Aterian (LSE:ATN) said its Rwanda-based trading subsidiary Eastinco generated unaudited gross profit of approximately US$154,000 in the third quarter ended 30 September, despite lower regional trading volumes over the summer and a three-week disruption caused by relocating its processing operations to a new 500-square-metre facility in Gahanga, Kigali.
The London-listed critical minerals explorer, developer and trader said this marks Eastinco's fourth consecutive quarter of gross profit, following approximately $295,000 generated in the second quarter.
Aterian said the four quarters combined have delivered approximately $900,000 in gross profit, which it described as evidence that Eastinco's trading model is gaining traction.
New supply arrangements intended to lift deliveries only began contributing in the final week of September, delayed in part by the processing facility move, and the company said they contributed only a amount in the third quarter with a fuller impact expected in the fourth quarter.
Eastinco added several new suppliers to its qualified and compliant supplier list during the quarter, broadening its sourcing base, and implemented enhanced traceability procedures across its supplier network.
"Delivering approximately US$154,000 of gross profit in a quarter of lower regional summer trading volumes, while moving our processing operations to Gahanga, is a strong result," said Charles Bray, Aterian's executive chairman.
Bray said first-half 2026 investment in infrastructure, including one-off costs tied to new funding facilities following repayment of mezzanine debt, professional and advisory fees, and stronger traceability and processing systems, had raised the cost base but did not reflect the expected mature recurring cost structure of the business.
Eastinco has launched a trading trial in tungsten, a new commodity for the platform, to assess its potential to diversify revenues; Aterian noted that China supplied around 82% of mined tungsten in 2024, underlining the concentrated supply chain the trial is intended to test.
The company said tantalum concentrate prices sustained an "extraordinary plateau at multi-decade highs" through the third quarter, reinforcing the commercial opportunity for dependable, compliant supply even as reduced volumes traded and material availability supported international spot quotations.
Aterian said it is reviewing the optimal long-term structure for the trading business and is evaluating strategic alternatives that could accelerate expansion and help ensure the platform's value is fully recognised, though it stressed no decisions have been made.
The company said it will continue to update shareholders as it reaches further operational milestones.