United States Antimony Corp. (UAMY) shares dropped following the company's third-quarter earnings release Wednesday evening, which missed analyst expectations on both the top and bottom lines. It's one of those classic market moments where strong underlying trends meet disappointing quarterly numbers, and investors react to what just happened rather than what might be coming.
The Quarter in Numbers
United States Antimony reported a quarterly loss of 4 cents per share, missing the analyst estimate for earnings of 2 cents. Revenue came in at $8.7 million, falling short of the $12.86 million consensus by 32.33%. Those are meaningful misses, and the market responded accordingly with shares down 5.39% to $7.20 in extended trading.
The Bigger Picture Looks Different
Step back from the single quarter, though, and the story gets more interesting. For the first nine months of 2025, US Antimony reported some impressive growth metrics. Zeolite sales hit $2.65 million, up $375,000 or 16% over the same period last year. More notably, antimony sales reached $23.57 million, representing a massive $16.5 million increase, or 235% year-over-year growth.
Gross margin also improved to 28% during the first nine months of 2025 compared to a 24% margin during the same period last year. That's the kind of operating leverage companies dream about.
Major Contracts in Hand
"The third quarter marked a continued improvement in our overall financial performance," said Gary C. Evans, CEO of US Antimony.
Evans highlighted two significant contract wins secured over the last 60 days. In September 2025, the company landed a five-year, sole-source IDIQ contract with the U.S. Defense Logistics Agency valued at up to $245 million. Just yesterday, they announced a five-year commercial supply agreement with a large U.S. industrial fabric manufacturer worth approximately $107 million.
That's over $350 million in contracted revenue, which provides some serious visibility even if this quarter didn't hit the mark. The question for investors is whether you're focused on the quarterly miss or the longer-term trajectory with major contracts now locked in.