Revenue volatility remains a primary concern, with the company reporting a -70.3% gross margin in 2026Q1 as production costs significantly outpaced the market value of finished goods.
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 | Dec'16 | Dec'15 | Dec'14 | Dec'13 | Dec'12 | Dec'11 | Dec'10 | Dec'09 | Dec'08 | Dec'07 | Dec'06 | Dec'05 | Dec'04 | Dec'03 | Dec'02 | Dec'01 | Dec'00 | Dec'99 | Dec'98 | Dec'97 | Dec'96 |
|---|
| Sales/Revenue | 39.04M | 39.26M | 14.94M | 8.69M | 11.04M | 7.75M | 5.24M | 8.27M | 9.03M | 10.23M | 11.89M | 13.11M | 10.77M | 11.02M | 12.04M | 13.12M | 9.07M | 4.1M | 5.28M | 5.26M | 4.4M | 3.56M | 3.12M | 3.22M | 3.47M | 3.44M | 5.02M | 4.71M | 3.14M | 4.31M | 5.01M |
| Revenue Growth % | 94.17% | 162.81% | 71.84% | -21.29% | 42.56% | 47.98% | -36.68% | -8.48% | -11.69% | -13.96% | -9.3% | 21.69% | -2.26% | -8.49% | -8.2% | 44.58% | 121.12% | -22.23% | 0.32% | 19.65% | 23.33% | 14.13% | -3.07% | -7.26% | 1.09% | -31.5% | 6.5% | 49.88% | -27.07% | -14.01% | - |
| Cost of Goods Sold | 36.31M | 40.96M | 11.47M | 12.04M | 9.05M | 6.91M | 5.03M | 9.08M | 9.03M | 9.95M | 11.35M | 13.52M | 11.11M | 11.06M | 11.01M | 11.44M | 7.7M | 3.73M | 5.02M | 5.29M | 3.61M | 2.88M | 2.38M | 2.93M | 3.14M | 3.12M | 4.41M | 4.2M | 2.75M | 3.5M | 4.83M |
| COGS % of Revenue | - | 104.35% | 76.79% | 138.48% | 81.93% | 89.18% | 96.07% | 109.87% | 99.98% | 97.31% | 95.49% | 103.15% | 103.15% | 100.37% | 91.41% | 87.24% | 84.86% | 91.01% | 95.13% | 100.54% | 82.02% | 80.68% | 76.24% | 91.02% | 90.34% | 90.73% | 87.91% | 89.14% | 87.43% | 81.23% | 96.43% |
| Gross Profit | 2.73M | -1.71M | 3.47M | -3.34M | 2M | 838.61K | 205.7K | -816.25K | 1.54K | 275.46K | 536.65K | -412.36K | -339.34K | -40.97K | 1.03M | 1.67M | 1.37M | 369.05K | 256.87K | -28.3K | 790.34K | 688.66K | 741.88K | 289.28K | 335.41K | 318.68K | 606.56K | 511.69K | 394.9K | 808.69K | 178.71K |
| Gross Margin % | 7% | -4.35% | 23.21% | -38.48% | 18.07% | 10.82% | 3.93% | -9.87% | 0.02% | 2.69% | 4.51% | -3.15% | -3.15% | -0.37% | 8.59% | 12.76% | 15.14% | 8.99% | 4.87% | -0.54% | 17.98% | 19.32% | 23.76% | 8.98% | 9.66% | 9.27% | 12.09% | 10.86% | 12.57% | 18.77% | 3.57% |
| Gross Profit Growth % | - | -149.24% | 203.65% | -267.56% | 138.04% | 307.69% | 125.2% | -53000.26% | -99.44% | -48.67% | 230.14% | -21.52% | -728.27% | -103.96% | -38.19% | 21.87% | 272.24% | 43.67% | 1007.56% | -103.58% | 14.77% | -7.17% | 156.46% | -13.75% | 5.25% | -47.46% | 18.54% | 29.58% | -51.17% | 352.51% | - |
| Operating Expenses | 19.07M | 7.17M | 5.86M | 3.72M | 1.65M | 1.5M | 3.51M | 2.94M | -545.49K | 1.24M | 1.35M | 396.64K | 1.25M | 1.3M | 1.35M | 782.67K | 944.37K | 605.23K | -229.63K | 545.28K | 1.09M | 1.21M | 810.55K | 909.6K | 254.5K | 1.06M | 1.51M | 732.01K | 307.55K | 244.55K | 333.3K |
| OpEx % of Revenue | - | 18.26% | 39.21% | 42.84% | 14.92% | 19.35% | 67.05% | 35.53% | -6.04% | 12.07% | 11.38% | 3.03% | 11.59% | 11.77% | 11.24% | 5.97% | 10.41% | 14.75% | -4.35% | 10.37% | 24.86% | 34.02% | 25.96% | 28.23% | 7.33% | 30.78% | 30.01% | 15.54% | 9.79% | 5.68% | 6.65% |
| Selling, General & Admin | 17.74M | 5.48M | 5.37M | 2.92M | 1.44M | 1.24M | 1.22M | 1.44M | 1.54M | 1.24M | 1.47M | 1.45M | 1.25M | 1.3M | 1.35M | 782.67K | 745.07K | 654.33K | 589.15K | 690.7K | 994.27K | 1.08M | 698.23K | 813.06K | 579.71K | 1.06M | 1.24M | 601.3K | 307.55K | 244.55K | 333.3K |
| SG&A % of Revenue | - | 13.96% | 35.96% | 33.64% | 13.06% | 16.01% | 23.33% | 17.4% | 17% | 12.07% | 12.39% | 11.09% | 11.59% | 11.77% | 11.24% | 5.97% | 8.21% | 15.95% | 11.17% | 13.13% | 22.62% | 30.43% | 22.36% | 25.24% | 16.69% | 30.78% | 24.68% | 12.77% | 9.79% | 5.68% | 6.65% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 1.33M | 1.69M | 486.11K | 799.57K | 205.74K | 258.3K | 2.29M | 1.5M | -2.08M | 0 | -120.33K | -1.06M | 0 | 0 | 0 | 0 | 199.3K | -49.1K | -818.78K | -145.42K | 98.46K | 127.93K | 112.32K | 96.54K | -325.22K | 0 | 267.33K | 130.71K | 0 | 0 | 0 |
| Operating Income | -16.34M | -8.88M | -2.39M | -7.07M | 348.2K | -660.26K | -3.3M | -3.75M | 547.04K | -959.7K | -816.52K | -809K | -1.59M | -1.34M | -318.69K | 891.53K | 429.37K | -236.19K | 486.5K | -573.58K | -302.4K | -523.75K | -68.67K | -620.32K | 80.92K | -738.93K | -898.77K | -220.32K | 87.34K | 564.14K | -154.59K |
| Operating Margin % | -41.84% | -22.61% | -16% | -81.32% | 3.15% | -8.52% | -63.12% | -45.4% | 6.05% | -9.38% | -6.87% | -6.17% | -14.74% | -12.14% | -2.65% | 6.8% | 4.73% | -5.76% | 9.22% | -10.91% | -6.88% | -14.7% | -2.2% | -19.25% | 2.33% | -21.5% | -17.92% | -4.68% | 2.78% | 13.09% | -3.09% |
| Operating Income Growth % | - | -271.31% | 66.18% | -2130.13% | 152.74% | 80.02% | 11.96% | -786.18% | 157% | -17.54% | -0.93% | 49.07% | -18.69% | -319.9% | -135.75% | 107.64% | 281.79% | -148.55% | 184.82% | -89.68% | 42.26% | -662.7% | 88.93% | -866.62% | 110.95% | 17.78% | -307.94% | -352.25% | -84.52% | 464.93% | - |
| EBITDA | -15.01M | -7.63M | -1.31M | -6.11M | 1.26M | 220.62K | -2.42M | -2.86M | 1.45M | 9.19K | 183.22K | 123.79K | -807.56K | -649.43K | 154.3K | 1.3M | 785.24K | 26.27K | 702.23K | -408.17K | -168.93K | -388.32K | 51.15K | -523.77K | 178K | -601.84K | -746.39K | -89.61K | 245.15K | 734.23K | 37.85K |
| EBITDA Margin % | -38.44% | -19.44% | -8.74% | -70.28% | 11.38% | 2.85% | -46.2% | -34.56% | 16.07% | 0.09% | 1.54% | 0.94% | -7.5% | -5.89% | 1.28% | 9.89% | 8.65% | 0.64% | 13.31% | -7.76% | -3.84% | -10.9% | 1.64% | -16.26% | 5.12% | -17.51% | -14.88% | -1.9% | 7.8% | 17.04% | 0.76% |
| EBITDA Growth % | -3034.12% | -484.86% | 78.64% | -585.88% | 469.94% | 109.12% | 15.35% | -296.83% | 15700.2% | -94.98% | 48.01% | 115.33% | -24.35% | -520.88% | -88.11% | 65.21% | 2889.57% | -96.26% | 272.04% | -141.62% | 56.5% | -859.11% | 109.77% | -394.25% | 129.58% | 19.37% | -732.95% | -136.55% | -66.61% | 1839.59% | - |
| D&A (Non-Cash Add-back) | 1.33M | 1.24M | 1.09M | 959.45K | 909.22K | 880.88K | 885.84K | 895.99K | 904.84K | 968.89K | 999.74K | 932.79K | 780.78K | 688.74K | 472.99K | 405.75K | 355.88K | 262.45K | 215.73K | 165.41K | 133.46K | 135.43K | 119.82K | 96.54K | 97.08K | 137.08K | 152.38K | 130.71K | 157.81K | 170.09K | 192.44K |
| EBIT | -16.14M | -8.88M | -2.38M | -6.85M | 348.2K | -54.93K | -3.27M | -3.59M | 640.86K | -1.03M | -850.27K | -838.53K | -1.59M | -1.41M | -388.74K | 742.53K | 318.01K | -289.24K | -379.77K | -663.9K | -337.4K | -523.75K | -68.67K | -620.32K | -328.36K | -738.93K | -765.11K | -220.32K | 87.34K | 564.14K | -154.59K |
| Net Interest Income | 971.45K | 810.55K | 668.54K | 618.76K | 50.78K | -5.54K | -17.99K | -78.34K | -99.97K | -106.1K | -159.36K | 6.38K | 6.8K | -606 | 5.36K | 5.21K | 1.96K | -5.61K | -40.94K | -45.44K | -127.29K | -122.02K | -109.03K | -72.14K | -76.73K | -146.84K | -148.69K | 0 | -193.05K | 0 | -274.25K |
| Interest Income | 971.45K | 810.55K | 668.54K | 618.76K | 65.92K | 0 | 0 | 0 | 0 | 873 | 1.44K | 6.38K | 7.92K | 3.92K | 8.05K | 5.21K | 7.75K | 0 | 0 | 0 | 0 | 0 | 3.63K | 10.71K | 3.73K | 5.23K | 8.46K | 0 | 23.27K | 0 | 10.68K |
| Interest Expense | 0 | 0 | 0 | 0 | 15.14K | 5.54K | 17.99K | 78.34K | 99.97K | 106.97K | 160.79K | 0 | 1.12K | 4.53K | 2.69K | 0 | 7.75K | 5.61K | 40.94K | 45.44K | 127.29K | 122.02K | 112.66K | 82.86K | 80.46K | 152.07K | 157.15K | 0 | 216.32K | 0 | 284.93K |
| Other Income/Expense | 155.41K | 4.54M | 660.41K | 720.71K | 96.53K | 599.79K | 17.94K | 80.79K | -6.14K | -174.69K | -194.54K | -29.53K | -7.12K | -73.55K | -72.74K | -149K | -117.15K | -58.66K | -486.5K | 573.58K | 302.4K | 523.75K | 68.67K | 620.32K | -80.92K | 738.93K | 898.77K | 220.32K | -87.34K | -564.14K | 154.59K |
| Pretax Income | -16.18M | -4.34M | -1.73M | -6.35M | 444.73K | -60.47K | -3.29M | -3.67M | 540.89K | -1.13M | -1.01M | -838.53K | -1.6M | -1.41M | -391.43K | 742.53K | 312.21K | -294.84K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Pretax Margin % | -41.44% | -11.05% | -11.58% | -73.03% | 4.03% | -0.78% | -62.78% | -44.42% | 5.99% | -11.09% | -8.5% | -6.4% | -14.81% | -12.81% | -3.25% | 5.66% | 3.44% | -7.19% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Income Tax | 0 | 0 | 0 | 0 | 16.07K | 0 | 0 | 0 | -332.33K | 0 | 298.14K | 0 | 0 | 229.45K | 167.11K | 105.61K | -493K | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Effective Tax Rate % | 0% | 0% | 0% | 0% | 3.61% | 0% | 0% | 0% | -61.44% | 0% | -29.49% | 0% | 0% | -16.25% | -42.69% | 14.22% | -157.91% | 0% | - | - | - | - | - | - | - | - | - | - | - | - | - |
| Net Income | -16.18M | -4.34M | -1.73M | -6.35M | 428.66K | -60.47K | -3.29M | -3.67M | 873.23K | -1.13M | -1.31M | -838.53K | -1.6M | -1.64M | -558.54K | 636.92K | 805.21K | -294.84K | 332.36K | -623.69K | -284.66K | -575.77K | -93.16K | -798.63K | -360.39K | -976.84K | -67.7K | 304.01K | -468.43K | 662.77K | -1.01M |
| Net Margin % | -41.44% | -11.05% | -11.58% | -73.03% | 3.88% | -0.78% | -62.78% | -44.42% | 9.67% | -11.09% | -11.01% | -6.4% | -14.81% | -14.89% | -4.64% | 4.86% | 8.87% | -7.19% | 6.3% | -11.86% | -6.48% | -16.15% | -2.98% | -24.79% | -10.37% | -28.42% | -1.35% | 6.45% | -14.9% | 15.38% | -20.25% |
| Net Income Growth % | -1779.03% | -150.78% | 72.74% | -1580.96% | 808.89% | 98.16% | 10.51% | -520.61% | 176.98% | 13.35% | -56.13% | 47.44% | 2.79% | -193.83% | -187.69% | -20.9% | 373.1% | -188.71% | 153.29% | -119.1% | 50.56% | -518.01% | 88.33% | -121.6% | 63.11% | -1342.91% | -122.27% | 164.9% | -170.68% | 165.3% | - |
| Net Income (Continuing) | -16.18M | -4.34M | -1.73M | -6.35M | 428.66K | -60.47K | -3.29M | -3.67M | 873.23K | -1.13M | -1.31M | -838.53K | -1.6M | -1.64M | -558.54K | 636.92K | 805.21K | -294.84K | 332.36K | -623.69K | -284.66K | -575.77K | -93.16K | -798.63K | -360.39K | -976.84K | -985.42K | -307.68K | -468.43K | -248.09K | -1.01M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.11 | -0.04 | -0.02 | -0.06 | 0.00 | -0.00 | -0.05 | -0.06 | 0.01 | -0.02 | -0.02 | -0.01 | -0.02 | -0.03 | -0.01 | 0.01 | 0.01 | -0.01 | 0.01 | -0.02 | -0.01 | -0.02 | -0.00 | -0.03 | -0.01 | -0.05 | -0.00 | 0.02 | -0.03 | 0.05 | -0.08 |
| EPS Growth % | -1071.84% | -120% | 72.93% | - | - | 97.61% | 18.58% | -541.41% | 176.19% | 14.29% | -54.33% | 48.58% | 6.44% | - | -191% | 0% | - | -159% | 166.23% | - | 56.5% | - | 89.46% | -119.4% | 73.47% | - | -119% | 167.8% | -159% | 160.61% | - |
| EPS (Basic) | - | -0.04 | -0.02 | -0.06 | 0.00 | -0.00 | -0.05 | -0.06 | 0.01 | -0.02 | -0.02 | -0.01 | -0.02 | -0.03 | -0.01 | 0.01 | 0.01 | -0.01 | 0.01 | -0.02 | -0.01 | -0.02 | -0.00 | -0.03 | -0.01 | -0.05 | -0.00 | 0.02 | -0.04 | 0.05 | -0.08 |
| Diluted Shares Outstanding | 141.61M | 123.64M | 108.59M | 107.55M | 106.29M | 102.84M | 72.51M | 69M | 68.1M | 67.41M | 66.78M | 66.21M | 64.61M | 62.28M | 61.24M | 59.38M | 60M | 49.86M | 43.6M | 41.38M | 36.92M | 32.52M | 30.27M | 27.18M | 26.91M | 19.34M | 17.77M | 14.84M | 15.9M | 12.98M | 12.3M |
| Basic Shares Outstanding | 141.61M | 123.64M | 108.59M | 107.55M | 106.29M | 102.84M | 72.51M | 69M | 67.98M | 67.41M | 66.78M | 66.21M | 64.61M | 62.28M | 60.72M | 58.86M | 54.36M | 49.86M | 43.05M | 41.38M | 36.92M | 32.52M | 30.27M | 27.18M | 26.91M | 19.34M | 17.77M | 14.6M | 13.31M | 12.97M | 12.3M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - | - |
Feedstock cost volatility
As reported in recent financial filings, UAMY experienced a significant revenue swing, with quarterly figures fluctuating from $1.7M to $13.0M, highlighting that top-line expansion remains highly sensitive to spot commodity pricing rather than a predictable, organic growth trajectory driven by long-term industrial contract volume.
The erratic revenue performance suggests that the company lacks pricing power and remains a price-taker in the global antimony market. Investors should monitor whether the recent revenue spikes represent sustainable throughput increases or merely temporary commodity price tailwinds that fail to provide long-term durability.
Based on the latest income statement data, UAMY reported a gross margin of -70.3% in 2026Q1, indicating that the cost of production currently exceeds the market value of finished goods, a trend that persists despite previous periods of positive gross profitability in 2025.
The inability to maintain positive gross margins suggests that the company's reliance on third-party feedstock creates a structural disadvantage. This margin compression implies that the current business model may be fundamentally unviable without a significant shift toward vertical integration or a sustained increase in the domestic premium for processed antimony.
According to historical income statements, SG&A expenses have shown significant volatility, reaching $6.0M in 2025Q4, which suggests that the company's overhead structure is not yet optimized to support the scale of its current processing operations or to absorb the impact of fluctuating raw material costs.
The lack of expense discipline, evidenced by operating losses that often exceed gross profit, indicates that management is struggling to achieve operational leverage. This cost structure warrants further investigation into whether the company's administrative and processing overheads are inherently too high for its current production capacity.
Financial statements indicate that UAMY utilized $2.4M in stock-based compensation during 2025Q4, a figure that significantly impacts the net income profile and suggests that reported EPS may not fully reflect the cash-based operational performance of the underlying industrial business during periods of high volatility.
The reliance on equity-based incentives during periods of negative operating margins may indicate a misalignment between management compensation and shareholder value creation. Investors should scrutinize these non-cash charges to determine the true underlying burn rate of the business independent of accounting adjustments.
As evidenced by the -4.35% gross margin trend, the company's dependence on external ore procurement creates a persistent risk where rising input costs can rapidly erode any gains from higher antimony oxide prices, leaving the firm vulnerable to global supply chain disruptions and price volatility.
Short-sellers would likely focus on the company's inability to capture value beyond simple toll processing, which leaves the firm exposed to the full brunt of commodity price cycles. The lack of a captive, high-grade ore body suggests that the company's strategic value may be overstated by the market.
Quick answers to the most common questions about buying UAMY stock.
For fiscal year 2025, United States Antimony Corporation (UAMY) reported total revenue of $39.3M. This represents a 683.4% increase compared to $5.0M in 1996.
United States Antimony Corporation (UAMY) reported a net loss of $4.3M for the fiscal year ending 2025.
United States Antimony Corporation (UAMY) reported an operating income of $-8.9M, resulting in an operating profit margin of -22.6%. This margin reflects the operational efficiency of the business before interest and taxes.
United States Antimony Corporation (UAMY) generated $-1.7M in gross profit for the year, representing a gross profit margin of -4.3%. This demonstrates the company's core pricing power and production efficiency.