United States Antimony (UAMY) Q3 2024 earnings summary

Executive summary

• Revenues for the first nine months of 2024 rose 23% year-over-year to $8.07 million, with Q3 revenue up 17% to $2.42 million, driven by higher antimony and zeolite volumes and prices.

• Gross profit more than doubled to $2.2 million for the nine months, reflecting operational efficiencies, though offset by higher maintenance and project costs.

• Operating expenses increased significantly, mainly due to non-cash stock compensation, project costs, and higher salaries, resulting in a net loss from continuing operations of $653k for the nine months.

• Discontinued all operational activities in Mexico, ceasing historical cash drain and classifying assets as held for sale.

• Working capital and cash position remained strong at $12.97 million as of September 30, 2024.

Financial highlights

• Antimony business sales grew 24% year-over-year, with gross profit and margins more than doubling.

• Zeolite business sales increased 17%, but gross profit declined and operational losses widened due to higher costs.

• Precious metals segment nine-month revenue grew 66.7% to $404k, with gross profit up 72% to $386k.

• Cash flow from operations improved to $884k for the nine months, compared to a $696k outflow last year.

• Cash and equivalents represented 43.6% of total assets at quarter-end.

Outlook and guidance

• Management expects sufficient liquidity for the next 12 months, supported by cash, operations, and potential capital raises.

• Plans to bring raw antimony material to Montana processing facilities in 2025, with active leasing in Canada and Alaska for antimony and other critical minerals.

• Zeolite operational improvements are expected to reduce costs and support sales growth in future quarters.

• Additional investor conferences and new equity research coverage expected before year-end.

• Ongoing efforts to secure new antimony feedstock and expand mining operations, with production targeted for 2025.