United States Antimony (UAMY) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $6.8 million, nearly flat or slightly down year-over-year, with a net loss of $11.3 million driven by non-cash stock compensation, higher costs, and an unrealized loss on Larvotto equity securities.

• The company is diversifying beyond antimony into cobalt, gold, tungsten, and zeolite, with significant progress and investments in each segment.

• Major milestones include Thompson Falls smelter expansion, acquisition of the Radersburg flotation mill, and a new hydrometallurgy JV in Idaho.

• Federal government support is strong, with $27 million in grants received and additional applications totaling $274 million underway.

• Institutional ownership is approaching 50%, reflecting a shift toward a more durable investor base.

Financial highlights

• Q1 2026 sales: $6.8 million vs. $7.0 million in Q1 2025; gross profit fell to $1.1 million (16% margin) from $2.4 million (34% margin) due to higher costs.

• Net loss of $11.3 million, primarily from non-cash stock compensation and a $4.1 million unrealized loss on Larvotto equity.

• Cash, U.S. Treasury, and equity securities totaled $60.2 million at Q1 end; pro forma liquidity post-quarter was $108.7 million after $48.6 million equity raised.

• Inventory rose to $22 million from $12.5 million year-end 2025, mainly due to antimony buildup; debt remains low at $162,000.

• Q1 capital expenditures totaled $12.6 million, including facility purchases and construction.

Outlook and guidance

• 2026 revenue guidance reaffirmed at $125 million, with revenue expected to be weighted toward the second half and $75–95 million from federal government antimony shipments.

• Zeolite sales momentum is accelerating, with record shipments in March and April and infrastructure upgrades underway.

• Antimony and zeolite production ramp-up expected to drive improved cost efficiency and operating performance in the second half of 2026.

• Full commissioning of the Thompson Falls expansion targeted for mid-July, with 80% capacity expected by then.

• Guidance depends on timely project commissioning, DLA contract shipments, and ramp-up of in-house ore processing.