United States Antimony Corp. reported third‑quarter 2025 results on November 12 2025, posting revenue of $8.7 million—about 32 % below the $12.8‑$13 million consensus—and a net loss of $0.04 per share, a miss against the $0.01‑$0.03 EPS estimate. The revenue shortfall was driven primarily by a decline in antimony volume, even as the company raised average prices; zeolite sales grew modestly, but the higher‑margin zeolite segment could not offset the weaker antimony performance.
Segment data show antimony sales at $23.57 million for the nine‑month period, up 235 % YoY, while zeolite sales rose 16 % to $2.65 million. The Q3 revenue miss reflects a combination of lower antimony throughput and a shift in the product mix toward higher‑priced zeolite, which has a smaller revenue contribution relative to antimony. Management noted that the company’s antimony business growth is largely driven by price increases rather than volume expansion.
The quarter’s net loss of $4.1 million was heavily influenced by $5.2 million in non‑cash expenses, including $4.69 million in share‑based compensation and $839 k in depreciation and amortization. These one‑time charges amplified the loss, while operating cash flow remained positive, underscoring the temporary nature of the hit to earnings. The company’s gross margin improved to 28 % from 24 % YoY for the first nine months, driven by higher average prices and a more favorable product mix, but management warned that declining antimony prices could compress margins in Q4.
In addition to the earnings miss, the company secured two significant contracts that provide a long‑term revenue base. A five‑year, sole‑source IDIQ with the U.S. Defense Logistics Agency, awarded on September 23 2025, is valued at up to $245 million and positions the company as the only fully integrated antimony producer outside China and Russia. A five‑year commercial supply agreement with a U.S. industrial fabric manufacturer, signed on November 11 2025, is worth $106.7 million. These contracts reinforce the company’s strategic focus on defense and industrial markets and are expected to offset short‑term earnings pressure.
Market reaction to the earnings release was negative, with the stock falling 5.58 % to close at $8.07. The decline was driven by the earnings miss, particularly the $0.04 loss versus the $0.01‑$0.03 consensus. Earlier in September, the stock had risen 17.8 % after the DLA contract announcement, reflecting investor enthusiasm for the long‑term revenue stream. The current reaction highlights the market’s focus on near‑term financial performance despite the company’s strategic wins.
Management cautioned that gross margins could be pressured in Q4 due to falling antimony prices, but emphasized that the reopening of a Montana mine and ongoing cost‑control initiatives should improve margins by early 2026. The company remains committed to becoming the lowest‑cost antimony producer outside China and Russia, with a focus on vertical integration and supply‑chain security. While the Q3 results fell short of expectations, the secured contracts and strategic initiatives suggest a positive long‑term trajectory.
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