8-K: US Antimony Reports Q2 2026 Results, Revenue Down, Zeolite Up

United States Antimony Corporation reported second quarter 2026 results with revenues of $7.9 million, a decrease from the prior year, but saw significant growth in its zeolite segment and progress on DLA contracts.

Summary

• United States Antimony Corporation (USAC) reported second quarter 2026 revenues of $7.9 million, down from $10.5 million in Q2 2025.
• Net income for the quarter was $0.1 million, a decrease from $0.2 million in the prior year.
• Antimony pounds sold increased by 26% to 428,425 pounds, but average selling prices decreased by 52% to $13.70 per pound.
• Zeolite segment revenue grew 110% year-over-year to $1.9 million, with tons sold up 114%.
• The company delivered its first two shipments of antimony metal ingots under its DLA contract in June 2026, totaling approximately 82,000 pounds, with $2.6 million expected to be recognized as revenue in Q3 2026.
• Working capital doubled to $70.0 million as of June 30, 2026, from $35.0 million at March 31, 2026.
• Full-year 2026 revenue guidance has been revised to a range of $60 million to $75 million, down from previous guidance of $125 million.

Sentiment

Score: 4

Explanation: StockSavvy.ai views this as a mixed to slightly negative quarter due to significantly lower revenues and gross margins, despite strong growth in the zeolite segment and positive developments in DLA shipments and strategic investments.

Positives

• Zeolite segment revenue grew 110% year-over-year to $1.9 million, with tons sold up 114% to 6,609 tons.
• Delivered first two shipments of ~82,000 pounds of antimony metal ingots under DLA contract in June 2026.
• Working capital doubled to $70.0 million as of June 30, 2026, providing significant operating and capital runway.
• Strengthened balance sheet with $49.1 million in net proceeds from equity issuances in the first six months of 2026.
• Commissioned the Radersburg, Montana flotation facility and substantially completed the Thompson Falls, Montana expansion.
• Strategic investment in Larvotto Resources Limited appreciated to $43.2 million at June 30, 2026 (valued at $46.7 million on August 10, 2026).

Negatives

• Second quarter 2026 revenues were $7.9 million, down from $10.5 million in Q2 2025.
• Gross profit declined to $0.6 million (7% gross margin) from $2.8 million (27% gross margin) in Q2 2025, primarily due to a significant decline in antimony selling prices.
• Reported an operating loss of $7.0 million in Q2 2026, compared to break-even operating results in Q2 2025.
• Net income decreased to $0.1 million in Q2 2026 from $0.2 million in Q2 2025.
• Full-year 2026 revenue guidance was significantly reduced to $60 million-$75 million from $125 million.

Risks

• Fluctuations in the market prices and demand for antimony and zeolite.
• Dependence on the DLA contract and the U.S. government's ability to modify, delay, reduce, or terminate orders.
• The risk that assumptions underlying the full-year 2026 revenue guidance prove incorrect.
• Challenges in completing the Thompson Falls expansion and other capital projects on time and budget.
• Availability, quality, and cost of third-party antimony feedstock.
• Volatility in the market value of the investment in Larvotto Resources Limited.
• Changes in domestic and global economic conditions.
• Operational risks inherent in mining and mineral processing, including geological or metallurgical conditions.

Future Outlook

The company is updating its full-year 2026 gross revenue guidance to a range of $60 million to $75 million, revised from prior guidance of $125 million, due to lower antimony market prices and a shift in DLA shipment timing. Management anticipates the third quarter should see a minimum of $9.0-$10.0 million of additional sales, all to the US Government, and expects increased shipments to both the DLA and commercial customers in the second half of 2026.

Management Comments

• "While our overall operations are continuing to improve markedly each month, those successes are only slowly trickling into our financial performance."
• "While we made our first deliveries to the government during the second quarter, none of that achievement was reflected during this financial reporting period."
• "We currently anticipate the third quarter should see a minimum of $9.0-$10.0 million of additional sales, all to the US Government."
• "With a total of $57.3 Million in antimony ingot orders from the DLA on our books today, we are working tirelessly to fulfill these purchases orders by year-end."
• "Worldwide antimony prices declined during the first six months of 2026 which has obviously affected our revenue projections. However, we took advantage of that opportunity by significantly increasing our existing inventory (up 178% from year-end) while our new smelter was being commissioned."
• "Managements current outlook reflects expectations for the balance of 2026 regarding increased shipments to both the DLA and our existing industrial customers, the Thompson Falls expansion becoming fully operational on all furnaces during the third quarter of 2026, continued ramp-up of in-house antimony ore processing in both Montana and Mexico, and sustained demand for critical minerals and our zeolite products."

Industry Context

StockSavvy.ai notes that USAC's results reflect broader market trends in the antimony sector, particularly the significant decline in global antimony prices. The company's strategic focus on domestic production, critical minerals, and supply chain resilience aligns with increasing government interest in these areas, as evidenced by the DLA contract and Defense Production Act funding.

Stakeholder Impact

• Shareholders: Reduced revenue and profitability in Q2 2026, revised lower full-year revenue guidance, but also positive developments in strategic investments and balance sheet strengthening.
• Employees: Increased salaries and benefits associated with expanded leadership team and operational infrastructure.
• Government (DLA): Progress on DLA contract with initial shipments delivered, impacting future revenue recognition.
• Suppliers: Potential impact from increased inventory buildup and strategic investments in feedstock.

Next Steps

• Recognize approximately $2.6 million as third-quarter 2026 revenue from DLA shipments accepted in July 2026.
• Continue to fulfill DLA antimony ingot orders by year-end.
• Thompson Falls expansion expected to become fully operational on all furnaces during the third quarter of 2026.
• Continue ramp-up of in-house antimony ore processing in Montana and Mexico.
• Expand volume of antimony products supplied to government and commercial customers as processing capacity increases.
• Continue to expand domestic critical minerals platform through strategic mining claim acquisitions.

Key Dates

Recommendation

The significant reduction in revenue guidance and lower profitability metrics are concerning. However, the growth in the zeolite segment, progress on the DLA contract, strengthening of the balance sheet, and completion of key infrastructure projects (Thompson Falls, Radersburg) provide some offset. The company's strategic positioning in critical minerals and its unique integrated model warrant a hold rating pending clearer signs of revenue recovery and margin improvement in the second half of 2026.

Keywords

antimony, zeolite, critical minerals, DLA contract, Thompson Falls expansion, Radersburg facility, revenue guidance, financial results