The Q1 miss and heavy cash burn are concerning, but the reiterated $125M guidance implies massive H2 ramp. Watch for Q2 delivery under the DLA contract and Thompson Falls smelter commissioning as key catalysts. The post-quarter equity raise at $11.57 provides a floor, but continued execution risk keeps the stock volatile.
Price Chart
Executive Summary
UAMY reported Q1 2026 revenue of $6.8M (down 3% YoY from $7.0M) and a net loss of $11.3M ($-0.08/diluted share) vs net income of $0.6M in Q1 2025. The loss was driven by $9.3M in non-cash items (share-based comp and unrealized loss on Larvotto investment) and higher operating expenses from leadership build-out. The company reiterated full-year 2026 revenue guidance of $125M, but Q1 results show a significant operating loss and cash burn of $12.1M in operations, partially offset by $48.6M in post-quarter equity issuances.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $6.8M vs $7.0M YoY (-3%), missing $14.8M consensus
- Net loss $11.3M ($-0.08/diluted) vs net income $0.6M in Q1 2025
- Operating loss $7.5M vs operating income $0.4M YoY
- Gross margin collapsed to 16% from 34% YoY due to higher-cost ore
- Cash used in operations $12.1M; total liquidity $23.7M at quarter-end
- Post-quarter equity issuance of 4.2M shares raised $48.6M at $11.57/share
- Reiterated FY2026 revenue guidance of $125M, heavily back-end loaded
- DLA contract: $12M in orders received, no Q1 revenue recognized
- DoW grant: $12.8M milestone achieved, $16.2M obligated of $27M total
- Antimony inventory $21.7M (up 81% from Dec 2025), reflecting working capital build
Financial Impact
Revenue miss of ~$8M vs consensus; net loss swing of ~$11.8M vs prior-year profit; $12.1M operating cash burn
Risk Factors
- FY2026 guidance of $125M requires ~$118M in remaining quarters — extreme back-end weighting
- Operating cash burn of $12.1M in Q1 may continue if DLA deliveries delay
- Gross margin compression from higher-cost ore may persist until Montana mine output scales
- Dilution from 4.2M shares issued post-quarter (3% of shares outstanding)
- Unrealized loss on Larvotto investment ($4.1M) adds earnings volatility
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-061217 |
| Document: tm2614673d1_8k.htm | 0001104659-26-061217 |
| Document: 0001104659-26-061217-index-headers.html | 0001104659-26-061217 |
| Document: 0001104659-26-061217-index.html | 0001104659-26-061217 |
| Document: 0001104659-26-061217.txt | 0001104659-26-061217 |
| 8-K Data (Synthetic) | 0001104659-26-061217 |
Track record builds as more directional reports settle.
Filters
| Type | Now | ||||
|---|---|---|---|---|---|
Oct 26, 2026 1d ago | 8-K | $3.08 | awaiting T+20 | — | $3.23 (+5.03%) |
Oct 2, 2026 25d ago | 8-K | $3.99 | awaiting T+20 | — | $3.23 (−18.92%) |
Oct 2, 2026 25d ago | 8-K | $3.99 | awaiting T+20 | — | $3.23 (−18.92%) |
Sep 2, 2026 7w ago | Insider Cluster | $5.29 $4.13 | ▼ −21.93% | ▼ −21.78% | $3.23 (−38.85%) |
Sep 1, 2026 7w ago | Insider Cluster | $5.29 $4.13 | ▼ −21.93% | ▼ −22.02% | $3.23 (−38.85%) |
Aug 31, 2026 8w ago | Insider Cluster | $4.68 $4.17 | ▼ −10.90% | ▼ −11.01% | $3.23 (−30.88%) |
Aug 25, 2026 9w ago | 8-K | $5.20 $4.60 | ▼ −11.54% | ▼ −11.79% | $3.23 (−37.79%) |
Aug 19, 2026 9w ago | 8-K | $5.73 $4.61 | ▼ −19.55% | ▼ −18.71% | $3.23 (−43.54%) |
Aug 11, 2026 10w ago | 8-K | $4.97 $4.93 | ▲ +0.80% | ▼ −1.09% | $3.23 (+34.91%) |
Jun 11, 2026 19w ago | Institutional Cluster | $7.33 $6.62 | ▼ −9.69% | ▼ −11.58% | $3.23 (−55.87%) |
US Market Status
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