US Antimony Sales Jump 188 Percent

United States Antimony (UAMY), the only domestic producer and processor of antimony products, released its financial results for the second quarter of fiscal 2025 on August 12, 2025. The quarter delivered record GAAP revenue of $10.53 million, outpacing analyst GAAP estimates of $10.43 million. Antimony demand and prices soared, helping gross profits rise sharply. However, the company recorded GAAP net income of $0.18 million—slightly under the consensus estimate and lower than last year. Strong topline growth, coupled with higher operating expenses and large inventory investment, defined the period. Overall, the quarter marked operational progress, balanced by increased costs and heavy inventory build.

Source: Analyst estimates provided by FactSet. Management expectations based on management's guidance, as provided in Q2 2025 earnings report.

Business Overview and Success Factors

United States Antimony operates as a metals and specialty minerals producer. Its core business processes antimony ore into value-added products such as antimony oxide, metal, and trisulfide, which are used in flame retardants, batteries, and military applications. It also operates in the environmental minerals space through its Bear River Zeolite unit, which sells zeolite for water filtration and soil improvement.

The company’s recent focus has been expanding antimony ore supply, both through contracts with international partners and through acquisitions of potential mining sites in Alaska, Montana, and Ontario. Managing regulatory compliance is essential for project development. Its long-term success depends on turning large antimony inventories into sales, ramping up production at upgraded facilities, and establishing reliable captive ore sources to protect margins and supply. The zeolite business continues to leverage capacity for growth, with new hires and improved cost control supporting expansion.

Key Quarterly Developments and Financial Performance

For the quarter ended June 30, 2025, GAAP revenue reached $10.53 million, an increase of 188% over Q2 2024 and slightly exceeded the analyst estimate (GAAP). The main driver was the antimony segment, which benefited from a surge in average sales price per pound—from roughly $6 in the first half of 2024 to about $22 in the first half of 2025 (six months ended June 30, 2025, as reported). Management attributed the strength in antimony sales to tight global supply and recent procurement contracts across countries such as Bolivia, Chad, Mexico, and Peru. Zeolite segment sales also rose 24% in the first half of 2025 (GAAP), driven by both higher volumes and better pricing, supported by new sales hires and lower maintenance costs at Bear River Zeolite.

Despite the revenue boost, operating expenses (GAAP) also jumped to $2.82 million, more than doubling compared to the prior year period. Management explained that the rise stemmed from workforce expansion and investments in plant improvements—such as refurbishing four furnaces in Montana to double antimony product output, and hiring five new operators. The company also spent $5 million on a tungsten mining property in Ontario, broadening its exposure to key critical minerals for defense and industrial uses. Management said, “We successfully retrofitted four existing furnaces in Thompson Falls at a cost of approximately $300K over the last few months. This will enable us to begin doubling production output of antimony products now that we have the necessary plant personnel in place.”

Gross profit more than doubled versus Q2 2024. Net income for the quarter was $0.18 million, but a touch below analyst expectations due to higher expenses and a significant increase in non-cash stock compensation and depreciation costs. Inventory levels reached a record as of June 30, 2025, with antimony inventory totaling 201 tons as of June 30, 2025—valued at $10.4 million at market price, compared to $4.0 million at the end of 2024, and worth about $10.4 million at market price as of June 30, 2025. This inventory build is expected to be a source of future revenue but has put pressure on cash flow in the short term.

One-time or unusual items for the quarter include the tungsten asset acquisition and refurbishment costs on the Montana site. There were no new dividends declared or changes to dividend policy. The company does not currently pay a dividend.

Throughout the quarter, the antimony segment faced operational challenges, including ore quality issues with an Australian supplier and staffing shortages in Montana, both of which management claims to have addressed by period close. The zeolite business recovered from maintenance disruptions experienced last year and focused on filling available capacity with new customers and sales resources. Management also reported initial progress on securing North American ore supply through property acquisition and ongoing permitting efforts in Alaska and Montana. However, some Alaska mining plans encountered delays due to state permitting processes and local environmental objections, slowing expected ore shipments by about a month.

Company Segments and Product Types

The antimony segment processes antimony ore into compounds used in fire-retardant products, munitions, and storage batteries. The company is the only domestic processor of antimony products, a point highlighted as strategically important given its use in defense supply chains.

The Bear River Zeolite operation produces natural zeolite for use in water filtering systems, soil amendments, and other industrial applications. Zeolite sales grew in the first six months of 2025 due to improved plant operations and active hiring of new sales personnel, following operational setbacks in the previous year.

Outlook and Strategic Priorities

Looking ahead, management reaffirmed its revenue guidance of $40 million to $50 million for FY2025, which means it expects a considerable ramp-up in sales during the second half as inventory is converted. The ability to draw down and sell current record antimony inventories is seen as a key task, especially as plant upgrades in Montana come online and new ore supply contracts mature. There are no specific profit or net income forecasts provided by management for FY2025.

The company’s pipeline includes ongoing construction at the Thompson Falls plant to increase throughput by sixfold by year-end, and ongoing regulatory permitting for new antimony and tungsten mining sites. Management said, “We should see further improvements in overall operating and financial results during the second half of this year.” Investors should keep an eye on the status of these initiatives, the pace of inventory sales, continued expense control, and the outcome of strategic talks with U.S. defense agencies. UAMY does not currently pay a dividend.

Revenue and net income presented using U.S. generally accepted accounting principles (GAAP) unless otherwise noted.