--- title: "US Antimony | 8-K: FY2026 Q1 Revenue Misses Estimate at USD 6.784 M" type: "News" locale: "en" url: "https://longbridge.com/en/news/286465187.md" datetime: "2026-05-14T20:38:17.000Z" locales: - [zh-CN](https://longbridge.com/zh-CN/news/286465187.md) - [en](https://longbridge.com/en/news/286465187.md) - [zh-HK](https://longbridge.com/zh-HK/news/286465187.md) --- # US Antimony | 8-K: FY2026 Q1 Revenue Misses Estimate at USD 6.784 M Revenue: As of FY2026 Q1, the actual value is USD 6.784 M, missing the estimate of USD 14.83 M. EPS: As of FY2026 Q1, the actual value is USD -0.08. EBIT: As of FY2026 Q1, the actual value is USD -7.845 M. ### Overall Performance United States Antimony Corporation reported revenues of $6.8 million for the first quarter of 2026, a decrease from $7.0 million in Q1 2025. The company recorded a net loss of -$11.3 million, or -$0.08 per diluted share, in Q1 2026, compared to a net income of $0.6 million, or nil per diluted share, in the prior year period. The Q1 2026 net loss included approximately $9.3 million of net non-cash items, primarily $4.8 million in share-based compensation expense and -$4.1 million unrealized loss on investment in marketable equity securities. ### Gross Profit and Margin Gross profit for Q1 2026 was $1.1 million, down from $2.4 million in Q1 2025. The gross margin decreased to approximately 16% in Q1 2026 from 34% in Q1 2025, mainly due to a 69% increase in antimony cost per pound sold, rising to $16.28 from $9.66. ### Operating Profit and Expenses The company reported an operating loss of -$7.5 million in Q1 2026, a significant change from an operating income of $0.4 million in Q1 2025. Operating expenses increased by $6.6 million to $8.6 million in Q1 2026 from $2.0 million in the prior year period, driven by the build-out of the leadership team and operational infrastructure. This included approximately $4.8 million of non-cash share-based compensation expense in Q1 2026, compared to $0.25 million in Q1 2025. ### Segment Revenue #### Antimony Segment Revenue Antimony segment revenues were $5.6 million in Q1 2026, a decrease from $5.9 million in Q1 2025. Antimony pounds sold decreased by approximately 23% to 278,797 pounds from 362,647 pounds, while the average sales price per pound rose approximately 22% to $19.92 from $16.34. #### Zeolite Segment Revenue Zeolite revenue was $1.0 million in Q1 2026, compared to $1.1 million in Q1 2025, attributed to a 3% decrease in sales volume and a 4% decrease in average sales price per ton. ### Cash Flow and Liquidity Net cash used in operating activities was -$12.06 million in Q1 2026, compared to -$1.73 million in Q1 2025, primarily reflecting a working-capital investment in antimony feedstock inventory. Cash and cash equivalents, including held-to-maturity U.S. Treasury securities, totaled $23.7 million at quarter-end. This is down from $30.5 million cash and cash equivalents and $20.4 million Treasury securities at December 31, 2025. Subsequent to quarter-end, United States Antimony Corporation raised approximately $48.6 million in gross proceeds through equity issuances. Total liquidity, pro forma for these issuances, was $108.7 million, including cash, U.S. Treasury securities, and marketable securities. ### Unique Financial and Operational Metrics #### DoW Grant Milestones United States Antimony Corporation achieved $12.8 million in Department of War (DoW) grant milestones for the Thompson Falls expansion, recognized as a grant receivable with a corresponding reduction to construction in progress. The total DoW grant award is $27.0 million, with $16.2 million obligated to date. #### Antimony Inventory The value of antimony inventory was approximately $21.7 million on March 31, 2026, an 80.8% increase from $12.0 million as of December 31, 2025, and a 502.8% increase from $3.6 million as of March 31, 2025. #### Capital Expenditures Capital expenditures totaled $12.6 million in Q1 2026, including $4.8 million for the acquisition of the Radersburg flotation mill, approximately $4.6 million for the Thompson Falls smelter expansion, and $3.2 million for new mineral rights acquisitions. #### DLA Contract The company received approximately $12 million in sales orders under its existing contract with the U.S. Defense Logistics Agency (DLA), with no revenue recognized in Q1 2026, and completed the first two delivery notices of finished product. ### Outlook / Guidance United States Antimony Corporation reiterates its full-year 2026 gross revenue guidance of approximately $125 million. This guidance is dependent on the timing of antimony shipments under the DoW contract, the timely commissioning of the Thompson Falls expansion, and the ramp-up of in-house antimony ore processing. 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