Breaking Down United States Antimony Corporation (UAMY) Financial Health: Key Insights for Investors

You're looking at United States Antimony Corporation (UAMY) and seeing a fascinating contradiction: massive revenue growth paired with a widening net loss. For the first nine months of fiscal 2025, the company delivered a stunning 182% year-over-year revenue surge, hitting $26.23 million, largely fueled by antimony sales and higher prices. That top-line growth is defintely exciting, but the bottom line tells a different story, showing a consolidated net loss of $4.05 million for the same period, even while sitting on a strong cash and securities position of $38.5 million as of September 30, 2025. The key is the operational expansion: while gross margin improved to 28%, operating expenses jumped 427% in Q3 2025, mostly in salaries and benefits, indicating a major capacity build-out to support the new business, like the major contract of up to $245 million with the U.S. Defense Logistics Agency. We need to map that operational spending to the revised full-year revenue guidance of $40-$43 million to see if this is a temporary investment drag or a structural profitability issue, because a 182% revenue increase should translate to more than just a minimal $229,000 in long-term debt.

Revenue Analysis

You need to know if United States Antimony Corporation (UAMY) is a real growth story or just a volatile commodity play. The direct takeaway is that their revenue growth is explosive, driven almost entirely by the critical minerals market and higher pricing, not volume, but the new, massive government and commercial contracts have fundamentally changed the risk profile for the next five years.

For the first nine months of 2025, United States Antimony Corporation reported total revenue of $26.23 million, which represents a massive year-over-year increase of 182% compared to the same period in 2024. Here's the quick math: the company is on track to hit its narrowed full-year 2025 revenue guidance of $40 million to $43 million, a significant jump from prior years. That kind of triple-digit growth is rare, but you have to look at what's driving it.

The company's revenue streams are straightforward, but the contribution is heavily skewed. United States Antimony Corporation operates primarily in two segments: antimony and zeolite. The core business is antimony, a critical mineral used in everything from flame retardants to military ammunition, and it is the overwhelming driver of the top line.

• Antimony Sales: Contributed $23.57 million to the nine-month revenue.
• Zeolite Sales: Accounted for the remaining $2.65 million.

This means about 90% of the company's sales come from antimony, with zeolite making up the other 10%. The antimony segment saw a 235% year-over-year revenue increase in the first nine months of 2025, while zeolite sales grew by a more modest 16%. Honestly, this growth is less about moving more product and more about the geopolitical scarcity driving the average sales price higher, which is a key distinction to make in your model.

The most significant change in the revenue outlook isn't even fully reflected in the 2025 figures yet. In November 2025, United States Antimony Corporation announced two transformative, long-term supply contracts that provide a clear revenue runway for the first time in its history.

These contracts, totaling up to $352 million, are a game-changer because they lock in demand outside the typically volatile spot market and position the company as a strategic domestic supplier of critical minerals, a defintely material shift. This is the market signal you should be watching, as it underpins the company's reiterated 2026 revenue guidance of $125 million. You can read more about the implications of this shift in the full post: Breaking Down United States Antimony Corporation (UAMY) Financial Health: Key Insights for Investors.

Profitability Metrics

You need to know if United States Antimony Corporation (UAMY) is making money at its core business, and the short answer is that while gross profitability is improving, massive operating costs are still sinking the net result. The company is generating strong gross margins, but a significant increase in overhead means it is currently operating at a substantial net loss.

For the first nine months of 2025 (YTD Q3 2025), United States Antimony Corporation reported total revenue of $26.23 million, an increase of 182% year-over-year. This top-line growth is a clear win, mostly driven by higher antimony sales prices. But the profitability picture is a story of two halves: a strong gross margin and a deeply negative operating margin.

• Gross Profit Margin: The YTD Q3 2025 Gross Profit was $7.22 million, translating to a Gross Profit Margin of 28%. This margin is up from 24% in the prior year, showing better operational efficiency in production.
• Operating Profit Margin: This is where the wheels come off. In Q3 2025 alone, operating expenses ballooned to $6.9 million, up from about $1.3 million in Q3 2024. This enormous leap in overhead, mostly concentrated in salaries and benefits, drove an estimated Operating Loss of approximately $4.89 million for the quarter, resulting in a deeply negative Operating Margin of about -56.2% (calculated from Q3 data).
• Net Profit Margin: The bottom line reflects the high operating costs. The company reported a YTD Q3 2025 Net Loss of $4.05 million. This loss includes about $5.18 million in non-cash expenses, like stock compensation and depreciation. The YTD Net Profit Margin sits at approximately -15.44% (calculated). The Q3 Net Loss was $4.78 million, or a Net Margin of -54.94% (calculated).

Here's the quick math on the trend: the gross margin is expanding, but the operating leverage is currently negative due to aggressive spending on scale-up. The company was profitable in the first half of the year, reporting a net income of $728.1K for H1 2025, but the Q3 expense surge wiped that out.

To be fair, a net loss isn't defintely a catastrophe for a growth-focused miner, but the magnitude of the operating loss is a major flag.

For comparison, the broader Metals and Mining sector has an average trailing twelve months (TTM) Operating Margin of about 21.31%. United States Antimony Corporation's 28% YTD Gross Margin is actually quite competitive, but its calculated Q3 Operating Margin of -56.2% is far out of line. The business model is shifting-they are spending big to become the dominant non-China/Russia supplier, which is a strategic move, but it costs a lot of cash now. Management is guiding for full-year 2025 revenue between $40 million and $43 million, so the revenue story is strong. The key action is watching if the new contracts-like the up to $245 million deal with the U.S. Defense Logistics Agency-can start generating revenue faster than the operational costs are rising.

You can read more about the strategic implications of these contracts here: Exploring United States Antimony Corporation (UAMY) Investor Profile: Who's Buying and Why?

The table below summarizes the core profitability ratios for better context:

Debt vs. Equity Structure

You want to know how United States Antimony Corporation (UAMY) is funding its aggressive expansion, and the answer is clear: they are running a capital-light balance sheet, leaning heavily on equity and internal cash flow, not debt. This is a massive green flag for a growth-focused critical minerals player.

As of the close of the third quarter of 2025, United States Antimony Corporation's total debt is minimal. Their long-term debt, net of the current portion, stands at only $93,167, plus a current portion of $135,754, bringing the total debt to approximately $229,000.

Here's the quick math on their leverage, which is almost nonexistent:

• Total Debt (Q3 2025): Approximately $229,000
• Total Shareholders' Equity (Recent): Approximately $71.8 million
• Debt-to-Equity Ratio: Approximately 0.0032 (or 0.32%)

A Debt-to-Equity (D/E) ratio is a measure of a company's financial leverage, showing how much of its assets are financed by debt versus shareholder funds. A ratio below 1.0 is generally considered healthy. United States Antimony Corporation's ratio of 0.0032 is exceptionally low.

To be fair, this is a stark contrast to the industry average. The average D/E ratio for the Precious Metals & Minerals sector in early 2025 sits around 0.8026 (or 80.26%). United States Antimony Corporation's number is less than half of one percent of that benchmark. They are defintely not a high-leverage business.

The company's financing strategy in 2025 is a textbook example of prioritizing equity funding to maintain flexibility and a fortress balance sheet. They are avoiding the interest rate risk that comes with debt.

This preference for equity is evident in their recent capital raises:

• In October 2025, United States Antimony Corporation announced a registered direct offering of common stock to raise approximately $26.25 million.
• This followed a similar direct offering in October 2025 to raise approximately $25 million.

These equity raises, totaling over $51 million, are being used explicitly for working capital, acquiring additional antimony inventory, expanding leasehold mineral positions in Alaska and Montana, and potential acquisitions. This strategy has boosted their liquidity to approximately $100 million in cash and investments.

Given the minimal debt load, the company does not have a formal credit rating from major agencies like Moody's or S&P, as these ratings are typically reserved for companies with significant debt instruments to assess default risk. Instead, the focus from Wall Street has been on stock ratings, with a consensus of 'Buy' from analysts.

This low-debt, high-equity approach mitigates a major near-term risk-the cost of capital-and positions the company to move quickly on strategic acquisitions without needing to secure new, expensive debt. You can see the full picture of their financial standing in our comprehensive post: Breaking Down United States Antimony Corporation (UAMY) Financial Health: Key Insights for Investors.

Liquidity and Solvency

You're looking at United States Antimony Corporation (UAMY) and wondering if they have the cash to fund their aggressive growth, especially with all the new critical mineral contracts. The direct takeaway is this: while their operations still burn cash, the company's balance sheet is incredibly strong right now, thanks to recent capital raises. They have a massive liquidity cushion that drastically reduces near-term financial risk.

Assessing United States Antimony Corporation (UAMY)'s Liquidity

When we look at liquidity-the ability to meet short-term obligations-United States Antimony Corporation (UAMY) presents a picture of exceptional health. Their Current Ratio, which compares current assets to current liabilities, sits at a very comfortable 5.08. A ratio this high tells me the company has more than five times the assets needed to cover its bills coming due in the next year. The Quick Ratio, which excludes inventory from current assets for a stricter test, is also strong at 3.43. Anything above 1.0 is generally good; these numbers are defintely a sign of solvency.

• Current Ratio: 5.08 (Strong liquidity).
• Quick Ratio: 3.43 (Excellent ability to cover immediate debt).
• Long-Term Debt: Minimal at approximately $229,000.

Working Capital and Inventory Trends

The working capital trend, however, showed a notable shift earlier in 2025. Working capital dropped from $16,672,180 at the end of 2024 to $9,679,441 by June 30, 2025. This over $7 million drop was largely a function of a jump in inventory, which swelled to $6,812,527 in Q2 2025 from $1,245,724 at year-end 2024. Here's the quick math: the company was building up its raw material and finished goods stockpiles, which is a cash sink, but it's inventory that supports the huge revenue growth they're projecting.

This inventory build-up is a strategic move, not a sign of distress. It's a necessary investment to fulfill major contracts, like the $245 million deal with the Defense Logistics Agency. You can dive deeper into the market dynamics driving this growth in Exploring United States Antimony Corporation (UAMY) Investor Profile: Who's Buying and Why?

Cash Flow Statements Overview: The Funding Story

The cash flow statement tells the real story of how the company is financing its expansion. For the last 12 months, United States Antimony Corporation (UAMY) had a negative operating cash flow of -$5.04 million and a negative Free Cash Flow (FCF) of -$21.32 million. This is common for a growth-focused mining and processing company that is rapidly expanding its footprint and capital expenditures (CapEx), which were -$16.28 million over the same period.

However, the net loss of $4.1 million for the first nine months of 2025 included significant non-cash expenses of $5.2 million, meaning operations actually generated positive cash flow when you strip out non-cash items and working capital changes. The real game-changer is the financing activity. Subsequent to the Q3 2025 reporting, the company raised approximately $66 million in cash receipts from equity offerings in October 2025. This massive infusion of capital is why the company now maintains approximately $100 million in total liquidity.

Potential Liquidity Concerns or Strengths

The primary liquidity strength is the sheer amount of cash on hand-around $100 million-and the minimal debt of only about $229,000. This huge cash buffer is the direct result of financing activities, giving them the runway they need to complete their Montana refinery expansion from 100 to 500 tons per month. The main concern isn't liquidity, but rather the continued negative operating cash flow. The company needs to execute on its expansion and new contracts to turn that operating cash flow positive and justify the capital raised, or they will face further shareholder dilution down the road.

Valuation Analysis

You want to know if United States Antimony Corporation (UAMY) is a buy right now, and the short answer is that its valuation metrics send a confusing, high-risk signal. The stock has seen a massive run-up over the last year, but its current profitability metrics suggest it is defintely overvalued relative to its trailing performance and recent earnings misses.

Here's the quick math on the key valuation ratios, based on the latest available data up to November 2025. The core issue is that United States Antimony Corporation (UAMY) is not consistently profitable, which makes traditional valuation tools like the Price-to-Earnings (P/E) ratio difficult to interpret.

• Price-to-Earnings (P/E) Ratio: The trailing twelve months (TTM) P/E is highly negative, around -184.50, because the company is reporting a net loss. A negative P/E means the company is losing money, so the ratio is effectively meaningless for valuation, but it flags a clear profitability problem.
• Price-to-Book (P/B) Ratio: This ratio sits high, between 6.72 and 13.39. This metric compares the stock price to the company's book value (assets minus liabilities). A P/B this high suggests the market is pricing in significant future growth that is not yet visible on the balance sheet.
• Enterprise Value-to-EBITDA (EV/EBITDA): The TTM EV/EBITDA is also negative, around -135.33, because the company has negative EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) of roughly -$1.29 million TTM. This confirms the profitability challenge seen in the P/E ratio.

What this estimate hides is the market's focus on future revenue from strategic contracts, like the one with the Defense Logistics Agency. Still, for the 2025 fiscal year, analysts have lowered the full-year revenue forecast to a range between $40 million and $43 million, down from an earlier expectation of $46.4 million. This lowered guidance, plus a Q3 2025 revenue miss (reporting $8.7 million against an anticipated $12.9 million), points to execution risk.

Stock Performance and Analyst View

The stock price trend is a story of extreme volatility. Over the last 12 months, the stock price for United States Antimony Corporation (UAMY) has increased by an eye-popping 694.97%. That's a huge win for long-term holders, but the recent action is concerning. The stock hit its 52-week high of $19.71 in October 2025, but in the past month leading up to late November 2025, the price has dropped sharply, decreasing by over 52.84% to a closing price around $5.755 to $5.88. This kind of rapid drop after a peak signals that the market is quickly repricing the stock following the disappointing Q3 results and revised guidance.

As a reminder for income-focused investors, United States Antimony Corporation (UAMY) does not pay a dividend, so the dividend yield and payout ratios are not applicable here.

Despite the recent volatility and negative TTM profitability, the analyst community maintains a 'Strong Buy' consensus. This split view is common with high-growth, pre-profit mining companies. The average one-year price target is wide, ranging from $4.75 to $10.00, which tells you there's no clear agreement on the stock's fair value. Some analysts see significant upside, while others are clearly more cautious. You need to decide if you believe the company can hit its forward estimates of roughly $0.0525 Earnings Per Share (EPS) for FY 2025, which would finally turn the P/E positive. If you want to dig deeper into who is buying and why, you should read Exploring United States Antimony Corporation (UAMY) Investor Profile: Who's Buying and Why?

Here's a quick snapshot of the current valuation landscape:

Your action: Compare your own growth projections for the antimony market against the analyst consensus, and set a strict entry price based on whether you believe the company can actually deliver 2025 revenue in the $40M to $43M range.

Risk Factors

You're looking at United States Antimony Corporation (UAMY) because of its unique position as a critical mineral producer, but honestly, the near-term financial reality is bumpy. The biggest risk is execution: Can they scale up fast enough to justify the current valuation and overcome persistent operational issues? The Q3 2025 results show the strain, with a reported quarterly loss of $0.04 per share, missing the consensus forecast.

Here's the quick math on the internal and financial headwinds. Management had to lower the full-year 2025 revenue forecast to a range of $40 million to $43 million, a noticeable drop from the prior $46.4 million expectation. That revenue miss, combined with a 9-month 2025 net loss of $4.05 million, signals cost control and production challenges are real, not just a blip.

The core risks break down into three clear buckets:

• Operational and Execution Risk: The company is in a massive expansion phase, aiming to increase Montana smelter throughput by 6x by year-end. This introduces significant execution risk, plus they are facing permitting delays in Alaska, which could slow down domestic resource development. You need to see proof of concept, not just plans.
• Financial and Dilution Risk: While the balance sheet looks solid with $38.5 million in cash and investments as of September 30, 2025, there's a serious dilution threat. The Amended Equity Incentive Plan, approved in July 2025, significantly raised the number of reserved shares, creating meaningful future dilution potential for existing shareholders. Plus, the EBIT margin sits at a negative -3.9%, showing they are not yet profitable at the operating level.
• Internal Controls: A critical, but often overlooked, issue is the reported material weakness in disclosure controls attributed to a small accounting staff. That's defintely a red flag for a publicly traded company.

On the external side, the antimony market is a tough neighborhood. The market is dominated by China, which creates competitive pressure and supply chain complexity. Antimony price volatility is a high-impact, high-probability risk; the Rotterdam market price dictates their revenue, and that's out of their control. Also, changes in U.S. trade policies, like tariffs, could raise the cost of imported ore and products, which hurts demand.

What this estimate hides is the strategic importance of the company. United States Antimony Corporation (UAMY) is mitigating these external risks by leveraging its position as the only domestic producer and processor of antimony products. They are securing long-term contracts, like the one for antimony trioxide with a U.S. industrial manufacturer, and diversifying their supply chain with new procurement agreements in Bolivia, Chad, Mexico, and Peru. These moves are crucial to insulate against geopolitical shocks and commodity swings. Read more on their long-term vision here: Mission Statement, Vision, & Core Values of United States Antimony Corporation (UAMY).

To be fair, the strategy is aggressive, but they need to prove they can deliver. The 9-month 2025 gross margin improved to 28% from 24% last year, which is a positive sign of operational improvement before the full effect of the expansion.

Next Step: Operations: Provide a clear, public update on the Montana smelter 6x capacity expansion timeline and capital expenditure burn rate by the end of Q4 2025.

Growth Opportunities

You're looking past the Q3 2025 earnings miss-a net loss of $4.1 million-and focusing on the future, which is the right call for a critical mineral company like United States Antimony Corporation (UAMY). The near-term volatility is real, but the company's strategic positioning and contracts defintely point toward a massive revenue inflection in 2026.

The core of the growth story is the shift from a smaller, volatile operation to a strategic, government-backed supplier. For the first nine months of 2025, total revenue was already up 182% year-over-year, reaching $26.2 million, driven primarily by antimony price increases and volume. Management has narrowed the full-year 2025 sales outlook to a range of $40 million to $43 million, but the real jump is slated for next year.

Here's the quick math: the company is projecting 2026 revenue to hit between $125 million and $150 million. That's a potential tripling of the top line in a single year, which is an exponential leap based on their facility expansion and secured contracts.

Key Growth Drivers and Strategic Initiatives

The future revenue growth is not based on hope; it's grounded in two major contracts and an aggressive production ramp-up. These initiatives are the engine for the projected 2026 surge:

• Defense Logistics Agency (DLA) Contract: A five-year contract valued at up to $245 million for metallic antimony ingots, securing a long-term, high-value revenue stream.
• Commercial Supply Deal: A separate five-year commercial agreement worth approximately $107 million for antimony trioxide powder.
• Montana Refinery Expansion: The Thompson Falls facility is being expanded to increase antimony production capacity fivefold, from 100 tonnes per month to 500 tonnes per month by early 2026.
• Vertical Integration: Restarting Montana mining operations to use self-mined material, which is expected to boost gross margins to over 50%.
• Critical Mineral Diversification: The $5 million acquisition of a Canadian tungsten mining operation in June 2025 expands their portfolio beyond antimony into other critical minerals.

Competitive Moat and Earnings Outlook

United States Antimony Corporation (UAMY) holds a powerful competitive advantage: it is positioned as the only fully integrated antimony company outside of China and Russia. This is a crucial distinction, especially as the U.S. government seeks to secure domestic supply chains for critical defense materials. The fact that the Madero smelter in Mexico is approved for U.S. government contract fulfillment adds necessary operational flexibility.

While the company reported a consolidated net loss of $4.1 million for the first nine months of 2025, this included $5.2 million in non-cash expenses. Analysts are forecasting a significant swing to profitability in the next year, with earnings expected to grow from a trailing EPS of -$0.01 to $0.09 per share in 2026.

For a clearer view of the projected financial trajectory, look at the revenue and earnings estimates:

The company has a minimal long-term debt of around $229,000 and a strong balance sheet with cash investments increasing by $20 million to $38.5 million in Q3 2025, which gives them the capital to execute these expansion plans. You can find a deeper dive into the balance sheet dynamics in our full post: Breaking Down United States Antimony Corporation (UAMY) Financial Health: Key Insights for Investors.

Your next step should be to model the impact of the Thompson Falls expansion hitting its 500 tonnes per month target on your 2026 revenue projections, factoring in the improved margins from self-mined ore.