UAMY Cuts Full-Year Revenue Guidance to $60M-$75M as Antimony Prices Collapse 52%

Q2 2026 Results

United States Antimony Corporation (NYSE: UAMY) reported Q2 2026 revenue of $7.9 million, a 24.8% decline from $10.5 million in the year-ago quarter, as a 52% collapse in average antimony selling prices from $28.32 per pound to $13.70 per pound overwhelmed a 26% increase in pounds sold. The company also cut its full-year 2026 revenue guidance from $125 million to a range of $60 million to $75 million.

Key Metrics

• Revenue: $7.9 million in Q2 2026, down from $10.5 million in Q2 2025, driven by the antimony price decline to $13.70/lb from $28.32/lb
• Gross profit: $0.6 million (7% gross margin), compared to $2.8 million (27% gross margin) in Q2 2025
• Operating loss: $7.0 million, versus essentially break-even operating results in Q2 2025; operating expenses rose to $7.6 million from $2.8 million
• Net income: $0.1 million, compared to $0.2 million in Q2 2025, as a $6.8 million unrealized gain on the company's investment in Larvotto Resources Limited offset the operating loss
• Capital expenditures: $22.8 million in the first six months of 2026, primarily for the Thompson Falls smelter expansion and acquisition of the Radersburg, Montana flotation facility
• Working capital: Doubled to $70.0 million at June 30, 2026 from $35.0 million at March 31, 2026, supported by $49.1 million in net equity issuance proceeds

What Drove the Results

EPS came in at $0.00 on a GAAP basis, in line with the $0.00 consensus estimate. The operating picture was materially weaker than the headline EPS suggests: gross margin compressed 20 percentage points to 7% as selling prices fell while cost per pound declined only 33% (to $13.34 from $19.85), providing insufficient offset. Operating expenses nearly tripled to $7.6 million from $2.8 million, including $2.9 million of non-cash share-based compensation and higher salaries tied to an expanded leadership team. The $0.1 million net income figure was rescued entirely by the $6.8 million unrealized gain on the Larvotto Resources investment.

Antimony pounds sold increased 26% to 428,425 from 340,305 in Q2 2025, and the company completed its first two shipments totaling approximately 82,000 pounds under its Defense Logistics Agency contract in June 2026. Because formal DLA acceptance occurred in July 2026, the approximately $2.6 million in associated revenue will be recognized in Q3 2026. The zeolite segment was a bright spot, with revenue rising 110% year-over-year to $1.9 million as tons sold grew 114% to 6,609 tons from 3,084 tons, supported by cattle market penetration and expanded industrial distribution.

Operating cash outflow was $20.7 million for the six-month period ended June 30, 2026, reflecting a strategic build in antimony feedstock inventory, which rose 178% from year-end to $21.6 million. The company ended the quarter with $41.4 million in cash and $20.7 million in U.S. Treasury securities held to maturity.

Why It Matters

The guidance cut is the central investor question. Management revised full-year 2026 revenue guidance to $60 million to $75 million from prior guidance of $125 million, citing three factors: spot antimony prices of approximately $10.50 per pound in Q2 2026 versus more than $28 per pound when original guidance was set, a shift in the timing of DLA deliveries related to the Thompson Falls expansion pace, and an updated view of second-half shipment cadence. The DLA contract backlog stands at $57.3 million in antimony ingot orders, and management expects at minimum $9.0 million to $10.0 million in Q3 2026 revenue, all from U.S. government sales.

The Thompson Falls, Montana expansion is expected to reach full operational status on all furnaces during Q3 2026, which management identified as a prerequisite for accelerating both DLA and commercial deliveries. A new joint venture with Americas Gold and Silver to build a hydromet processing facility in Idaho was also announced during the quarter, extending the company's integrated domestic production platform.

Wall Street View

Analyst consensus ahead of the report leaned constructive, with the majority of covering firms holding Buy-equivalent ratings. No specific price target actions from named analysts were available in the source data following the Q2 release.

Investor Takeaway

The halving of full-year revenue guidance is a significant reset that reflects structural pricing pressure, not just execution timing, since antimony spot prices remain near $10.50 per pound versus the $28-plus environment that underpinned the original $125 million target. The $57.3 million DLA backlog and the expected Q3 ramp in Thompson Falls production capacity provide a concrete forward revenue catalyst, but investors will need to monitor whether actual antimony prices recover sufficiently to restore the margin profile, given that Q2 gross margin compressed to 7% at $13.70 realized per pound.