United States Antimony Corp (UAMY) (Q2 2026) Earnings Call Highlights: Antimony Volumes
United States Antimony Corp (UAMY) reported Q2 2026 antimony sales of 428,425 pounds, up 26% YoY, and zeolite revenue up 110% YoY. Revenue fell 25% to $7.9 million as average antimony prices dropped 52%, compressing gross margin to 7%. The company said it has $62.2M cash, total assets of $190.6M, and DLA orders of $57.3M, but lowered full-year revenue guidance to $60-$75M.
How this was made
The 30-second read
Why it matters
Traders should focus on the guidance reset ($60-$75 million) and the stated expectation that antimony prices remain around $10 per pound through 2026, which frames earnings sensitivity for the rest of the year.
Market read
The call provides a concrete earnings outlook update: weaker pricing compresses gross margin and drives a full-year revenue guidance reduction, despite progress on DLA deliveries and strong liquidity.
What to watch
The company attributes the guidance change entirely to pricing, but delayed revenue recognition from DLA deliveries to Q3 could create quarter-to-quarter noise rather than a permanent demand collapse.
Background
United States Antimony Corp held its Q2 2026 earnings call, reporting volume and segment growth alongside a sharp pricing-driven revenue and margin deterioration.
Ticker impact
UAMY guided full-year revenue down to $60-$75 million, citing lower antimony pricing, while detailing DLA deliveries and margin compression to 7%.
Near-term downside bias as guidance reset and margin compression signal weaker earnings power under current pricing assumptions.
The call discloses a specific guidance reduction tied to pricing, plus gross margin falling to 7% and an operating loss, which typically pressures valuation until pricing stabilizes or deliveries accelerate.
Market effects
Highlights how antimony price volatility and China influence can quickly transmit into margins for specialty materials producers.
No direct regional macro read-through beyond US domestic production timelines (Montana) and Alaska exploration status.
Reinforces global supply-demand and pricing sensitivity to China for strategic materials used in defense and industrial supply chains.
Counterpoint
If DLA deliveries ramp faster than implied and inventory build supports smoother fulfillment, the revenue shortfall could be less severe than the guidance cut suggests.
Key entities
- companyUnited States Antimony Corp
Reported Q2 2026 results, DLA contract execution details, and lowered full-year revenue guidance due to lower antimony selling prices.
- executiveGary Evans
Chairman and CEO who discussed pricing outlook, guidance reduction rationale, and government grant/equity structuring expectations.
- executiveDamian Coleman
Managing Director - Government Affairs who provided DLA delivery and revenue recognition timing details.
- executiveShawn Winkler
Interim CFO who explained liquidity and inventory build strategy.
