Q1 Loss Widens to $11.3M Amid High Cash Burn; Secures $48.6M Post-Quarter ATM Offering & $27M Government Grant
UAMY has more than doubled off its 52-week low of $1.94.
Summary
UNITED STATES ANTIMONY CORP reported a significant net loss of $11.3 million in Q1 2026, a sharp decline from prior year's profit, driven by increased operating expenses and cash burn. The company subsequently raised $48.6 million through an ATM offering and recognized $12.8 million from a government grant to address liquidity.
Key Events · Earnings and Guidance · UAMY
-
Significant Q1 Net Loss
Reported a net loss of $11.3 million for Q1 2026, a substantial decline from a $0.55 million net income in Q1 2025.
-
Increased Cash Burn and Liquidity Drop
Net cash used in operating activities increased to $12.1 million in Q1 2026 from $1.7 million in Q1 2025, leading to a sharp drop in cash and cash equivalents from $30.5 million to $3.2 million.
-
Post-Quarter Capital Raise
Subsequent to the quarter, the company sold 4.2 million shares in April and May 2026 through an at-the-market (ATM) offering, generating gross proceeds of $48.6 million at an average price of $11.57 per share.
-
Government Grant Funding Recognized
Recognized $12.8 million from a $27.0 million U.S. Department of War grant for antimony processing expansion, with these funds received in April 2026.
Analysis · UAMY · Manufacturing
UNITED STATES ANTIMONY CORP reported a significant net loss of $11.3 million for Q1 2026, a sharp deterioration from the prior year's net income, driven by a substantial increase in operating expenses and a decline in gross profit. The company experienced a high cash burn, with cash reserves dropping from $30.5 million to $3.2 million during the quarter. To address this, the company subsequently raised $48.6 million through an at-the-market (ATM) offering and recognized $12.8 million from a U.S. Department of War grant, with funds received in April 2026. The filing also reiterates a material weakness in disclosure controls and procedures due to insufficient accounting staff, and notes the temporary leave of the CFO. While the subsequent financing provides a critical lifeline, the underlying operational performance and cash burn for the quarter are significant concerns.
At the time of this filing, UAMY was trading at $9.25 on NYSE in the Manufacturing sector, with a market capitalization of approximately $1.4B. The 52-week trading range was $1.94 to $19.71. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.