United States Antimony Corp. reported second-quarter 2026 revenue of $7.9 million, down 25% from $10.5 million a year earlier but up 17% from $6.8 million in the first quarter.
For the first half, revenue totaled $14.7 million, down 16% from $17.5 million in the same period of 2025.
Antimony sales drove most of the change. Second-quarter antimony revenue fell to $5.9 million from $9.6 million a year ago, even as pounds sold rose 26% to 428,425 pounds. Average selling price dropped 52% to $13.70 per pound from $28.32, while average cost per pound declined 33% to $13.34.
Zeolite revenue more than doubled to $1.9 million from about $1.0 million, an increase of 110%, as tons sold rose 114%.
Gross profit for the quarter fell to $0.6 million from $2.8 million, with gross margin shrinking to about 7% from 27%.
Operating expenses jumped to $7.6 million from $2.8 million, pushing operating loss to about $7.0 million.
Net income was about $0.1 million, compared with $0.2 million in the prior-year quarter.
Cash and cash equivalents rose sharply to $41.4 million at June 30 from $3.2 million at March 31 and $30.5 million at December 31, 2025. The company also held $20.7 million in U.S. Treasuries, bringing total liquidity to $62.2 million. Including the Larvotto strategic equity investment of $43.2 million, cash investments and marketable securities totaled $105 million.
Total assets increased to $190.6 million, up $42.6 million in the first half. Working capital doubled to $70 million from $35 million at March 31, while total liabilities declined to $9.6 million from $13.0 million.
Inventory ended the quarter at $21.6 million, up from $12.5 million at year-end and $6.4 million a year earlier.
For the first six months, net cash used in operating activities was $20.7 million, net cash used in investing activities was $11.1 million, and net cash provided by financing activities was $43.4 million.
Capital expenditures for the first half totaled $22.8 million, while the company received $12.8 million of milestone-based funding under its DPA grant award, leaving net capital deployed at about $10 million.
The company said it delivered its first two shipments of antimony ingots to the DLA in June, totaling about 82,000 pounds, but final approval came in July, so that sale will show up in third-quarter results.
On the contract side, cumulative orders under the DLA agreement reached about $57.3 million, and the company said the first delivery order of $9.9 million is expected to be completed nearly a year ahead of schedule. The market has reacted to these announcements by moving the company's shares 0.64% to a price of $5.545. For more information, read the company's full 8-K submission here.
