The Elmet Group Co., the sole U.S.-owned vertically integrated producer of engineered tungsten and molybdenum critical materials and high-power microwave components, is pursuing an IPO to fund debt reduction, growth capital, and working capital amid rising defense spending and supply chain reshoring.
Key takeaways
Elmet operates two divisions: Critical Materials Components (CMC) with $171.956 million revenue in 2025 (up 4.6% YoY) and Engineered Microwave Products (EMP) with $29.680 million (up 14.1% YoY), serving aerospace, defense, and other high-growth markets.
2025 total revenue reached $201.636 million (up 5.9% YoY) with Adjusted EBITDA of $23.837 million (11.8% margin), reflecting growth in defense programs like Patriot, Javelin, and Hellfire missiles.
IPO seeks to raise approximately $[•] million (midpoint $ [•] per share) for debt repayment ($[•] million including $15 million Great Falls Term Loan and $1.8 million President Line of Credit), growth capital, and working capital.
Company holds $53.5 million debt as of December 31, 2025 (including $17.3 million related-party), operates 600,000+ sq ft across seven U.S. and one German facility, and is sole U.S. producer of many critical materials products.
Key risks include heavy reliance on DoD spending (41.5% of 2025 revenue), PRC export controls on tungsten/molybdenum causing raw material volatility, and material weaknesses in internal controls over financial reporting.