The 50% guidance cut and 52% price decline in antimony are severe headwinds that will dominate near-term sentiment. Monitor Q3 for DLA revenue recognition ($9.17M in shipments pending) and any stabilization in antimony pricing. The strong balance sheet ($70M working capital) provides a floor, but the core business is in a downturn.
Price Chart
Executive Summary
UAMY reported Q2 2026 revenue of $7.9M (down 25% YoY from $10.5M) and a net income of $0.1M, but an operating loss of $7.0M. The headline miss vs the $21.7M consensus is severe, but the company slashed its FY2026 revenue guidance from $125M to $60M-$75M, citing a 52% decline in antimony selling prices and delayed DLA shipments. While zeolite revenue surged 110% YoY and the balance sheet is strong with $70M in working capital, the core antimony business is under severe pricing pressure, making this a clear bearish signal.
Key Financial Metrics
Key Facts
- Q2 2026 revenue of $7.9M, down 25% YoY from $10.5M and far below the $21.7M consensus.
- FY2026 revenue guidance slashed to $60M-$75M from prior $125M, citing a 52% drop in antimony selling prices.
- Operating loss of $7.0M vs break-even in Q2 2025; net income of $0.1M was entirely due to a $6.8M unrealized gain on Larvotto equity.
- Antimony pounds sold increased 26% YoY, but average selling price collapsed 52% to $13.70/lb from $28.32/lb.
- Zeolite revenue grew 110% YoY to $1.9M, with tons sold up 114%, a bright spot but too small to offset antimony weakness.
- Working capital doubled to $70.0M from $35.0M at March 31, 2026, providing a strong liquidity cushion.
- First two DLA shipments (~$2.6M) were delivered in June but not recognized as revenue until Q3.
- Antimony inventory up 178% from year-end to $21.6M, reflecting strategic feedstock buildup.
Financial Impact
FY2026 revenue guidance cut by ~50% from $125M to $60M-$75M; Q2 revenue missed consensus by ~64% ($7.9M vs $21.7M)
Risk Factors
- Further antimony price declines eroding margins and revenue
- DLA contract execution delays or government order reductions
- Dilution from continued equity issuance to fund operations and capex
- Thompson Falls expansion ramp-up delays impacting production targets
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-094130 |
| Document: tm2622899d1_8k.htm | 0001104659-26-094130 |
| Document: 0001104659-26-094130-index-headers.html | 0001104659-26-094130 |
| Document: 0001104659-26-094130-index.html | 0001104659-26-094130 |
| Document: 0001104659-26-094130.txt | 0001104659-26-094130 |
| 8-K Data (Synthetic) | 0001104659-26-094130 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 8-K | $3.08 | awaiting T+20 | — | $3.33 (+8.12%) |
Oct 2, 2026 25d ago | 8-K | $3.99 | awaiting T+20 | — | $3.33 (−16.54%) |
Oct 2, 2026 25d ago | 8-K | $3.99 | awaiting T+20 | — | $3.33 (−16.54%) |
Sep 2, 2026 7w ago | Insider Cluster | $5.29 $4.13 | ▼ −21.93% | ▼ −21.78% | $3.33 (−37.05%) |
Sep 1, 2026 7w ago | Insider Cluster | $5.29 $4.13 | ▼ −21.93% | ▼ −22.02% | $3.33 (−37.05%) |
Aug 31, 2026 8w ago | Insider Cluster | $4.68 $4.17 | ▼ −10.90% | ▼ −11.01% | $3.33 (−28.85%) |
Aug 25, 2026 9w ago | 8-K | $5.20 $4.60 | ▼ −11.54% | ▼ −11.79% | $3.33 (−35.96%) |
Aug 19, 2026 9w ago | 8-K | $5.73 $4.61 | ▼ −19.55% | ▼ −18.71% | $3.33 (−41.88%) |
Aug 11, 2026 10w ago | 8-K | $4.97 $4.93 | ▲ +0.80% | ▼ −1.09% | $3.33 (+33.00%) |
Jun 11, 2026 19w ago | Institutional Cluster | $7.33 $6.62 | ▼ −9.69% | ▼ −11.58% | $3.33 (−54.57%) |
US Market Status
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