Evolution Metals & Technologies Targets $400?$460 Million Revenue as Pohang Expansion Tests Execution

Highlights

• EM&T forecasts revenue jumping from $5–$8M in 2026 to $400–$460M in 2027, driven by Pohang magnet capacity expansion from 1,000 to 10,000 tonnes annually.
• Thirteen ULVAC sintered-magnet machines are scheduled for installation in November, but management acknowledges the forecast is not based on contracted volumes.
• EM&T is pursuing over $400M in financing to support scale-up, while its broader U.S. circular supply chain blueprint targets 55,000 tonnes of magnet capacity by 2029.
• Three converging deadlines—ULVAC equipment arrival, potential Chinese export control reinstatement, and January 2027 DFARS expansion—create both opportunity and urgency for EM&T.