United States Antimony (UAMY) Earnings Date & Reports

Key Takeaways

• United States Antimony Corporation (NYSE: UAMY) is scheduled to report second quarter 2026 results after the U.S. market close on Tuesday, August 11, 2026.
• Consensus revenue estimates stand at approximately $21.7 million, which would represent a more than 100% increase from the $10.53 million reported in Q2 2025.
• Earnings per share (EPS) consensus estimates range from $0.00 to $0.02, compared to breakeven EPS of $0.00 in the same quarter last year.
• Investors are focused on whether the company's long-anticipated ramp-up in government antimony shipments and the Thompson Falls smelter expansion have begun translating into meaningful revenue growth.
• Following a disappointing Q1 2026 — where revenue of $6.78 million missed estimates by roughly 66% and the company posted a net loss of $11.3 million — this quarter is seen as a critical checkpoint for management's reiterated full-year revenue guidance of $125 million.
• The stock has experienced significant volatility, with a 90-day decline of approximately 35% through early August, though a recent short-term rebound has lifted shares heading into the earnings release.

Earnings Context and Why It Matters

United States Antimony Corporation occupies a unique and strategically important position as the only fully integrated antimony producer outside of China and Russia. Antimony is classified as a critical mineral by the U.S. government due to its use in defense applications, flame retardants, and battery technologies. The company's Q2 2026 report carries heightened investor interest because it represents the first full quarter in which management's ambitious growth strategy — anchored by a $2.45 billion Defense Logistics Agency (DLA) contract, the ongoing Thompson Falls smelter expansion in Montana, and a widening portfolio that now includes tungsten, gold, and zeolite — is expected to show tangible financial progress. After Q1 results fell significantly short of expectations due to delayed shipments and elevated costs tied to pre-production investments, this quarter will be scrutinized for signs that the operational build-out is finally converting into top-line momentum.

Earnings Expectations

Analyst consensus for the second quarter of 2026 points to revenue of approximately $21.7 million, with individual estimates tracked by sources such as Seeking Alpha and Finviz. EPS estimates are less uniform, with consensus forecasts clustering between $0.00 and $0.02 per share, according to MarketWatch and TipRanks data. For context, the company reported Q2 2025 revenue of $10.53 million and breakeven EPS. The implied year-over-year revenue growth of over 100% reflects expectations that antimony shipments under the DLA contract — which had not yet contributed in Q1 — are beginning to flow. Management disclosed in late June that the company had delivered approximately 82,000 pounds of antimony metal ingots in two initial shipments, generating roughly $2.6 million in invoices to the DLA. Additional deliveries were pending government inspection and authorization, introducing an element of timing uncertainty into the quarter's results. Key metrics to watch include antimony segment revenue, average selling price per pound, gross margins (which compressed to 16% in Q1 from 34% a year earlier due to higher input costs), and zeolite segment performance, which showed record shipment volumes in March and April.

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Market Reaction and Investor Sentiment

Sentiment heading into the Q2 2026 report is cautiously optimistic but tinged with skepticism following the Q1 miss. UAMY shares declined roughly 35% over the 90 days leading into early August, reflecting investor frustration with delayed revenue conversion despite the company's significant strategic positioning and strong balance sheet. However, a sharp rebound of more than 35% in the week leading into earnings suggests that some market participants are positioning for a positive surprise. The stock closed near $6.85 ahead of the release, well below analyst price targets that average approximately $12.56, implying a potential valuation disconnect if execution improves. Key risk factors include the timing of government contract deliveries, supply chain disruptions — management cited delays in Bolivian antimony flake feedstock during Q2 due to cascading effects from military conflict in the Strait of Hormuz — and the pace at which the Thompson Falls facility can ramp toward its targeted 230 tons per month capacity.

Forward Outlook and Key Factors to Monitor

Beyond the Q2 headline numbers, investors will be listening closely to management's commentary on several forward-looking themes during the earnings call scheduled for 4:15 PM ET on August 11.

Thompson Falls Expansion Timeline. The company previously guided that all nine furnaces at the upgraded Montana facility would be running near mid-July, with a target of approximately 80% utilization by the end of July. Confirmation that this milestone has been achieved — or a revised timeline if delays persist — will be critical for assessing the second-half revenue trajectory.

DLA Contract Execution. With $57.3 million in total antimony ingot orders received from the DLA since the contract's inception, the pace of deliveries and revenue recognition in the third and fourth quarters will largely determine whether the company can meet its $125 million full-year revenue target, of which $75 million to $95 million is expected to come from federal antimony shipments.

Cost Structure and Margin Recovery. Q1 gross margins were pressured by higher-cost ore flowing through cost of goods sold, elevated labor and freight expenses, and the absence of internally mined Montana antimony. Any indication that these cost headwinds are easing — or that economies of scale are beginning to take hold — would be a positive signal.

Balance Sheet and Funding. The company ended Q1 with $60.2 million in cash and marketable securities, subsequently bolstered by $12.8 million in Department of Defense (DoD) grant receipts and $48.6 million in equity raised at $11.57 per share. This liquidity cushion provides runway for growth initiatives, but investors will watch for updates on the $274 million in additional federal grant applications tied to hydrometallurgy, tungsten, and broader critical minerals projects.

Diversification Progress. Beyond antimony, updates on the Fostung tungsten project in Ontario, the Radersburg flotation mill in Montana, and the hydrometallurgical joint venture with Americas Gold and Silver will offer insight into the company's longer-term transition from a single-commodity producer to a multi-mineral critical materials platform.

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