UAMY Q2: $11.2M H1 Loss as Antimony Prices Sink, but $41M Cash and DLA Revenue Begin
UAMY sits 79% above its 52-week low of $3.41.
Summary
UAMY posted an $11.2M H1 net loss as antimony prices plunged, but ended with $41.4M cash and began recognizing revenue from its $245M DLA contract in July. Heavy stock-based compensation and ATM dilution weighed on results, while a material weakness in controls persists.
Key Events · Earnings and Guidance · UAMY
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H1 Net Loss of $11.2M
A 27% drop in antimony selling prices and a surge in operating expenses—including $7.7M in non-cash stock compensation—drove a net loss of $11.2M, compared with a $728K profit in H1 2025.
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Revenue Decline on Lower Antimony Prices
H1 revenue fell 16% to $14.7M. The average sales price for antimony dropped 27% to $16.15/lb, even though pounds sold were flat. Zeolite revenue grew 45% on higher volumes.
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Strong Liquidity Position
Cash and equivalents of $41.4M plus $20.7M in held-to-maturity Treasury securities provide significant runway, despite $20.7M in operating cash burn during H1.
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DLA Contract Revenue Begins
The first two shipments under the $245M DLA contract were fulfilled in June; $2.6M in revenue was recognized in July and will appear in Q3 results.
Analysis · UAMY · Manufacturing
A sharp drop in antimony prices pushed United States Antimony Corporation to an $11.2 million net loss for the first half of 2026, reversing a $728,000 profit in the prior-year period. Revenue contracted 16% to $14.7 million as the average selling price per pound fell 27% in H1. The bottom line was partially cushioned by a $2.7 million unrealized gain on the company's Larvotto stake, yet operating losses ballooned to $14.5 million, fueled by a nine-fold jump in share-based compensation to $7.7 million and higher salaries. On a brighter note, the company held $41.4 million in cash and $20.7 million in Treasury securities at quarter-end, providing ample runway. The Thompson Falls expansion is substantially complete, and the first $2.6 million in revenue from the DLA contract was recognized in July, marking the start of a potentially material new revenue stream. Still, the unremediated material weakness in internal controls and heavy ATM dilution—$49.1 million raised in H1—remain significant concerns.
At the time of this filing, UAMY was trading at $6.10 on NYSE in the Manufacturing sector, with a market capitalization of approximately $975.1M. The 52-week trading range was $3.41 to $19.71. This filing was assessed with negative market sentiment and an importance score of 8 out of 10.