Continued demand acceleration in Aerospace, Defense & Government markets

Revenue increased over 35%, with over 430 basis points of gross profit margin expansion driving adjusted EBITDA increase of 57.9%

Backlog increased by nearly 55% to record level of $132 million

PORTLAND, Maine, Aug. 13, 2026 (GLOBE NEWSWIRE) -- The Elmet Group Co. ("Elmet," the "Company," "we," or "our") (NASDAQ:ELMT), a U.S.-based provider of precision-engineered components and advanced high-power systems, today reported financial results for its fiscal second quarter ended July 3, 2026.

Second Quarter Fiscal Year 2026 Highlights

   -- Successfully completed upsized initial public offering, raising net 
      proceeds of $125.4 million. 
 
   -- Revenue increased 35.2% to approximately $66.4 million compared to 
      approximately $49.1 million in Q2 2025. 
 
   -- Approximately 55% of the revenue growth is attributed to net demand 
      increase with the balance associated with tungsten and molybdenum raw 
      material pricing impacts. 
 
   -- Gross profit margin improved 430 basis points to 25.0% of revenue 
      compared to 20.7% of revenue in Q2 2025. 
 
   -- Net income (loss) for Q2 2026 was approximately $(4.5) million, or 
      $(0.16) per share, compared to approximately $1.2 million, or $0.06 per 
      share, in Q2 2025. Adjusted net income for Q2 2026 was approximately $5.2 
      million, or $0.18 per share, compared to approximately $2.8 million, or 
      $0.14 per share, in Q2 2025. 
 
   -- Adjusted EBITDA increased to approximately $8.9 million, or 13.3% of 
      revenue, compared to approximately $5.6 million, or 11.4% of revenue, in 
      Q2 2025. 
 
   -- Open order backlog increased to approximately $131.5 million, up from 
      approximately $113.3 million at the end of Q1 2026 and approximately 
      $84.6 million at the end of Q2 2025. 

Trailing Twelve Months ("TTM") Highlights

   -- Revenue increased 8.2% to approximately $228.5 million compared to 2026 
      first quarter TTM results of approximately $211.2 million. 
 
   -- Gross profit margin improved 130 basis points to 22.2% of revenue 
      compared to 2026 first quarter TTM of 20.9%. 
 
   -- Net income decreased to approximately $(1.7) million, or $(0.08) per 
      share, compared to approximately $4.0 million, or $0.20 per share, for 
      2026 first quarter TTM. Adjusted net income (loss) increased to 
      approximately $18.6 million, or $0.84 per share, compared to 
      approximately $16.2 million, or $0.81 per share, for the 2026 first 
      quarter TTM. 
 
   -- Adjusted EBITDA increased approximately $3.2 million to $31.8 million, or 
      13.9% of revenue, compared to approximately $28.6 million, or 13.5% of 
      revenue, for 2026 first quarter TTM. 

Management Commentary

"In the second quarter we built on our existing momentum and delivered strong results, highlighted by an acceleration in revenue growth and profitability along with a record backlog," said Company CEO Peter V. Anania. "Our performance was driven by a combination of strong operational execution, skillful navigation of a dynamic metals pricing market, and ongoing returns from our strategic focus on servicing the broader aerospace, defense & government landscape, all of which we expect to drive continued demand through the balance of the year."

"Looking ahead, we remain well-positioned to effectively meet this demand as we expand our role as a trusted supplier across mission-critical systems. Longer term, we believe the operating environment remains highly favorable to Elmet, supported by our strategic position at the nexus of several megatrends that are in the early stages of an investment supercycle."

Conference Call

The Elmet Group Co. management will host a conference call today, Thursday, August 13, 2026, at 9:00 a.m. Eastern time (6:00 a.m. Pacific time) to discuss these results, followed by a question-and-answer period.

Toll-Free Number: 877-869-3847

International Number: +1 201-689-8261

Webcast: Register and Join

Please call the conference telephone number 5-10 minutes prior to the start time. An operator will register your name and organization. If you have any difficulty connecting with the conference call, please contact Gateway Group at 949-574-3860.

The conference call will be broadcast simultaneously and available for webcast replay here.

About The Elmet Group

The Elmet Group is a U.S.-based provider of precision-engineered components and advanced high-energy systems for the Aerospace, Defense and Government, Industrial, Medical, Semiconductor and Electronics, and Energy industries. The Company operates through two segments, Critical Materials Components $(CMC)$ and Engineered Microwave Products $(EMP)$, leveraging materials science and precision engineering expertise to deliver high-performance solutions. The Elmet Group is dedicated to strengthening domestic manufacturing capabilities to support the U.S. and its allies' needs in both critical materials and advanced high-power microwave systems.

Reorganization and Presentation of Financial Results

On January 2, 2026, the Company effected a reorganization (the "Reorganization") whereby Anania & Associates and its noncontrolling interest holders contributed their ownership interests in Anania & Associates and its consolidated subsidiaries in exchange for shares of common stock in the Company. The Reorganization was a reorganization of entities under common control as Anania & Associates and the Company were controlled by the Company's Chief Executive Officer ("CEO") before and after the Reorganization. As a result, the Reorganization was accounted for in a manner similar to a pooling of interests with the assets and liabilities of Anania & Associates and its consolidated subsidiaries being carried over at their historical amounts. The historical consolidated financial statements of Anania & Associates were retrospectively recast to reflect the results as if the Company owned Anania & Associates and its consolidated subsidiaries as of January 1, 2025. In connection with the Reorganization, Anania & Associates Investment Company LLC, an immaterial subsidiary of Anania & Associates, was no longer controlled by the Company and was deconsolidated on January 2, 2026. The deconsolidation was recognized as a spinoff and the impact of $0.5 million was recognized within equity. In connection with the Reorganization, the Company's tax status changed from an S-corporation to a C-corporation.

Non-GAAP Financial Measures

In evaluating its business, the Company uses or may use certain non-GAAP measures as supplemental measures to review and assess its operating and financial performance. These measures are commonly used in the manufacturing industry to provide stockholders and potential investors with additional information that excludes unusual or non-recurring items as well as non-cash items that are unrelated to or may not be indicative of the Company's ongoing operating results. These measures may not be comparable to similar measures presented by other companies and should not be viewed as a substitute for measures reported under U.S. GAAP. These non-GAAP financial measures have limitations as analytical tools when assessing the Company's operating and financial performances, and investors should not consider them in isolation, or as a substitute for any consolidated statement of operations data prepared in accordance with U.S. GAAP. The reconciliations to EBITDA, Adjusted EBITDA, Adjusted Net Income, and Adjusted Earnings Per Share from relevant GAAP metrics are included at the end of this press release. Backlog as reported is confirmed orders from customers for which revenue has not been recognized.

Forward Looking Statements

The information in this press release includes forward-looking statements within the meaning of the federal securities laws, including the Private Securities Litigation Reform Act of 1995. These statements generally relate to future events or our future financial or operating performance and include statements regarding Elmet's intended use of proceeds from the IPO, Elmet's ability to: (i) effectively meet demand for its products, (ii) benefit from defense spending levels in the United States and other countries in which it does business, (iii) successfully pursue its ongoing supply chain realignment, (iv) expand its role as a supplier across its end markets, (v) successfully make opportunistic investments, if any, that will support its competitive positioning, (vi) effectively use the net proceeds received from its IPO to its benefit in the manner currently contemplated, in a different manner, or at all, and (vii) successfully navigate turbulent raw materials markets. When used in this press release, words such as "expect," "project," "estimate," "believe," "anticipate," "intend," "plan," "seek," "forecast," "target," "predict," "may," "should," "would, " "could," and "will," the negative of these terms and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain such identifying words. Forward-looking statements are based on management's current expectations and assumptions, and are subject to inherent uncertainties, risks and changes in circumstances that are difficult to predict. As a result, actual results could differ materially from those indicated in these forward-looking statements. When considering these forward-looking statements, you should keep in mind the risk factors and other cautionary statements in Elmet's Registration Statement on Form S-1, as amended (File No. 333-294725) and subsequent filings Elmet makes with the Securities and Exchange Commission. Elmet undertakes no obligation and does not intend to update these forward-looking statements to reflect events or circumstances occurring after this press release. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release.