United States Antimony (UAMY) Q4 2024 earnings summary

Executive summary

• Fiscal 2024 saw record revenues of $14.9 million, a 72% year-over-year increase, driven by higher antimony prices, improved operational reliability, and strengthened management, including new hires and expanded sales teams.

• Gross profit increased 204% year-over-year to $3.5 million, with cost of sales down 5% and net loss from operations narrowing to $1.7 million from $6.3 million in 2023.

• Strategic initiatives included reopening Mexico operations, acquiring new mining claims in the U.S. and Canada, and expanding processing capacity in Montana.

• Zeolite division achieved a turnaround, with run time improving to 98.4% in Q4 and production capacity tripling, though gross profit was a loss of $0.6 million due to higher maintenance costs.

• Company expanded management and sales teams to support growth and new business initiatives.

Financial highlights

• Record revenues of $14.9 million in 2024, up from $8.7 million in 2023, with gross profit of $3.5 million versus a $3.3 million loss in 2023.

• Operating expenses increased by $2.1 million, including $569K in non-cash stock compensation and $889K in new project development costs.

• Net loss narrowed to $1.7 million in 2024 from $6.4 million in 2023.

• Cash and cash equivalents at year-end were $18.2 million, with debt at $328K.

• Antimony sales reached $11.1 million, up 88% year-over-year; zeolite sales were $2.9 million, up 19%.

Outlook and guidance

• 2025 consolidated revenues are estimated between $35 million and $50 million, reflecting expanded operations and higher antimony prices.

• Focus for 2025 is on profitable sales growth, expanding antimony intake and smelter capacity, and initiating mining activities in Alaska.

• Madero Smelter in Mexico restarted, expected to contribute significantly in 2025.

• Expectation of substantial margin improvement as domestic antimony ore is sourced and processed.

• Plans to further diversify into other critical minerals and maintain a strong balance sheet while growing all divisions.