Precision-engineered components manufacturer Elmet Group reported a rise in annual revenue in its paperwork for an upcoming U.S. initial public offering (IPO). The company, based in Portland, Maine, saw net income climb to $5.5 million on revenue of $201.6 million in 2025, up from $15.4 million on $190.4 million the previous year.
Elmet specializes in critical materials and high-energy systems for aerospace, defense, and semiconductor sectors. Its products are integral to U.S. defense programs, including aircraft, missile, radar, and naval systems. The company operates two divisions: Critical Materials Components, producing tungsten and molybdenum products, and Engineered Microwave Products, which develops high-power microwave and radio-frequency systems.
Despite a challenging IPO market due to AI-driven disruption fears and geopolitical tensions, Elmet is well-positioned with its focus on defensible industrial names tied to structural themes like defense and energy. IPOX Vice President Kat Liu noted that while fewer deals are coming to market, companies like Elmet remain attractive due to their strong positioning in niche, high-value segments.
Elmet plans to use IPO proceeds primarily to repay debt and acquire complementary businesses or technologies. Cantor, Needham & Company, Canaccord Genuity, and Roth Capital Partners will underwrite the offering, with Elmet set to list on the Nasdaq under the symbol "ELMT."