i-80 Gold (IAU) Q1 2026 earnings summary

Executive summary

• Completed a transformational recapitalization, securing over $1 billion in capital since early 2025, fully funding the development plan and eliminating legacy debt.

• Achieved record quarterly revenue and gross profit, with gold production and sales more than doubling year-over-year, and significant operational progress at key projects.

• Advanced all three phases of the development plan, including the largest drill program in company history and refurbishment of the Lone Tree facility.

• Strengthened leadership with new board members with mining, finance, and capital markets expertise.

Financial highlights

• Revenue rose to $52.4 million from $14.0 million year-over-year, driven by higher gold sales and prices.

• Gross profit reached $16.1 million, up from $2.9 million, setting a new company record.

• Net loss widened to $78.6 million ($0.09/share), mainly due to non-cash impacts, financing costs, and higher expenses.

• Adjusted loss was $28.6 million ($0.03/share), reflecting increased pre-development and exploration spending.

• Cash and cash equivalents at quarter-end were $514 million, the strongest in company history.

Outlook and guidance

• On track to achieve 2026 guidance, with business results trending in line with expectations and reaffirmed production and cost targets.

• Gold production expected to rise from 50,000 ounces in 2026 to 150,000–200,000 ounces by 2028, with long-term plans for 600,000 ounces per year after Phase 3.

• Feasibility and pre-feasibility studies for key projects due in 2026 and 2027, including Lone Tree Plant commissioning in Q4 2027.