United States Antimony (UAMY) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue was $6.8 million, nearly flat year-over-year, with a net loss of $11.3 million driven by non-cash stock compensation, unrealized losses on equity securities, and higher costs from strategic investments.

• The company advanced diversification into cobalt, gold, tungsten, and zeolite, with significant progress in each segment and major operational milestones including near-completion of the Thompson Falls smelter expansion and acquisition of the Radersburg flotation mill.

• Awarded a $27 million U.S. government grant, completed a $48.6 million equity raise post-quarter, and uplisted to the NYSE, increasing institutional ownership to nearly 50%.

• Achieved record zeolite shipments and launched a cattle nutrition business, driving new customer growth and logistics investments.

• Significant investments in inventory, leadership, and infrastructure increased costs but position the company for future growth.

Financial highlights

• Q1 2026 sales: $6.8 million (down from $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, including $4.8 million in non-cash stock compensation and $4.1 million unrealized loss on Larvotto equity.

• Operating expenses rose to $8.6 million, mainly from share-based compensation and salaries.

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

• Inventory increased to $22 million, reflecting buildup of antimony inventory.

Outlook and guidance

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

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

• Additional government funding applications totaling $274 million are pending.

• Anticipates improved gross margins as economies of scale are realized and production ramps up in H2 2026.

• Zeolite and antimony sales expected to accelerate, with infrastructure upgrades underway to meet demand.