United States Antimony Corporation (USAC) reported a significant decline in financial performance for the first quarter of 2026, with revenues totaling $6.78 million, a decrease of 3.1% from $7.00 million in the same period of 2025. The company experienced a net loss of $11.29 million, compared to a net income of $546,524 in the prior year. This downturn was attributed to increased operating expenses, which surged to $8.63 million from $2.01 million, largely due to higher salaries, professional fees, and share-based compensation. The gross profit also fell sharply to $1.11 million, down 53% from $2.37 million year-over-year.
The company's balance sheet showed total assets of $148.05 million as of March 31, 2026, down from $153.93 million at the end of 2025. Current assets decreased to $48.41 million, primarily due to a significant reduction in cash and cash equivalents, which fell to $3.22 million from $30.49 million. The increase in inventories, which rose to $22.03 million from $12.52 million, reflects a strategic buildup of antimony inventory in anticipation of future sales. Current liabilities also increased to $13.37 million, up from $10.18 million, indicating a tightening cash flow situation.
Strategically, USAC has made several significant moves, including the acquisition of a precious metals milling facility in Radersburg, Montana, for approximately $4.82 million, aimed at enhancing processing capacity. Additionally, the company entered a joint venture with Americas Gold and Silver Corporation to construct a hydrometallurgical processing facility, where USAC holds a 49% interest. The company also secured a $27 million grant from the U.S. Department of War to support the expansion of its domestic antimony processing operations, with $12.8 million already recognized as a receivable.
Operationally, USAC's antimony segment reported a revenue decline of 6% to $5.55 million, driven by lower sales volumes, while the zeolite segment saw a 7% decrease in revenue to $1.02 million. The company’s total inventory increased significantly, reflecting a strategic decision to stockpile antimony in anticipation of future demand. The company’s cash flow from operations was notably negative, with $12.06 million used in operating activities, compared to $1.73 million in the previous year, primarily due to increased working capital requirements.
Looking ahead, USAC aims to improve its financial position by leveraging its recent acquisitions and strategic partnerships. The company plans to continue investing in its operations to enhance production efficiency and reduce costs. However, the outlook remains cautious, as the company faces challenges related to market conditions, operational losses, and the need for additional capital to support its growth initiatives. The management emphasizes the importance of generating cash flow to fund its operations and strategic plans, while also exploring opportunities for further government funding and partnerships.
About UNITED STATES ANTIMONY CORP
United States Antimony Corporation processes and sells antimony, precious metals, and zeolite primarily in the U.S., Mexico, and Canada. It refines antimony ore into high-purity products used in flame retardants, batteries, and ammunition. The company also mines, processes, and markets zeolite for environmental, agricultural, and industrial applications. Its business model centers on mineral processing, product sales, and resource exploration in the mining and mineral supply sectors.
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