Preheat oven to 325°.
Warm honey and crushed red pepper in a large skillet over medium heat 1 minute. Stir in almonds. Remove from heat and spread almonds in a single layer on a baking sheet coated with cooking spray. Bake at 325° for 18 minutes; cool 2 to 3 minutes. (Honey mixture will still be slightly sticky.)
Combine sugar, salt, and chili powder in a medium bowl. Place almonds in the same bowl with the sugar mixture; toss gently. Spread nuts on parchment paper or wax paper to cool completely. Store in an airtight container until ready to use.