TMQ earnings analysis
What we found in TMQ's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Trilogy Metals reported a net loss of $6.3 million in Q2 2026, increasing from a loss of $2.2 million in the same period last year. The loss was driven by a mark-to-market adjustment for a derivative liability and increased share losses from its equity investment in Ambler Metals. Cash and cash equivalents decreased to $38.8 million from $51.6 million, reflecting continued investments in its projects.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Increased Net Loss
- Trilogy recorded a net loss of $6.3 million for Q2 2026, compared to a loss of $2.2 million in Q2 2025.
- Cash Reserves
- As of May 31, 2026, cash and cash equivalents decreased to $38.8 million from $51.6 million at November 30, 2025.
- Significant Derivatives Loss
- There was a $2.3 million mark-to-market loss on derivatives in Q2 2026 compared to no loss in Q2 2025.
- Increased Costs from Ambler Metals
- The share of loss from equity investment increased to $2.3 million for Q2 2026 from $1.6 million in Q2 2025.
- Stock-based Compensation Rise
- Stock-based compensation increased to $3.8 million in Q2 2026 from $2.6 million in Q2 2025.
- Continued Equity Financing
- Funds raised from equity financing included $1.4 million during the six-month period ended May 31, 2026.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Declining Cash Position
- Cash and cash equivalents decreased to $38.8 million from $51.6 million in prior periods.
- Rising Operational Costs
- Increased mineral property expenditures contributing to a higher share of loss from Ambler Metals.
- Ongoing Net Losses
- Continued trend of net losses, with $13.4 million reported for the first six months of 2026 compared to $5.8 million in the same period last year.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.04
What they said about what is next.
Outlook deferred to earnings press release / call.
The filing reads worse than the one before it.
What came before.
- 10-Q · April 2, 2026
- Trilogy Metals reported a wider Q1 FY2026 loss of $7.063 million (basic/diluted loss per share $0.04) compared with a $3.623 million loss (loss per share $0.02) in Q1 FY2025, driven by higher operating expenses, a…
- 10-K · February 17, 2026
- Trilogy Metals made material project progress in FY2025: the Bornite PEA reported 1.9 billion pounds of copper with pre-tax NPV8% of $552.0 million (IRR 23.6%) and after-tax NPV8% of $394.0 million (IRR 20.0%), and…
- 10-Q · April 2, 2025
- Trilogy Metals reported a loss of $3.623 million (basic and diluted loss per share $0.02) for the quarter ended February 28, 2025, essentially unchanged from a $3.601 million loss in the prior-year quarter. Cash and…
- 10-Q · October 8, 2024
- Trilogy Metals reported a much smaller quarterly loss of $1,591k (basic EPS -$0.01) for the three months ended August 31, 2024 versus a loss of $4,052k in the prior-year quarter. Liquidity improved materially after…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
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