United States Antimony Corporation (USAC) has released its financial results for the second quarter and the first half of 2026. The company reported revenues of $7.9 million for Q2 2026, down from $10.5 million in the same quarter the previous year. A significant decrease in average selling prices for antimony significantly impacted revenue, leading to a gross profit of only $0.6 million.
Despite a 26% increase in antimony sales volume, with approximately 428,425 pounds sold, the company faced a dramatic decline in average selling prices, which fell by 52% compared to the second quarter of 2025. The company's antimony segment generated $5.9 million in revenue, compared to $9.6 million during the same quarter last year.
USAC recorded an operating loss of $7 million in Q2, contrasting with the near breakeven results in the prior year. However, this loss was partially offset by an unrealized gain of $6.8 million from the company’s investment in Larvotto Resources Limited, as well as $0.4 million in interest income.
The company reported inventory growth topping $21.6 million as of June 30, 2026, a significant increase from $12.5 million at year-end 2025. This build-up in inventory aligns with the firm's strategic investments aimed at supporting expected production increases.
Moreover, USAC's capital expenditures reached $22.8 million in the first half of 2026, focusing on advancements such as the Thompson Falls expansion and the acquisition of a flotation facility in Radersburg, Montana.
Looking ahead, USAC revised its full-year 2026 revenue guidance to a range of $60 million to $75 million, a significant reduction from the prior forecast of $125 million. The adjustments are attributed to falling antimony prices and a scheduling shift for government contract deliveries. Nonetheless, the demand for domestically sourced antimony remains substantial, suggesting potential for future revenue growth as production ramps up.
For the second quarter of 2026, USAC reported revenues of $7.9 million, a decline from $10.5 million in the same period of 2025. The net income was $0.1 million, down from $0.2 million in the prior year. The gross profit also decreased significantly to $0.6 million, compared to $2.8 million the previous year.
USAC's antimony pounds sold increased by 26% to 428,425 pounds in the second quarter of 2026, up from 340,305 pounds in the previous year. However, average selling prices fell by about 52%, resulting in a revenue decrease in the antimony segment.
In the first six months of 2026, USAC made gross capital expenditures of $22.8 million, primarily for the Thompson Falls expansion and the acquisition of a flotation facility in Radersburg, Montana. These investments aim to enhance production capabilities and support growth in critical minerals.
As of June 30, 2026, USAC's inventory amounted to $21.6 million, a significant increase from $12.5 million as of December 31, 2025. This escalation in inventory is attributed to strategic investments in antimony feedstock to support anticipated production growth.
The second quarter of 2026 presented challenges, including a gross margin decline to 7% from 27% the previous year, largely due to reduced selling prices of antimony. Operating losses were reported at $7.0 million compared to break-even results in the same quarter of the previous year.
USAC has updated its full-year 2026 revenue guidance to a range of $60 million to $75 million, revised down from an earlier guidance of $125 million. This adjustment reflects declining market prices for antimony and shifts in delivery timelines for government contracts.
USAC has secured contracts with the Defense Logistics Agency (DLA), which are vital for its revenue generation. The company delivered its first shipments under this contract in June 2026, and expects approximately $2.6 million in revenue to be recognised in the third quarter of 2026.
USAC holds an investment in Larvotto Resources Limited, which had a fair value of USD $43.2 million as of June 30, 2026. The company reported an unrealized gain of USD $6.8 million on this investment during the second quarter.