UAMY secures $27M defense grant, expands capacity but burns $12M cash amid margin squeeze

Filed May 14, 2026 · Period ending March 31, 2026 · Compared to 10-Q May 8, 2025 · ~2 min read

Key Changes

• high

  Q1 2026 operating cash flow negative $12.1M vs negative $1.7M prior year, driven by $9.7M inventory buildup (antimony stockpile surged to $21.7M) and $11.3M net loss. Working capital fell $9.5M in quarter to $35M.

  MD&A: Cash Flow verify on EDGAR →
• high

  Antimony gross profit collapsed 58% to $1.0M as cost per pound jumped to $16.28 from $9.66, squeezing margin to $3.65/lb from $6.68/lb despite higher prices. Revenue down 6% on lower volumes.

  MD&A: Antimony Operations verify on EDGAR →
• high

  Awarded $27M Defense Production Act grant for antimony processing expansion; $16.2M obligated, $10.8M subject to future authorization. $12.8M approved for initial milestones. Funding contingent on milestone achievement and compliance.

  Risk Factors & MD&A: Government Grant verify on EDGAR →