Almonty Industries (ALM) stock fell approximately 3.5% to $13.04 on October 6. This occurred despite a previously reported 498% year-over-year revenue increase. Revenue reached $43.0 million for the second quarter of 2026. A significant rise in tungsten prices drove the revenue surge.
The company reported a net income of $181.8 million. This marks a substantial swing from a net loss of $58.2 million in the prior year's period. The reported profit included a significant $173.1 million non-cash gain. This gain resulted from the revaluation of derivative instruments.
The stock's decline followed a significant year-to-date rally. Analysts attributed the decline to profit-taking and rising valuation concerns. Some models suggest the shares are overvalued relative to their intrinsic worth.