8-K: US Antimony Q3 Revenue Soars 182%, Secures Major Contracts

United States Antimony Corporation reported significant revenue and gross profit increases for Q3 and the first nine months of 2025, driven by higher antimony sales prices and new defense and industrial contracts.

Summary

• Revenues for the first nine months of 2025 increased to $26.23 million, representing a 182% increase of $16.92 million compared to $9.31 million for the same period in 2024.
• Gross profit more than tripled, increasing 219% or $4.96 million to $7.22 million, compared to $2.26 million during the first nine months of 2024.
• Gross margin improved to 28% during the first nine months of 2025 from 24% in the prior year.
• The company incurred a net loss of $4.05 million for the nine months ended September 30, 2025, compared to a net loss of $847k for the corresponding period in 2024, primarily due to $5.18 million in non-cash expenses, including $4.69 million of share-based compensation.
• Antimony sales reached $23.57 million for the first nine months of 2025, up $16.5 million or 235% over last year, mainly due to an increase in the average sales price per pound.
• Zeolite sales were $2.65 million for the first nine months of 2025, up $375k or 16% over the same period last year.
• The cash position, including investment in securities, totaled $38.5 million at September 30, 2025, a significant increase from $18.2 million at year-end 2024.
• Capital expenditures for the first nine months of 2025 totaled $16.07 million, including $5.77 million for mineral rights purchases and $9.16 million for smelting expansion in Thompson Falls, Montana.
• Secured a five-year, sole-source IDIQ contract with the U.S. Defense Logistics Agency valued at up to $245 million in September 2025.
• Secured a five-year commercial supply agreement with a large U.S. industrial fabric manufacturer valued at approximately $107 million.
• Successfully moved over 560 tons of antimony ore from its re-opened Montana mine since October 10th, which is expected to provide significant margin expansion starting in Q1 2026.
• Antimony inventory at September 30, 2025, totaled 230 tons (processed and unprocessed), valued at approximately $9.2 million.
• Narrowed 2025 revenue financial guidance to $40 $43 million and reiterated 2026 revenue financial guidance of $125 million.

Sentiment

Score: 8

Explanation: The company demonstrated substantial revenue and gross profit growth, secured significant long-term contracts, and made strategic investments in its operations and mineral rights. While a net loss was reported, it was largely due to non-cash expenses related to share-based compensation and increased operating expenses for expansion, which are expected to yield future benefits. The strong cash position and positive future guidance contribute to a very positive outlook.

Positives

• Revenues for the first nine months of 2025 increased 182% to $26.23 million.
• Gross profit more than tripled, increasing 219% to $7.22 million.
• Gross margin improved to 28% from 24% in the prior year.
• Antimony sales surged 235% to $23.57 million, driven by higher average sales prices.
• Zeolite sales increased 16% to $2.65 million.
• Cash position significantly improved to $38.5 million at September 30, 2025, from $18.2 million at year-end 2024.
• Secured a five-year, sole-source IDIQ contract with the U.S. Defense Logistics Agency valued at up to $245 million.
• Secured a five-year commercial supply agreement with a U.S. industrial fabric manufacturer valued at approximately $107 million.
• Successfully began mining over 560 tons of antimony ore from the re-opened Montana mine, expected to provide significant margin expansion starting Q1 2026.
• Record levels of antimony inventory (230 tons) valued at $9.2 million.
• Reiterated strong 2026 revenue guidance of $125 million.

Negatives

• Incurred a net loss of $4.05 million for the nine months ended September 30, 2025, compared to a net loss of $847k in the prior year.
• Operating expenses increased by $8.19 million to $11.76 million for the first nine months of 2025.
• The net loss included $5.18 million of non-cash expenses, primarily $4.69 million of non-cash share-based compensation.

Risks

• 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.
• 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.
• The effects of weather, natural disasters, or health pandemics on operations and supply chains.

Future Outlook

The company narrowed its 2025 revenue guidance to $40 $43 million and reiterated its 2026 revenue guidance of $125 million. It anticipates significant margin expansion from its in-house Montana antimony ore, expected to be realized in Q1 2026, following the completion of smelting expansion efforts in January 2026. The company also plans to expand its operating base into other critical minerals and looks forward to announcing these accomplishments in the near future.

Management Comments

• "The third quarter marked a continued improvement in our overall financial performance."
• "We successfully secured two major sales contracts over the last 60 days – a five-year, sole-source IDIQ contract with the U.S. Defense Logistics Agency valued at up to $245 million in September 2025 and a five-year commercial supply agreement with a large U.S. industrial fabric manufacturer valued at approximately $107 million announced yesterday."
• "Both of these contracts provide significant long-term revenue growth and stability for our shareholders."
• "Our success at finding new antimony ore at our recently re-opened mine in Montana, located adjacent to our operating smelter, has been quite significant."
• "This new supply will provide significant margin expansion to our operations as compared to the material currently being acquired from international third parties. This should begin to be realized in our financial performance during the first quarter of 2026, as our expansion efforts are completed in January 2026."
• "We continue our efforts to expand our operating base into other critical minerals. We look forward to announcing those increased accomplishments in the near future."
• "As the only fully integrated antimony company in the free world (outside of China and Russia), our mission is to continue becoming the lowest cost producer of antimony products which insures our future viability."

Industry Context

United States Antimony Corporation positions itself as the "only fully integrated antimony company in the free world (outside of China and Russia)," highlighting its strategic importance in the critical minerals sector. The company's focus on antimony, cobalt, tungsten, and zeolite aligns with global trends emphasizing supply chain security and domestic production of critical materials, especially given geopolitical tensions and reliance on specific regions for these resources. The new contracts with the U.S. Defense Logistics Agency underscore the strategic demand for antimony in national defense applications, reinforcing the company's role in national security and industrial supply chains.

Comparison to Industry Standards

• The company aims to become the "lowest cost producer of antimony products," a key competitive advantage in the mining and critical minerals industry, which typically faces volatile commodity prices and high operational costs.
• Its status as the "only fully integrated antimony company in the free world (outside of China and Russia)" provides a unique market position, differentiating it from competitors who may rely on fragmented supply chains or operate in less geopolitically stable regions, offering a secure and reliable source of critical minerals.
• The significant capital expenditures of $16.07 million for mineral rights and smelting expansion indicate a commitment to vertical integration and capacity growth, a common strategy among companies seeking to control their supply chain, reduce reliance on third-party suppliers, and enhance operational efficiency, aligning with best practices for long-term sustainability in the mining sector.

Corporate Governance

Stakeholder Impact

• Shareholders: Significant long-term revenue growth and stability from new contracts, potential for margin expansion, and increased share-based compensation for management/directors (which can have a dilutive effect from stock sales for capital raise).
• Employees: Expansion of operations (smelting in Montana) could imply job creation or stability.
• Customers: U.S. Defense Logistics Agency and a large U.S. industrial fabric manufacturer secured long-term supply agreements, ensuring a stable supply of critical materials.
• Suppliers: Transitioning from international third-party antimony suppliers to in-house Montana ore will reduce reliance on external suppliers for a portion of their needs, potentially impacting existing supplier relationships.
• Creditors: Improved cash position and strong future revenue guidance could enhance creditworthiness.

Next Steps

• Complete smelting expansion efforts in Montana by January 2026.
• Realize significant margin expansion from in-house antimony ore in Q1 2026.
• Continue efforts to expand the operating base into other critical minerals.
• Announce increased accomplishments in critical mineral expansion in the near future.
• Host a conference call on November 12, 2025, at 4:15 p.m. Eastern time to discuss financial results.

Key Dates

Recommendation

The company has demonstrated exceptional revenue and gross profit growth, driven by increased sales prices and strategic market positioning. The securing of two substantial long-term contracts, including a critical U.S. Defense Logistics Agency agreement, provides significant revenue visibility and stability. Strategic investments in expanding smelting capacity and developing in-house ore sources in Montana are expected to lead to substantial margin expansion and cost reduction, reinforcing its unique position as the only fully integrated antimony company in the free world (outside of China and Russia). While a net loss was reported, it is largely attributable to non-cash expenses and investments for future growth. The strong cash position, successful capital raises, and robust 2026 revenue guidance of $125 million indicate a very positive trajectory and strong potential for future profitability and shareholder value appreciation.

Keywords

Antimony, Zeolite, Critical Minerals, Mining, Smelting, Defense Logistics Agency, UAMY, Montana, Financial Results, Revenue Growth, Contracts, Capital Expenditures