Almonty Industries (NASDAQ:ALM) announced its financial results for the fourth quarter and full fiscal year ended December 31, 2025, highlighting a period of extreme valuation growth and strategic positioning.
The global tungsten producer saw fourth-quarter revenue jump 39% to $8.7 million, bringing full-year revenue to $32.5 million—a 13% increase over 2024.
The primary catalyst for the top-line growth was an unprecedented surge in the global price of tungsten APT (Ammonium Paratungstate).
As of mid-March 2026, the trailing twelve-month average APT price had escalated by 534% to $2,250 per metric tonne unit (MTU).
This dramatic price appreciation reflects the tightening global supply of tungsten, a critical mineral essential for defense, aerospace, and semiconductor applications.
Despite the revenue gains, Almonty reported a net loss of $102.3 million for the fourth quarter and $161.9 million for the full year.
Management emphasized that these losses were largely driven by a non-cash accounting charge of $87.3 million related to the revaluation of embedded derivative liabilities.
This charge was triggered by the massive appreciation of Almonty’s own share price, which climbed from C$1.36 to C$12.07 over the course of the year.
Almonty enters 2026 with its strongest balance sheet to date, reporting $268.4 million in cash compared to just $7.8 million at the end of 2024.