The revenue miss is severe, but management's reiterated $125M guidance implies a dramatic H2 ramp. Watch for timely commissioning of Thompson Falls (mid-July target) and DLA contract deliveries to validate the outlook. Equity issuance provides cash runway but dilutes existing holders. Stock likely volatile near term; a miss on H2 guidance would be bearish.
Price Chart
Executive Summary
UAMY reported Q1 2026 revenue of $6.8M (vs $27M consensus, -75% miss) and GAAP EPS of -$0.08 (Street EPS -$0.01 beat by 80%). Net loss of $11.3M was driven by $9.3M in non-cash items. Management reiterated full-year 2026 revenue guidance of $125M, heavily weighted to H2, citing progress on Thompson Falls expansion, DLA contract deliveries, and raised equity proceeds of $48.6M. The quarter reflects an investment phase with near-term pain for expected long-term growth.
Key Financial Metrics
Key Facts
- Q1 2026 revenue $6.8M vs $7.0M YoY (-3%), far below $27M consensus
- Net loss $11.3M includes $4.8M stock comp and $4.1M unrealized loss on Larvotto investment
- Reiterated FY2026 gross revenue guidance of $125M, with $75M-$95M expected from government antimony shipments
- Post-quarter equity issuance raised $48.6M at ~$11.57/share, total liquidity pro forma ~$108.7M
- Thompson Falls smelter expansion nearing completion; DoW grant of $27M, $12.8M received to date
Financial Impact
Revenue miss of $20.2M vs consensus; net loss swing of $11.8M vs prior year profit of $0.6M
Risk Factors
- Execution risk on Thompson Falls smelter ramp-up and DLA deliveries
- Revenue concentration in government contracts and reliance on H2 performance
- Potential further dilution if additional equity is needed
- Larvotto investment remains volatile; mark-to-market could impact earnings
Market Snapshot
Investment Themes
Documents Analyzed
This report is based on 6 SEC documents filed with EDGAR.
| Document | Accession Number |
|---|---|
| 8-K Filing (Primary) | 0001104659-26-062742 |
| Document: tm2614820d1_8k.htm | 0001104659-26-062742 |
| Document: 0001104659-26-062742-index-headers.html | 0001104659-26-062742 |
| Document: 0001104659-26-062742-index.html | 0001104659-26-062742 |
| Document: 0001104659-26-062742.txt | 0001104659-26-062742 |
| 8-K Data (Synthetic) | 0001104659-26-062742 |
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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