US Antimony (UAMY) Q2 2026 Earnings Call Transcript
US Antimony (UAMY) reported Q2 2026 revenue of $7.9M, down 25% YoY due to lower antimony prices but up 17% sequentially. Antimony revenue fell 39% YoY to $5.9M, while zeolite revenue surged 110% YoY to $1.9M. Gross profit declined to $0.6M from $2.8M YoY. The company has $62.2M in liquidity and is executing a $245M DLA contract. CEO Evans cited Chinese price manipulation for lower antimony prices.
How this was made
The 30-second read
Why it matters
Key decision inputs for traders are the magnitude of antimony price compression, the resulting margin collapse, and the specific accounting delay for DLA shipments pending final agency approval.
Market read
The call provides fresh, company-specific operating metrics and contract accounting timing that can drive near-term sentiment and expectations for subsequent quarters.
What to watch
Operating expense rose sharply due to noncash share-based comp and headcount, and net income was boosted by an unrealized investment gain, so cash generation and core profitability may look weaker than headline earnings.
Background
The article is a transcript of US Antimony’s Q2 2026 earnings call, covering segment performance, liquidity, capex, and government contract progress.
Ticker impact
US Antimony reported Q2 revenue of $7.9M, down 25% y/y, driven by a 52% drop in realized antimony selling price to $13.70/lb.
Near-term trading likely remains sensitive to antimony pricing and government-contract timing, with downside risk from continued margin compression.
The call provides multiple concrete operating metrics (price, margin, operating loss) and specific contract accounting timing (June deliveries, approval pending for Q3 recognition).
Market effects
Reinforces volatility in antimony pricing and the importance of government procurement timing for revenue visibility.
Supports the narrative of US domestic critical-minerals buildout in Alaska and Montana, but near-term results remain price-driven.
Management attributes price weakness to China, keeping geopolitical supply-risk a key variable for antimony-linked equities.
Counterpoint
Zeolite is scaling fast (revenue +110% y/y) and volume rose 26% in antimony, suggesting demand resilience that could stabilize results if pricing stops falling.
Key entities
- companyUnited States Antimony Corporation
Reported Q2 2026 financial and operating results, including antimony price-driven revenue decline and DLA contract shipment timing.
- government_agencyDefense Logistics Agency (DLA)
Sole-source agreement referenced, with June antimony ingot deliveries whose revenue recognition is deferred pending approval.
- companyLarvotto Resources
Investment referenced, with a $6.8M unrealized gain contributing to net income.
