United States Antimony Corporation Q2 2026 Earnings Recap

Shares declined sharply by 25.5% as investors reacted negatively to significant margin compression driven by a steep decline in antimony prices, despite higher volumes, and a cautious outlook reflected in substantial operating losses and inventory buildup.

Key Takeaways

• Revenue dropped 25% year-over-year to $7.9 million in Q2, primarily due to a 52% decline in average antimony selling prices, partially offset by a 26% increase in pounds sold.
• Gross margin contracted severely to 7% from 27% a year ago, pressured by lower realized antimony prices that outpaced cost reductions.
• Operating expenses surged to $7.6 million from $2.8 million last year, largely driven by increased share-based compensation, salaries, and professional fees.
• Operating loss stood near $7 million, despite a net income of $100,000 mainly due to unrealized gains on equity investments rather than core operations.
• Inventory rose markedly to $21.6 million, reflecting strategic buildup amid anticipated demand, contributing to a $20.7 million net cash outflow from operating activities over six months.