Elmet Lands $450M US Backing and Global Tungsten Deals
US Government's $450M Bet on Elmet The US Department of War committed $450 million to Elmet to expand domestic tungsten manufacturing, taking preferred equity and warrants for up to 19.9% of shares. This validates Elmet's strategic role, funds growth, and strengthens its balance sheet, pushing the stock up.
This is the single largest new event and directly boosts ELMT's capital and demand outlook.
Up to $2B Defense Stockpile Contract Elmet Technologies won a Defense Logistics Agency contract worth up to $2 billion to supply tungsten ores, concentrates, and sodium tungstate to the US National Defense Stockpile, with $150 million guaranteed through 2031. This locks in long-term government demand and revenue visibility.
It adds a massive new demand channel and revenue stream for ELMT.
Vietnam Supply Deal and 4.99% Stake Elmet will buy a 4.99% stake in Vietnam's Masan High-Tech Materials for $124.75 million and signed multi-year agreements for mined tungsten supply and chemical conversion from the Nui Phao mine. This secures upstream supply, reducing reliance on China and supporting growth.
It directly addresses supply security and expands ELMT's global footprint.
Record Q2 Results and Strong Backlog Elmet reported Q2 revenue up 35.2% to $66.4 million, gross margin expanding to 25%, and a record $131.5 million backlog, up 55% year over year. IPO proceeds of $125.4 million cut debt and boosted cash, showing strong underlying demand.
It confirms operational momentum and financial health, reinforcing the positive narrative.