Revenue growth is lumpy and unprofitable, with 2026Q1 revenue of $52.4M but a -19.0% gross margin and -150.0% net margin, reflecting insufficient volumes to cover fixed processing costs.
i-80 Gold Corp. (IAUX) annual income statement — 9-year revenue, gross profit & net income history
| Metric | TTM | Dec'25 | Dec'24 | Dec'23 | Dec'22 | Dec'21 | Dec'20 | Dec'19 | Dec'18 | Dec'17 |
|---|
| Sales/Revenue | 130.05M | 89.17M | 50.34M | 54.91M | 36.96M | 0 | 0 | 10.46M | 27.92M | 86.64M |
| Revenue Growth % | 69.73% | 77.16% | -8.33% | 48.57% | - | - | -100% | -62.53% | -67.77% | - |
| Cost of Goods Sold | 123.58M | 98.89M | 66.06M | 60.05M | 33.39M | 387K | 314K | 5.5M | 9.55M | 22.9M |
| COGS % of Revenue | - | 110.9% | 131.24% | 109.37% | 90.34% | - | - | 52.59% | 34.2% | 26.43% |
| Gross Profit | 6.47M | -9.72M | -15.72M | -5.14M | 3.57M | -387K | -314K | 4.96M | 18.37M | 63.74M |
| Gross Margin % | 4.97% | -10.9% | -31.24% | -9.37% | 9.66% | - | - | 47.41% | 65.8% | 73.57% |
| Gross Profit Growth % | - | 38.18% | -205.66% | -244.13% | 1022.22% | -23.25% | -106.33% | -73% | -71.18% | - |
| Operating Expenses | 126.03M | 78.28M | 73.36M | 95.81M | 65.43M | 23.62M | 5.92M | 8.16M | 9.99M | 56.74M |
| OpEx % of Revenue | - | 87.78% | 145.75% | 174.48% | 177.04% | - | - | 77.95% | 35.79% | 65.49% |
| Selling, General & Admin | 33.74M | 26.65M | 20.77M | 21.64M | 20.37M | 23.62M | 5.92M | 8.16M | 10.3M | 17.06M |
| SG&A % of Revenue | - | 29.88% | 41.27% | 39.41% | 55.12% | - | - | 77.95% | 36.88% | 19.69% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 4M | 51.63M | 52.59M | 74.17M | 45.06M | 0 | 0 | 0 | 0 | 0 |
| Operating Income | -119.56M | -88M | -89.09M | -100.95M | -61.86M | -24M | -6.23M | -3.19M | 8.07M | 12.97M |
| Operating Margin % | -91.94% | -98.68% | -176.99% | -183.85% | -167.38% | - | - | -30.54% | 28.92% | 14.97% |
| Operating Income Growth % | - | 1.22% | 11.75% | -63.2% | -157.72% | -285.1% | -95.09% | -139.57% | -37.74% | - |
| EBITDA | -115.41M | -84.22M | -85.89M | -92.24M | -55.68M | -23.76M | -6.01M | -2.54M | 8.85M | 16.93M |
| EBITDA Margin % | -88.75% | -94.45% | -170.63% | -167.99% | -150.65% | - | - | -24.3% | 31.7% | 19.55% |
| EBITDA Growth % | -73.21% | 1.94% | 6.89% | -65.68% | -134.3% | -295.52% | -136.35% | -128.72% | -47.73% | - |
| D&A (Non-Cash Add-back) | 4.14M | 3.78M | 3.2M | 8.71M | 6.18M | 240K | 225K | 653K | 777K | 3.97M |
| EBIT | -229.32M | -148.19M | -88.47M | -66.53M | -73.9M | -24.31M | -6.29M | -3.89M | 1.59M | 12.97M |
| Net Interest Income | -24.83M | -27.85M | -31.24M | -29.08M | -17.13M | 338K | -242K | 0 | 0 | 0 |
| Interest Income | 3.95M | 972.09K | 323K | 533.35K | 0 | 1.51M | 4.59M | 4.56M | 4.6M | 4.75M |
| Interest Expense | 28.78M | 28.82M | 31.57M | 29.62M | 17.13M | 1.18M | 4.83M | 0 | 0 | 0 |
| Other Income/Expense | -138.54M | -89.01M | -30.95M | 8.09M | -29.17M | 120.68M | -6.26M | -4.9M | 0 | -10.72M |
| Pretax Income | -258.1M | -177.01M | -120.03M | -92.87M | -91.03M | 96.67M | -12.49M | -8.1M | 3.78M | 2.25M |
| Pretax Margin % | -198.47% | -198.5% | -238.47% | -169.13% | -246.31% | - | - | -77.39% | 13.54% | 2.59% |
| Income Tax | 455K | -2.36M | 1.5M | -3.21M | -11.83M | 20.05M | 0 | 0 | 614K | 2.5M |
| Effective Tax Rate % | -0.18% | 1.33% | -1.25% | 3.46% | 13% | 20.74% | 0% | 0% | 16.24% | 111.17% |
| Net Income | -258.56M | -174.65M | -121.53M | -89.65M | -79.2M | 88.22M | -2.77M | -8.1M | 3.17M | -251K |
| Net Margin % | -198.82% | -195.86% | -241.45% | -163.27% | -214.29% | - | - | -77.39% | 11.34% | -0.29% |
| Net Income Growth % | -103.25% | -43.7% | -35.56% | -13.2% | -189.77% | 3280.35% | 65.74% | -355.75% | 1361.35% | - |
| Net Income (Continuing) | -258.56M | -174.65M | -121.53M | -89.65M | -79.2M | 76.62M | -12.49M | -8.1M | 3.17M | -251K |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 11.6M | 9.72M | 0 | 0 | 0 |
| Minority Interest | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| EPS (Diluted) | -0.30 | -0.27 | -0.34 | -0.33 | -0.33 | 0.37 | -0.02 | -0.05 | 0.02 | -0.00 |
| EPS Growth % | 2.73% | 20.59% | -3.03% | 0% | -189.19% | 2412.5% | 66.6% | -356.15% | - | - |
| EPS (Basic) | - | -0.27 | -0.34 | -0.33 | -0.33 | 0.37 | -0.02 | -0.05 | 0.02 | -0.00 |
| Diluted Shares Outstanding | 861.07M | 671.73M | 359.21M | 274.06M | 240.1M | 238.7M | 182.16M | 169.13M | 169.13M | 169.13M |
| Basic Shares Outstanding | 861.07M | 671.73M | 359.21M | 274.06M | 240.1M | 238.7M | 182.16M | 169.13M | 169.13M | 169.13M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - |
Quick answers to the most common questions about buying IAUX stock.
For fiscal year 2025, i-80 Gold Corp. (IAUX) reported total revenue of $89.2M. This represents a 2.9% increase compared to $86.6M in 2017.
i-80 Gold Corp. (IAUX) reported a net loss of $174.6M for the fiscal year ending 2025.
i-80 Gold Corp. (IAUX) reported an operating income of $-88.0M, resulting in an operating profit margin of -98.7%. This margin reflects the operational efficiency of the business before interest and taxes.
i-80 Gold Corp. (IAUX) generated $-9.7M in gross profit for the year, representing a gross profit margin of -10.9%. This demonstrates the company's core pricing power and production efficiency.
Key Metrics
Top Statement Risk
Cash burn and dilution risk
Metrics are mathematically derived from official filings.
Revenue Growth Masked by Volatility
Revenue surged 77% year-over-year in 2025Q3, but quarterly swings from -12.5% to +178% reveal a lumpy, pre-commercial production profile. According to the latest financial statements, growth is not yet durable.
The 77% YoY growth in 2025Q3 was driven by a low base and likely reflects early-stage mining and residual leaching rather than steady-state output. Subsequent quarters show revenue contracting 12.5% in 2026Q2, indicating that the company has not achieved consistent production volumes. Investors should monitor whether the Granite Creek and Ruby Hill operations can deliver sustained quarterly revenue above $30M, as the current trajectory appears highly dependent on spot gold prices and the timing of metal pours.
Negative Gross Margins Signal Ramp-Up Strain
Gross margin swung from -171.4% in 2024Q2 to 35.4% in 2026Q2, but the 10-quarter average remains deeply negative. Based on reported figures, current production volumes are insufficient to cover fixed processing costs at Lone Tree and Ruby Hill.
The 35.4% gross margin in 2026Q2 is an outlier, as most quarters show negative or single-digit margins, reflecting high fixed costs and low throughput. The negative margins suggest that the company is operating below break-even, with the autoclave restart and underground development costs not yet absorbed by revenue. A structural improvement would require consistent production at scale, which appears contingent on the successful restart of the Lone Tree autoclave and higher ore grades at Granite Creek.
Operating Leverage Absent in Pre-Steady-State Phase
Operating margins have ranged from -4.4% to -191.6% over the last ten quarters, with SG&A averaging roughly $8M per quarter. As reported in financial statements, operating income has not scaled with revenue, indicating no operating leverage yet.
Despite revenue growth, operating losses have persisted, with 2026Q2 showing a -140.2% operating margin. SG&A expenses have remained relatively stable, but they are outsized relative to revenue, and the company is incurring significant development and exploration costs that are expensed rather than capitalized. The lack of operating leverage suggests that the company is still in a heavy investment phase, and investors should monitor whether fixed-cost absorption improves as production volumes increase.
Net Losses Driven by Non-Cash and Development Charges
Net margins have been consistently negative, reaching -195.9% in 2026Q1, with stock-based compensation of $2.5M in 2026Q2. Based on reported figures, reported net income is heavily impacted by exploration expensing and one-time charges, obscuring underlying operational performance.
The gap between operating and net losses suggests significant non-operating items, including interest expense, fair value adjustments, and possibly impairment charges. Stock-based compensation, while not large in absolute terms, adds to the dilution burden. The negative net margins are not solely a function of operations but also reflect the company's aggressive development strategy, which expensed rather than capitalized many costs. Analysts should adjust for these items to assess the underlying cash burn rate.
2025Q3 Marks a Turning Point in Revenue Scale
Revenue jumped to $32.0M in 2025Q3, a 178% YoY increase, marking the first quarter of meaningful production scale. According to the income statement data, this inflection was driven by increased output from Granite Creek and Ruby Hill, though margins remained thin.
The 2025Q3 revenue inflection suggests that the company successfully transitioned from development to early production, but the 9.7% gross margin indicates that costs were still high. Subsequent quarters have shown revenue volatility, with 2026Q1 reaching $52.4M but then falling to $24.3M in 2026Q2, implying that production is not yet stable. The lasting impact of this inflection will depend on whether the company can sustain and grow production while reducing unit costs, which is critical for achieving positive gross margins.
Cash Burn and Dilution Threaten Solvency
With $63.2M in cash and persistent negative operating margins, the company's cash burn rate appears unsustainable. As reported in the latest earnings, the absence of forward guidance raises concerns about near-term production timing and potential dilutive financing.
The company has burned through cash at an alarming rate, with net losses averaging over $40M per quarter in the last year. Given the capital-intensive nature of the Lone Tree restart and underground development, the current cash position may only fund operations for a few more quarters. The lack of forward guidance in the latest report suggests management uncertainty, which could lead to downward revisions or delays. Short-sellers would likely focus on the high risk of equity dilution, as the company may need to raise capital at depressed prices to continue its development plans.