McEwen Mining delivered a transformational Q1 2026 with revenue more than doubling and a swing to strong profitability, driven by higher gold prices and increased GEO sales across operations, despite elevated production costs from stripping activities.
Key takeaways
Revenue reached $74.0M, up 107.4% from $35.7M in Q1 2025, reflecting strong metal price environment.
Gross profit surged to $31.5M (42.5% margin) from $10.1M, more than tripling year-over-year.
Operating income flipped to $41.2M profit (55.7% margin) from -$7.6M loss, boosted by operational leverage.
Net income was $33.4M or $0.47 diluted EPS, versus -$16.3M or -$0.12 in prior year.
Net cash from operations turned positive at $12.1M from -$1.9M, supporting growth investments.