United States Antimony Corporation (UAMY) is a small-cap mining and processing company that has undergone a dramatic revenue transformation in recent years — growing from roughly $5.2 million in 2020 to $39.3 million in 2025 — but has not yet translated that top-line surge into consistent profitability. The company remains loss-making at the operating and net level in most years, and its most recent quarter (Q1 2026) shows a sharp acceleration in capital spending that is straining near-term financials significantly. The balance sheet is relatively clean with negligible debt and a healthy current ratio, suggesting the company can weather its investment phase, but investors should understand that UAMY is still very much in a growth-and-build mode, burning cash as it scales up operations. The central question is whether its heavy reinvestment will eventually produce the margins needed to justify the spending.
Snapshot & Big Picture
UAMY operates primarily in the production of antimony, precious metals, and zeolite. After years of sub-$12 million annual revenues and chronic losses, the company has dramatically scaled revenues over the past three fiscal years. Fiscal 2025 revenue hit $39.3 million — more than 2.6x the prior year's $14.9 million — driven by expanded operations and, likely, supportive commodity pricing for antimony, a mineral with critical-mineral strategic importance. However, the company has consistently struggled to generate positive operating income, with only fiscal years 2018 and 2022 showing positive operating margins in the past decade. Debt is essentially negligible (debt-to-equity of 0.001 in 2025), and liquidity has improved substantially from the dangerously low current ratios seen in 2017–2020.
| Fiscal Year | Revenue | Gross Margin | Operating Margin | Net Margin | Current Ratio | Debt-to-Equity |
|---|---|---|---|---|---|---|
| 2025 | $39,257,708 | 25.2% | -21.5% | -11.1% | 5.38 | 0.001 |
| 2024 | $14,937,962 | 23.2% | -16.0% | -11.6% | 5.16 | 0.011 |
| 2023 | $8,693,155 | -38.5% | -81.3% | -73.0% | 15.68 | 0.001 |
| 2022 | $11,044,707 | 18.1% | 3.2% | 3.9% | 9.74 | 0.010 |
| 2021 | $7,747,506 | 10.8% | -8.5% | -0.8% | 11.38 | 0.007 |
| 2020 | $5,235,530 | 3.9% | -63.1% | -62.8% | 0.40 | 0.012 |
| 2019 | $8,268,005 | -9.9% | -45.4% | -44.4% | 0.32 | 0.016 |
| 2018 | $9,034,403 | 0.02% | 6.1% | 9.7% | 0.54 | 0.152 |
| 2017 | $10,229,978 | 2.7% | -9.4% | -11.1% | 0.40 | 0.172 |
| 2016 | $11,890,135 | 4.5% | -6.9% | -11.0% | 0.50 | 0.164 |
| 2015 | $13,109,003 | -3.1% | -6.2% | -6.4% | 0.88 | 0.152 |
Latest Quarter Snapshot (Q1 2026 — Most Current Data Available)
The most recent quarter ended March 31, 2026 reflects a company in an intensive investment phase. Revenue for the quarter was $6.78 million, but the operating margin plunged to -110.8% and the net margin to -164.9%, driven overwhelmingly by capital expenditures of $12.58 million — representing a staggering 185.5% of quarterly revenue. EBITDA was -$7.1 million for just the single quarter. The current ratio fell to 3.62 from 5.38 at year-end 2025, and debt-to-equity remains minimal at 0.001. These figures are not reflective of steady-state operations; rather, they signal that UAMY is pouring capital into expansion right now, with the payoff — if it materializes — expected in future periods.
| Metric | Q1 2026 (ended Mar 31, 2026) |
|---|---|
| Revenue | $6,784,069 |
| EBITDA | -$7,106,736 |
| Gross Margin | 16.4% |
| Operating Margin | -110.8% |
| Net Margin | -164.9% |
| Current Ratio | 3.62 |
| Debt-to-Equity | 0.001 |
| Capital Expenditures | $12,581,587 |
| CapEx-to-Revenue | 185.5% |
Profitability
UAMY's profitability record over the past decade is largely one of losses, with only two fiscal years — 2018 and 2022 — delivering positive operating and net margins. The worst stretch was 2019–2020, when the company posted near-total-loss net margins (–44% and –63% respectively) on low revenues. A modest recovery in 2021–2022 offered a brief glimpse of viability, but 2023 reversed sharply into deeply negative territory again (-73% net margin) as revenues collapsed and costs ballooned. The 2024–2025 period shows meaningful improvement in gross margins (rising from negative territory to 23–25%) as revenues have surged, but operating margins remain heavily negative because selling, general, administrative, and other overhead costs — including large non-cash charges — continue to outpace gross profit. The trend in gross margin is genuinely improving, which is an encouraging sign, but UAMY has not yet demonstrated it can achieve sustained operating leverage at any revenue level it has reached so far.
Financial Health & Capital Expenditures
On the balance sheet, UAMY's health has improved dramatically from the crisis years of 2017–2020, when current ratios below 1.0 signaled real short-term solvency risk. Today, the current ratio stands at 3.62 (Q1 2026) — down from a 2025 year-end high of 5.38 but still reflecting comfortable near-term liquidity. Debt is essentially nonexistent, with debt-to-equity well under 0.01 in recent years, a stark contrast to the 0.15–0.17 range seen in 2015–2018.
Capital expenditure intensity is the most striking feature of UAMY's current financial profile. After years of modest CapEx (ranging from $243K in 2020 to $1.7 million in 2022), the company made a dramatic shift: CapEx jumped to $27.8 million in fiscal 2025 (70.8% of full-year revenue), and then in Q1 2026 alone, CapEx reached $12.6 million (185.5% of that single quarter's revenue). This is an extraordinary level of reinvestment for a company of this size and suggests UAMY is undertaking a major capacity expansion — likely in its antimony processing operations. The practical implication is that free cash flow will remain deeply negative in the near term, and the company's liquidity cushion, while currently adequate, will be tested if revenues do not scale proportionally with the investment. Investors should monitor whether this CapEx cycle produces meaningful revenue and margin uplift in subsequent quarters.
| Period | Capital Expenditures | CapEx-to-Revenue |
|---|---|---|
| Q1 2026 | $12,581,587 | 185.5% |
| FY 2025 | $27,808,485 | 70.8% |
| FY 2024 | $430,596 | 2.9% |
| FY 2023 | $1,528,672 | 17.6% |
| FY 2022 | $1,726,415 | 15.6% |
| FY 2021 | $648,128 | 8.4% |
| FY 2020 | $243,091 | 4.6% |
Growth
UAMY's revenue growth trajectory is striking at shorter timeframes, reflecting the company's recent operational expansion. The table below summarizes trailing revenue CAGRs across three windows:
| Window | Start Year | End Year | Start Revenue | End Revenue | CAGR |
|---|---|---|---|---|---|
| 3-Year | FY 2022 | FY 2025 | $11,044,707 | $39,257,708 | 52.6% |
| 5-Year | FY 2020 | FY 2025 | $5,235,530 | $39,257,708 | 49.6% |
| 10-Year | FY 2015 | FY 2025 | $13,109,003 | $39,257,708 | 11.6% |
The 3-year and 5-year CAGRs of 52.6% and 49.6% respectively are exceptional for any company and reflect UAMY's sharp pivot from stagnation to aggressive scaling — particularly the revenue leap in fiscal 2025. However, the 10-year CAGR of just 11.6% provides important context: the company's revenue in 2015 was already $13.1 million, meaning UAMY spent much of the intervening decade going sideways or backward before its recent acceleration. The sustainability of the recent growth rate, especially given the enormous CapEx commitment now underway, will be the defining question for the company's investment case going forward.
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