United States Antimony (UAMY) Earnings Date & Reports

Key Takeaways

• United States Antimony is expected to report third-quarter 2026 results in mid-November, covering the three months ended September 30, 2026.
• Analysts, on average, project revenue of roughly $21.45 million, a sharp sequential jump from the $7.9 million reported in the second quarter.
• Consensus earnings per share (EPS) sits near breakeven at around -$0.02, reflecting the continued weight of non-cash items.
• Investors are focused on revenue recognition from the company's Defense Logistics Agency (DLA) contract after its first antimony ingot shipments were accepted in July.
• Full-year 2026 revenue guidance was cut to a range of $60 million to $75 million, down from a prior $125 million target.

Earnings Context and Why It Matters

United States Antimony Corporation (UAMY) has become a focal point for investors watching the U.S. push to rebuild domestic supply chains for critical minerals. The company is expanding antimony and zeolite production while executing a contract with the Defense Logistics Agency (DLA), the Department of Defense unit that procures strategic materials. This report matters because it is the first quarter expected to capture revenue from initial government deliveries that were accepted in July, after second-quarter shipments missed the recognition window. With antimony prices down sharply year over year and operating expenses elevated amid a leadership build-out, the third quarter offers an early read on whether government sales and volume growth can offset margin pressure.

Earnings Expectations

Heading into the report, consensus estimates point to revenue of approximately $21.45 million for the third quarter of 2026, according to StreetInsider and other aggregators. That would represent a substantial increase from the $7.9 million recorded in the second quarter and the $8.7 million reported in the third quarter of 2025. The projected jump reflects expected revenue recognition tied to DLA shipments: the company's first two deliveries, totaling roughly 82,000 pounds of antimony metal ingots shipped in June, were accepted in July, unlocking approximately $2.6 million of revenue for the third quarter, with additional truckloads anticipated to contribute further.

EPS expectations are modest, with consensus near negative $0.02, though estimates vary widely given the company's large non-cash items. In the second quarter, reported net income was just $0.1 million, boosted by a $6.8 million unrealized gain on its Larvotto Resources investment, while an operating loss of $7.0 million was driven by share-based compensation and infrastructure spending. Analysts will be watching gross margin closely after it compressed to roughly 7% in the second quarter as average antimony selling prices fell about 52% to $13.70 per pound.

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Market Reaction and Investor Sentiment

Sentiment heading into the third-quarter report remains cautious. United States Antimony shares have been volatile around earnings, with the stock falling roughly 13% in the week following recent reports, according to StreetInsider data. The second-quarter update triggered a double-digit after-hours decline after management lowered full-year guidance and margin concerns overshadowed strong volume growth and zeolite momentum. Traders will be watching whether recognized DLA revenue, higher antimony volumes, and any stabilization in antimony prices can restore confidence. Key risks include continued pricing weakness, elevated operating expenses, and the timing of government acceptance for additional deliveries.

Forward Outlook and Key Factors to Monitor

Several factors will shape how investors interpret the coming report. First, the pace and acceptance of DLA deliveries remain central, as management has indicated that additional truckloads could contribute further third-quarter revenue and roughly $4 million in fourth-quarter cash flow, subject to third-party testing. The timing of formal acceptance can shift revenue between periods, so clarity on the delivery schedule will be closely watched.

Second, antimony pricing is a major swing factor. The company's revised full-year guidance of $60 million to $75 million assumes materially lower market prices than in 2025, and any signs of price stabilization or recovery would be a positive signal for margins.

Third, investors should monitor cost discipline. Operating expenses rose sharply in the first half due to share-based compensation and the expansion of the leadership team. Whether this spending moderates will influence the path toward profitability.

Finally, watch the Larvotto Resources investment, whose unrealized gains and losses have materially affected net income, and progress on the Thompson Falls smelter expansion and zeolite growth, both key to the company's longer-term diversification strategy.

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