UAMY
USAS
Revenue’s up, but Wall Street is still grumpy
Americas Gold and Silver came out swinging with first-quarter revenue of $67.8 million, up a wild 187% year over year. That sounds like the kind of headline that should make a stock do cartwheels, but earnings had other plans: the company posted 3 cents per share, missing the 10-cent consensus.
The production machine is finally warming up
This wasn’t just a numbers-go-up quarter for the sake of a numbers-go-up quarter. Silver production climbed 76% to 787,000 ounces, helped by stronger output at Galena and a big ramp at Cosalá. The company also kicked off commercial production from the high-grade EC120 zone, which is basically mining-speak for: the good stuff is now officially flowing.
Adjusted EBITDA flipped from a $5.5 million loss to a $33.6 million profit, and cash landed at $122.4 million. That gives management some breathing room while it keeps pouring money into growth and sustaining capital.
The part investors should actually watch
Americas Gold and Silver said it’s still on track for 2026 guidance, with silver production expected between 3.2 million and 3.6 million ounces and AISC targeted at $30 to $35 per ounce sold. The company also teamed up with United States Antimony Corporation on an Idaho antimony processing venture, which is very 2026 in the sense that critical minerals are now the cool kids at the capital markets table.
- Stronger output can keep juicing revenue if metal prices cooperate.
- The earnings miss shows the market is still demanding proof, not just promise.
- The antimony JV adds a strategic angle beyond plain-vanilla silver mining.
Big picture: this is the classic “good operational quarter, meh stock reaction” setup. If production keeps scaling and margins keep improving, today’s selloff could look like a speed bump. If not, the market may keep treating USAS like a high-beta mining soap opera.