United States Antimony Corporation Reports Third Quarter and Nine Months Ended September 30, 2026 Financial and Operating Results
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 Third Quarter and Nine Months Ended September 30, 2026 Financial and Operating Results Third Quarter 2026 Revenues Increased 16% to $10.1 Million Antimony pounds sold up 68% in the quarter Gross Profit Margin Expands to 42%
How this was made
The 30-second read
Why it matters
The mixed financial results may prompt short‑term volatility, but the company's cash position and repurchase program could support the stock.
Market read
Primary earnings release for a niche miner; relevance mainly to traders focused on small‑cap commodity stocks.
What to watch
Strong liquidity and a $100M share repurchase program provide financial flexibility not reflected in the loss.
Q3 2026 revenue rose 16% to $10.1 million and gross margin widened to 42%, but the net loss grew to $9.5 million; company moves to volume-based FY2026 guidance
Revenue, gross profit and gross margin improved year over year, and antimony pounds sold rose 68%. Against that, average antimony prices fell 34%, operating expenses rose to $10.3 million, the operating loss widened to $6.0 million, the net loss reached $9.5 million including a $3.8 million unrealized loss on the Larvotto investment, and nine-month revenue declined to $24.8 million from $26.2 million. The company also withdrew its $60 million to $75 million revenue guidance and replaced it with a volume-based range.
Key metrics
shortened, hover for the filing’s print| Metric | Value | q/q | y/y |
|---|---|---|---|
| Total revenues, Q3 2026GAAP | $10,133,437 | +28% | +16% |
| Total revenues, nine months 2026GAAP | $24,843,107 | – | – |
| Cost of revenues, Q3 2026GAAP | $5,839,295 | – | – |
| Cost of revenues, nine months 2026GAAP | $18,856,201 | – | – |
| Gross profit, Q3 2026GAAP | $4,294,142 | +636% | +113% |
| Gross profit, nine months 2026GAAP | $5,986,906 | – | – |
| Gross margin, Q3 2026GAAP | 42% | +35 pts | +19 pts |
| General and administrative expenses, Q3 2026GAAP | $1,852,801 | – | approximately $1.0 million increase |
| Salaries and benefits, Q3 2026GAAP | $3,218,465 | – | $1.7 million decrease |
| Professional fees, Q3 2026GAAP | $776.0B | – | approximately $0.3 million increase |
| Mineral exploration expense, Q3 2026GAAP | $4,407,039 | – | approximately $3.4 million increase |
| Other operating expenses, Q3 2026GAAP | $23.18B | – | – |
| Total operating expenses, Q3 2026GAAP | $10,277,487 | – | – |
| Total operating expenses, nine months 2026GAAP | $26,468,346 | – | – |
| Loss from operations, Q3 2026GAAP | $(5,983,345) | – | – |
| Loss from operations, nine months 2026GAAP | $(20,481,440) | – | – |
| Interest and investment income, Q3 2026GAAP | $473.5B | – | – |
| Unrealized loss on investment in equity securities, Q3 2026GAAP | $(3,845,926) | – | – |
| Total other income (expense), net, Q3 2026GAAP | $(3,353,665) | – | – |
| Equity in losses of joint venture, Q3 2026GAAP | −$189.0B | – | – |
| Net loss, Q3 2026GAAP | $(9,526,056) | – | – |
| Net loss, nine months 2026GAAP | $(20,710,256) | – | – |
| Net loss per share, diluted, Q3 2026GAAP | $(0.06) | – | – |
| Net loss per share, diluted, nine months 2026GAAP | $(0.14) | – | – |
| Antimony pounds sold (contained), Q3 2026other | 468,842 lbs | +9% | +68% |
| Industrial antimony pounds sold (primarily ATO), Q3 2026other | 306,515 lbs | (28)% | +10% |
| DLA metal ingots accepted, Q3 2026other | 162,327 lbs | n/m | n/m |
| Average antimony price, Q3 2026other | $18.83 per lb | +37% | (34)% |
| Industrial realized price, Q3 2026other | ~$12.16 per lb | ~(12)% | ~(58)% |
| Argus Antimony Regulus grade II min 99.65% Sb du Rotterdam quarterly average, Q3 2026other | $9.22 per lb | (23)% | (64)% |
| Average cost per pound, Q3 2026other | $10.19 per lb | (24)% | (51)% |
| Zeolite tons sold, Q3 2026other | 3,824 tons | (42)% | +54% |
| Zeolite segment revenue, Q3 2026GAAP | $1M | – | 55% |
| Antimony segment revenue, Q3 2026GAAP | $8.8M | – | approximately 10% |
Segments
| Segment | Revenue | q/q | y/y |
|---|---|---|---|
| AntimonyCompany states that pounds sold rose 68% to 468,842 pounds, while average selling price fell 34% to $18.83 per pound, reflecting the decline in worldwide antimony prices from 2025 levels, partly offset by higher pricing on DLA contract shipments. Antimony gross profit rose 85% to $4.0 million from $2.2 million, and antimony gross margin was approximately 46% versus 27%. The company attributes the margin improvement primarily to higher selling prices on DLA shipments together with lower average feedstock costs. | $8.8M | – | approximately 10% |
| Antimony sales to Defense Logistics Agency (Government channel)Four DLA shipments totaling approximately 162,000 pounds of antimony metal ingots were formally accepted in Q3 2026. The company states that subsequent DLA acceptances in October 2026 (three shipments, approximately 113,000 pounds, approximately $3.6 million) were collected after quarter end. | $5.1M | – | – |
| Antimony industrial sales (primarily ATO)Industrial antimony revenue compares with $8.0 million in the prior-year period. The company states the average realized industrial price declined approximately 58% to $12.16 per pound from $28.72 per pound, consistent with lower worldwide antimony prices, while industrial pounds sold rose approximately 10% year over year to approximately 306,500 pounds. | approximately $3.7 million | – | – |
| ZeoliteCompany attributes growth to a 54% increase in tons sold to 3,824 tons, reflecting penetration into the cattle market and growth in traditional industrial markets. Zeolite gross profit was approximately $7,000 versus a gross loss of approximately $26,000 in the prior-year period; the company states the benefit of higher volumes was largely offset by increased freight costs (diesel fuel) tied to expanded geographic distribution and higher production costs. | $1M | – | 55% |
FY2026 outlook
- NotePrior 2026 revenue guidance of $60 million to $75 million is withdrawn (company's statement).
- NoteTotal antimony sales volume: 1.68 million to 1.81 million lbs, which the company says is an increase of approximately 24% at the midpoint versus approximately 1.41 million lbs in 2025.
- NoteIndustrial antimony (primarily ATO): 1.40 million to 1.45 million lbs.
- NoteDLA antimony metal ingots: approximately 276,000 to 356,000 lbs (table: 275,688 to 355,615 lbs).
- NoteZeolite sales: 17,500 to 18,500 tons (14,114 tons sold in first nine months; 1,319 tons in October 2026).
- NoteLow end of DLA range assumes no further DLA acceptances in 2026; high end assumes acceptance of lots TF-8 and TF-9 (79,927 lbs) before December 31, 2026.
Capital returns
- Share repurchase program: Board authorized $100 million in August 2026; 368,640 shares repurchased in Q3 2026 for approximately $1.7 million; approximately $98.3 million remaining as of September 30, 2026.
- October 2026: an additional 404,397 shares repurchased for approximately $1.4 million.
- Nine months 2026 treasury stock acquired: $(9,500,144), including shares withheld for employee tax obligations, versus $(409,246) in the prior-year nine months (cash flow statement).
- Nine months 2026 proceeds from at-the-market equity offerings: $49.1 million net ($49,053,278 on the cash flow statement).
- Preferred dividends: $(1,875) in Q3 2026 and $(5,625) in the nine months 2026, unchanged from the prior-year periods as printed.
- No common stock dividend is printed in the filing.
What drove it
- Company states that the increase in quarterly antimony revenue was attributable in part to sales under its five-year DLA contract, with four shipments (approximately 162,000 pounds, $5.1 million) accepted in Q3 2026.
- Company states that pounds sold rose 68% year over year, while the average antimony price fell 34%, reflecting the worldwide decline in antimony prices from 2025 levels.
- Company attributes the gross margin improvement primarily to higher selling prices on DLA shipments and lower average feedstock costs.
- Company attributes the increase in operating expenses primarily to higher mineral exploration costs (approximately $3.4 million, primarily exploration in Alaska), higher G&A (approximately $1.0 million) and higher professional fees (approximately $0.3 million), partly offset by a $1.7 million decrease in salaries and benefits.
- Company attributes the $3.8 million net loss contribution from the Larvotto investment to a decline in Larvotto's share price on the ASX and a weaker Australian dollar relative to the U.S. dollar.
- Company states that revenue diverged from production and delivery activity in 2026 because of lower antimony prices, the timing of DLA acceptances and a slower-than-planned ramp in metal ingot production at Thompson Falls.
- Company states that the October 2026 sales volume of approximately 310,000 pounds was its highest monthly volume of the year.
Concerns
- Operating loss widened to $(5,983,345) in Q3 2026 from $(4,917,182); nine-month loss from operations was $(20,481,440) versus $(4,539,183).
- Net loss of $(9,526,056) in Q3 2026 versus $(4,780,700) a year earlier, and nine-month net loss of $(20,710,256) versus $(4,052,621).
- Average antimony price of $18.83 per lb in Q3 2026 is down 34% year over year; industrial realized price of approximately $12.16 per lb is down approximately 58%.
- Company states that the Argus Antimony Regulus price declined approximately 63%, from approximately $22.23 per lb in late October 2025 to approximately $8.16 per lb on November 5, 2026.
- Nine-month revenue of $24,843,107 declined from $26,227,079 despite a 20% increase in pounds sold, as stated in the release.
- Company withdrew its prior 2026 revenue guidance of $60 million to $75 million and moved to volume-based guidance.
- DLA revenue timing: approximately 249,000 lbs (about $6.6 million) in lots 8 to 14 remained unshipped or unaccepted at October 31, 2026, and the company states lots TF-10 through TF-14 are assumed accepted in 2027.
- Inventories increased to $28,126,132 from $12,522,009 at year-end 2025, and nine-month operating cash flow was $(24,721,566).
- The $4.0 million note prepayment from the Bolivian supplier had not been received as of the release date, and the company states it remains subject to negotiation, including a potential release of security.
- Company states that the DLA contract does not guarantee any minimum purchase volume and may be modified, delayed, reduced or terminated by the U.S. government.
- Nine-month 2026 proceeds from at-the-market equity offerings were $49.1 million, with ongoing share count growth (weighted average basic shares of 149,528,881 in Q3 2026 versus 123,412,910).
What to watch
- Whether DLA lots TF-8 and TF-9 (79,927 lbs) are accepted before December 31, 2026, which the company says is the principal factor in where DLA volumes fall within guidance.
- Whether the Bolivian supplier prepayment of the $4.0 million note plus accrued interest of approximately $177,000 is received, and the outcome of negotiations over the release of security.
- Industrial ATO sales after the five-year agreement's fixed monthly schedule runs through December 2026, given the company's reference to a traditional seasonal slowdown in December.
- Average realized antimony prices and whether the company's average cost per pound continues to decline as feedstock costs fall.
- Thompson Falls smelter utilization and metal ingot production ramp, and the Radersburg start-up and processing of Stibnite Hill mined volumes.
- Progress on the $7.5 million Department of War milestone payments.
- Nolan Creek approximately 1,000-ton exploration bulk sample timing, subject to MSHA administrative processes, and Fostung tungsten bulk sampling.
- Larvotto Resources share price and Australian dollar movements, which drive the carrying value of the $39.4 million equity investment.
- Pace of share repurchases against the $98.3 million remaining authorization and any further at-the-market equity issuance.
Balance sheet and cash flow
- Cash and U.S. Treasury securities (cash and cash equivalents plus held-to-maturity Treasuries): $51.0 million at September 30, 2026, versus $50.8 million at December 31, 2025, as printed in the MD&A.
- Cash and cash equivalents: $30,053,201 at September 30, 2026 versus $30,494,320 at December 31, 2025 (balance sheet).
- Inventories: $28,126,132 at September 30, 2026 versus $12,522,009 at December 31, 2025; the company cites $8.4 million at September 30, 2025 and attributes the increase to strategic investment in antimony feedstock and finished products.
- Investment in equity securities (Larvotto Resources Limited): $39,373,225 at fair value at September 30, 2026 versus $40,494,328 at December 31, 2025.
- Total assets: $190,283,461 versus $153,925,669 at December 31, 2025.
- Total liabilities: $18,338,326 versus $12,970,480 at December 31, 2025.
- Total stockholders' equity: $171,945,135 versus $140,955,189 at December 31, 2025.
- Working capital: approximately $56.2 million at September 30, 2026.
- Margin credit line of $19.0 million: no borrowings outstanding at September 30, 2026.
- Note receivable: $4,000,000 at September 30, 2026 (convertible note from Bolivian strategic supplier). October 27, 2026: supplier gave written notice of intent to prepay the $4.0 million note with accrued interest of approximately $177,000; as of the release date the prepayment had not been received and the terms remain under negotiation.
- Net cash used in operating activities, nine months 2026: $(24,721,566), versus $(6,220,686) in the prior-year nine months.
- Purchases of property, plant and equipment, nine months 2026: $(28,354,536), versus $(16,069,244) in the prior-year nine months.
- Proceeds from government grant related to capital expenditures, nine months 2026: $12,848,246.
- Department of War Defense Production Act award: modified to $20.3 million authorized from $16.2 million (of an original $27.0 million award); $12.8 million received; an additional $7.5 million authorized upon achievement and formal acceptance of specified milestones.
- Net cash provided by financing activities, nine months 2026: $41,769,173, versus $42,415,350 in the prior-year nine months.
Analysis
United States Antimony reported Q3 2026 revenue of $10,133,437, up 16% from $8,701,951 a year earlier and up 28% from the second quarter's $7.9 million. Gross profit rose 113% to $4,294,142 and gross margin reached 42%, against 23% in Q3 2025 and 7% in Q2 2026. The volume picture was strong: antimony pounds sold rose 68% to 468,842 pounds, including 162,327 pounds accepted by the DLA, and industrial pounds rose 10% year over year to 306,515 pounds. Price moved the other way. The average antimony price fell 34% year over year to $18.83 per pound, the industrial realized price was approximately $12.16 per pound, and the Argus Regulus benchmark quarterly average was $9.22 per pound, down 64% from a year earlier. The company says the lower average selling price reflected the worldwide decline in antimony prices, partly offset by higher DLA pricing, and that average cost per pound fell 51% to $10.19.
The cost side moved in the opposite direction from revenue. Total operating expenses rose to $10,277,487 from $6,930,624, led by mineral exploration of $4,407,039 (up from $1,037,637) and G&A of $1,852,801 (up from $882,909), partly offset by salaries and benefits of $3,218,465 (down from $4,940,319). The operating loss widened to $(5,983,345) from $(4,917,182). The net loss was $(9,526,056), compared with $(4,780,700), and included an unrealized loss of $(3,845,926) on the Larvotto equity investment. Diluted loss per share was $(0.06) against $(0.04). Nine-month figures show the same pattern: revenue of $24,843,107 versus $26,227,079, an operating loss of $(20,481,440) versus $(4,539,183), and a net loss of $(20,710,256) versus $(4,052,621). The company reports no non-GAAP measures in this release.
Capital allocation shows heavy investment ahead of revenue. Net cash used in operations for the first nine months was $(24,721,566), capital expenditures were $(28,354,536), and inventories rose to $28,126,132 from $12,522,009 at year-end 2025, which the company attributes to feedstock and finished-product investment. The company raised $49.1 million net from at-the-market offerings, received $12.8 million of government grant proceeds, and repurchased $9.5 million of treasury stock in the nine months, including $1.7 million under the new $100 million buyback. Cash and Treasury securities were $51.0 million, in line with $50.8 million at year-end 2025, and the company holds no borrowings under its $19.0 million margin line. Total assets increased to $190,283,461 from $153,925,669.
On guidance, the company withdrew its prior 2026 revenue guidance of $60 million to $75 million and now guides to 1.68 to 1.81 million pounds of antimony sales for 2026, about 24% above 2025 at the midpoint. The company says this reflects that DLA revenue depends on acceptance timing, and that revenue recognition for a lot can shift into the following period without any change in volume or price. Its range hinges on whether lots TF-8 and TF-9 are accepted before December 31, 2026. October sales of approximately 310,000 pounds were the company's highest monthly volume of the year. Several items deserve attention: the widening operating and net losses, the 34% decline in realized antimony prices, the unshipped DLA backlog of about $6.6 million for lots 8 to 14, the unreceived $4.0 million note prepayment from the Bolivian supplier, and the reliance on equity issuance and inventory build to fund operations.
Management, verbatim
That pace was slower than we anticipated back in August, when we expected $9 to $10 million of DLA revenues during the third quarter.
Gary C. Evans, Chairman and Chief Executive Officer
With antimony prices down more than 60% from a year ago, and revenue timing tied to government acceptance dates, we are moving to volume-based guidance beginning today, which better reflects what we do control — producing and delivering antimony.
Gary C. Evans, Chairman and Chief Executive Officer
Not in the filing
stated, not guessed- No prior outlook was provided, so vs_prior_guidance is empty; the 2026 revenue guidance withdrawn in this filing ($60 million to $75 million) is not compared against actuals.
- No consensus estimates, analyst expectations or share price reaction are included in the filing or provided to this analysis.
- No non-GAAP measures are reported in the filing, so no non-GAAP reconciliation or EPS is available.
- Free cash flow is not reported as a line item; it can be derived only from printed figures and is left null.
- Q2 2026 dollar amounts for individual operating expense lines, net loss, operating loss and cash flow lines are not printed in the release and are left null.
- Prior-year percentage changes for nine-month revenue, gross profit, operating expense and net loss lines are not printed and are left null.
- Prior-year (Q3 2025) comparison for the DLA metal ingot line is printed as a dash and is not available.
- Antimony segment gross margin change (46% versus 27%) is printed without a stated yoy percentage-point change; it is left out of key_metrics.
- Precious metals revenue is not reported; the company states it will be reported in a separate line once gold and tungsten production begins.
- Income tax expense is printed as zero for all periods; no tax rate is reported.
- Gross margin for Q3 2025 and Q2 2026 are printed; the nine-month gross margin is not printed and is left null.
- Inventory prior-quarter figure (June 30, 2026) is not printed; the company cites $8.4 million at September 30, 2025 and $12.5 million at December 31, 2025.
- Operating expense and gross profit line breakdowns for nine-month periods beyond total operating expenses and loss from operations are not included in key_metrics to limit scope.
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 is checked against the filing text, and a metric the filing does not print, or 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
The filing is a standard SEC 8‑K Item 2.02 earnings disclosure for a small‑cap critical minerals producer.
Ticker impact
United States Antimony Corp filed its 8‑K reporting Q3 2026 results, showing revenue up 16% to $10.1M but a net loss of $9.5M.
likely downward pressure as investors weigh the net loss despite higher revenue
Losses of $9.5M and an unrealized $3.8M loss on an investment signal financial strain, which typically weighs on the stock price.
Market effects
Antimony and critical minerals sector may see modest attention as US‑based producer reports mixed results.
Limited to U.S. small‑cap investors; no broader regional effect.
Minimal global impact; niche commodity exposure only.
Counterpoint
Despite the loss, the 68% increase in antimony pounds sold could signal upside if demand accelerates.
Key entities
- companyUnited States Antimony Corp
U.S. antimony and critical minerals producer (NYSE: UAMY).
