United States Antimony Corporation

For Q1 2026, sales were $6.8 million versus $7.0 million a year ago. Antimony segment sales were down 2% and zeolite segment sales were down 7%. Gross profit decreased by $1.3 million year over year, mainly due to higher labor, factory, import, and freight costs. Net loss was $11.3 million, driven largely by $4.8 million of noncash stock compensation, a $4.1 million unrealized loss on Larvotto equity securities, and higher cost of goods sold. Cash, U.S. Treasury securities, and equity securities totaled $60.2 million at quarter-end; inventory rose to $22.0 million from $12.5 million at the end of 2025; debt was $162,000. After quarter-end, the company received $12.8 million from its U.S. government expansion grant and $48.6 million of gross proceeds from stock sales. Management reiterated 2026 revenue guidance of $125 million and said $75 million to $95 million of that could come from federal government antimony ingot shipments.

Gary Evans framed the quarter as a transition period and said he has “never been more excited” about the company’s direction. He emphasized that US Antimony is now more than an antimony company, pointing to antimony, cobalt, gold, tungsten, and zeolite, and said the business is aligned with U.S. government needs. His tone was highly confident and aggressive, repeatedly stressing that the company is moving quickly on new mines, processing capacity, and government-backed projects.

Rick Isaak said Q1 sales were $6.8 million, close to last year’s $7.0 million, while gross profit declined by $1.3 million due mainly to higher labor, factory, import, and freight costs tied to the ramp. He highlighted a $11.3 million net loss, including $4.8 million of noncash stock comp and $4.1 million of unrealized losses on Larvotto securities, but said working capital remained strong. He cited $60.2 million of cash, Treasuries, and equity securities at quarter-end, $22.0 million of inventory, only $162,000 of debt, and post-quarter inflows of $12.8 million from the grant and $48.6 million of stock-sale proceeds.

Analysts focused heavily on Larvotto, the potential for more partnership deals, tungsten timing, grant deployment, the Thompson Falls ramp, cobalt prospects, and whether the company would ever dilute to give the government an equity stake. Management said it may sell the Larvotto stake if dialogue stays unproductive, expects Thompson Falls to ramp in stages with about 80% capacity targeted by mid- to late July, sees tungsten as more likely to be proven commercially than sold in volume in 2026, and said grants are preferable to dilution because they are non-dilutive. On partnerships and defense demand, Gary said the Americas Gold and Silver hydromet deal is a template and that government demand for antimony remains strong due to conflict-driven needs.