Increased defense spending drove a record backlog at Elmet Group Co. (Nasdaq: ELMT), Maine’s newest publicly traded company reported in its first-quarter earnings report.
The Portland-based maker of precision-engineered components and high-energy systems raised $125.5 million in an initial public offering and marked the milestone Friday by ringing the Nasdaq closing bell. Shares began trading on the exchange in April.
Elmet’s production facilities are located in Lewiston and Gorham.
The company, now required to release quarterly results, said that revenue rose to $56 million in the first quarter, or 20.7% higher than a year ago. The company also swung to a net loss of $338,000 after posting $1.2 million in net income in the first quarter of 2025.
Adjusted earnings before interest, taxes, depreciation and amortization — or EBITDA, a measure of baseline profitability — rose to around 16.4% of revenue, up from 9.6% of revenue a year earlier.
‘Well-positioned’ to meet demand
Open order backlog climbed to a record $113.3 million, up from $96.3 million at the end of the fourth quarter and around $74.5 million a year ago.
“Today, we view the environment in which we operate as highly favorable and supported by strong demand for critical materials and engineered high-power systems, increasing defense spending and ongoing supply chain realignment,” said CEO Peter V. Anania, who also serves as chairman.
“Following our successful public listing in April, we believe we are well-positioned to effectively meet this demand and expand our role as a trusted supplier across mission-critical systems,” he added.
As of Monday’s close on Wall Street, Elmet’s shares traded at $18.94, putting the company’s market value at around $571 million. Shares, priced at $14 in the IPO, have fluctuated between a low of $13.38 and a high of $22.50 since their market debut.
