United States Antimony (UAMY) Q4 2025 earnings summary

Executive summary

• Revenue grew 163% year-over-year to $39.3 million, driven by higher antimony prices, increased zeolite sales, and new contracts.

• Gross profit rose 185% year-over-year to $9.87 million, with gross margin improving from 23% to 25%.

• Net loss widened to $4.34 million from $1.73 million, mainly due to $6.7 million in non-cash stock compensation and reserves.

• Secured $354 million in new multi-year government and commercial contracts, including $248 million with the U.S. government and $106.7 million with an industrial customer.

• Significant progress in mining operations in Montana, Alaska, and Canada, including new acquisitions, resource reports, and facility expansions.

Financial highlights

• Antimony revenue surged 219% to $35.4 million, with a 230% increase in average selling price per pound.

• Zeolite revenue increased 14% to $3.4 million, with both volume and price gains.

• Cash and equivalents (including U.S. Treasury and equity securities) totaled $91.3 million at year-end, up from $18.2 million.

• Working capital rose to $44.6 million, a $27.9 million increase.

• Debt remained minimal at $195,000.

Outlook and guidance

• Fiscal 2026 revenue guidance set at $125 million, with expectations of bumpy quarterly results but strong annual performance.

• Margin improvements expected as in-house Montana antimony feedstock and expanded smelting operations come online.

• Thompson Falls smelter expansion to be completed by May 2026, delayed by equipment and weather.

• Zeolite division anticipates further revenue growth from new customer relationships.

• Ongoing applications for additional government funding for new projects.