DALLAS, May 14, 2026, 17:02 CDT
- United States Antimony posted a net loss of $11.3 million for the first quarter, translating to 8 cents per diluted share, with revenue coming in at $6.8 million.
- The company reported it had wrapped up the initial two delivery notices tied to its $245 million Defense Logistics Agency contract, also booking $12.8 million from grant milestones.
- UAMY slipped roughly 4%, changing hands at $9.57 in late trading.
United States Antimony Corporation posted a first-quarter loss Thursday, hit by rising costs and stock-based compensation. Despite the setback, the miner and processor highlighted fresh U.S. defense-related contracts and stood by its gross revenue projection for 2026.
The Dallas-based firm reported revenue of $6.8 million for the quarter ending March 31, slipping from $7.0 million a year ago. Net loss hit $11.3 million, or 8 cents per diluted share. That’s a swing from net income of $546,524 in the same period last year, the company said.
Timing is key here. After years of fretting over dependence on overseas suppliers, Washington is working to shore up domestic supply chains for antimony—a metal critical for flame retardants, batteries, ordnance and ammunition primers. Back in March, the Department of War put $27 million from Defense Production Act funds into U.S. Antimony, aiming to ramp up domestic mining, processing and refining.
China has put its direct export ban on gallium, germanium and antimony shipments to the U.S. on hold, according to Reuters. Exporters will still have to get licenses from Beijing, leaving U.S. buyers and defense contractors facing continued supply uncertainty.
UAMY was last seen changing hands at $9.57, off roughly 4% from its previous finish. Market data showed volume topping 10.7 million shares.
The company reported first-quarter gross profit of $1.1 million, down from $2.4 million in the same period a year ago. Gross margin came in at 16%, slipping from 34% as more expensive ore made its way through cost of sales.
Management described the quarter as more of a build-out. “Things rarely move in a straight line,” Chairman and Chief Executive Gary C. Evans said in the release, labeling the first quarter “a deliberate investment phase.” Newswire
United States Antimony reported hitting $12.8 million in milestones under its Department of War grant for the Thompson Falls, Montana expansion. The company clarified that the grant wasn’t recognized in revenue or profit; rather, it lowered the construction in progress balance on the books.
The company reported roughly $12 million in sales orders tied to its Defense Logistics Agency contract, and said it had already issued the first and second delivery notices for antimony ingots. However, it noted that revenue from the contract wasn’t recognized in the first quarter.
The contract sits at the heart of the matter. Back in September, Reuters said United States Antimony landed a five-year, sole-source deal with the Defense Logistics Agency, valued at up to $245 million, to deliver antimony metal ingots for the national defense stockpile.
Rivals are moving fast. Perpetua Resources has teamed up with the U.S. Army and Idaho National Laboratory to build a small refinery for antimony trisulfide—key for making bullet primers. “Without antimony trisulfide, you can’t make primers,” said Mark Mezger, an Army munitions procurement adviser, speaking to Reuters. Reuters
United States Antimony linked its growth plans to Americas Gold and Silver, announcing a joint venture for a hydrometallurgical processing plant. Hydrometallurgy, which pulls metals from ore or concentrates using water-based chemistry, sits at the core of the project. Ownership splits 51% for Americas, 49% for U.S. Antimony, with U.S. Antimony taking the managing role.
With $23.7 million in cash and held-to-maturity U.S. Treasury securities on its balance sheet at the end of the quarter, U.S. Antimony had financial headroom to continue spending. After March 31, the company pulled in roughly $48.6 million in gross proceeds from share sales.
Execution is the sticking point. The $125 million full-year gross revenue target hangs on when government shipments go out, how soon the Thompson Falls expansion comes online, progress at in-house ore processing in Montana and Mexico, and how strong demand stays for critical minerals. According to the company, they’re counting on most of 2026 revenue landing in the second half—so if projects or permits hit delays, there’s not much cushion.
