US Antimony Revenue Soars 163%, Secures $354 Million in New Contracts as Domestic Mining Reboots
Historic Revenue Growth and Contract Wins Drive USAC’s Transformational Year
United States Antimony Corporation (NYSE:UAMY) stunned the market with its fiscal year 2025 results, reporting a remarkable 163% surge in revenue to $39.26 million, up from $14.94 million last year. The company sealed $354 million in new antimony contracts for 2025 and began restarting domestic antimony mining operations in Montana — all while antimony market prices reached historic highs following Chinese export curbs.
Gross Profits and Margins Expand Ahead of Domestic Ore Processing
Gross profits rose 185% to $9.87 million, supported by improved gross margins (now at 25%, up from 23% in 2024). Notably, these gains were booked before any of the company’s Montana-mined antimony or newly contracted government deliveries entered the processing pipeline. As these domestic sources come online throughout 2026, USAC expects margins to improve further, reducing reliance on overseas suppliers.
Strong Balance Sheet and Inventory Position Bolster Future Prospects
Despite a net loss of $4.34 million (driven in large part by $6.7 million in non-cash charges, mostly share-based compensation), USAC closed 2025 with a dramatically reinforced balance sheet. Cash, Treasury, and investment holdings surged to $91.3 million from $18.2 million a year ago, helped by stock issuances, warrant exercises, and investments. The company also executed $27.8 million in capital expenditures, including expanded smelting capacity, mineral rights, and a strategic stake in Australian miner Larvotto Resources.
| Key Metrics (FY 2025) | 2025 | 2024 | % Change |
|---|---|---|---|
| Revenues | $39.26M | $14.94M | +163% |
| Gross Profit | $9.87M | $3.47M | +185% |
| Gross Margin | 25% | 23% | +2 pts |
| Net Loss | ($4.34M) | ($1.73M) | n/a |
| Cash & Investments | $91.30M | $18.20M | +402% |
| Antimony Inventory (tons) | 465 | 78 | +496% |
| Antimony Revenue | $35.40M | $11.10M | +219% |
| Zeolite Revenue | $3.40M | $2.90M | +14% |
Antimony Prices and Inventory Hit Multi-Year Highs Amid Global Supply Disruption
Behind the topline growth, antimony revenue soared 219% to $35.4 million as average selling prices per pound shot up 230%. With global supply in persistent deficit—especially after a 2024 Chinese export embargo—antimony prices spiked over 400% to all-time records in 2025 and remain nearly triple historical norms. USAC’s processed and unprocessed antimony inventory ended the year at 465 tons, nearly six times the prior year.
2026 Outlook: Guidance Signals Ambition as Vertical Integration Gains Traction
Looking to 2026, USAC reiterated its gross revenue guidance of $125 million, reflecting expectations for further domestic ore processing, expanded government and commercial contracts, new zeolite customers, and the company’s push into U.S.-based tungsten production. Capital investments in mining claims from Alaska to Ontario, and the acquisition of advanced flotation facilities, underpin a strategic pivot to vertical integration and supply chain security for critical minerals.
Key Takeaway: Positioned for Margin Gains and Robust Growth in 2026
The story for UAMY this year isn’t just one of soaring revenues and contract wins. USAC is transitioning from dependence on volatile overseas suppliers to a more resilient, vertically integrated model anchored by domestic production and long-term contracts. The ramp-up of Montana-mined feedstock and smelting capacity, coupled with a strengthened balance sheet and bullish market backdrop for antimony and tungsten, could mean the coming year is just as transformational. Investors and industry watchers will be paying close attention as USAC hosts its full-year results call on March 19, 2026—which may offer deeper insight into its 2026 trajectory.
Conference Call Details
- Date: Thursday, March 19, 2026
- Time: 4:15 PM Eastern Time
- Participant Access Code: 389306
- Webcast: Link
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