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UNITED STATES ANTIMONY CORP (UAMY)·Q1 2025 Earnings Summary

Executive Summary

  • Q1 2025 revenue rose 128% year over year to $7.00M; gross profit increased 302% to $2.37M and gross margin expanded to 34% from 19% . Net income was $0.55M versus a loss in Q1 2024, reflecting pricing tailwinds in antimony and improved zeolite operations .
  • Versus Wall Street consensus, UAMY missed Q1 2025 revenue ($7.00M vs $8.32M*) and EPS ($0.00 vs $0.01*), with EBITDA slightly below expectations ($0.66M vs $0.70M*) as ramp costs and higher opex offset price realization benefits. Values retrieved from S&P Global.*
  • Management tightened FY 2025 revenue guidance to $40–$50M (from $35–$50M) and highlighted operational catalysts: Madero smelter restart (target ~200 tons/month in 2025), Thompson Falls capacity expansion to >300 tons/month by year-end, and Alaska ore supply beginning late summer, collectively targeting ~500 tons/month throughput in 2025 .
  • Stock-relevant narrative: integrated antimony supply chain formation, government/DoD engagement, and potential Russell 2000 inclusion were emphasized as visibility and institutional interest catalysts .

What Went Well and What Went Wrong

  • What Went Well

    • Strong pricing and mix in antimony drove segment revenue to $5.93M (+140% YoY) and segment operating income to $1.14M; average sales price per pound rose to $16.34 while gross profit per pound expanded to $6.68 . “Antimony…part of the increased demand for critical minerals…We reopened our Mexico antimony operations…expanding our operations…start operations soon on our mining claims in Alaska.”
    • Zeolite improved: revenue +82% to $1.10M; tons sold +67%; average cost per ton fell 39%, turning gross profit positive ($179k) as maintenance burdens abated .
    • Balance sheet strengthened: cash grew to $18.75M; working capital improved to $20.12M; minimal debt (~$0.30M) .

  • What Went Wrong

    • Q1 2025 missed consensus revenue and EPS (and EBITDA slightly), reflecting lower antimony volumes due to ore contract/logistics delays and added costs for ramp-up and new personnel . Values retrieved from S&P Global.*
    • Operating expenses increased $0.95M YoY to $2.01M (new management costs ~$$0.75M, project costs ~$0.32M), diluting operating margin despite gross margin expansion .
    • Antimony ore supply constraints created inventory build and timing issues; volumes were lower YoY despite pricing gains, with inventory carried into Q2 for throughput catch-up .

Financial Results

Quarterly Trend and Estimates Comparison

MetricQ3 2024Q4 2024Q1 2025
Revenue ($USD)$2.57M*$6.87M*$7.00M
Diluted EPS ($)N/AN/A$0.00
Gross Margin %N/AN/A34%
Revenue Consensus ($USD)N/A$4.47M*$8.32M*
EPS Consensus ($)N/A-$0.01*$0.01*
EBITDA Actual ($USD)-$0.77M*-$0.49M*$0.66M*

Values retrieved from S&P Global.*

YoY Comparison (Q1 2025 vs Q1 2024)

MetricQ1 2024Q1 2025
Revenue ($USD)$3.07M $7.00M
Gross Profit ($USD)$0.59M $2.37M
Gross Margin %19% 34%
Operating Income ($USD)-$0.47M $0.36M
Net Income ($USD)-$0.32M $0.55M
Diluted EPS ($)$0.00 $0.00
Cash & Equivalents ($USD)$11.00M $18.75M

Segment Breakdown (Q1 2025)

SegmentRevenue ($USD)Income from Operations ($USD)
Antimony$5.91M $1.14M
Zeolite$1.10M -$0.31M
All Other$0 -$0.48M

KPIs

KPIQ1 2024Q1 2025
Antimony pounds sold502,046 362,647
Antimony avg price per lb$4.92 $16.34
Antimony avg cost per lb$3.11 $9.66
Antimony gross profit per lb$1.81 $6.68
Zeolite tons sold2,273 3,802
Zeolite avg price per ton$265 $288
Zeolite avg cost per ton$394 $241

Guidance Changes

MetricPeriodPrevious GuidanceCurrent GuidanceChange
Revenue ($USD)FY 2025$35–$50M (provided with FY 2024 results) $40–$50M Raised (tightened higher floor)
Thompson Falls throughputBy YE 2025N/A>300 tons/month capacity Introduced
Madero (Mexico) throughputBy YE 2025N/A~200 tons/month target Introduced
Total smelting throughputBy YE 2025N/A~500 tons/month (200 Mexico + 300 Montana) Introduced
Alaska supply start2025Mid-year target Late summer (Aug/Sept) Clarified timing

Earnings Call Themes & Trends

TopicQ3 2024 (Prior-2)Q4 2024 (Prior-1)Q1 2025 (Current)Trend
Antimony supply/prices, China constraintsSourcing difficulties; China tightening exports; exploring multiple suppliers Added furnace, supplier volumes up; still underutilized Pricing tailwinds; volumes constrained Q1 but resolved; inventory to drive Q2 Improving supply access; pricing strong
Vertical integration (Alaska)Targeting high-grade, surface-accessible ore; focus on roads/transport Planning summer 2025 trucking; strong economics Permits near completion; start late summer; backhaul trucking strategy Accelerating execution
Capacity expansion (Thompson Falls)Evaluating footprint limits; incremental furnaces Additional furnace added; more planned Contract with WSP; >300 tpm by YE 2025 Formalized, on timeline
Madero restart (Mexico)Decision to re-open due to pricing; capacity potential Hiring, refurbishing furnaces; initial shipments Restarted; aiming ~200 tpm by YE 2025 Ramp underway
Zeolite operationsHeavy maintenance; reliability improvements planned Drilling, reserve work, uptime improvements Volume/pricing up; gross profit positive; sales expansion strategy Improving profitability
Government/DoD engagementConcept papers; site visits planned Quiet period; seeking grants Cannot comment on timing; DoD grant viewed as catalyst Active engagement, potential funding
Tariffs/macro policyMonitoring; exemptions likely for critical minerals —Antimony exempt from tariffs currently; no issue seen Stable

Management Commentary

  • “Sales were $7 million…Gross margin increased from 19% last year to 34% this year…drivers were higher average sales price with lagging ore costs…more efficient operations in our zeolite business…offset in part by higher antimony ore costs.”
  • “We’re going to start operations soon on our mining claims in Alaska…We reopened our Mexico antimony operations…We’re expanding our operations to process antimony.”
  • “This expansion…to be completed prior to year-end, will improve throughput capacity…by more than six times…fueled primarily from our own feedstock originating out of Alaska.”
  • “Catalysts…1) closing of a DoD grant…3) Alaska supply beginning in late summer…4) completion of our expansion plans in Thompson Falls…6) continued operating and financial results improvements.”

Q&A Highlights

  • Capacity build timeline: Thompson Falls expansion targeted by YE 2025; contractor selected; operations to continue during build .
  • Alaska logistics: permits near completion; trucking backhaul to reduce rates; stockpiling plan for winter continuity .
  • Tariffs: antimony currently exempt; no anticipated tariff impact across U.S./Canada/Mexico flows .
  • Competitive landscape: few credible new smelter projects given supply uncertainty; UAMY focused on vertical integration .
  • Throughput plan: exit 2025 targeting ~500 tons/month (200 Mexico, 300 Montana); potential next-phase capacity beyond 2025 subject to government alignment .
  • Margin tailwinds: Q2 expected higher throughput using inventory bought at lower prices vs current market, supporting margins .
  • Capex: Thompson Falls upgrade ~<$15M (DoD grant hoped to fund predominantly); Alaska capex minimal initially .

Estimates Context

  • Q1 2025: Revenue $7.00M vs consensus $8.32M* (miss); EPS $0.00 vs $0.01* (miss); EBITDA $0.66M vs $0.70M* (slight miss). Values retrieved from S&P Global.*
  • Sequential trend: Q4 2024 revenue beat consensus ($6.87M vs $4.47M*); Q3 2024 actual $2.57M* reflects supplier shutdown and mix effects discussed in earlier calls . Values retrieved from S&P Global.*
MetricQ4 2024Q1 2025
Revenue Actual ($USD)$6.87M*$7.00M
Revenue Consensus ($USD)$4.47M*$8.32M*
EPS Actual ($)N/A$0.00
EPS Consensus ($)-$0.01*$0.01*
EBITDA Actual ($USD)-$0.49M*$0.66M*
EBITDA Consensus ($USD)N/A$0.70M*

Values retrieved from S&P Global.*

Key Takeaways for Investors

  • Pricing strength and margin expansion are clear, but near-term consensus misses reflect timing of ore deliveries, ramp costs, and elevated opex; expect Q2 throughput/margins to benefit from Q1 inventory purchased below current market .
  • Strategic pivot to vertical integration is advancing: Alaska supply (~late summer), Madero restart (~200 tpm), and Thompson Falls expansion (>300 tpm) underpin medium-term volume growth and margin durability .
  • Guidance tightening ($40–$50M FY 2025) signals confidence in execution despite supply/logistics volatility; catalysts include potential DoD funding and expanded international supply sources .
  • Zeolite business is improving operationally with positive gross profit and sales initiatives (water treatment, cattle feed, concrete fly ash replacement), adding optionality and diversification .
  • Balance sheet resilience (cash $18.75M, working capital $20.12M, minimal debt) supports capex and ramp without immediate equity needs, though ATM remains available for programmatic funding if required .
  • Trading implications: near-term results may remain sensitive to supply timing and build-out execution; medium-term thesis centers on vertical integration, capacity scale, U.S. critical minerals positioning, and potential government contracts .
  • Monitor Q2/Q3: evidence of Alaska ore shipments, throughput at both smelters, margin realization from lower-cost inventory, and any DoD developments; these are likely stock-moving events .