Why Is United States Antimony Corporation (UAMY) Stock Down -21.43% Today?
Key Takeaways
- United States Antimony Corporation (UAMY) shares plunged approximately 21.43% in Wednesday's trading session, dropping from a prior close of $6.58 to roughly $5.17, following a deeply disappointing second-quarter earnings report.
- Primary catalyst: Q2 2026 revenue of $7.93 million missed analyst consensus estimates of $23.03 million by a wide margin, while the company reported a loss per share of -$0.02 versus expectations of a small profit.
- Guidance shock: Management slashed full-year 2026 revenue guidance to $60 million–$75 million, down sharply from the prior outlook of $125 million, citing collapsing antimony prices and delivery delays.
- Antimony price collapse: Average selling prices for antimony fell 52% year-over-year to $13.70 per pound, compressing gross margins from 27% to just 7%.
- Broader commodity headwinds: A flood of cheap antimony ore imports into China has driven global antimony prices sharply lower throughout 2026, compounding UAMY's pricing challenges.
- What traders are watching next: Third-quarter DLA contract revenue recognition, stabilization in antimony prices, and the pace of capital deployment at the Thompson Falls expansion project.
Opening Summary
United States Antimony Corporation (UAMY), a fully integrated mining company engaged in the production, processing, and sale of antimony, silver, gold, and zeolite products, saw its shares crater on Wednesday after the company released second-quarter results that badly missed Wall Street expectations. The stock fell roughly 21.43%, declining from Tuesday's closing price of $6.58 to approximately $5.17, as investors digested a 25% year-over-year revenue decline, a sharp contraction in gross margins, and a dramatic downward revision to full-year revenue guidance. The sell-off erased a significant portion of gains accumulated earlier in 2026.
Q2 Earnings Miss Fuels the Sell-Off
The immediate trigger for Wednesday's plunge was the release of UAMY's second-quarter 2026 financial results after the closing bell on August 11. The company reported quarterly revenue of $7.93 million, missing the Wall Street consensus estimate of approximately $23 million by a staggering margin. On the bottom line, UAMY posted a loss of $0.02 per share, compared with analyst expectations of a $0.01-per-share profit. Year-over-year, revenue fell 24.7% from $10.5 million in the prior-year quarter.
While headline net income registered at approximately $0.1 million, that figure was entirely attributable to a $6.8 million unrealized gain on the company's investment in Larvotto Resources Limited and roughly $0.4 million in interest and investment income. The underlying operating performance was starkly weaker: the company recorded an operating loss of approximately $7 million, driven by higher share-based compensation, expanded staffing costs, and elevated professional fees tied to growth initiatives. Excluding non-cash items, the fundamental earnings picture showed significant deterioration.
Revenue Guidance Cut in Half
Perhaps the most jarring element of the quarterly release was the company's decision to cut its full-year 2026 gross revenue guidance to a range of $60 million to $75 million, down from $125 million previously. CEO Gary C. Evans attributed the revision primarily to weaker antimony pricing rather than delivery delays, noting that worldwide antimony prices declined significantly during the first half of 2026. Evans acknowledged that the company nonetheless took advantage of lower prices to build inventory—which rose 178% from year-end levels—while its new smelter was being commissioned.
Management also flagged that certain Defense Logistics Agency (DLA) antimony deliveries tied to the Thompson Falls expansion had been delayed, pushing some revenue recognition into the third quarter. The company expects a minimum of $9 million to $10 million in additional sales to the U.S. government in Q3. However, the magnitude of the guidance reduction—essentially halving the full-year outlook—overwhelmed any reassurance offered by the near-term DLA pipeline.
Antimony Price Collapse Crushes Margins
At the heart of UAMY's earnings disappointment is a brutal decline in global antimony prices. The company reported that its average realized selling price for antimony fell approximately 52% year-over-year to $13.70 per pound from $28.32 per pound, even as pounds sold increased 26% to 428,425 pounds. The price decline far outpaced the reduction in average cost per pound, which fell 33% to $13.34, resulting in razor-thin unit economics.
Gross margin compressed to approximately 7%, down from 27% in the prior-year quarter. Gross profit totaled just $600,000, compared with $2.8 million a year ago. On the earnings call, Evans indicated that antimony prices are expected to remain near $10 per pound for the remainder of 2026—roughly double historical levels but dramatically below the $30-per-pound highs seen in prior periods. He also noted that prices remain "undoubtedly manipulated by China," underscoring the geopolitical dimension of the antimony market.
Broader Antimony Market Under Pressure
UAMY's pricing headwinds are not occurring in isolation. The global antimony market has been under sustained pressure throughout 2026, driven largely by a surge in antimony ore imports into China. Data from the Shanghai Metals Market indicates that China's imports of antimony ores and concentrates surged approximately 209% year-over-year in the January-to-May period, flooding the market with supply just as downstream demand from the flame-retardant and photovoltaic glass sectors turned sluggish.
Spot prices for #1 antimony ingot in China have fallen from roughly 160,000 yuan per metric ton at the start of 2026 to around 110,000 yuan per metric ton by mid-year—a decline of roughly 31%. With Chinese smelters ramping up processing of imported ore and downstream buyers maintaining a hand-to-mouth procurement strategy, the supply-demand imbalance shows few signs of resolving in the near term. This macro backdrop has directly undermined UAMY's pricing power and represents an overhang that the company cannot control.
Market Context and Trading Activity
Trading volume in UAMY was expected to be significantly elevated relative to the daily average, consistent with an earnings-driven shock. Over recent months, the stock's average daily volume has ranged between 7 million and 14 million shares, and earnings-day moves typically generate multiples of that figure. The decline also occurred against a backdrop of elevated short interest: as of the most recent filings, approximately 23% to 25% of the company's float was held short, representing tens of millions of shares. While the sharp sell-off likely benefited short sellers, the high short interest also raises the potential for future volatility should any positive catalyst emerge.
Broader equity markets were relatively stable during the session, indicating that the move in UAMY was company-specific rather than reflective of a macro risk-off event. The basic materials and mining sector has faced headwinds from falling commodity prices broadly, but the magnitude of UAMY's decline far exceeded any sector-wide movement, underscoring the idiosyncratic nature of the earnings-driven rout.
What Comes Next for UAMY
Looking ahead, the near-term narrative for UAMY hinges on several key variables. First, the company's ability to recognize revenue from its DLA contract—which carries cumulative orders of approximately $57.3 million—will be critical to restoring confidence. Management has indicated that the first delivery order of $9.9 million is expected to be completed nearly one year ahead of schedule, with meaningful revenue hitting the income statement in the third and fourth quarters.
Second, any stabilization or recovery in antimony prices would directly benefit UAMY's top and bottom lines. The company holds $62.2 million in cash and U.S. Treasuries and has nearly doubled its working capital to $70 million, providing a substantial liquidity buffer to weather the downturn. The zeolite segment, which saw revenue more than double to $1.9 million, offers a secondary growth avenue that is less correlated with antimony prices.
Risks remain elevated, however. If global antimony prices remain depressed near $10 per pound through year-end, even the full $57 million DLA contract may not be sufficient to bridge the gap to the lowered guidance range. Ongoing capital expenditures at the Thompson Falls and Radersburg facilities, while strategically important, continue to consume cash. The stock's elevated price-to-sales multiple—far above historical medians—also leaves it vulnerable to further multiple compression if growth expectations continue to be revised downward.
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Financial writer and active order flow futures trader with a focus on fundamental analysis, macroeconomic factors, and equity research. I make in-depth blogs on stocks and ETFs, bridging the gap between raw market data and real-world trading decisions.
UAMY's Indicator enters downward trend
The Aroon Indicator for UAMY entered a downward trend on September 18, 2026. Tickeron's A.I.dvisor identified a pattern where the AroonDown red line was above 70 while the AroonUp green line was below 30 for three straight days. This could indicate a strong downward move is ahead for the stock. Traders may want to consider selling the stock or buying put options. A.I.dvisor looked at 275 similar instances where the Aroon Indicator formed such a pattern. In 254 of the 275 cases the stock moved lower. This puts the odds of a downward move at 90%.
Technical Analysis (Indicators)
Bearish Trend Analysis
The Momentum Indicator moved below the 0 level on September 10, 2026. You may want to consider selling the stock, shorting the stock, or exploring put options on UAMY as a result. In 79 of 89 cases where the Momentum Indicator fell below 0, the stock fell further within the subsequent month. The odds of a continued downward trend are 89%.
The Moving Average Convergence Divergence Histogram (MACD) for UAMY turned negative on September 15, 2026. This could be a sign that the stock is set to turn lower in the coming weeks. Traders may want to sell the stock or buy put options. Tickeron's A.I.dvisor looked at 52 similar instances when the indicator turned negative. In 46 of the 52 cases the stock turned lower in the days that followed. This puts the odds of success at 88%.
Following a 3-day decline, the stock is projected to fall further. Considering past instances where UAMY declined for three days, the price rose further in 50 of 62 cases within the following month. The odds of a continued downward trend are 90%.
Bullish Trend Analysis
The Stochastic Oscillator shows that the ticker has stayed in the oversold zone for 4 days. The price of this ticker is presumed to bounce back soon, since the longer the ticker stays in the oversold zone, the more promptly an upward trend is expected.
Following a +1.54% 3-day Advance, the price is estimated to grow further. Considering data from situations where UAMY advanced for three days, in 210 of 261 cases, the price rose further within the following month. The odds of a continued upward trend are 80%.
Fundamental Analysis (Ratings)
The Tickeron PE Growth Rating for this company is 6 (best 1 - 100 worst), pointing to outstanding earnings growth. The PE Growth rating is based on a comparative analysis of stock PE ratio increase over the last 12 months compared against S&P 500 index constituents.
The Tickeron Seasonality Score of 50 (best 1 - 100 worst) indicates that the company is fair valued in the industry. The Tickeron Seasonality score describes the variance of predictable price changes around the same period every calendar year. These changes can be tied to a specific month, quarter, holiday or vacation period, as well as a meteorological or growing season.
The Tickeron Profit vs. Risk Rating rating for this company is 80 (best 1 - 100 worst), indicating that the returns do not compensate for the risks. UAMY’s unstable profits reported over time resulted in significant Drawdowns within these last five years. A stable profit reduces stock drawdown and volatility. The average Profit vs. Risk Rating rating for the industry is 86, placing this stock better than average.
The Tickeron Price Growth Rating for this company is 86 (best 1 - 100 worst), indicating slightly worse than average price growth. UAMY’s price grows at a lower rate over the last 12 months as compared to S&P 500 index constituents.
The Tickeron SMR rating for this company is 94 (best 1 - 100 worst), indicating weak sales and an unprofitable business model. SMR (Sales, Margin, Return on Equity) rating is based on comparative analysis of weighted Sales, Income Margin and Return on Equity values compared against S&P 500 index constituents. The weighted SMR value is a proprietary formula developed by Tickeron and represents an overall profitability measure for a stock.
The Tickeron Valuation Rating of 99 (best 1 - 100 worst) indicates that the company is significantly overvalued in the industry. This rating compares market capitalization estimated by our proprietary formula with the current market capitalization. This rating is based on the following metrics, as compared to industry averages: P/B Ratio (3.828) is normal, around the industry mean (12.095). P/E Ratio (98.039) is within average values for comparable stocks, (147.838). UAMY's Projected Growth (PEG Ratio) (9.440) is very high in comparison to the industry average of (1.027). Dividend Yield (0.000) settles around the average of (0.010) among similar stocks. P/S Ratio (17.241) is also within normal values, averaging (283.864).
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a producer of antimony products
Industry OtherMetalsMinerals
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