USLMHIGH SIGNALFINANCIAL10-K

USLM experienced extraordinary revenue growth of 309.5% while simultaneously simplifying its business description to focus solely on lime and limestone operations.

The massive revenue jump from $35.3M to $144.4M suggests either a major acquisition, significant market expansion, or exceptional demand conditions that fundamentally transformed the business scale. The language changes indicate management is streamlining operations by de-emphasizing natural gas interests and focusing on core lime/limestone activities, which now appear to be driving substantial growth.

Comparing 2026-02-26 vs 2025-02-27View on EDGAR →
FINANCIAL ANALYSIS

The financial transformation is remarkable with revenue quadrupling while maintaining strong profitability - gross profit grew 26.7% and operating income increased 26.4%. Cash generation remained robust with operating cash flow up 30.9% to $165M and cash reserves growing to $371M, while the company invested heavily in expansion with capex more than doubling to $62.7M. The overall picture signals a company experiencing exceptional growth while maintaining financial discipline and building substantial cash reserves.

FINANCIAL STATEMENT CHANGES
Revenue
P&L
+309.5%
$35.3M$144.4M

Strong top-line growth of 309.5% — accelerating demand or successful expansion into new markets.

Capital Expenditure
Cash Flow
+128.7%
$27.4M$62.7M

Capital expenditure jumped 128.7% — major investment cycle underway; assess returns on deployment.

Current Liabilities
Balance Sheet
+39.3%
$17.0M$23.6M

Current liabilities surged 39.3% — significant near-term obligations; verify ability to meet short-term debt.

Cash & Equivalents
Balance Sheet
+33.5%
$278.0M$371.1M

Cash position surged 33.5% — strong cash generation or capital raise providing significant financial cushion.

Operating Cash Flow
Cash Flow
+30.9%
$126.0M$165.0M

Operating cash flow surged 30.9% — exceptional cash generation, highest quality earnings signal.

SG&A Expense
P&L
+28.8%
$19.1M$24.5M

SG&A increased modestly — likely reflects growth-related hiring or sales expansion investment.

Current Assets
Balance Sheet
+28.3%
$354.8M$455.3M

Current assets grew 28.3% — improving short-term liquidity or inventory/receivables build.

Gross Profit
P&L
+26.7%
$144.0M$182.4M

Gross profit expanding — improving pricing power or product mix shift toward higher-margin offerings.

Stockholders Equity
Balance Sheet
+26.7%
$497.7M$630.8M

Equity base grew 26.7% — retained earnings accumulation or equity issuance strengthening the balance sheet.

Operating Income
P&L
+26.4%
$124.9M$157.9M

Operating income improving — cost discipline or growing revenue base absorbing fixed costs.

LANGUAGE CHANGES
NEW — 2026-02-26
PRIOR — 2025-02-27
ADDED
(the Company, the Registrant, We or Our ), which was incorporated in 1950, conducts lime and limestone operations.
Lime Company-O G, LLC, has royalty and non-operated working interests in natural gas wells located in Johnson County, Texas, in the Barnett Shale Formation.
Sales were made primarily by the Company s nine sales employees who call on current and potential customers and solicit orders, which are generally made on a purchase-order basis.
All of the Company s 2025 sales were made within the United States.
The following table shows annual mined tons of limestone (in thousands) at the Company s mining properties for the years ended December 31, 2025, 2024, and 2023: Tons Mined (in thousands of tons) Mine/Location 2025 2024 2023 Texas Lime Quarry 1,480 1,450 1,575 Batesville Quarry 709 601 785 Love Hollow Quarry 941 413 266 St.
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REMOVED
(the Company, the Registrant, We or Our ), which was incorporated in 1950, conducts its business primarily through its lime and limestone operations.
The Company also has natural gas interests with respect to oil and gas rights in Johnson County, Texas.
In 2024, the Company determined that the activities of its natural gas interests did not meet the definition of an operating segment and has updated the disclosures in this Form 10-K accordingly.
Disclosures for the years ended December 31, 2023 and 2022 have been recast to be consistent with the current year presentation.
See Note 9 of the Notes to Consolidated Financial Statements in Item 8 of this Report on Form 10-K.
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