UAMY · United States Antimony Corporation

United States Antimony Corporation's Q1 2026 results reflect a strategic investment phase amid vertical integration efforts in critical minerals. Revenues declined slightly to $6.8 million from $7.0 million year-over-year, driven by a 23% drop in antimony pounds sold to 278,797, offset by a 22% rise in average sales price to $19.92 per pound. Zeolite revenues fell to $1.0 million on lower volume and price. Gross profit dropped to $1.1 million (16% margin) from $2.4 million (34%), due to a 69% increase in antimony cost per pound to $16.28, as higher-cost ore was processed; margins did not yet benefit from in-house Montana mining or DLA contract deliveries. Operating expenses surged to $8.6 million from $2.0 million, including $4.8 million non-cash share-based compensation tied to leadership expansion. This led to an operating loss of $7.5 million versus prior income, and net loss of $11.3 million ($0.08/share) including $9.3 million non-cash items like unrealized losses on Larvotto investment. Cash used in operations ($12.1 million) funded antimony inventory buildup to $21.7 million. Key progress included $12.8 million DoW grant milestones (of $27 million total) reducing Thompson Falls expansion costs, Radersburg mill acquisition ($4.8 million), and first DLA delivery notices under $245 million contract. Post-quarter, $48.6 million equity raise boosted pro forma liquidity to $108.7 million. Management, via CEO Gary C. Evans, views Q1 'bumps' as foundational for H2 scale-up, reiterating $125 million FY2026 revenue guidance dependent on Thompson Falls online, Montana processing ramp, and DLA shipments.