers Show

The substantial gap between the reported EPS and the analyst estimate indicates that investors should scrutinize the quality of earnings. The $0.45 EPS includes significant non-cash gains, meaning underlying operational profitability is better reflected in Adjusted EBITDA figures rather than net income. Meanwhile, the revenue miss against the $35.038 million estimate suggests potential headwinds in volume delivery or pricing realization during the quarter, even as year-over-year growth remains exceptional at nearly 500%.

Almonty Industries Inc. will voluntarily delist its common shares from the Toronto Stock Exchange effective at the close of trading on July 31, 2026. The company decided to remove the listing because the majority of its daily trading volume occurs on the Nasdaq, rendering the TSX listing redundant. By maintaining its listing solely on the Nasdaq Capital Market under the symbol ALM, Almonty aims to reduce financial, administrative, and compliance obligations while delivering better value to shareholders.

Pursuant to Subsection 720(b) of the TSX Company Manual, shareholder approval is not required for the delisting because an alternative market, the Nasdaq, exists for the common shares. Following the delisting date, the shares will no longer be available for trading on the TSX.

Canadian shareholders holding common shares in brokerage accounts are advised to contact their brokers to confirm the process for trading on the Nasdaq. Most brokers in Canada, including discount and online platforms, have the capability to buy and sell securities listed on the Nasdaq.

Almonty is a global producer of tungsten concentrate, a strategic metal critical to the defense and advanced technology sectors. The company's operations include the Sangdong Mine in South Korea, as well as projects in Portugal, the United States, and Spain.