United States Antimony (UAMY) Q2 2024 earnings summary

Executive summary

• Revenues for the first six months of 2024 increased 26% year-over-year to $5.6 million, with gross profit up 122% to $1.73 million, driven by higher antimony sales and improved zeolite pricing.

• Net income from continuing operations was $30,000 for the six months ended June 30, 2024, marking a turnaround from prior losses.

• Operational improvements and management changes led to higher efficiency and reduced delivery backlogs, especially in the zeolite division.

• Discontinued Mexico operations eliminated a historical cash drain and contributed to improved financial results.

• The company is pursuing growth through new product launches, lobbying, and potential acquisitions.

Financial highlights

• Q2 2024 revenue from continuing operations was $2.8 million (up 24% YoY); six-month revenue was $5.6 million (up 26%).

• Gross profit for Q2 2024 was $908,641 (up 135% YoY); six-month gross profit was $1.7 million (up 122%).

• Net income for Q2 2024 was $202,792, reversing a net loss of $336,465 in Q2 2023, with six-month net loss narrowing to $119,976 from $1.1 million.

• Operating expenses increased by $1.1 million, mainly due to non-cash stock compensation, project costs, and higher salaries.

• Cash and cash equivalents stood at $12.4 million as of June 30, 2024, up $492,000 from year-end 2023.

Outlook and guidance

• Management anticipates further operational improvements and is prepared to expand capacity as new orders materialize.

• Sufficient liquidity is expected for the next 12 months, supported by cash, operations, and potential asset sales.

• Focus remains on profitable growth, operational efficiency, and strategic asset sales, including USAMSA and a non-core Idaho property.

• Management is focused on securing international antimony ore suppliers and expanding the zeolite business.

• Access to critical minerals and capitalizing on high-quality zeolite reserves are key strategic priorities.