United States Antimony Corporation (NYSE:UAMY) reported a net loss of $11.3 million for the first quarter of 2026, a significant downturn from the $0.6 million net income in the same period last year, as the company invests heavily in its vertical integration strategy.
"When you are building a vertical business at the speed we are achieving at USAC, things rarely move in a straight line. There will be bumps in the road," Gary C. Evans, Chairman and Chief Executive Officer of US Antimony, said in a statement. "Our first quarter results reflect a deliberate investment phase for our future."
The Dallas-based critical minerals producer saw revenues dip slightly to $6.8 million from $7.0 million in the first quarter of 2025. The net loss, equivalent to $0.08 per diluted share, included $9.3 million in net non-cash items, primarily $4.8 million in share-based compensation and a $4.1 million unrealized loss on its investment in Larvotto Resources Limited (ASX: LRV).
Despite the quarterly loss, the company is moving forward with an aggressive expansion, supported by government contracts and recent capital raises. US Antimony reiterated its full-year 2026 gross revenue guidance of $125 million, signaling confidence that its investments will begin to generate returns in the latter half of the year.
Financial Performance In-Depth
The company's gross profit fell to $1.1 million, a 16 percent margin, compared to $2.4 million, or a 34 percent margin, in the prior-year period. This was attributed to a 69 percent increase in the cost per pound of antimony sold, which rose to $16.28. The company noted that the margin did not yet benefit from the processing of its own mined antimony or deliveries under its contract with the Defense Logistics Agency (DLA), both of which are expected to commence later in 2026.
Operating expenses surged to $8.6 million from $2.0 million in Q1 2025, driven by the build-out of the company's leadership team and operational infrastructure. Antimony segment revenues were $5.6 million, with pounds sold decreasing 23 percent to 278,797, a decline the company attributed to the timing of customer orders. However, the average sales price per pound of antimony increased by 22 percent to $19.92.
Strategic and Operational Developments
During the quarter, US Antimony advanced several key projects. The company's smelter expansion at Thompson Falls, Montana, is nearing completion and is expected to come online in the coming weeks. This project is supported by a $27 million Department of War grant, of which the company has already achieved milestones representing $12.8 million in funding.
Furthering its vertical integration, the company acquired the Radersburg flotation mill in Montana for $4.8 million. It also entered into a joint venture with Americas Gold and Silver Corporation to construct a new hydrometallurgical processing facility, with US Antimony holding a 49 percent stake and serving as the managing member. The company has also made its first two delivery notices under its $245 million contract with the DLA.
2026 Outlook and Capital Position
US Antimony ended the quarter with $23.7 million in cash and U.S. Treasury securities. Subsequent to the quarter's end, the company raised approximately $48.6 million in gross proceeds through equity issuances. Pro forma for these issuances, total liquidity stands at $108.7 million, including the market value of its investment in Larvotto Resources.
Management stated that the majority of its guided $125 million in 2026 revenue is expected to be weighted towards the second half of the year, contingent on the timely commissioning of the Thompson Falls expansion and the ramp-up of in-house ore processing.
This article is for informational purposes only and does not constitute investment advice.
