The DoW investment and DLA contract structurally transform Elmet's revenue base, but the 100% ADG backlog growth and 55% total backlog growth confirm strong defense demand. Watch for Q1 2027 Schwabmnchen close, APT restart timeline (targeted 1H 2029), and any CRINK sourcing restrictions effective Jan 1, 2027, which should further advantage Elmet as sole U.S.-owned vertically integrated tungsten supplier.
Price Chart
Executive Summary
Elmet Group published an updated corporate presentation detailing its $450M Department of War investment, $2B DLA IDIQ contract, and multiple strategic offtake/supply chain agreements (Masan, Tungsten West, Blue Moon). Separately, General Counsel Chris Chandler announced retirement effective Dec 31, 2026. The presentation shows strong LTM revenue growth to $228.5M and ADG backlog up 100% YoY, but the GC departure is a routine succession event.
Key Facts
- DoW committed $450M in Class A Redeemable Preferred Equity with warrants for 19.9% of post-deal common stock; $200M at close, five $50M tranches at 6-month intervals
- DLA awarded Elmet a $2B IDIQ contract with $150M funded commitment for tungsten stockpile, base term 5+2 years
- LTM revenue $228.5M, Adj. EBITDA $31.8M (13.9% margin), Adj. Gross Profit Margin 22.6% as of July 3, 2026
- Total backlog $131.5M as of July 3, 2026, up 55% YoY; ADG backlog $98.4M, up 100% YoY
- Signed long-term offtake agreements with Masan (~$125M equity stake, 4.99% ownership, board seat), Tungsten West (1,000+ MT/yr), Blue Moon (~$75M JV for APT plant), and EQ Resources
- Schwabmnchen acquisition (ams OSRAM metal ops) expected to close Q1 2027; no DoW funding allocated
- GC Christian Chandler retiring effective Dec 31, 2026; will remain as advisor
- 2031 projected revenue ~$1.5B-$1.7B with ~18-22% gross margin (non-GAAP forward estimates)
Financial Impact
$450M DoW investment, $2B DLA IDIQ contract, $228.5M LTM revenue, $31.8M Adj. EBITDA
Risk Factors
- Execution risk on $165M+ facility upgrades and APT plant restart (targeted 1H 2029)
- Dilution from DoW warrants (19.9% of post-deal common stock) and potential future equity issuances
- Tungsten price volatility (APT swung from $330/MTU to $3,040/MTU in 2025-2026)
- Projected 2031 revenue of $1.5B-$1.7B is non-GAAP and subject to numerous assumptions including APT price, project timing, and offtake execution
Documents Analyzed
This report is based on 5 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001213900-26-106420 |
| Document: ea0307420-8k_elmet.htm | 0001213900-26-106420 |
| Document: 0001213900-26-106420-index-headers.html | 0001213900-26-106420 |
| Document: 0001213900-26-106420-index.html | 0001213900-26-106420 |
| Document: 0001213900-26-106420.txt | 0001213900-26-106420 |
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 21, 2026 5d ago | 8-K | $21.23 | awaiting T+20 | — | $21.84 (+2.87%) |
Oct 2, 2026 24d ago | 8-K | $21.29 | awaiting T+20 | — | $21.84 (+2.58%) |
Sep 30, 2026 26d ago | 8-K | $19.96 | awaiting T+20 | — | $21.84 (+9.42%) |
Sep 24, 2026 4w ago | 8-K | $19.73 $20.91 | ▲ +5.98% | ▲ +6.40% | $21.84 (+10.69%) |
Sep 23, 2026 4w ago | Press Release | $19.73 $20.91 | ▲ +5.98% | ▲ +6.40% | $21.84 (+10.69%) |
Sep 22, 2026 4w ago | 8-K | $20.58 $21.23 | ▲ +3.16% | ▲ +2.47% | $21.84 (+6.12%) |
Sep 22, 2026 4w ago | Press Release | $20.58 $21.23 | ▲ +3.16% | ▲ +2.47% | $21.84 (+6.12%) |
Sep 22, 2026 4w ago | 8-K | $20.82 $19.04 | ▼ −8.55% | ▼ −7.99% | $21.84 (+4.90%) |
Sep 14, 2026 6w ago | Press Release | $21.50 $20.52 | ▼ −4.56% | ▼ −6.82% | $21.84 (+1.58%) |
Aug 13, 2026 10w ago | 8-K | $17.15 $16.19 | ▼ −5.60% | ▼ −3.85% | $21.84 (+27.35%) |
US Market Status
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