United States Antimony (UAMY) Q2 2026 earnings summary

Executive summary

• Q2 2026 revenue was $7.9 million, down 25% year-over-year, with net income of $0.1 million, aided by a $6.8 million unrealized gain from the Larvotto Resources investment.

• For the first half of 2026, revenue was $14.7 million (down 16% YoY), with a net loss of $11.2 million versus net income of $728K in the prior year.

• Institutional ownership rose to 57% from 42% in Q1, with significant new positions from State Street and BlackRock.

• The company is executing a $245 million DLA contract, with first antimony deliveries made in June and more scheduled for Q3 and Q4.

• Significant operational expansion included the acquisition of a Montana flotation facility, new mining claims in Alaska and Canada, and a $27 million U.S. Department of War grant for facility expansion.

Financial highlights

• Q2 revenue: $7.9 million (down 25% YoY), up 17% from Q1; six-month revenue: $14.7 million (down 16% YoY).

• Antimony segment: $5.9 million revenue (down from $9.6 million YoY); pounds sold up 26%, but average price down 52%.

• Zeolite segment: revenue up 110% YoY to $1.9 million; tons sold up 114%.

• Gross profit: $0.6 million (7% margin), down from $2.8 million (27% margin) YoY.

• Operating loss: $7 million, including $3.4 million in non-cash items; operating expenses rose to $7.6 million, mainly due to higher share-based compensation and salaries.

Outlook and guidance

• Full-year 2026 revenue guidance revised to $60–$75 million from $125 million, reflecting lower antimony prices and delayed DLA shipments.

• Management expects margin expansion in Q3 and Q4 as DLA deliveries are recognized and Thompson Falls expansion becomes operational.

• Antimony prices expected to remain around $10/lb for the rest of 2026.

• No current antimony production from Alaska; Montana remains the main source.

• Management expects continued investment in production capacity and mining integration, with further government grant funding possible.