United States Antimony (UAMY) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue rose 128% year-over-year to $7 million, with gross profit up 302% to $2.4 million and net income up 269% to $547,000, reversing a prior-year loss.

• Growth was driven by strong demand and higher prices in antimony and zeolite segments, with operational improvements and expanded mining claims in Alaska and Idaho.

• Working capital increased to $20.1 million, and cash and equivalents reached $18.7 million at quarter-end.

• Strategic initiatives include expanding mining in Alaska and Canada, ramping up domestic antimony supply, and major smelter expansions in Montana and Mexico.

• Investor relations efforts broadened the shareholder base, with BlackRock holding a 5.1% stake.

Financial highlights

• Q1 2025 sales reached $7 million, up from $3.1 million year-over-year; gross profit was $2.4 million, with gross margin rising from 19% to 34%.

• Operating income was $358,000, reversing a $470,000 loss in Q1 2024.

• Net income was $547,000, compared to a net loss of $323,000 in Q1 2024.

• Cash and equivalents at March 31, 2025, were $18.7 million, up $574,000 from year-end.

• Warrant exercises and stock sales generated over $3.2 million in gross proceeds.

Outlook and guidance

• Annual revenue guidance for 2025 is $40–$50 million, with each quarter expected to show sequential improvement.

• Six key catalysts for 2025 include DOD grant closure, new international antimony supplies, Alaska supply by late summer, Montana smelter expansion, new mining claims, and continued financial improvements.

• Management expects to fund requirements for the next 12 months with existing cash, operations, and capital raises.

• Further improvement anticipated in Q2 2025 from the restart of the Madero Antimony Smelter and Montana expansion.