The Elmet Group Co. (NASDAQ: ELMT) reported financial results for the third fiscal quarter ended October 2, 2026, highlighting a significant increase in revenue and a record-high backlog. The company announced that revenue for the quarter increased 55.6% to approximately $79.6 million, compared to approximately $51.1 million in the same period in the prior year.
Gross profit margin expanded by 960 basis points to 31.3% of revenue, up from 21.7% in Q3 2025. This improvement drove an adjusted EBITDA increase of 129.4% to approximately $17.0 million, or 21.3% of revenue. Net income for the quarter was approximately $8.3 million, or $0.24 per diluted share, compared to approximately $1.6 million, or $0.08 per diluted share, in Q3 2025.
The company also reported a record open order backlog of approximately $347.4 million. This figure represents a 298% increase from approximately $87.3 million at the end of Q3 2025 and a 164% increase from approximately $131.5 million at the end of Q2 2026.
In a press release, CEO Peter V. Anania noted that the company has secured a $450 million committed investment from the Department of War and a long-term framework agreement with the Defense Logistics Agency. Management stated that it plans to invest $165 million to expand and modernize its U.S. manufacturing capacity and has formed a new division, Elmet Refining and Trading, LLC, to coordinate sourcing and refining activities.
