Elmet Group reported $56 million in Q1 revenue, up 20.7% year-over-year, driven by aerospace and defense growth and higher tungsten prices.
Elmet Group (NASDAQ:ELMT) posted a 20.7% year-over-year increase in first-quarter revenue to $56 million, up from $46.4 million in the prior-year period. The gain was led by a $9.1 million rise in its Critical Materials Components division, fueled by demand in aerospace, defense, and government markets.
Gross profit surged 37.5% as the company benefited from higher tungsten prices and a record backlog. CEO Peter V. Anania highlighted Elmet’s role as the sole U.S.-owned supplier of certain critical material components, noting its supply chain resilience amid export controls and tariffs.
Management attributed growth to defense spending, reshoring trends, and U.S. efforts to reduce reliance on foreign critical materials. The company sources over 95% of its tungsten and molybdenum outside China.