UNITED STATES ANTIMONY CORP (UAMY): US Antimony Second Quarter 2026 Financial and Operational Results Webcast
UNITED STATES ANTIMONY CORP (UAMY) filed an SEC Form 8-K — Results of Operations and Financial Condition. Exhibit 99.1 Transcript of United States Antimony Corp. US Antimony Second Quarter 2026 Financial and Operational Results Webcast August 11, 2026 Participants Gary Evans - CEO & Chairman, United States Antimony Corporation Shawn Winkler - Interim CFO, United States Antimony Corpo
How this was made
The 30-second read
Why it matters
Traders can reassess near-term earnings power given the disclosed commodity-price-driven margin compression, while also factoring in improved cash position and inventory strategy.
Market read
Q2 results show a sharp profitability deterioration tied to antimony pricing, alongside stronger liquidity and continued zeolite growth.
What to watch
Zeolite segment growth (revenue up 110% YoY) and lower average cost per pound (down ~33%) may reduce the degree of downside if antimony prices stabilize.
Second-quarter revenue declined approximately 25% year-over-year on lower realized antimony prices, while zeolite revenue more than doubled and DLA deliveries made in June will be recognized in the third quarter.
Revenue, gross profit, gross margin and net income declined year-over-year as antimony pricing fell, and operating expenses increased sharply. Sequential revenue growth, zeolite volume growth, improved liquidity, inventory positioned for DLA deliveries, and expected recognition of DLA sales in the second half provide offsetting positives.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenueGAAP | around $7.9 million | up 17% | decline of approximately 25% year-over-year |
| Six-month revenueGAAP | $14.7M | – | 16% decrease |
| Gross profitGAAP | $600K | – | – |
| Gross marginGAAP | approximately 7% gross margin | – | – |
| Operating expenseGAAP | $7.6M | – | – |
| Operating lossGAAP | about $7 million | – | – |
| Net incomeGAAP | about $0.1 million | – | – |
| Unrealized gain from investment in Larvotto Resources LimitedGAAP | $6.8M | – | – |
| Interest and investment incomeGAAP | $400K | – | – |
| Net non-cash items included in operating lossother | about $3.4 million | – | – |
| Share-based compensation included in operating lossother | $2.9M | – | – |
| Depreciation and amortization included in operating lossother | about $500,000 | – | – |
| Antimony pounds soldother | 428,425 pounds | – | increased approximately 26% year-over-year |
| Antimony average selling priceother | $13.70 per pound | – | declined approximately 52% |
| Antimony average cost per poundother | $13.34 | – | declined approximately 33% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| AntimonyRevenue was compared with $9.6 million in the prior-year period. Pounds sold increased approximately 26% year-over-year to 428,425 pounds, but average selling prices declined approximately 52% from $28.32 per pound to $13.70 per pound amid broader antimony market price conditions. Average cost per pound declined approximately 33% to $13.34. | $5.9M | – | – |
| ZeoliteRevenue increased from close to $1 million, driven by a 114% increase in tons sold, broadened sales channels and cattle nutrition growth. Zeolite gross profit increased $0.4 million to about $0.1 million, benefiting from higher sales volume and lower average production cost per ton. | $1.9M | – | increased 110% year-over-year |
2026 outlook
- Revenue$60 million to $75 million
- NoteThe company anticipates completing its first DLA delivery order of $9.9 million nearly one year ahead of schedule.
- NoteThe company expects the third and fourth DLA truckloads of antimony ingots next week to generate an additional $2.6 million in revenue for the third quarter.
- NoteTruckloads five, six, and seven totaling more than 120,000 pounds are expected to contribute approximately $4 million in additional cash flow in the fourth quarter, subject to successful testing and acceptance by a third-party lab.
- NoteThe company will do everything it can to complete the approximately $57.3 million of cumulative DLA orders awarded in 2026.
- NoteThe Bolivia facility is expected to come fully online over the next several months at a rate of approximately 150 tons per month.
- NoteThe first container of metallic antimony from Bolivia will deliver to the Thompson Falls facility within the next month, with the second loading and shipping from Bolivia within that timeframe.
- NoteMining operations at Nolan Creek are tentatively planned to begin late this year.
- NoteManagement believes antimony prices will probably remain in the $10 per pound range for the remainder of 2026.
What drove it
- Lower realized antimony pricing drove the approximately 25% year-over-year decline in second-quarter revenue and gross-margin compression.
- Higher antimony volumes and continued strength in zeolite supported 17% sequential revenue growth.
- Zeolite sales growth was driven by a 114% increase in tons sold, broadened sales channels and cattle nutrition growth.
- The company delivered its first two DLA shipments in June, totaling approximately 82,000 pounds, but final approval and acceptance occurred in July, moving revenue recognition to the third quarter.
- Inventory was deliberately increased to support the DLA contract and expected antimony commercial demand.
- Operating expenses increased due to non-cash share-based compensation, expanded salaries and employee benefits, and professional fees supporting growth initiatives.
Concerns
- Antimony average selling prices declined approximately 52% year-over-year to $13.70 per pound, while average cost per pound was $13.34.
- Gross margin declined to approximately 7% from 27% in the prior-year quarter.
- Operating expense increased to $7.6 million from $2.8 million, resulting in an operating loss of about $7 million.
- Reported net income of about $0.1 million depended on a $6.8 million unrealized gain from Larvotto Resources Limited and $0.4 million of interest and investment income offsetting the operating loss.
- Revenue guidance was reduced to $60 million to $75 million due primarily to lower antimony prices.
- DLA deliveries and fourth-quarter cash-flow expectations remain subject to government acceptance and, for later shipments, third-party-lab testing.
- Four grant applications totaling $275 million remain pending with the Departments of Energy and War.
- Management cited equipment, contractor and logistics delays in 2026 development activities.
What to watch
- Third-quarter recognition of revenue from the first two DLA shipments, which totaled approximately 82,000 pounds and approximately $2.6 million in revenue.
- Execution of anticipated third- and fourth-truckload DLA deliveries, expected to generate an additional $2.6 million in third-quarter revenue.
- Testing, acceptance and shipment of DLA truckloads five, six and seven, totaling more than 120,000 pounds and expected to contribute approximately $4 million in fourth-quarter cash flow.
- The pace of antimony selling prices relative to management's expectation of a $10 per pound range for the remainder of 2026.
- The Bolivia facility ramp toward approximately 150 tons per month and the expected arrival of the first metallic-antimony container at Thompson Falls within the next month.
- Radersburg processing of approximately 1,100 tons of high-grade ore received from Stibnite Hill.
- The outcome of the four government grant applications totaling $275 million and the structure of potential government funding.
- Nolan Creek underground-development tenders and the tentative plan to begin mining late this year.
Balance sheet and cash flow
- Cash and cash equivalents were $41.4 million as of June 30th, 2026, compared to $3.2 million at March 31st and $30.5 million at December 31st, 2025.
- U.S. Treasuries held to maturity were $20.7 million, for total liquidity of cash plus Treasuries of $62.2 million.
- The Larvotto strategic equity investment was $43.2 million. Total cash investments in marketable securities on the balance sheet as of June 30th stood at $105 million.
- Total assets grew $42.6 million during the first half of the year to $190.6 million.
- Working capital doubled to $70 million from $35 million at the end of the first quarter.
- Total liabilities declined $3.4 million to $9.6 million, and debt remained de minimis.
- Inventory was $21.6 million at quarter end, compared with $12.5 million at December 31st, 2025 and $6.4 million at June 30th, 2025.
- For the six months ended June 30th, net cash used in operating activities was $20.7 million, primarily reflecting working-capital investment and inventory build-up.
- For the six months ended June 30th, net cash used in investing activities was $11.1 million and net cash provided by financing activities was $43.4 million.
- Capital expenditures for the first six months totaled $22.8 million on a gross basis, primarily for the Thompson Falls expansion, Radersburg flotation-mill upgrades, a laboratory, mining claims in Alaska and Montana, and other strategic capital investments.
- The company received $12.8 million of milestone-based funding under its DPA grant award in April, bringing net capital deployed in the first half to approximately $10 million.
- Net proceeds from equity issuance in April primarily drove financing cash inflow; average execution on those share sales was $11.56 per share.
Analysis
United States Antimony reported a mixed second quarter. Revenue was around $7.9 million, down approximately 25% year-over-year from $10.5 million as realized antimony prices weakened, but up 17% sequentially from $6.8 million. First-half revenue was $14.7 million, down 16% from $17.5 million in the first half of 2025. The primary operating issue was price: antimony pounds sold increased approximately 26% year-over-year to 428,425 pounds, but average selling price fell approximately 52% to $13.70 per pound from $28.32 per pound.
The antimony price decline materially compressed profitability. Gross profit fell to $0.6 million from $2.8 million and gross margin fell to approximately 7% from 27%. Antimony average cost per pound declined approximately 33% to $13.34, partially mitigating but not fully offsetting the price decline. Operating expense increased to $7.6 million from $2.8 million, led by $2.9 million in share-based compensation, higher payroll and benefits tied to leadership and operating infrastructure expansion, and higher professional fees. The company recorded an operating loss of about $7 million, including about $3.4 million of net non-cash items.
Zeolite was the key positive within the operating portfolio. Segment revenue increased 110% year-over-year to $1.9 million from close to $1 million, supported by a 114% increase in tons sold, expanded sales channels and cattle nutrition growth. The filing also cited a $0.4 million increase in zeolite gross profit to about $0.1 million. This growth partly supported sequential consolidated revenue improvement, although it was not large enough to offset the year-over-year impact of lower antimony pricing.
Net income of about $0.1 million, versus $0.2 million in the prior-year quarter, was supported by a $6.8 million unrealized gain on Larvotto Resources Limited and $0.4 million of interest and investment income. Liquidity strengthened following April equity issuance: cash and cash equivalents rose to $41.4 million, U.S. Treasuries held to maturity were $20.7 million, and stated total liquidity was $62.2 million. Inventory reached $21.6 million as the company built feedstock and finished-goods capacity for the DLA contract and anticipated commercial demand. First-half operating cash use was $20.7 million, primarily from this working-capital investment, while gross capital expenditures totaled $22.8 million.
The second-half setup depends heavily on DLA execution and acceptance. The company shipped its first two DLA ingot loads in June, totaling approximately 82,000 pounds and approximately $2.6 million in revenue, but recognition was deferred until the third quarter after July acceptance. Management expects two additional truckloads to generate another $2.6 million in third-quarter revenue, while truckloads five through seven could contribute approximately $4 million in fourth-quarter cash flow subject to testing and acceptance. Management reduced 2026 revenue guidance to $60 million to $75 million because of antimony pricing, not delivery timing. Investors should focus on DLA shipment acceptance, conversion of inventory into revenue, the margin profile of government deliveries, antimony-price trends, and the ramp of domestic and Bolivian processing supply.
Management, verbatim
Sequentially, compared to Q1, however, revenue was up 17% from the $6.8 million we reported in the first quarter, reflecting higher antimony volumes and continued strength in our zeolite segment.
Shawn Winkler, Interim CFO, United States Antimony Corporation
The thing that I cannot control or any of the management team can control is world antimony prices, which is the primary reason for our reduced revenue guidance that we provided in this report for this year.
Gary Evans, CEO & Chairman, United States Antimony Corporation
Based on our current production and delivery schedule, we anticipate completing our first delivery order of $9.9 million nearly one year ahead of schedule.
Damian Coleman, Managing Director of Government Affairs, United States Antimony Corporation
Not in the filing
stated, not guessed- GAAP diluted earnings per share
- Non-GAAP earnings per share
- Non-GAAP revenue, gross profit, operating income, net income or EPS measures
- Free cash flow
- Dividend information
- Share-repurchase information
- Specific debt balance
- Prior-quarter gross profit, gross margin, operating expense, operating loss and net income
- A prior quarterly outlook section for comparison against reported results
- Formal guidance for gross margin, operating expenses or tax rate
Written by an AI language model 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 checked against the filing text, and a metric whose value, prior period and change do not add up is dropped from the metrics. The model can still misread a table, in the metrics or in the text, so check a number in the filing before you rely on it. 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
SEC 8-K Item 2.02 includes management’s webcast transcript for United States Antimony’s Q2 2026 financial and operating results.
Ticker impact
United States Antimony reported Q2 2026 revenue of about $7.9M, down 25% YoY due to lower realized antimony pricing.
Near-term trading bias likely negative on profitability and cost structure, but liquidity improvement may cushion downside.
The filing discloses a sharp YoY gross margin drop (27% to ~7%) and operating loss of about $7M, while also showing cash and treasuries rising to $62.2M and additional Larvotto appreciation since quarter end.
Market effects
Highlights sensitivity of antimony producers to realized commodity pricing and the role of non-core investment gains in reported earnings.
No clear regional spillover beyond US-listed small-cap commodity exposure.
Limited, as the disclosure is company-specific and does not indicate a broader global antimony supply shock.
Counterpoint
The operating loss is heavily influenced by non-cash items and antimony price timing, while liquidity and inventory build suggest positioning for expected demand and contract execution.
Key entities
- issuerUnited States Antimony Corporation
US Antimony reported Q2 2026 revenue, segment performance, operating loss, and liquidity changes in an SEC 8-K.
- investmentLarvotto Resources Limited
Strategic equity investment whose unrealized gains materially offset operating losses in the quarter.
