The Elmet Group Co. Reports Third Quarter 2026 Results

Continued demand accelerating in Aerospace, Defense & Government markets

Revenue increased over 55%, with over 960 basis points of gross profit margin expansion to 31.3% driving adjusted EBITDA increase of approximately 129% to 21.7%

Landmark DoW investment of $450mm to secure tungsten supply chain

Backlog increased by nearly 298% to Company record level of $347 million

PORTLAND, Maine, Nov. 09, 2026 (GLOBE NEWSWIRE) -- The Elmet Group Co. (“Elmet,” the “Company,” “we,” or “our”) (NASDAQ: ELMT), a U.S.-based provider of critical materials, precision-engineered components, and advanced high-power systems, today reported financial results for its third fiscal quarter ended October 2, 2026.

Third Quarter Fiscal Year 2026 Highlights

• Revenue increased 55.6% to approximately $79.6 million compared to approximately $51.1 million in Q3 2025.
• Gross profit margin improved 960 basis points to 31.3% of revenue compared to 21.7% of revenue in Q3 2025.
• Adjusted EBITDA increased 129.4% to approximately $17.0 million, or 21.3% of revenue, compared to approximately $7.4 million, or 14.5%, of revenue in Q3 2025.
• Net income for Q3 2026 was approximately $8.3 million, or $0.24 per diluted share, compared to approximately $1.6 million, or $0.08 per diluted share, in Q3 2025. Adjusted net income for Q3 2026 was approximately $11.4 million, or $0.35 per diluted share, compared to approximately $4.7 million, or $0.23 per diluted share, in Q3 2025.
• Open order backlog rose to approximately $347.4 million, up 164% from approximately $131.5 million at the end of Q2 2026 and up 298% from approximately $87.3 million at the end of Q3 2025.

Trailing Twelve Months ("TTM") Highlights

• Revenue increased 12.4% to approximately $257.0 million compared to the 2026 second quarter TTM results of approximately $228.5 million.
• Gross profit margin improved 290 basis points to 25.1% of revenue compared to the 2026 second quarter TTM of 22.2%.
• Adjusted EBITDA increased 33.6%, or $9.6 million, to approximately $38.1 million, or 14.8% of revenue, compared to approximately $28.5 million, or 12.5% of revenue, for the 2026 second quarter TTM.
• Net income (loss) was approximately $5.0 million, or $0.17 per diluted share, compared to approximately $(1.7) million, or $(0.08) per diluted share, for the 2026 second quarter TTM. Adjusted net income increased to approximately $22.7 million, or $0.89 per diluted share, compared to approximately $16.0 million, or $0.71 per diluted share, for the second quarter TTM.

Management Commentary

“The last few months have been nothing short of transformational for Elmet,” said Company CEO Peter V. Anania. “Through the Department of War’s landmark $450 million committed investment (the “DoW Investment”) and up to $2 billion long-term framework agreement with the Defense Logistics Agency (the “DLA Agreement”), we now have significant resources and financial commitments that will allow us to build a more integrated platform that expands domestic tungsten capabilities all the way from raw material sourcing through advanced manufacturing.

“With this capital and expanded strategy, we’ve already taken several material steps to realize our vision. We have put together plans to invest $165 million to expand and modernize our existing U.S. manufacturing capacity, formed a new division, Elmet Refining and Trading, LLC ("ERT"), intended to coordinate sourcing, refining, and delivery activities, secured long-term tungsten feedstock and processing capacity through strategic investments and offtake agreements, committed approximately $150 million to Blue Moon Metal’s (“Blue Moon”) Springer Tungsten Complex in Nevada through a joint venture, invested $125 million in our longtime partner and one of the world's largest integrated tungsten producers, Masan High-Tech Materials Corporation (“Masan”), and announced the acquisition of OSRAM GmbH’s (“Osram”) metal production operations in Germany.

“Looking at our results for the quarter, we grew revenue 55.6% to a Company record $79.6 million, driven by increased demand across all major end markets as well as the ongoing positive impact from increased raw material pricing. Our Company record firm order backlog at quarter end gives us increasing visibility into future performance as well as confidence in the sustainability of current demand. We believe we are operating at a time of unprecedented realignment, which presents a significant opportunity for us to grow the business given our exceptional positioning. The third quarter was a pivotal step forward in our mission to capitalize on the significant opportunities ahead.”

Conference Call

The Elmet Group Co. management will host a conference call tomorrow, Tuesday, November 10, 2026, at 8:00 a.m. Eastern time (5:00 a.m. Pacific time) to discuss these results, followed by a question-and-answer period.

Toll-Free Number: 877-869-3847
International Number: +1 201-689-8261
Webcast: Register and Join

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at 949-574-3860.

About The Elmet Group

The Elmet Group is a U.S.-based provider of critical materials, precision-engineered components, and advanced high-energy systems for the Aerospace, Defense and Government, Industrial, Medical, Semiconductor and Electronics, and Energy industries. The Company operates through three divisions: Critical Materials Components (CMC), Engineered Microwave Products (EMP), and Elmet Refining & Trading (ERT), leveraging materials science and precision engineering expertise to deliver high-performance solutions. The Elmet Group is dedicated to strengthening domestic manufacturing capabilities to support the U.S. and its Allies’ needs in both critical materials and advanced high-power microwave systems.

Reorganization and Presentation of Financial Results

On January 2, 2026, the Company effected a reorganization (the “Reorganization”) whereby Anania & Associates and its noncontrolling interest holders contributed their ownership interests in Anania & Associates and its consolidated subsidiaries in exchange for shares of common stock in the Company. The Reorganization was a reorganization of entities under common control as Anania & Associates and the Company were controlled by the Company’s Chief Executive Officer (“CEO”) before and after the Reorganization. As a result, the Reorganization was accounted for in a manner similar to a pooling of interests with the assets and liabilities of Anania & Associates and its consolidated subsidiaries being carried over at their historical amounts. The historical consolidated financial statements of Anania & Associates were retrospectively recast to reflect the results as if the Company owned Anania & Associates and its consolidated subsidiaries as of January 1, 2025. In connection with the Reorganization, Anania & Associates Investment Company LLC, an immaterial subsidiary of Anania & Associates, was no longer controlled by the Company and was deconsolidated on January 2, 2026. The deconsolidation was recognized as a spinoff and the impact of $0.5 million was recognized within equity. In connection with the Reorganization, the Company’s tax status changed from an S-corporation to a C-corporation.

Non-GAAP Financial Measures

In evaluating its business, the Company uses or may use certain non-GAAP measures as supplemental measures to review and assess its operating and financial performance. These measures are commonly used in the manufacturing industry to provide stockholders and potential investors with additional information that excludes unusual or non-recurring items as well as non-cash items that are unrelated to or may not be indicative of the Company’s ongoing operating results. These measures may not be comparable to similar measures presented by other companies and should not be viewed as a substitute for measures reported under U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools when assessing the Company’s operating and financial performances, and investors should not consider them in isolation, or as a substitute for any consolidated statement of operations data prepared in accordance with U.S. GAAP. The reconciliations to EBITDA, Adjusted EBITDA, Adjusted Net Income, and Adjusted Earnings Per Share from relevant GAAP metrics are included at the end of this press release. Backlog as reported is confirmed orders from customers for which revenue has not been recognized.

Forward Looking Statements

The information in this press release includes forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. These statements generally relate to future events or our future financial or operating performance and include statements regarding Elmet’s intended use of proceeds from the IPO and DoW Investment, the ultimate size of the DoW investment and DLA Agreement, Elmet’s ability to: (i) effectively meet demand for its products, (ii) build a more integrated platform that expands domestic tungsten capabilities from raw material sourcing through advanced manufacturing, (iii) invest in expanding and modernizing its existing manufacturing capacity on time, within budget and with the expected results, (iv) effectively use the new ERT division to coordinate sourcing, refining and delivering activities, (v) secure long-term tungsten feedstock and processing capacity through strategic investments and offtake agreements, (vi) restart production at the Blue Moon Springer Tungsten Complex on the anticipated timeline and at the anticipated cost, (vii) to successfully perform under, and realize the anticipated benefits of the DLA Agreement; (viii) to realize the anticipated benefits of partnerships, including with Blue Moon as well as the successful operation of joint ventures, (ix) close the acquisition of the assets of Osram’s tungsten and molybdenum manufacturing operations in Schwabmünchen and the timing of such closing, (x) benefit from defense spending levels in the United States and other countries in which it does business, (xi) successfully pursue its ongoing supply chain realignment, (xii) expand its role as a supplier across its end markets, (xiii) successfully make opportunistic investments, if any, that will support its competitive positioning, (xiv) effectively use the net proceeds received from its IPO and the DoW Investment to its benefit in the manner currently contemplated, in a different manner, or at all, and (xv) grow its business at a time of realignment. When used in this press release, words such as “expect,” “project,” “estimate,” “believe,” “anticipate,” “intend,” “plan,” “seek,” “forecast,” “target,” “predict,” “may,” “should,” “would,” “could,” and “will,” the negative of these terms and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements are based on management’s current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Elmet’s Registration Statement on Form S-1, as amended (File No. 333-294725) and subsequent filings Elmet makes with the Securities and Exchange Commission. Elmet undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.

Company Contact

Chris Chandler
contact@theelmetgroup.com

Investor Contact

Tom Colton and Greg Bradbury
Gateway Group, Inc.
ELMT@gateway-grp.com 
949-574-3860

The accompanying notes are integral to the unaudited consolidated financial statements.

The accompanying notes are integral to the unaudited consolidated financial statements.

The accompanying notes are integral to the unaudited consolidated financial statements.

Non-GAAP Financial Measures:

The following tables display certain non-GAAP financial measures we believe are helpful in assessing our performance and interpreting our financial results. We believe these non-GAAP financial measures are important supplemental measures because they exclude unusual or non-recurring items as well as non-cash items that are unrelated to or may not be indicative of our ongoing operating results. Further, when read in conjunction with our GAAP results, these non-GAAP financial measures provide a baseline for analyzing trends in our underlying businesses and can be used by management as a tool to help make financial, operational and planning decisions. We may use non-GAAP financial metrics in certain management compensation plans, debt covenants, internal budgetary decision making and other resource allocation decisions. Finally, these measures are often used by analysts and other interested parties to evaluate companies in our industry by providing more comparable measures that are less affected by factors such as capital structure.

Adjusted EBITDA

Adjusted EBITDA is a non-GAAP measurement. We define Adjusted EBITDA as our net income plus interest expense, income taxes, depreciation and amortization, and, as applicable for each period, stock-based compensation expense and non-cash gains and losses on the sale of assets. Adjusted EBITDA also excludes certain non-recurring costs such as the costs associated with the IPO, certain acquisition and transaction costs, severance and restructuring costs, and other non-recurring costs.

Adjusted Net Income and Adjusted Net Income Per Share

Adjusted Net Income and Adjusted Net Income Per Share are non-GAAP measurements. We define adjusted net income as net income less stock-based compensation and one-time non-recurring costs such as tax impacts of the Reorganization, discontinued operations, the costs associated with the IPO, certain acquisition and transaction costs, severance and restructuring costs, and other non-recurring costs and the income tax effect of such adjustments, as applicable.