UAMY earnings analysis
What we found in UAMY's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
The supplied 10-Q extract does not contain the current-quarter income statement, balance sheet, cash-flow statement or segment disclosures, so revenue, margins, EPS, free cash flow and quarter-over-quarter trends cannot be quantified. The filing continues to identify ineffective disclosure controls as of June 30, 2026 and adds material risks around conditional government funding of up to $27.0 million, a $4.0 million supplier note and significant Mexico inventory. No new quantitative company guidance is provided in the supplied extract.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Potential $27M Government Funding
- The company was awarded up to $27.0 million under the Defense Production Act, including $16.2 million currently obligated and $10.8 million subject to future authorization, to expand and modernize domestic antimony processing operations.
- Financial Statements Deemed Fairly Presented
- Management stated that the unaudited financial statements present fairly, in all material respects, the company’s financial position, results of operations and cash flows as of June 30, 2026, despite the disclosed control weakness.
- Internal-Control Remediation Continues
- Remediation of the material weakness is ongoing; the company hired employees covering Sarbanes-Oxley compliance, SEC reporting, accounting, information technology and related functions, and engaged a third-party firm in 2025 to assist with accounting software and SOX compliance.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Disclosure Controls Remain Ineffective
- The company’s disclosure controls were concluded to be ineffective as of June 30, 2026, due to insufficient qualified accounting personnel and weaknesses in the financial close and reporting process.
- Government Funding Is Conditional
- The up-to-$27.0 million Department of War award is milestone-based: $16.2 million is obligated while $10.8 million remains subject to future authorization. Failure to meet milestones or conditions could delay, reduce or forfeit funding and force alternative financing or delayed capital spending.
- Supplier Credit and Supply Risk
- The company provided a $4.0 million Convertible Promissory Note to support a key antimony supplier. Supplier distress or nonperformance could impair repayment, disrupt supply and require additional sourcing or enforcement costs.
- Mexico Inventory Valuation Risk
- The company maintains a significant antimony inventory position in Mexico. If processing delays occur or net realizable value falls below carrying value, inventory write-downs could reduce gross margins, operating results, liquidity and cash flows.
What they said about what is next.
The provided 10-Q extract does not include a current quantitative revenue or EPS outlook. The prior $125 million full-year revenue guidance was reported in the June 15, 2026 8-K, not in the supplied 10-Q text.
The filing reads worse than the one before it.
What came before.
- 10-Q · May 14, 2026
- United States Antimony Corporation (UAMY) reported significant losses in Q1 2026, with revenues dropping to $6.78 million, down from $7 million in the previous quarter, reflecting a substantial operational loss of…
- 10-K · March 19, 2026
- United States Antimony (UAMY) is executing a growth strategy of expanding domestic antimony processing capacity, securing multi-year offtake and defense contracts, and acquiring upstream mining claims and equity stakes…
- 10-Q · November 12, 2025
- United States Antimony reported Q3 revenue of $8,701,951 (up from $2,572,178 a year ago) driven by a large increase in antimony sales, but posted a steep operating loss of $4,917,182 and GAAP EPS of $(0.04). Inventory…
- 10-Q · May 8, 2025
- Revenue increased to $7.00M in Q1 2025 from $3.07M in Q1 2024 while gross profit rose to $2.37M (gross margin 33.9%) and operating income turned positive $357,992 (5.1% operating margin). The company reported net income…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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