$UAMY earnings report

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.

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.