UNITED STATES ANTIMONY CORP (UAMY): Results of Operations and Financial Condition
UNITED STATES ANTIMONY CORP (UAMY) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 United States Antimony Corporation Reports Second Quarter and Six Months Ended June 30, 2026 Financial and Operating Results Second Quarter 2026 Revenues of $7.9 Million; Net Income of $0.1 Million Antimony pounds sold up 26% in the quarter (exclusive of DLA) Zeolite
How this was made
The 30-second read
Why it matters
Traders can update near-term expectations for Q3 revenue recognition from DLA shipments accepted in July, while reassessing margin risk from antimony price declines and the extent to which gains are non-operating/unrealized.
Market read
Fresh SEC-reported execution details (DLA acceptance and expected Q3 revenue) plus updated balance-sheet strength (working capital doubled) provide actionable updates, but Q2 margin weakness tempers the signal.
What to watch
Working capital doubled and equity proceeds increased runway, but the filing also notes large unrealized investment gains and non-cash items that may not translate into operating cash flow.
Second Quarter 2026 Revenues of $7.9 Million; Net Income of $0.1 Million
Revenue, gross profit, gross margin and antimony segment revenue declined from the prior-year period as antimony selling prices fell, while Zeolite revenue and volumes grew strongly. The company reported net income supported by an unrealized gain on its Larvotto Resources Limited investment, raised liquidity through equity issuance, and reduced full-year revenue guidance to $60 Million to $75 Million from $125 million.
Key metrics
as reported| Metric | Value | q/q | y/y |
|---|---|---|---|
| RevenueGAAP | $7.9 million | – | – |
| Gross profitGAAP | $0.6 million | – | – |
| Gross marginGAAP | approximately 7% | – | – |
| Cost of revenuesGAAP | $7.3 million | – | – |
| Operating expensesGAAP | $7.6 million | – | – |
| Operating lossGAAP | $7.0 million | – | – |
| Net incomeGAAP | $0.1 million | – | – |
| Unrealized gain on investment in Larvotto Resources LimitedGAAP | approximately $6.8 million | – | – |
| Interest incomeGAAP | $0.4 million | – | – |
| Net non-cash expense itemsother | approximately $3.4 million | – | – |
| Share-based compensation expenseother | $2.9 million | – | – |
| Depreciation and amortizationother | $0.5 million | – | – |
| Antimony pounds soldother | 428,425 pounds | – | approximately 26% |
| Antimony average selling priceother | $13.70 per pound | – | approximately 52% |
| Antimony average cost per poundother | $13.34 | – | approximately 33% |
| Zeolite tons soldother | 6,609 tons | – | 114% |
| Zeolite gross profitGAAP | $0.4 million | – | – |
| Inventoryother | $21.6 million | – | – |
| Working capitalother | $70.0 million | – | – |
| Cash and cash equivalentsother | $41.4 million | – | – |
| Investments in U.S. Treasury securities held to maturityother | $20.7 million | – | – |
| Investment in Larvotto Resources Limited fair valueother | USD $43.2 million | – | – |
| Larvotto Resources Limited investment market value as of August 10, 2026other | approximately USD $46.7 million | – | – |
| Net cash provided by financing activities during the first six months of 2026GAAP | $43.4 million | – | – |
| Operating cash used during the first six months of 2026GAAP | $20.7 million | – | – |
| Capital expenditures during the first six months of 2026GAAP | $22.8 million | – | – |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| AntimonyAntimony pounds sold increased approximately 26% to 428,425 pounds from 340,305 pounds, but average selling prices declined approximately 52% to $13.70 per pound from $28.32 per pound. | $5.9 million | – | – |
| ZeoliteRevenue growth was driven primarily by a 114% increase in tons sold to 6,609 tons from 3,084 tons, continued penetration into the cattle market, and growth in traditional industrial markets. | $1.9 million | – | 110% |
Fiscal Year 2026 outlook
- Revenue$60 Million to $75 Million
- NoteFull-year 2026 gross revenue guidance was revised from prior guidance of $125 million.
- NoteApproximately $2.6 million is expected to be recognized as revenue in the third quarter of 2026 from the first two DLA shipments delivered in June 2026 and formally accepted in July 2026.
Capital returns
- $49.1 million of net proceeds received from the sale of common stock during the first six months of 2026.
- $2.0 million of proceeds received from the exercise of pre-existing common stock warrants during the first six months of 2026.
- $7.8 million of treasury share repurchases related to the net settlement of employee equity awards during the first six months of 2026.
What drove it
- Lower antimony market prices reduced average selling prices approximately 52% to $13.70 per pound from $28.32 per pound.
- Antimony average cost per pound declined approximately 33% to $13.34 from $19.85, partially mitigating the selling-price decline.
- Zeolite revenue increased to $1.9 million from $0.9 million, driven by higher volumes, cattle-market penetration, and expanded distribution in traditional industrial markets.
- Operating expenses increased due to higher non-cash share-based compensation, salaries and employee benefits associated with expanded leadership and operational infrastructure, and professional fees supporting strategic initiatives.
- The unrealized gain of approximately $6.8 million on the Larvotto Resources Limited investment substantially offset the operating loss.
Concerns
- Total revenue declined to $7.9 million from $10.5 million in the prior-year period.
- Gross profit declined to $0.6 million from $2.8 million and gross margin declined to approximately 7% from 27%.
- Antimony segment revenue declined to $5.9 million from $9.6 million despite higher pounds sold because of lower average selling prices.
- Operating expenses were $7.6 million compared to $2.8 million in the prior-year period, producing a $7.0 million operating loss.
- The $0.1 million of net income included an unrealized gain of approximately $6.8 million on the Larvotto Resources Limited investment.
- Fiscal Year 2026 gross revenue guidance was revised to $60 Million to $75 Million from $125 million.
- The Company used operating cash of $20.7 million and invested $22.8 million in capital expenditures during the first six months of 2026.
What to watch
- Recognition of approximately $2.6 million of third-quarter 2026 revenue from the first two DLA shipments.
- Progress of DLA shipments 3 and 4, listed as approximately 81,000 pounds and approximately $2.60 Million, and shipments 5, 6, and 7, listed as approximately 126,000 pounds and approximately $3.97 Million.
- Antimony selling prices and average cost per pound following second-quarter pricing declines.
- Execution and operational contribution from the substantially completed Thompson Falls expansion and the commissioned Radersburg flotation facility.
- Zeolite volume growth in the cattle market and traditional industrial markets.
- Inventory levels and working-capital use as the Company builds antimony feedstock for commercial and DLA delivery timetables.
Balance sheet and cash flow
- Cash and cash equivalents were $41.4 million as of June 30, 2026, compared to $30.5 million at December 31, 2025.
- Investments in U.S. Treasury securities held to maturity were $20.7 million as of June 30, 2026, compared to $20.4 million at December 31, 2025.
- Working capital was $70.0 million on June 30, 2026, from $35.0 million at March 31, 2026.
- Inventory was $21.6 million as of June 30, 2026, compared to $12.5 million as of December 31, 2025 and $6.8 million as of June 30, 2025.
- The Company used operating cash of $20.7 million during the first six months of 2026, with the majority consisting of strategic investments in antimony feedstock inventory.
- The Company invested $22.8 million in capital expenditures during the first six months of 2026.
- The Thompson Falls expansion was partially funded by a $12.8 million payment received in April 2026 for milestones achieved under the Defense Production Act grant award from the DoW.
Analysis
United States Antimony reported a mixed second quarter. Revenue was $7.9 million, compared to $10.5 million in the second quarter of 2025, while gross profit was $0.6 million compared to $2.8 million and gross margin was approximately 7% compared to 27%. The principal pressure was in antimony, where segment revenue was $5.9 million compared to $9.6 million despite a 26% increase in pounds sold to 428,425 pounds. Average selling prices declined approximately 52% to $13.70 per pound from $28.32 per pound. Average cost per pound declined approximately 33% to $13.34 from $19.85, but this only partially mitigated the lower selling price.
Zeolite was the clear operating growth area. Revenue increased to $1.9 million from $0.9 million, with tons sold up 114% to 6,609 tons from 3,084 tons. The company attributed the increase to continued cattle-market penetration and growth in traditional industrial markets. Zeolite gross profit increased to $0.4 million from $0.1 million, benefiting from higher sales volumes and lower average production costs.
Operating expenses increased to $7.6 million from $2.8 million, resulting in a $7.0 million operating loss compared to essentially break-even operating results in the prior-year period. The increase reflected share-based compensation, expanded personnel and infrastructure, and professional fees. Net income was $0.1 million compared to $0.2 million, with the operating loss substantially offset by an unrealized gain of approximately $6.8 million on the Larvotto Resources Limited investment. The operating loss included approximately $3.4 million of net non-cash items, principally $2.9 million of share-based compensation expense and $0.5 million of depreciation and amortization.
The balance sheet expanded through financing, while operating and investment needs were substantial. The company generated $49.1 million of net proceeds from common-stock sales during the first six months of 2026 and ended the quarter with $41.4 million of cash and cash equivalents and $20.7 million of U.S. Treasury securities held to maturity. Inventory increased to $21.6 million as the company built antimony feedstock, and the company used operating cash of $20.7 million during the six-month period. It also invested $22.8 million in capital expenditures, including Thompson Falls expansion work, the Radersburg facility acquisition, and other critical-mineral investments.
The outlook was reduced materially. Fiscal Year 2026 gross revenue guidance is now $60 Million to $75 Million, revised from $125 million. Near-term reported revenue is also affected by DLA acceptance timing: the first two June deliveries totaling approximately 82,000 pounds were accepted in July, and approximately $2.6 million is expected to be recognized as third-quarter 2026 revenue. Investors should focus on DLA shipment recognition, antimony pricing and costs, the conversion of expanded processing capacity into sales, and whether Zeolite volume growth continues to offset antimony-market volatility.
Not in the filing
stated, not guessed- Diluted EPS and basic EPS, including GAAP and non-GAAP EPS.
- Non-GAAP financial measures.
- Debt balance.
- Free cash flow.
- Dividend declaration or payment.
- Share-repurchase authorization or open-market repurchase activity.
- Operating cash flow for the second quarter.
- Capital expenditures for the second quarter.
- Full-year 2026 gross-margin guidance.
- Full-year 2026 operating-expense guidance.
- Full-year 2026 tax-rate guidance.
- Prior-quarter comparisons for revenue, gross profit, gross margin, operating expenses, operating loss, net income, antimony revenue, and Zeolite revenue.
- Prior-year percentage changes for total revenue, gross profit, gross margin, operating expenses, operating loss, and net income.
- Named executive quotes.
AlphAI analysis generated from the company’s SEC earnings filing (Form 8-K Item 2.02, or Form 6-K for a foreign private issuer). Every figure was cross-checked against the filing text; consensus estimates, price targets and share-price reactions are not shown because they are not in the filing. AI-generated research, not investment advice.
Background
The company filed an SEC 8-K (Item 2.02) with Q2 and six-month results ended June 30, 2026, including operating highlights and segment performance.
Ticker impact
US Antimony reports Q2 results and says DLA accepted the first 82,000 pounds of antimony ingots in July, shifting about $2.6M revenue to Q3.
Likely modest positive bias for Q3 revenue visibility, partially offset by weak Q2 gross margin and operating loss.
The filing provides concrete shipment acceptance timing and a specific expected Q3 revenue amount, but also shows Q2 revenue down, gross margin at 7%, and an operating loss.
Market effects
Highlights demand and contracting activity for US critical-minerals supply chains tied to DLA shipments, with antimony pricing volatility still a key swing factor.
Supports domestic processing and expansion activity in Montana and Alaska, but the immediate market signal is financial rather than regional.
Reinforces non-China and non-Russia antimony supply positioning, though the filing emphasizes company-specific execution and timing.
Counterpoint
The DLA acceptance helps revenue timing, but Q2 fundamentals deteriorated sharply with antimony selling prices down and gross margin collapsing to 7%.
Key entities
- issuerUnited States Antimony Corporation
Reports Q2 and six-month financial and operating results, including DLA shipment acceptance timing and expected Q3 revenue recognition.
- customer/contracting partyDefense Logistics Agency (DLA)
Formally accepted the first two antimony ingot shipments in July, affecting revenue recognition timing.
- strategic investmentLarvotto Resources Limited
US Antimony’s strategic equity investment whose mark-to-market value increased to $43.2M at June 30, 2026.
