0001628280-26-009886
SEC filingi-80 Gold Corp. reported a net loss of $198.8 million for fiscal year 2025, driven by significant operating losses and high expenses. Revenue for the year was $95.2 million, with a gross profit of $11.5 million, resulting in a gross margin of approximately 12.1%. However, substantial expenses, including $66.1 million in pre-development, evaluation, and exploration costs, $29.4 million in general and administrative expenses, $14.2 million in property maintenance, and a $26.2 million write-down of property, plant, and equipment, led to an operating loss of $124.4 million. The company's balance sheet shows total assets of $703.4 million, with property, plant, and equipment net of $556.4 million, and total liabilities of $356.6 million, including long-term debt of $97.9 million. Cash flow from operations was negative $83.6 million, but financing activities provided $139.0 million, primarily from equity offerings and debt proceeds, resulting in a net increase in cash and restricted cash of $45.8 million for the year.
i-80 Gold Corp. reported a net loss of $198.8 million for fiscal year 2025, compared to a net loss of $198.8 million in the prior year. Revenue for the year was $95.2 million, with cost of sales at $82.0 million, resulting in a gross profit of $11.5 million. The company incurred significant expenses, including $66.1 million in pre-development, evaluation, and exploration costs, $29.4 million in general and administrative expenses, $14.2 million in property maintenance, and a $26.2 million write-down of property, plant, and equipment, leading to an operating loss of $124.4 million. Other expenses, including $51.7 million in other expense and $30.6 million in interest expense, further contributed to the net loss.
Revenue for the year was $95.2 million, derived from gold sales. The company's revenue is primarily driven by gold production and sales, with no segment breakdown provided in the filing. The revenue figure represents the total sales generated from the company's mining operations during the fiscal year. No geographic mix or detailed segment information is disclosed in the provided data.
The company's gross margin was approximately 12.1%, calculated as gross profit of $11.5 million divided by revenue of $95.2 million. Operating margin was negative 130.7%, reflecting the significant operating loss relative to revenue. The cost structure includes high exploration and development expenses, which accounted for a substantial portion of total costs. Depletion, depreciation, and amortization expenses were $1.7 million, contributing to the overall cost of sales.
Cash flow from operating activities was negative $83.6 million, primarily due to the net loss of $198.8 million, adjusted for non-cash items such as depreciation and amortization of $3.2 million and share-based payments of $9.1 million. Investing activities used $9.6 million in cash for capital expenditures. Financing activities provided $139.0 million, including $194.0 million from equity offerings and $31.0 million from debt proceeds, offset by $92.4 million in principal repayments. The balance sheet shows total assets of $703.4 million, with current assets of $100.3 million, including $63.2 million in cash and cash equivalents. Total liabilities were $356.6 million, with long-term debt of $97.9 million and current portion of long-term debt at $76.8 million. Equity stood at $346.8 million, with an accumulated deficit of $483.7 million.
The filing does not provide specific management guidance or forward-looking statements regarding future performance. Strategic priorities may include continued exploration and development activities, as indicated by the high pre-development and exploration expenses. Risk factors likely include commodity price volatility, operational challenges, and debt servicing requirements, though these are not detailed in the provided data. The company's liquidity position is supported by cash and cash equivalents of $63.2 million and restricted cash of $42.0 million, but ongoing negative operating cash flow may require additional financing.