Almonty Industries Posts First Profit but FCF Still -$60M
Almonty Industries posted its first positive quarterly EPS in at least four reporting periods, but trailing twelve-month free cash flow remained at negative $60 million on revenue of roughly $50 milli
Almonty Industries Posts First Profit but FCF Still -$60M
NEW YORK, August 11 —
Almonty Industries Inc. (ALM) posted its first positive quarterly earnings per share in at least four reporting periods, a milestone that arrives alongside trailing twelve-month free cash flow of negative $60 million and a history of missing analyst estimates stretching back to the largest EPS surprise miss in the tracked dataset.
- TTM revenue: ~$50M, up 221.2% year-over-year; gross margin 31.3%
- Cash: $260M; total debt: $170M; FCF: -$60M trailing twelve months
Revenue Arrived; Cash Didn't Follow
Almonty mines and processes tungsten concentrates, a material used in industrial cutting tools, defense applications, and electronics, across operating mines in Korea, Portugal, Spain, Canada, and the United States. After years of development-stage losses, the company tripled revenue to roughly $50 million over the trailing twelve months, a 221.2% year-over-year surge that produced a positive gross margin of 31.3%. The income statement looks like a company in transition. The cash flow statement tells a different story: operating cash flow was negative $5 million and free cash flow reached negative $60 million over the same period, meaning that for every dollar of revenue Almonty booked, substantial capital was still flowing out the door. Revenue growth and cash generation have not moved in the same direction.
The EPS Record Is Harder to Read Than It Looks
Trailing twelve-month EPS remains negative $0.46. The single beat in the four-period window, a 71.4% positive surprise two quarters ago, is an outlier, not a trend. With insider ownership at 22.7% and institutional holders at 44.7%, significant ownership sits on both sides of the question of whether the income-statement inflection is real.
| Ticker | Mkt cap | Fwd P/E | 52-wk |
|---|---|---|---|
| ALM | $3.9B | 9.3x | +203.1% |
| UAMY | $988M | n/a | +74.6% |
| NB | $793M | n/a | +19.8% |
| PPTA | $3.1B | n/a | +43.3% |
| AII.TO | $4.4B | 7.6x | +149.4% |
| CRML | $1.0B | n/a | +43.4% |
What to Watch at the Next Checkpoint
Analysts have set a consensus price target of $25.15 against a current price of $13.70, roughly an 84% gap, and have assigned an average rating of Moderate Buy as of August 2026. The forward P/E of 6.7x implies the market is pricing real earnings growth ahead, but that multiple only resolves favorably if free cash flow moves toward positive territory. Almonty's balance sheet provides some runway: $260 million in cash exceeds $170 million in total debt. The decisive metric next quarter is whether FCF narrows materially, not whether EPS stays positive. A second consecutive profitable quarter that still burns $60 million annually would not confirm a lasting operational turn. Run the free Almonty Industries Inc. deep-dive to track the numbers as they update.
Current fundamentals, valuation and filing history for Almonty Industries Inc. (ALM) are tracked on its Basis Report page.
Basis Report is independent research for informational purposes. It is not investment advice and not a recommendation to buy or sell any security.
Frequently Asked Questions
Is Almonty Industries profitable?
Almonty posted its first positive quarterly EPS of $0.0048 in at least four reporting periods, though the reading still came in below the $0.020 consensus estimate. Trailing twelve-month EPS remains negative $0.46, and free cash flow was negative $60 million over the same period.
What is Almonty Industries' analyst price target?
Analysts have set a consensus price target of $25.15 against a current price of $13.70, a gap of roughly 84%. The average analyst rating as of August 2026 is Moderate Buy.
What does Almonty Industries mine?
Almonty mines and processes tungsten concentrates, a material used in industrial cutting tools, defense applications, and electronics. The company operates mines in Korea, Portugal, Spain, Canada, and the United States.
How much cash does Almonty Industries have?
Almonty holds $260 million in cash against $170 million in total debt. That net cash position provides runway while the company works toward positive free cash flow.
What is Almonty Industries' revenue growth rate?
Trailing twelve-month revenue reached roughly $50 million, up 221.2% year-over-year, with a gross margin of 31.3%. Operating cash flow remained negative at $5 million over the same period, meaning revenue growth and cash generation have not moved in the same direction.
Almonty Industries logged its first positive quarterly EPS in at least four reporting periods, yet trailing twelve-month free cash flow stands at -$60 million and the company has missed analyst estimates in three of those four quarters. Analysts have set a consensus target of $25.15 against a current price of $13.70, leaving investors to decide whether the tungsten miner's income statement is finally catching up to its cash generation — or still running ahead of it.