Investment Review №342. A Delicate Balance
Yerlan Abdikarimov
Head of Financial Analysis Department at Freedom Broker
IPO of The Elmet Group. Critical Materials and Engineered Microwave Products
On March 30, 2026, The Elmet Group Co. filed for an IPO. The company manufactures critical materials and high-power microwave products for aerospace and defense applications. Cantor, Needham & Company, Canaccord Genuity, and Roth Capital Partners are acting as underwriters.
| Issuer | The Elmet Group |
| Ticker | EMLT |
| Exchange | NASDAQ |
| Underwriters | Cantor, Needham & Company, Canaccord Genuity, Roth Capital Partners |
Investment Potential
- Company Profile. Elmet manufactures precision components and engineered systems using refractory metals such as tungsten, molybdenum, and niobium, alongside high-power microwave technologies. Its products are designed for applications demanding extreme heat tolerance, high electromagnetic intensity, and other challenging operating conditions, spanning aerospace, defense, semiconductor equipment, medical devices, industrial systems, and energy infrastructure. The company operates across materials processing, precision machining, and engineered microwave component production, delivering a vertically integrated manufacturing model that supports both individual parts and specialized system solutions. Elmet participates in ~100 defense programs, covering aircraft, missiles, electronics, and extruded products for submarine components.
- Potential Market. Elmet estimates its addressable markets at $1.25bn for molybdenum, $2.5bn for tungsten, and $0.5bn for niobium. According to The Business Research Company, the global addressable market for microwave devices across all frequencies and sectors totals $7.5–$8bn. Elmet positions its own global addressable market at ~$3.5bn.
- Financial Performance. Elmet grew 6% in 2025, with an EBIT margin of 7% in 2024 and 6% in 2025. The company carries debt equivalent to 24.7% of total assets.