United States Antimony (UAMY) Stock Sinks As Margin Collapse Eclipses Profit

United States Antimony just saw nearly a quarter of its market value erased in a single session, with the stock closing down about 24% at US$4.97, even though the headline number on the income statement flashed a small profit. The market fixated on the sharp squeeze in gross margin after antimony prices dropped hard, while a US$6.8 million unrealized gain on the Larvotto stake quietly flipped the bottom line into the black.

For investors, this is a sentiment clash: price is reacting to operating pain, while earnings are flattered by the balance sheet.

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Q2 2026 Earnings Summary

• Revenue, Q2 2026 vs. Q2 2025: US$7.9m vs. US$10.5m (decline of about 25%)
• Net Income, Q2 2026 vs. Q2 2025: US$0.1m income vs. US$0.18m income (swing driven by unrealized investment gains offsetting weaker operations)
• Basic EPS, Q2 2026 vs. Q2 2025: Not disclosed vs. US$0.0015 (profit remained very small on a per share basis)
• Gross Margin, Q2 2026 vs. Q2 2025: 7% (gross profit US$0.6m) vs. 27% (gross profit US$2.8m) (sharp margin compression due to lower realized antimony prices)

Prefer clean charts over another wall of tables and raw figures? Explore United States Antimony’s full visual financial picture, with a focus on its balance sheet strength and capital structure, in our company report for United States Antimony.

United States Antimony Bull Case Meets Mixed Execution

Bulls argue United States Antimony is building a secure, scaled domestic antimony platform backed by defense demand and stronger volumes. Q2 does show building blocks. Antimony pounds sold rose 26% and zeolite revenue more than doubled, while first DLA shipments of about 82,000 pounds mark real progress on the government contract. Thompson Falls and Radersburg upgrades moved ahead and inventory rose to US$21.6m to support expected deliveries. Liquidity jumped to about US$105m in cash and marketable securities, which supports the heavy build out narrative. However, the drop in realized antimony pricing to US$13.70 per pound and the 7% gross margin show that higher volumes and new capacity are not yet translating into resilient profitability. The equity gain on Larvotto, not core smelting or mining, is what kept net income positive.

Bear Case On Margins And Volatility Gains Traction

Bears worry that commodity exposure, execution risk and thin margins could cap the upside in United States Antimony even with headline contracts. Q2 supports several of those concerns. Revenue declined 25% year on year despite higher antimony and zeolite volumes, as realized antimony prices fell about 52% and crushed gross margin from 27% to 7%. Operating loss reached roughly US$7.0m and was only masked at the bottom line by a US$6.8m unrealized gain on Larvotto and investment income. Cash outflow from operations and heavy capex underline how dependent the current plan is on fresh capital, highlighted by US$43.4m raised through equity. The stock’s 24% single day drop after earnings and weaker 30 and 90 day returns show the market is treating guidance cuts and margin compression as real risks, not just temporary noise.

Compare whether United States Antimony’s volume gains, DLA contract progress and cash build match what institutional analysts expect from NYSE:UAMY. See the consensus price target analysis for United States Antimony to check if Wall Street is raising or cutting its targets after this 24% post earnings slide.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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