REVENUE |
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| REVENUE | NOTE 5 – REVENUE Products consist of the following:
Sales by product were as follows:
Domestic and foreign revenues were as follows:
The Company’s trade accounts receivable balance related to contracts with customers was $2,607,687 at June 30, 2026 and $4,213,305 at December 31, 2025, which is net of an allowance for credit losses of $1,345 and $909 at June 30, 2026 and December 31, 2025, respectively. The Company’s products do not involve any warranty agreements and product returns are not typical. In September 2025, the Company secured a five-year, sole-source Indefinite Delivery, Indefinite Quantity (IDIQ) contract with the U.S. Defense Logistics Agency (DLA) Strategic Materials, which is responsible for managing the National Defense Stockpile (NDS). The contract, with a maximum value of $245 million, is for the sale of antimony metal ingots (99.65% purity) to replenish the NDS through September 2030. Pricing is determined at the time each delivery order is placed based on prevailing market rates along with certain specific fees and each shipment will represent a separate performance obligation satisfied at a point in time. As a result, revenue will be recognized when each shipment of antimony metal ingots is delivered to the DLA’s depot and formally accepted by the government. Subsequent to entering into this agreement, the Company received sales orders pursuant to this contract totaling approximately $12 million. During June 2026, the Company fulfilled its first two shipments under the contract with the DLA. These shipments, which consisted of approximately 82,000 pounds of antimony metal ingots, were formally accepted by the DLA in July 2026. Under the terms of the contract, control transfers to the DLA when formal acceptance has occurred. As a result, the Company recognized the $2.6 million of revenue related to these shipments in July 2026, which will be included in the Company’s third-quarter financial results. In November 2025, the Company executed a five-year sales agreement with a new industrial customer for the sale of antimony trioxide. Once the monthly delivery schedule through December 2026 specified in the agreement is completed, subsequent deliveries, pricing (pursuant to semiannual market-based adjustments), and volume commitments will be subject to mutual written agreement between the Company and the customer every six months. During the three and six months ended June 30, 2026, the Company recognized $1.0 million and $3.7 million, respectively, of revenue related to this contract. |
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