United States Antimony Corporation Reports 25% Revenue Decline in Q2 2026

United States Antimony Corporation (USAC) reported a significant decline in financial performance for the second quarter of 2026, with revenues totaling $7.93 million, down 25% from $10.53 million in the same period last year. For the first half of 2026, revenues decreased to $14.71 million from $17.53 million in 2025. The company experienced a net loss of $11.18 million for the six months ended June 30, 2026, compared to a net income of $728,079 in the prior year. The decline in revenue and profitability was attributed primarily to lower market prices for antimony, which saw average sales prices drop by 52% and 27% for the three and six-month periods, respectively.

In terms of operational changes, USAC's antimony segment reported a 39% decrease in revenue for the second quarter, totaling $5.87 million, while the zeolite segment saw a 110% increase in revenue to $1.86 million, reflecting expanded sales efforts. The company sold 428,425 pounds of antimony during the quarter, a 26% increase from the previous year, although this was offset by the significant drop in average sales price. The zeolite segment's performance was bolstered by a 114% increase in tons sold, indicating successful penetration into new markets.

Strategically, USAC has made several significant moves, including the acquisition of a flotation and concentration facility in Radersburg, Montana, for approximately $4.8 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 received 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 reduction in property, plant, and equipment.

As of June 30, 2026, USAC reported total assets of $190.62 million, up from $153.93 million at the end of 2025, driven by increased cash and cash equivalents, which rose to $41.43 million. The company’s working capital improved to $69.99 million, reflecting a decrease in current liabilities. However, the company reported a net cash outflow from operating activities of $20.72 million for the first half of 2026, compared to $2.36 million in the prior year, primarily due to increased inventory levels and a decrease in accounts payable.

Looking ahead, USAC aims to leverage its recent strategic initiatives to improve financial performance and operational efficiency. The company plans to continue investing in its facilities and expanding its product offerings while managing costs effectively. However, the outlook remains cautious due to ongoing market volatility and the potential impact of external factors on pricing and demand for antimony and zeolite products.