Elmet Group is a U.S.-based manufacturer of two distinct product lines: precision-engineered components made from refractory metals (primarily tungsten and molybdenum), and high-power RF/microwave components and systems. The company's Critical Materials Components (CMC) segment, roughly 85% of revenue, produces tungsten and molybdenum products ranging from raw powders and mill products to fully machined finished components, with complete vertical integration from raw powder through finished part. Elmet claims to be the only U.S.-owned, domestically vertically integrated manufacturer of engineered tungsten and molybdenum products. The Engineered Microwave Products (EMP) segment, roughly 15% of revenue, designs and manufactures high-power RF and microwave components and systems — including waveguides, circulators, and industrial microwave generators — at power levels up to 60 MW peak, serving radar, directed energy, fusion research, and industrial applications. EMP carries materially higher margins than CMC. Elmet sells primarily through a direct sales force supported by technical engineers who engage customers early in the design process, embedding Elmet's components into customer designs and creating recurring revenue. Key end markets include aerospace and defense (~42% of revenue), industrial (~33%), and medical (~19%). Elmet's defense business benefits from NDAA restrictions that ban DoD procurement of tungsten and molybdenum from China, Russia, North Korea, and Iran — positioning Elmet as one of the few compliant domestic suppliers. The company has received roughly $41.8M in U.S. government grants over six years to fund capacity upgrades.