United States Antimony Q2 Earnings Call Highlights

United States Antimony reported lower second-quarter revenue as antimony selling prices declined sharply from a year earlier, while the company expanded volumes, built inventory for government deliveries and advanced mining and processing projects in North America. Revenue for the quarter ended June 30 was approximately $7.9 million, down 25% from $10.5 million a year earlier, Interim Chief Financial Officer Shawn Winkler said. Revenue increased 17% sequentially from $6.8 million in the first quarter. For the first six months of 2026, revenue was $14.7 million, compared with $17.5 million in the prior-year period. The year-over-year decline was driven primarily by lower realized antimony prices. Antimony revenue totaled $5.9 million, compared with $9.6 million in the second quarter of 2025, even as pounds sold increased 26% to 428,425 pounds. Average selling prices fell 52% to $13.70 per pound from $28.32 per pound, while average cost per pound declined 33% to $13.34, Winkler said. Gross profit was approximately $600,000, representing a 7% gross margin, down from $2.8 million and a 27% margin a year earlier. Winkler attributed the compression almost entirely to the decline in antimony pricing. The company recorded an operating loss of about $7 million, compared with operating expenses of $7.6 million. Expenses rose from $2.8 million a year earlier, reflecting higher share-based compensation, salaries and benefits associated with an expanded leadership team and operating infrastructure, as well as professional fees tied to growth initiatives. Winkler said the operating loss included about $3.4 million of net non-cash items, including $2.9 million in share-based compensation and roughly $500,000 in depreciation and amortization. Reported net income was approximately $100,000, compared with $200,000 a year earlier, aided by a $6.8 million unrealized gain on the company’s investment in Larvotto Resources Limited and $400,000 in interest and investment income. Zeolite revenue increased 110% to $1.9 million as tons sold rose 114%. Winkler cited broadened sales channels, particularly in cattle nutrition, and lower average production costs per ton. Cash and cash equivalents totaled $41.4 million at June 30, up from $3.2 million at March 31. The company also held $20.7 million in U.S. Treasuries, bringing total cash and Treasury liquidity to $62.2 million. Total assets rose to $190.6 million, while total liabilities declined to $9.6 million, according to Winkler. Inventory reached $21.6 million at quarter-end, compared with $12.5 million at the end of 2025. Management said the increase was intentional, reflecting feedstock purchases and finished-goods inv...