Components maker Elmet discloses revenue rise in US IPO filing
March 30 (Reuters) - Precision-engineered components manufacturer Elmet Group on Monday revealed higher revenue for 2025 in its filing for an initial public offering in the United States, as it looks to tap investor interest in defense-linked businesses.
The expected recovery in the 2026 IPO market has been tempered by a broader selloff on fears of AI-driven disruption and tensions in the Middle East, though less-exposed companies continue to pursue listings.
The Portland, Maine-based company reported net income of $5.5 million on revenue of $201.6 million in 2025, compared with a net income of $15.4 million on revenue of $190.4 million a year earlier.
Elmet makes components and high-energy systems using critical materials for aerospace, defense and semiconductor sectors, supporting U.S. manufacturing and strategic capabilities.
The company operates two divisions, Critical Materials Components producing tungsten and molybdenum products, and Engineered Microwave Products making high-power microwave and radio-frequency systems for mission-critical uses.
A significant portion of Elmet's business is tied to U.S. defense spending, with its products embedded in aircraft, missile, radar and naval programs for the U.S. Department of Defense, according to its filing.
Other defense-related firms have also moved toward public listings, including Arcline-backed Arxis and Madison Dearborn-backed contractor AEVEX, which filed for U.S. IPOs last week.
Elmet plans to use proceeds from the IPO primarily to repay debt, acquire complementary businesses, products, services or technologies and for general corporate purposes.
Cantor, Needham & Company, Canaccord Genuity and Roth Capital Partners are the bookrunning managers for the offering. Elmet expects to list on the Nasdaq under the symbol "ELMT."
