10-K · May 20, 2026
McEwen Inc. reported a challenging year in its 10-K, with total annual revenue of $249 million, marking only a modest increase from the previous year's $236 million. The company also experienced significant fluctuations…
Earnings analysis · 10-K
MUX earnings analysis
Filed June 24, 2026 · Our reading of the company's report
The latest report
McEwen Inc.'s 2025 10-K highlights a revival in financial performance with revenue increasing to $74 million in Q1 2026, marking a significant year-over-year growth. The gross margin rose to 42.5%, and EPS improved to…
Read full summary
McEwen Inc.'s 2025 10-K highlights a revival in financial performance with revenue increasing to $74 million in Q1 2026, marking a significant year-over-year growth. The gross margin rose to 42.5%, and EPS improved to $0.47, indicating a focus on enhancing operational efficiency despite previous financial challenges.
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.
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
- $0.56
What stood out
-
Significant Revenue Growth
2026 Q1 revenue was $74 million, up from $36 million in 2025 Q1.
-
Strong EPS Improvement
EPS in Q1 2026 was $0.47, significantly up from -$0.12 in the same quarter last year.
-
Enhanced Gross Margin
Gross margin improved to 42.5% in Q1 2026, compared to 1.1% in Q4 2024.
-
Declining Free Cash Flow Deficit
Free cash flow improved to -$2 million in Q1 2026 from -$16 million in Q1 2025.
-
Positive Market Reaction
Q1 results beat revenue estimates by $1 million, reflecting improving investor sentiment.
-
Operational Efficiency Focus
Operational margins turned positive in Q1 2026 at 14.7% from -25.4% in Q4 2024.
What to watch
-
Rising Operating Costs
Operating costs are projected to remain high, potentially impacting future margins.
-
Geopolitical Exposure
Ongoing geopolitical risks, especially concerning the company’s operations in unstable regions, could affect performance.
-
High Debt Levels
The debt incurred through the loan agreement may strain cash flows given past negative FCF.
Management's outlook
Annual revenue guidance revised downward from $300 million due to rising costs.
Earlier filings 4
10-Q · May 6, 2026
McEwen Inc. reported Q1 2026 earnings with revenues of $74.0 million, a significant increase from $35.7 million in the same quarter last year, marking a 107% rise. The net income surged drastically to $33.4 million or…
10-K · March 17, 2026
McEwen Inc. reported a significant turnaround in 2025, achieving a net income of $34.4 million after a loss of $43.7 million in the previous year. Revenue rose to $197.6 million, primarily driven by higher average…
10-Q · November 5, 2025
McEwen Inc. reported a challenging third quarter for 2025, with revenues declining to $50.5 million, primarily due to lower production of gold equivalent ounces (GEOs). The company recorded a net loss of $0.5 million…
This is our reading of a public filing, not the filing itself. Analysis can contain errors; check the source document for full context.