United States Antimony Corporation Reports Revenue Growth to $8.7 Million Despite Net Loss

United States Antimony Corporation (USAC) reported significant financial growth in its latest quarterly filing, with revenues for the three months ending September 30, 2025, reaching $8.7 million, a substantial increase from $2.6 million in the same period last year. For the nine-month period, revenues surged to $26.2 million, compared to $9.3 million in 2024. The company attributed this growth primarily to heightened demand for antimony, which drove a 439% increase in revenue for the third quarter and a 256% increase for the nine months. However, the company also reported a net loss of $4.8 million for the third quarter and $4.1 million for the nine months, reflecting increased operating expenses and investments in inventory and capital projects.

The company’s operational metrics showed a notable increase in antimony sales, with 279,607 pounds sold in the third quarter, a 12% increase from the previous year. The average sales price per pound rose dramatically to $28.72, up from $5.96, while the average cost per pound also increased to $20.89 from $4.84. This resulted in a gross profit of $2 million for the quarter, compared to $423,829 in the prior year. The zeolite segment, however, experienced a slight decline in revenue for the third quarter, down 2% to $671,946, although it reported a 16% increase for the nine-month period.

Strategically, USAC has made significant moves to enhance its operational capabilities and market position. In September 2025, the company secured a five-year, sole-source contract with the U.S. Defense Logistics Agency for the supply of antimony metal ingots, valued at up to $245 million. This contract is expected to bolster future revenues, although no revenue has yet been recognized from it. Additionally, the company has been actively acquiring mining claims and properties in Alaska and Ontario, Canada, to reduce reliance on third-party ore purchases and expand its operational footprint.

The company’s financial position has strengthened, with total assets increasing to $79.9 million as of September 30, 2025, up from $34.6 million at the end of 2024. Current assets also rose significantly, driven by a substantial increase in inventories, which reached $8.4 million, primarily due to higher levels of antimony inventory. The company’s working capital improved to $25.5 million, reflecting its ability to manage short-term obligations effectively. However, net cash used in operating activities was $6.2 million for the nine months, a stark contrast to the $1 million generated in the same period last year, indicating a need for careful cash management moving forward.

Looking ahead, USAC aims to leverage its recent contract wins and strategic acquisitions to drive growth and improve profitability. The company plans to continue investing in its operations and expanding its market presence while managing its cash flow and operational costs. The outlook remains cautiously optimistic, with expectations of increased revenues from the new contracts and ongoing operational improvements, although the company acknowledges the inherent risks associated with market fluctuations and operational challenges.