10-Q · May 12, 2026
i-80 Gold Corp. reported substantial year-over-year growth in Q1 2026, with revenue reaching $52.4 million, up significantly from $14.0 million in the prior year, driven by increased gold sales and higher prices per…
Earnings analysis · 10-Q
IAUX earnings analysis
Filed August 10, 2026 · Our reading of the company's report
The latest report
i-80 Gold delivered sharply higher production and gross profit in Q2 2026, but revenue declined 12.5% year over year to $24.3 million because third-party processing availability limited gold sales. Net loss increased to…
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i-80 Gold delivered sharply higher production and gross profit in Q2 2026, but revenue declined 12.5% year over year to $24.3 million because third-party processing availability limited gold sales. Net loss increased to $52.5 million and operating margin fell to negative 140.2% as development, exploration, and evaluation spending rose materially. Liquidity was substantially strengthened by the recapitalization, with $464.6 million of cash and $454.0 million of working capital, although operating cash burn and project execution remain significant risks. Management maintained its 2026 production and cost outlook, while acknowledging lower expected Lone Tree spending, higher Archimedes spending, and approximately $10 million lower exploration expense.
Gross and operating margin
How much of each revenue dollar the business keeps.
One point per quarterly or annual filing. Both margins are shares of that report's revenue.
From revenue to operating profit
Where each $100 of revenue went in this report.
Cost of sales, operating expenses, and what remained. Figures are rounded to whole dollars.
Where revenue came from
The business segments reported by the company.
Shares of the segments disclosed in this filing, largest first.
How we read each report
Our analysis across the last few reports.
Our model's reading of each filing, not the share price or the market's reaction. Annual and quarterly reports each occupy one position.
Reported figures
- Earnings per share
- $-0.06
What stood out
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Gold Price Lifted Gross Profit
Second-quarter revenue was $24.3 million, down 12.5% from $27.8 million year over year and 53.2% from $52.0 million in Q1 2026. The year-over-year decline reflected lower gold sold, partly offset by a 37% increase in average realized gold price to $4,522 per ounce.
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Gross Margin Expanded Sharply
Gross profit increased to $8.6 million from $0.8 million year over year, lifting gross margin to 35.4% from 2.9%. Gross margin also improved from 30.7% in Q1 2026.
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Production Growth Continued
Gold production rose to 11,098 ounces from 4,178 ounces year over year. Granite Creek production increased to 8,634 ounces from 1,941 ounces, while Lone Tree production increased to 1,979 ounces from 1,524 ounces.
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Lone Tree Development Progressed
Lone Tree revenue increased to $11.9 million from $5.8 million year over year, while Ruby Hill revenue rose to $3.1 million from $2.3 million. Lone Tree refurbishment remains on schedule, with major construction expected to begin in Q4 2026 and approximately 40% of capital committed as of mid-July.
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Recapitalization Strengthened Liquidity
Liquidity improved materially: cash was $464.6 million at June 30, 2026 versus $63.2 million at December 31, 2025, and working capital was $454.0 million versus negative $37.9 million. Management stated cash on hand is sufficient for material requirements for the next 12 months and beyond.
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Underground Projects Advanced
Archimedes underground development advanced 899 meters during the quarter, and management continues to expect first gold in Q4 2026. Granite Creek remediation was completed late in the quarter, restoring access to affected high-grade headings beginning in Q3 2026.
What to watch
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Heavy Cash Burn During Development
Cash used in operating activities increased to $49.6 million from $11.3 million year over year, while property, plant and equipment additions were $21.5 million. The filing does not disclose free cash flow, but these figures indicate continued substantial cash consumption during development.
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Operating Losses Expanded
Net loss widened to $52.5 million from $30.2 million year over year, and operating loss increased to $34.1 million from $18.8 million. Operating margin deteriorated to negative 140.2% from negative 67.4%, primarily because pre-development, evaluation and exploration expense increased to $29.3 million from $9.0 million.
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Project Timing and Funding Obligations
Project schedules remain exposed to execution and labor constraints: the Archimedes feasibility study is now anticipated around mid-2027, and the Mineral Point drilling program is expected to finish in Q1 2027. The company also reported an outstanding 2026 Gold Prepay obligation to deliver 39,978 ounces and total debt of $445.7 million at June 30, 2026.
Management's outlook
Management said it remains on track to meet 2026 guidance as originally published. Gold production guidance is 30,000–40,000 ounces from Granite Creek underground and 10,000 ounces from Archimedes underground and residual heap leach. Guidance includes $110–$120 million of Granite Creek operating costs, $25–$30 million of Archimedes operating costs, $140–$160 million of Lone Tree growth capital, and $6–$8 million of sustaining capital. Lone Tree 2026 spending is expected to be lower than originally guided, Archimedes expenditures higher, and exploration expense approximately $10 million lower due to personnel and drill-rig shortages. No revenue or EPS guidance was provided.
Earlier filings 3
10-K · February 19, 2026
i-80 Gold (IAUX) shows operational progress with revenue rising to $95.2M in 2025 and cash (including restricted) of $105.3M, driven by ramp activities at Granite Creek and advancement of Archimedes and Lone Tree…
10-K · April 1, 2025
i-80 Gold (IAUX) reported 2024 revenue of $50.335 million and a net loss of $121.533 million, while adopting a new development and recapitalization plan on November 12, 2024 focusing on three underground projects and…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.