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Sep 30, 2025
United States Antimony Corporation Q3 2025 Earnings Report
United States Antimony Corporation reported a substantial year-over-year revenue increase in Q3 2025 but continued to post a net loss due to high operating expenses driven by share-based compensation.
Key Takeaways
US Antimony's Q3 2025 results showed a strong revenue increase, driven by higher antimony prices, though elevated costs, especially non-cash expenses, led to a net loss.
Revenue for Q3 2025 rose to $8.7 million, a significant increase from $2.6 million in Q3 2024.
The company posted a net loss of $4.78 million for the quarter, largely due to $4.69 million in non-cash share-based compensation.
Operating income remained negative at -$4.92 million despite improved gross profit.
Cash and cash equivalents stood at $18.3 million as of September 30, 2025.
Revenue by Segment
Forward Guidance
The company narrowed its FY25 revenue guidance and reaffirmed FY26 expectations, citing strong long-term contract wins and expected margin expansion from domestic ore.
Positive Outlook
- FY2025 revenue guidance narrowed to $40–$43 million.
- FY2026 revenue guidance reaffirmed at $125 million.
- Awarded a 5-year $245 million IDIQ contract with the U.S. Defense Logistics Agency.
- Signed a $107 million commercial supply agreement with a U.S. industrial manufacturer.
- Commenced mining operations in Montana with initial ore deliveries completed.
Challenges Ahead
- Continued reliance on international antimony sources during Q3 limited margin improvement.
- Net loss remained significant due to high non-cash expenses.
- Capital expenditures surged to $16.07 million, impacting cash flow.
- Operating income stayed negative despite revenue growth.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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