United States Antimony Corporation Reports Fiscal Year 2025 Financial and Operating Results
Rhea-AI Summary
United States Antimony Corporation (NYSE:UAMY) reported fiscal 2025 results with revenues up 163% to $39.26M and gross profit up 185% to $9.87M. The company ended 2025 with $91.3M cash and investments and executed $354M of new antimony contracts.
US Antimony recorded a $4.34M net loss in 2025 after $6.7M of net non-cash charges, invested $27.8M in capital expenditures, and reiterated 2026 gross revenue guidance of $125M.
Positive
- Revenue +163% to $39.26 million in 2025
- Gross profit +185% to $9.87 million in 2025
- $91.3M cash and investments at year-end 2025
- $354M in signed government and commercial antimony contracts
- Inventory 465 tons of antimony valued at approximately $11.1M
Negative
- Net loss widened to $4.34M in 2025
- Operating expenses increased by $12.47M year-over-year
- $7.08M of non-cash share-based compensation in 2025
- Raised >$104M from equity offerings in 2025, implying potential shareholder dilution
- Invested $27.8M in capital expenditures, pressuring near-term cash deployment
News Market Reaction – UAMY
On the day this news was published, UAMY declined 10.43%, reflecting a significant negative market reaction. Argus tracked a peak move of +13.8% during that session. Argus tracked a trough of -8.2% from its starting point during tracking. Our momentum scanner triggered 43 alerts that day, indicating elevated trading interest and price volatility. This price movement removed approximately $163M from the company's valuation, bringing the market cap to $1.40B at that time.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Market Reality Check
Peers on Argus
UAMY fell 9.32% with key peers also lower: CRML -3%, LAR -5.25%, SGML -7.56%, SLI -2.71%, NEXA -7.7%, indicating broad weakness in related metals names.
Previous Earnings Reports
| Date | Event | Sentiment | Move | Catalyst |
|---|---|---|---|---|
| Nov 12 | Q3 2025 earnings | Positive | -5.6% | Strong 9M 2025 growth, margin gains, narrowed 2025 guidance, major contracts. |
| Aug 12 | Q2 2025 earnings | Positive | +5.0% | Q2 and H1 2025 revenue and profit surge, net income turnaround, guidance. |
| May 08 | Q1 2025 earnings | Positive | -7.1% | Record Q1 2025 results, strong antimony sales, smelter expansion plans. |
| May 06 | Earnings webcast notice | Neutral | +4.1% | Scheduled webcast to discuss record Q1 2025 financial and operating results. |
| Mar 20 | FY 2024 earnings | Positive | -0.6% | Strong FY 2024 revenue growth, gross profit jump, reduced net loss. |
Earnings and related updates have often coincided with negative or mixed next-day moves despite generally strong growth metrics.
Over the last year, UAMY has repeatedly reported strong growth across earnings updates. Record FY 2024 results were followed by record Q1, Q2, and Q3 2025 reports, featuring triple‑digit revenue and gross profit gains, improved margins, and rising cash balances. Guidance for 2025 and reiterated 2026 revenue targets anchored these releases, alongside major supply contracts and capacity expansions. Yet share reactions were frequently negative or muted. Today’s FY 2025 report, with large revenue growth but a higher net loss, continues this pattern of strong fundamentals paired with cautious market response.
Historical Comparison
In the past year, UAMY’s 5 earnings‑tagged releases saw an average move of -0.85%. Today’s -9.32% reaction to FY 2025 results represents a much larger downside move than prior earnings days.
Earnings releases show a progression from strong FY 2024 results through record Q1–Q3 2025 performance, rising cash, and major contracts, culminating in today’s FY 2025 report that maintains the growth trajectory while highlighting the costs of expansion.
Market Pulse Summary
The stock dropped -10.4% in the session following this news. A negative reaction despite strong revenue and gross profit growth fits UAMY’s history of cautious market responses to earnings. Prior earnings-tagged releases averaged about -0.85%, and the stock already traded 52.61% below its 52-week high before this report. The continued net loss, sizeable non-cash charges, and significant past equity issuance may contribute to skepticism. With short interest at 21.54%, downside moves can be amplified if sentiment turns decisively negative.
Key Terms
at the market offerings financial
common stock warrants financial
AI-generated analysis. Not financial advice.
Revenues Up
Gross Profit Up
“The Critical Minerals and ZEO Company”
~ Antimony, Cobalt, Tungsten, and Zeolite ~
DALLAS, TX / ACCESS Newswire / March 19, 2026 / United States Antimony Corporation ("USAC", "US Antimony Corporation", or the "Company"), (NYSE:UAMY)(NYSE Texas:UAMY) reported today its fiscal year 2025 financial and operational results.
Revenues in 2025 grew by
The Company incurred a net loss of
Antimony revenue increased
Zeolite revenue increased
The Company's cash position, including its investment in U.S. Treasury securities and investment in equity securities, totaled
The Company's antimony inventory in 2025 was sourced from international third-party suppliers and mined from its Stibnite Hill, Montana in-house mining claims. This current inventory is at historically elevated levels. As of December 31, 2025 and 2024, inventory totaled 465 tons and 78 tons of antimony (both processed and unprocessed), respectively. The value of our antimony inventory is approximately
Worldwide antimony supply has been in a persistent deficit over the last few years, predominately due to Chinese production declines. With the worldwide embargo of export controls caused by China in the fall of 2024, prices of antimony increased over
Today the Company is reiterating its previously provided 2026 gross revenue financial guidance of:
2026 Gross Revenues -
Commenting on the fiscal year 2025 financial and operational results, Mr. Gary C. Evans, Chairman and CEO of US Antimony Corporation stated, "This past year represents the most significant period of growth and repositioning in our Company's history. We more than doubled our revenues, materially expanded gross profit by almost
Additionally, we should see greater revenue growth in 2026 from recent gains in new customer relationships in our zeolite division at BRZ. Our expansion into other critical minerals is progressing extremely well as we anticipate being the first tungsten producer in North America in over twelve years. Tungsten prices surged over
Conference Call Details
US Antimony management will host a conference call on Thursday, March 19, 2026, at 4:15 p.m. Eastern time to discuss its full financial results for Fiscal Year 2025, followed by a question-and-answer period. The conference call details are as follows:
Date: Thursday, March 19, 2026
Time: 4:15 p.m. Eastern time
Toll-free dial-in Number: 888-506-0062
International dial-in number: 973-528-0011
Participant Access Code: 389306
Webcast URL: https://www.webcaster5.com/Webcast/Page/2604/53780
The conference call will also be available for replay in the Investors section of the Company's website, along with the transcript, at https://www.usantimony.com/investors.
About USAC:
United States Antimony Corporation and its subsidiaries in the U.S., Mexico, and Canada ("USAC," "U.S. Antimony," the "Company," "Our," "Us," or "We") sell antimony, zeolite, and precious metals primarily in the U.S., Mexico, and Canada. The Company mines, purchases, and processes ore primarily into antimony oxide, antimony metal, antimony trisulfide, and precious metals at its facilities located in Montana and Mexico. Antimony oxide is used to form a flame-retardant system for plastics, rubber, fiberglass, textile goods, paints, coatings, and paper, as a color fastener in paint, and as a phosphorescent agent in fluorescent light bulbs. Antimony metal is used in bearings, storage batteries, and ordnance. Antimony trisulfide is used as a primer in ammunition. The Company also recovers precious metals, primarily gold and silver, at its Montana facility from third party ore. At its Bear River Zeolite ("BRZ") facility located in Idaho, the Company mines and processes zeolite, a group of industrial minerals used in water filtration, sewage treatment, nuclear waste and other environmental cleanup, odor control, gas separation, animal nutrition, soil amendment and fertilizer, and other miscellaneous applications. Beginning in 2024 and continuing in 2025, the Company acquired mining claims, real properties (patented claims) and leases located in Alaska, Montana, and Ontario, Canada in an effort to reduce the cost of third-party antimony ore purchases and to expand its product offerings.
Learn more about United States Antimony Corporation at www.usantimony.com.
Forward-Looking Statements:
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, including, without limitation, statements regarding the Company's future operations, production levels, financial performance, business strategy, market conditions, demand for antimony, zeolite, other critical minerals, and precious metals, expected costs, and other statements that are not historical facts. These statements are based on current expectations, estimates, forecasts, and projections about the industries in which the Company operates, as well as management's beliefs and assumptions. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will," "should," "could," and variations of these words or similar expressions are intended to identify such forward-looking statements.
Forward-looking statements are subject to certain risks and uncertainties that could cause actual results to differ materially from those indicated in such statements, including, but not limited to: fluctuations in the market prices and demand for antimony and zeolite; changes in domestic and global economic conditions; operational risks inherent in mining and mineral processing; geological or metallurgical conditions; availability and cost of energy, equipment, transportation, and labor; the Company's ability to maintain or obtain permits, licenses, and regulatory approvals; changes in environmental and mining laws or regulations; competitive factors; the impact of geopolitical developments; and the effects of weather, natural disasters, or health pandemics on operations and supply chains. Additional information regarding risk factors that could cause actual results to differ materially is included in the Company's filings with the U.S. Securities and Exchange Commission, including its Annual Report on Form 10-K and Quarterly Reports on Form 10-Q.
The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise, except as required by law. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof.
Investor Relations Contact:
Jonathan Miller, VP, Investor Relations
4438 W. Lovers Lane, Unit 100
Dallas, Texas 75209
E-Mail: Jmiller@usantimony.com
Phone: 406-606-4117
Media Relations Contact:
Anthony D. Andora
Edge Consulting, Inc.
1560 Market Street, Ste. 701
Denver, Colorado 80202
E-Mail: Anthony@EdgeConsultingSolutions.com
Phone: 720-317-8927
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF OPERATIONS
Years ended December 31, | ||||||||
2025 | 2024 | |||||||
Revenues | $ | 39,257,708 | $ | 14,937,962 | ||||
Cost of revenues | 29,384,196 | 11,471,044 | ||||||
Gross profit | 9,873,512 | 3,466,918 | ||||||
Operating expenses: | ||||||||
General and administrative | 3,125,033 | 2,052,852 | ||||||
Salaries and benefits | 11,580,637 | 2,350,021 | ||||||
Professional fees | 2,355,641 | 968,750 | ||||||
Loss on sale or disposal of property, plant and equipment, net | 51,350 | 11,097 | ||||||
Gain on lease termination | (469,822 | ) | - | |||||
Other operating expenses | 1,689,538 | 475,010 | ||||||
Total operating expenses | 18,332,377 | 5,857,730 | ||||||
Loss from operations | (8,458,865 | ) | (2,390,812 | ) | ||||
Other income (expense), net: | ||||||||
Interest and investment income | 810,546 | 668,543 | ||||||
Unrealized gain on investment in equity securities | 3,321,486 | - | ||||||
Other miscellaneous income (expense), net | (12,693 | ) | (8,135 | ) | ||||
Total other income, net | 4,119,339 | 660,408 | ||||||
Loss before income taxes | (4,339,526 | ) | (1,730,404 | ) | ||||
Income tax expense | - | - | ||||||
Net loss | (4,339,526 | ) | (1,730,404 | ) | ||||
Preferred dividends | (7,500 | ) | (7,500 | ) | ||||
Net loss available to common shareholders | $ | (4,347,026 | ) | $ | (1,737,904 | ) | ||
Net loss per share: | ||||||||
Basic | $ | (0.04 | ) | $ | (0.02 | ) | ||
Diluted | $ | (0.04 | ) | $ | (0.02 | ) | ||
Weighted average shares outstanding: | ||||||||
Basic | 123,635,364 | 108,591,429 | ||||||
Diluted | 123,635,364 | 108,591,429 | ||||||
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
December 31, | ||||||||
2025 | 2024 | |||||||
ASSETS | ||||||||
CURRENT ASSETS | ||||||||
Cash and cash equivalents | $ | 30,494,320 | $ | 18,172,120 | ||||
Investment securities held to maturity | 4,577,706 | - | ||||||
Accounts receivable, net | 4,213,305 | 1,099,771 | ||||||
Inventories | 12,522,009 | 1,245,724 | ||||||
Prepaid expenses and other current assets | 434,842 | 160,954 | ||||||
Note receivable | 2,500,000 | - | ||||||
Total current assets | 54,742,182 | 20,678,569 | ||||||
Property, plant and equipment, net | 42,374,839 | 12,891,447 | ||||||
Operating lease right-of-use assets | 48,106 | 565,289 | ||||||
Investment securities held to maturity - noncurrent | 15,773,251 | - | ||||||
Investment in equity securities | 40,494,328 | - | ||||||
Restricted cash for reclamation bonds | 162,756 | 98,778 | ||||||
Other assets, net | 330,207 | 408,519 | ||||||
Total assets | $ | 153,925,669 | $ | 34,642,602 | ||||
LIABILITIES AND STOCKHOLDERS' EQUITY | ||||||||
CURRENT LIABILITIES | ||||||||
Accounts payable | $ | 6,924,518 | $ | 1,545,708 | ||||
Accrued liabilities | 2,937,842 | 1,560,580 | ||||||
Accrued liabilities - directors | 143,931 | 141,287 | ||||||
Current portion of operating lease liabilities | 34,103 | 626,562 | ||||||
Current portion of long-term debt | 136,942 | 132,252 | ||||||
Total current liabilities | 10,177,336 | 4,006,389 | ||||||
Operating lease liabilities, net of current portion | 14,003 | 129,007 | ||||||
Long-term debt, net of current portion | 58,483 | 195,425 | ||||||
Asset retirement obligations | 2,720,658 | 1,711,108 | ||||||
Total liabilities | 12,970,480 | 6,041,929 | ||||||
COMMITMENTS AND CONTINGENCIES (Note 13) | ||||||||
STOCKHOLDERS' EQUITY | ||||||||
Preferred stock | ||||||||
Series A - no shares issued and outstanding | - | - | ||||||
Series B - 750,000 shares issued and outstanding (liquidation preference | 7,500 | 7,500 | ||||||
Series C - 177,904 shares issued and outstanding (liquidation preference | 1,779 | 1,779 | ||||||
Series D - no shares issued and outstanding | - | - | ||||||
Common stock, | 1,400,423 | 1,129,512 | ||||||
Treasury stock (149,639 and no shares of common stock at cost, respectively) | (574,153 | ) | - | |||||
Additional paid-in capital | 185,608,189 | 68,610,905 | ||||||
Accumulated deficit | (45,488,549 | ) | (41,149,023 | ) | ||||
Total stockholders' equity | 140,955,189 | 28,600,673 | ||||||
Total liabilities and stockholders' equity | $ | 153,925,669 | $ | 34,642,602 | ||||
UNITED STATES ANTIMONY CORPORATION AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
Years ended December 31, | ||||||||
2025 | 2024 | |||||||
CASH FLOWS FROM OPERATING ACTIVITIES: | ||||||||
Net loss | $ | (4,339,526 | ) | $ | (1,730,404 | ) | ||
Adjustments to reconcile loss to net cash (used in) provided by operating activities: | ||||||||
Depreciation and amortization | 1,166,579 | 1,085,747 | ||||||
Accretion of asset retirement obligation | 77,932 | 73,081 | ||||||
Noncash operating lease expense | 289,542 | 190,280 | ||||||
Share-based compensation | 7,081,705 | 568,588 | ||||||
Accretion income from investment in debt securities held to maturity | (416,004 | ) | - | |||||
Loss on sale or disposal of property, plant and equipment, net | 51,350 | 11,097 | ||||||
Gain on lease termination | (469,822 | ) | - | |||||
Write-down of inventory to net realizable value | 919,053 | 65,647 | ||||||
Change in allowance for credit losses | (9,256 | ) | (261,047 | ) | ||||
Unrealized gain on investment in equity securities | (3,321,486 | ) | - | |||||
Change in IVA receivable reserve | 1,300,620 | 140,057 | ||||||
Other noncash items | - | (16,107 | ) | |||||
Changes in operating assets and liabilities: | ||||||||
Accounts receivable | (3,104,278 | ) | (213,468 | ) | ||||
Inventories | (12,195,338 | ) | 74,738 | |||||
Prepaid expenses and other current assets | (283,888 | ) | (68,585 | ) | ||||
IVA receivable and other assets, net | (1,222,308 | ) | (39,339 | ) | ||||
Accounts payable | 3,404,226 | 1,088,773 | ||||||
Accrued liabilities | 1,377,262 | 1,273,310 | ||||||
Accrued liabilities - directors | 2,644 | 16,477 | ||||||
Stock payable to directors | - | (38,542 | ) | |||||
Net cash (used in) provided by operating activities | (9,690,993 | ) | 2,220,303 | |||||
CASH FLOWS FROM INVESTING ACTIVITIES: | ||||||||
Proceeds from redemption of certificates of deposit | - | 72,898 | ||||||
Purchases of investment in debt securities held to maturity | (19,934,953 | ) | - | |||||
Purchases of equity investment securities | (37,172,842 | ) | - | |||||
Issuance of note receivable | (2,500,000 | ) | - | |||||
Proceeds from sales or disposals of property, plant and equipment | 13,366 | 315,625 | ||||||
Purchases of property, plant and equipment | (27,808,485 | ) | (430,596 | ) | ||||
Net cash used in investing activities | (87,402,914 | ) | (42,073 | ) | ||||
CASH FLOWS FROM FINANCING ACTIVITIES: | ||||||||
Principal payments on long-term debt | (132,252 | ) | (103,488 | ) | ||||
Proceeds from exercises of stock options | 117,667 | - | ||||||
Acquisition of treasury stock related to equity awards | (449,475 | ) | - | |||||
Proceeds from issuance of common stock, net of issuance costs | 104,211,214 | 2,759,681 | ||||||
Proceeds from exercise of warrants | 5,732,931 | 1,481,840 | ||||||
Net cash provided by financing activities | 109,480,085 | 4,138,033 | ||||||
NET INCREASE IN CASH AND CASH EQUIVALENTS AND RESTRICTED CASH | 12,386,178 | 6,316,263 | ||||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT BEGINNING OF PERIOD | 18,270,898 | 11,954,635 | ||||||
CASH AND CASH EQUIVALENTS AND RESTRICTED CASH AT END OF PERIOD | $ | 30,657,076 | $ | 18,270,898 | ||||
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION: | ||||||||
Interest paid in cash | $ | 16,654 | $ | 8,869 | ||||
NON-CASH FINANCING AND INVESTING ACTIVITIES: | ||||||||
Recognition of operating lease liability and right-of-use asset | $ | 86,188 | $ | 787,477 | ||||
Equipment purchased with note payable | $ | - | $ | 402,722 | ||||
Property and equipment included in accounts payable | $ | 1,974,584 | $ | - | ||||
SOURCE: United States Antimony Corp.
View the original press release on ACCESS Newswire
FAQ
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