United States Antimony Cuts 2026 Revenue Outlook Nearly in Half
United States Antimony slashed its full-year revenue guidance to $60-75 million from $125 million as antimony prices collapsed even as volumes recovered.
United States Antimony (UAMY) cut its full-year 2026 gross revenue guidance to a range of $60 million to $75 million, down from the $125 million target it had reiterated just one quarter earlier. The reduction of roughly 40% to 52% came as the antimony miner and processor reported second-quarter revenue of $7.9 million, down 25% from $10.5 million a year earlier, though up 16% from $6.8 million in the first quarter.
The guidance cut reflects a widening gap between volume and price for the company's core antimony business. Pounds sold rose 26% year-over-year in the second quarter to 428,425 pounds, reversing a 23% volume decline in the first quarter. But the average selling price fell 52% year-over-year to $13.70 a pound from $28.32, a sharp reversal from the first quarter, when average prices had risen 22% to $19.92 a pound. The company sold more antimony for less money, and gross margin compressed to 7% from 27% a year earlier, the third straight quarter of year-over-year margin erosion after 16% in the first quarter and 34% in the prior-year period.
Operating expenses jumped 170% to $7.6 million from $2.8 million in last year's second quarter, driven by higher share-based compensation, expanded headcount and professional fees. That expense growth, layered on top of the margin compression, pushed the operating loss to $7.0 million from break-even a year earlier, though the loss narrowed sequentially from $7.5 million in the first quarter.
United States Antimony nonetheless reported net income of $0.1 million for the quarter, down slightly from $0.2 million a year earlier but a marked swing from the $11.3 million net loss posted in the first quarter. The result was driven by a $6.8 million unrealized gain on the company's equity stake in Larvotto Resources, which offset the operating loss. The Larvotto position, carried at a $37.2 million cost basis at year-end, was marked at $43.2 million as of June 30 and had risen further to $46.7 million by August 10, an incremental $3.5 million gain since quarter-end.
Zeolite, the company's secondary product line, provided one of the quarter's few unambiguous bright spots. Segment revenue grew 110% year-over-year to $1.9 million on a 114% increase in tons sold to 6,609, a sharp acceleration from the first quarter, when zeolite revenue had fallen 9% on a 3% volume decline.
The company built antimony inventory to $21.6 million at June 30, up 178% from $12.5 million at year-end 2025 and more than triple the $6.8 million held a year earlier, a buildup not previously flagged as a comparable metric. Roughly 82,000 pounds of antimony, worth about $2.6 million, shipped to the Defense Logistics Agency in June under its supply contract but will be recognized as third-quarter revenue because government acceptance did not occur until July.
Working capital doubled to $70.0 million at June 30 from $35.0 million at the end of the first quarter, funded in part by $49.1 million in net equity issuance proceeds raised during the first half of the year. The company also confirmed $12.8 million in Department of War Title III grant milestone funding, first disclosed in the first quarter, to help finance capital spending at its Thompson Falls smelter.
The company disclosed a leadership change during the quarter: Chief Financial Officer Richard Isaak took personal leave effective May 4, with Shawn Winkler named interim CFO and taking on CFO commentary duties by the first-quarter earnings call.