Key Highlights

  • Q2 Revenue fell to $7.9 million from $10.5 million a year earlier.
  • Net income was $0.1 million, down from $0.2 million.
  • Full-year revenue guidance cut to $60-$75 million from $125 million.
  • Shares closed at $3.14, down $0.22, or 7%, at Tuesday's close.

United States Antimony Corporation (NYSE:UAMY)'s second quarter paired higher volumes with a lower price: antimony pounds sold and zeolite revenue were higher than a year earlier, while the average antimony price, gross Margin and Net Income were lower and operating expenses rose. Management placed the price move in context, saying spot antimony prices were approximately $10.50 per pound in the quarter, against more than $28 per pound in late 2025, when 2026 guidance was first set.

UAMY mines, buys and processes antimony ore at facilities in Montana and Mexico, mines zeolite in Idaho, and supplies antimony ingots to the U.S. Defense Logistics Agency under a $245 million sole-source contract. Ore from its Stibnite Hill property in Montana goes to the Radersburg mill, and the concentrate is shipped to the Thompson Falls smelter in Montana or the Madero smelter in Mexico. It also holds an Investment in Larvotto Resources Limited, carried at $43.2 million at June 30, 2026.

Second quarter 2026 compared with the prior-year quarter

Operating expenses were $7.6 million against $2.8 million, which the company attributed to higher non-cash share-based compensation, salaries for an expanded Leadership team and professional fees. The operating loss was $7.0 million, against break-even results, and the company said an approximately $6.8 million unrealized gain on its Larvotto investment substantially offset it.

Gross profit was $0.6 million against $2.8 million, which the company attributed to lower antimony selling prices. Average cost per pound fell approximately 33% to $13.34 from $19.85. The company said no DLA revenue was recognized because the first two shipments, delivered in June, were not accepted until July, and that approximately $2.6 million is expected in the third quarter.

Antimony pounds sold, exclusive of DLA, rose approximately 26% to 428,425; average price fell approximately 52% to $13.70 per pound. Gross margin was approximately 7% against 27% a year earlier, and zeolite revenue rose 110% to $1.9 million.

Working capital was $70.0 million against $35.0 million at March 31, and inventory was $21.6 million against $12.5 million at December 31, 2025. In the first six months the company raised $49.1 million of net Equity proceeds.

Management outlook and stated risks

The company revised its full-year 2026 gross revenue guidance. It cited lower antimony prices, later timing of some DLA deliveries and an updated view of second half production and shipments.

Chief Executive Gary Evans said on August 11 that the company anticipated a minimum of $9.0 million to $10.0 million of additional third quarter sales, all to the U.S. government, and expected all Thompson Falls furnaces to be fully operational in the third quarter. He said the company was working to fulfill $57.3 million of DLA orders by year-end.

The company listed risks including dependence on the DLA contract, which does not guarantee a minimum purchase Volume and allows the government to modify, delay, reduce or terminate orders; antimony and zeolite price changes; feedstock supply, including from its Bolivian partner; Volatility in Larvotto's market value; and dilution from equity issuance.

The Bottom Line

Management has tied several of its stated plans to the third quarter: DLA revenue from the shipments accepted in July, and full operation of the Thompson Falls furnaces. In its September 30 update, management said it is continuing to increase antimony ingot deliveries to the DLA. It said processing of Stibnite Hill material, stockpiled at Radersburg, had begun and that new low-cost feed material would begin further improving finished product margins.