Shares of United States Antimony (NYSE:UAMY) are plunging Wednesday afternoon, with UAMY stock down 25% to $4.92 after the domestic antimony producer slashed its full-year 2026 revenue guidance. The move wipes out most of UAMY stock’s 31% year-to-date gain heading into the earnings report.
The report landed Tuesday after the close, and the reaction has been decisive. UAMY shares are trading near the intraday low, below the key $5 level.
Guidance Cut and Antimony Price Collapse Drive the Selloff
United States Antimony reported Q2 2026 revenue of $7.9 million, down from $10.5 million a year earlier and missing the $21.7 million analyst estimate. Gross margin collapsed to 7% from 27% a year ago as the average realized antimony selling price dropped to $13.70 per pound from $28.32.
The decisive catalyst was the guide-down. United States Antimony’s management now sees full-year 2026 revenue of $60 million to $75 million, down from prior guidance of $125 million. The company tied the cut to lower antimony market prices, timing shifts in certain Defense Logistics Agency antimony ingot deliveries, and an updated second-half production cadence.
United States Antimony CEO Gary Evans stated on the call that “Worldwide antimony prices declined during the first six months of 2026 which has obviously affected our revenue projections.” He also indicated he expects antimony prices to hold near $10 per pound through 2026.
One nuance: United States Antimony’s Q2 bottom line came in near break-even, with reported net income of $110,290 propped up by a $6,786,253 unrealized gain on the company’s stake in Larvotto Resources. It appears that the selloff is about the guide, not the EPS line.
A Company-Specific Antimony Shock
Looking at the data, United States Antimony’s antimony pounds sold actually rose 26% in the quarter, and the Bear River Zeolite segment posted 110% year-over-year revenue growth. Neither offset the price-driven reset. United States Antimony remains the only fully integrated antimony producer outside China and Russia, backed by a Defense Logistics Agency (DLA) contract and a $12.8 million Defense Production Act Title III grant received in April.
The analytical question is whether this is a company-specific antimony-price shock or a caution flag for the broader domestic critical-minerals trade. Peer names like USA Rare Earth (NASDAQ:USAR), Critical Metals (NASDAQ:CRML), and MP Materials (NYSE:MP) are pursuing Western-aligned, China-alternative supply chains, but today’s UAMY move reflects antimony-specific pricing, not a peer-wide selloff.
For thematic exposure, the VanEck Rare Earth and Strategic Metals ETF (NYSEARCA:REMX) remains a fitting sector proxy, though the ETF is narrow and unleveraged, so sector-concentration risk applies. Investors should consider keeping their position sizes modest in single-commodity miners like UAMY given the price volatility on display today.
What to Watch Next
The near-term catalyst is Q3 2026 execution. United States Antimony’s management guided to a minimum $9 million to $10 million in additional DLA sales in Q3, with $57.3 million in DLA antimony ingot orders on the books and the Thompson Falls smelter expected fully operational on all furnaces during Q3 2026.
Traders can watch for whether UAMY stock reclaims $5, and for antimony spot price signals in the weeks ahead. The next scheduled information point will be Q3 shipment progress and any update on DLA acceptance timing.
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