Shares of United States Antimony Corp. (UAMY) jumped in after-hours trading Thursday. The reason? A quarterly earnings report where the revenue number wasn't just a beat—it was a demolition.

Here's the headline: the company reported fourth-quarter revenue of $39.26 million. That's the kind of number that makes you do a double-take when you see the consensus estimate was just $11.9 million. It's a beat of 229.9%. In finance, we usually talk about beats in terms of a few percentage points. This was more like a factor of three.

Now, the plot thickens. Despite this revenue bonanza, the company posted a loss of four cents per share. Analysts had been expecting a profit of two cents. So, you have this weird split-screen: a top line that's absolutely soaring, and a bottom line that's still in the red. It's a classic story of a commodity business riding a price wave.

And what a wave it is. For the full year 2025, U.S. Antimony's revenue hit $35.4 million, up 219% from $11.1 million in 2024. The driver? A 230% increase in the average selling price per pound of antimony. The company's press release points to "strong market demand and limited supply"—the basic economics of scarcity that can send prices parabolic. Its zeolite business also grew, with revenue up 14% to $3.4 million.

CEO Gary Evans didn't hold back on the significance. "This past year represents the most significant period of growth and repositioning in our company's history," he said. He ticked off the achievements: more than doubled revenues, expanded gross profit by almost 30%, and secured multi-year government and commercial contracts worth a combined $354 million. The company also restarted its own antimony mining operations in Montana and made investments in future critical mineral projects.

Looking ahead, the company is thinking big. Its target for 2026 is $125 million in gross revenue. Even more ambitiously, it expects to become the first producer of tungsten in North America in more than 12 years. That's a move that would tap into the strategic push for domestic supply chains for critical minerals.

The market liked what it heard. U.S. Antimony stock gained 1.54% in Thursday's extended session, closing at $9.25. For investors, the story here is clear: a tiny company caught in a massive commodity upswing, with big plans to leverage its position into new markets. The question, as always with these stories, is sustainability. Can those sky-high antimony prices hold? And can the company turn its revenue explosion into consistent profits? That's the next chapter to watch.