US Antimony shares plunge 10% on Q1 earnings miss and investment costs
United States Antimony reported a net loss of $11.3 million and revenue of $6.8 million, significantly below consensus estimates, though full-year guidance remains intact.
Shares of United States Antimony (NYSE: UAMY) dropped by more than 10% on Friday following the release of its first-quarter 2026 earnings report, which investors found disappointing. The North American producer of antimony, a commodity critical to semiconductor production, reported total revenue of $6.8 million, a decrease from $7 million in the same period last year. The results significantly underperformed analyst consensus estimates, which had modelled revenue of $19.7 million and a breakeven bottom line.
On the profitability front, the company reported a net loss of nearly $11.3 million, equating to $0.08 per share. This marks a sharp reversal from the profit of nearly $545,000 recorded in the previous year. The shortfall was attributed to investment costs associated with the company’s expansion plans into other critical metals, a strategic move that has seen the firm branch out beyond its core antimony operations.
CEO Gary Evans characterised the quarterly performance as part of a deliberate investment phase for the company's future. In the earnings release, Evans noted that building a vertical business at the current pace involves inevitable challenges. He stated that the first-quarter results reflect the costs associated with this rapid expansion, suggesting that operational metrics may not move in a straight line during this growth period.
Despite the poor quarterly results, United States Antimony maintained its full-year 2026 revenue forecast of approximately $125 million. The company cautioned that this guidance is contingent on several factors, including the timing of antimony shipments under a contract with the U.S. Defense Logistics Agency. As the only antimony producer in North America, the company continues to receive financial support from the U.S. federal government, primarily through such purchase contracts.
The divergence between the missed quarterly expectations and the maintained annual outlook highlights the transitional nature of the company’s current strategy. While the firm holds a strong position in its niche market, the immediate financial impact of diversifying into other critical metals has weighed on short-term performance. Investors will likely monitor the execution of these expansion plans and the fulfilment of government contracts for signs of future stability.
