United States Antimony Corporation (USAC) reported its financial results for the third quarter and the nine months ended September 30, 2024, highlighting significant changes in revenue, profitability, and strategic developments compared to the previous fiscal period.

For the three months ended September 30, 2024, USAC generated revenues of $2.42 million, an increase from $2.06 million in the same period of 2023. For the nine months, revenues rose to $8.07 million from $6.54 million year-over-year. The growth in revenue was driven primarily by increased sales in antimony products, which accounted for $5.38 million, up from $4.36 million in the prior year. Zeolite product revenue also increased to $2.28 million from $1.94 million, while precious metals revenue rose to $404,049 from $242,433.

Despite the revenue growth, USAC reported a net loss from continuing operations of $683,097 for the third quarter, compared to a loss of $184,785 in the same quarter of 2023. For the nine months, the loss from continuing operations was $652,700, a stark contrast to a profit of $85,564 in the previous year. The increase in operating expenses, which rose to $1.27 million for the third quarter from $622,139 in 2023, contributed to the losses.

The company’s total assets increased to $29.75 million as of September 30, 2024, up from $28.09 million at the end of 2023. However, total liabilities also rose significantly to $4.63 million from $2.57 million, primarily due to an increase in current liabilities. Stockholders' equity decreased to $25.13 million from $25.52 million.

Strategically, USAC shut down its US Antimony de Mexico, S.A. de C.V. (USAMSA) subsidiary on March 11, 2024, due to cumulative losses since inception and is actively seeking buyers for its operations and assets. The company has also acquired 97 mining claims and three mining leases in Ontario, Canada, with an initial payment of $10,000, and entered an 18-month operating lease for a metals concentration facility in Montana.

Cash and cash equivalents as of September 30, 2024, stood at $12.97 million, an increase from $11.90 million at the end of 2023. The company reported a net cash inflow from operating activities of $884,032 for the nine months, a significant improvement from a cash outflow of $695,732 in the same period of 2023.

Overall, while USAC experienced revenue growth, it faced challenges in profitability and increased operational costs, alongside strategic shifts in its business structure.