Elmet Group beats Q1 estimates with stronger revenue, higher margins, adjusted EBITDA growth, and record backlog.
Stock Earnings Results
May 29, 2026
Table of Contents
May 29, 2026
Elmet Group Co. (NASDAQ: ELMT) reported first-quarter fiscal 2026 results above expectations, supported by revenue growth, stronger gross margins, higher adjusted EBITDA, and record backlog.
Elmet is a U.S.-based provider of precision-engineered components, critical materials, and advanced high-power systems serving markets such as aerospace, defense, government, industrial, and advanced technology customers.
The company reported adjusted EPS of $0.23, above estimates for a loss of $0.18, representing a 227.8% earnings surprise. Revenue came in at $56.01 million, above estimates of $52.77 million.
Elmet reported first-quarter revenue of approximately $56.0 million, up 20.7% from approximately $46.4 million in the prior-year quarter.
Growth was led by the company’s Critical Materials & Components division, which increased revenue by about $9.1 million year-over-year. The increase was mainly driven by growth in the Aerospace, Defense & Government end market.
Gross profit margin improved to 21.2% of revenue.
That was up from 18.6% in the prior-year quarter, representing 260 basis points of margin expansion. The margin improvement helped drive stronger adjusted profitability.
Adjusted EBITDA increased to approximately $9.2 million, or 16.4% of revenue.
That compared with approximately $4.5 million, or 9.6% of revenue, in Q1 2025. The increase represented adjusted EBITDA growth of more than 100%.
Elmet reported an adjusted net income of $4.7 million, or $0.24 per share.
That compared with adjusted net income of $1.9 million, or $0.10 per share, in the prior-year quarter. On a GAAP basis, the company reported a small net loss of $0.3 million, or $0.02 per share.
Open order backlog increased to approximately $113.3 million.
That was up from approximately $96.3 million at the end of Q4 2025 and approximately $74.7 million at the end of Q1 2025. The nearly 52% year-over-year backlog increase gives the company stronger revenue visibility.
Elmet also completed an upsized IPO in the second quarter, raising $125.5 million in net proceeds.
The fresh capital gives the company more flexibility to support growth, capacity needs, and strategic initiatives following its public listing.
The company recorded approximately $3.7 million in income related to the change in fair value and mark-to-market of its strategic investment in tungsten mining company EQ Resources Limited.
That added another positive item to the quarter, though investors will likely separate that from core operating performance.
Investors are likely to watch whether Elmet can sustain growth from aerospace, defense, and critical materials demand.
The key areas are:
Elmet’s first public earnings update showed strong operating momentum.
Revenue grew, margins expanded, adjusted EBITDA more than doubled, and backlog reached a record level. The company still reported a small GAAP loss, but the market likely focused on the earnings beat, backlog growth, and stronger balance sheet after the IPO.
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