April 15, 2026 02:00 ET | Source: Kosmos Energy, LLC
DALLAS, April 15, 2026 (GLOBE NEWSWIRE) -- Kosmos Energy (NYSE/LSE: KOS) announced today the following schedule for its first quarter 2026 results:
Earnings Release: Tuesday, May 5, 2026, pre-UK market open via Notified, Regulatory News Service, and the Company’s website at www.kosmosenergy.com.Conference Call: Tuesday, May 5, 2026, at 11:00 a.m. ET. The call will be available via telephone and webcast. Dial-in telephone numbers:
Toll Free: 1-800-715-9871
Toll/International: 1-646-307-1963
UK Toll Free: 0800 260 6466
Webcast:
investors.kosmosenergy.com
Webcast Conference Call Replay: A replay of the webcast will be available at investors.kosmosenergy.com for approximately 90 days following the event.
About Kosmos Energy
Kosmos Energy is a leading deepwater exploration and production company focused on meeting the world’s growing demand for energy. We have diversified oil and gas production from assets offshore Ghana, Equatorial Guinea, Mauritania, Senegal and the Gulf of America. Additionally, in the proven basins where we operate we are advancing high-quality development opportunities, which have come from our exploration success. Kosmos is listed on the NYSE and LSE and is traded under the ticker symbol KOS.
As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company’s Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in the Kosmos Sustainability Report. For additional information, visit www.kosmosenergy.com.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos’ estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos’ Securities and Exchange Commission (“SEC”) filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
DALLAS, May 05, 2026 (GLOBE NEWSWIRE) -- Kosmos Energy Ltd. (“Kosmos” or the “Company”) (NYSE/LSE: KOS) announced today its financial and operating results for the first quarter of 2026. For the quarter, the Company generated a net loss of $226 million, or $0.45 per diluted share. When adjusted for certain items that impact the comparability of results, the Company generated an adjusted net loss(1) of $36 million, or $0.07 per diluted share for the first quarter of 2026.
FIRST QUARTER 2026 AND POST QUARTER END HIGHLIGHTS
Net Production(2): ~74,800 barrels of oil equivalent per day (boepd), up ~25% versus first quarter 2025Revenues: $371 million, or $55.81 per boe (excluding the impact of derivative cash settlements) Production expense: $131 million (or $19.66 per boe), down ~22% versus first quarter 2025 (~$167 million)Capital expenditures: $91 million Greater Tortue Ahmeyim (GTA) gross production averaged ~2.85 million tonnes per annum (mtpa) for the first quarter, in excess of the floating LNG nameplate capacity (2.7 mtpa) Kosmos successfully completed a $350 million senior secured bond offering in the Nordic marketKosmos successfully completed an equity raise of approximately $200 million with the proceeds used to accelerate debt paydownKosmos announced the sale of its interest in the Ceiba Field and Okume Complex in Equatorial Guinea, for up to ~$220 millionThe TEN partnership finalized the acquisition of the TEN FPSO, which is expected to result in a material reduction in operating expensesKosmos took final investment decision for the operated Tiberius project in the Gulf of America Commenting on the Company’s first quarter 2026 performance, Chairman and Chief Executive Officer Andrew G. Inglis said: “Earlier this year, we set four goals for 2026: increase production from our core assets; lower costs; reduce debt; and advance our high‑quality growth portfolio with minimal capital. We are delivering strongly on all four of these goals.
“In the first quarter, Kosmos achieved record daily and quarterly production, driven by GTA fully ramped up and new wells at Jubilee. Operating costs were ~22% lower year-on-year and we reduced net debt(1) by ~7% versus year‑end 2025. With this ongoing momentum, we have raised our full‑year debt reduction target from 10% to ~20%.
“We continue to maintain our capital discipline while we progress our quality growth options. We took final investment decision on the Tiberius development, entered into a strategic exploration alliance with Shell in the Gulf of America, and are moving forward on GTA Phase 1+ expansion.
“With oil prices higher, our goals are unchanged. We will direct excess free cash flow toward accelerated debt reduction and further strengthening the balance sheet. Our exposure to premium international oil markets positions Kosmos to capture value from current market dislocations and reinforces our confidence in the path ahead.”
FINANCIAL UPDATE
In January 2026, Kosmos successfully completed a $350 million senior secured bond offering in the Nordic market with proceeds used to repurchase ~$250 million of the Company's 2027 senior unsecured notes and to repay $100 million of borrowings under the reserve-based lending facility (RBL).
In March, Kosmos successfully raised approximately $200 million of equity with the proceeds used to accelerate debt repayment.
In April, Kosmos completed its spring RBL re-determination with the borrowing base reduced to approximately $1.25 billion. Post the sale of the Company's production assets in Equatorial Guinea, expected around midyear 2026, the borrowing base will reduce to approximately $1.2 billion,
Kosmos has growing exposure to higher near-term oil prices, with realizations and free cash flow expected to rise in the second quarter, taking account of the lag effect between sales and benchmark prices. In the second quarter so far, we have seen record pricing and record differentials for production priced off premium international benchmarks such as Dated Brent in Ghana.
Kosmos has taken advantage of a higher forward price curve to add further hedges for 2027. The company has 5.7 million barrels of oil hedged for the remainder of 2026 with an average floor of approximately $66/barrel and a further 4.0 million barrels hedged in 2027 with a floor of approximately $65/barrel.
Net capital expenditure for the first quarter of 2026 was $91 million, in line with guidance. Full year 2026 capital expenditure guidance of $350 million is unchanged.
The Company generated net cash provided by operating activities of approximately $107 million and free cash flow(1) of approximately $14 million. Kosmos exited the first quarter of 2026 with approximately $2.8 billion of net debt(1) and liquidity of approximately $488 million.
OPERATIONAL UPDATE
Production
Total net production(2) in the first quarter of 2026 averaged approximately 74,800 boepd, a record quarterly high for Kosmos, up ~25% versus first quarter 2025. The increase was largely driven by the ramp up at GTA and new wells coming online at Jubilee. Sales for the first quarter 2026 were approximately 73,800 boepd.
The Company exited the quarter in a net underlift position of approximately 1.3 mmboe.
Mauritania and Senegal
GTA Phase 1 production averaged approximately 17,000 boepd net during the quarter, or 2.85 mtpa of LNG equivalent gross as the project continued to produce above the floating LNG vessel's nameplate capacity (2.7 mtpa), benefiting from cooler seasonal temperatures. The partnership lifted 9.5 gross LNG cargos in the first quarter, in line with guidance. Full year guidance of 32-36 gross LNG cargos remains unchanged. One condensate cargo was lifted by BP in the first quarter. The second and third condensate cargos in 2026 are expected to be lifted by Kosmos and the national oil companies of Mauritania and Senegal.
Lowering operating costs for GTA Phase 1 remains a priority for the partnership in 2026 with net operating costs per boe on track to fall by more than 50% year-on-year with scope for further reductions in 2027 and beyond.
With Phase 1 production fully ramped up and performing well, the partnership is now focusing on future production growth through Phase 1+, which fully utilizes the existing infrastructure for sales to the domestic markets in Senegal and Mauritania. Heads of terms for domestic gas sales are expected in 2026. In addition, Senegal has begun construction of an onshore power plant near Saint Louis and is expected to commence construction of the gas pipeline network around the midyear, which will transport gas from the GTA hub terminal to shore for domestic power generation.
Ghana
Production in Ghana averaged approximately 35,400 boepd net in the first quarter of 2026, which included gas production of approximately 6,900 boepd. Kosmos lifted three cargos from Ghana during the quarter, in line with guidance.
At Jubilee (38.6% working interest), oil production in the first quarter averaged approximately 70,000 bopd gross. The J74 well came online in early 2026 followed by the J75 well at the end of the quarter. Both wells are performing in line with expectations.
The next well in the campaign (J76) has been drilled and the completion is about to commence. Two additional producer wells (J77 and J50) have also been drilled and will be completed shortly after J76. As the operator recently communicated, all three producer wells are expected online in June and July and Kosmos expects an aggregate contribution from these wells of around 20,000 bopd gross. A water injection well will conclude the drilling campaign and is expected online at the end of the third quarter.
At TEN (20.4% working interest), oil production averaged approximately 14,900 bopd gross for the first quarter, in line with expectations. In February 2026, the TEN partnership finalized a sale and purchase agreement to acquire the TEN FPSO at the end of its current lease. Signing the agreement is expected to significantly reduce TEN operating costs and positively impact leverage in 2026 and beyond.
Also in February, the Ghanaian parliament formally ratified the license extensions for the West Cape Three Points and Deepwater Tano Petroleum Agreements, which cover the Jubilee and TEN fields, following government approval of the extensions in December. The licenses now extend to 2040. With an extended license period, the partnership is aligned on securing a rig for the 2027/2028 drilling campaign, which is expected to include up to ten wells and start in mid-2027.
Gulf of America
Production in the Gulf of America averaged approximately 16,800 boepd net (~84% oil) during the first quarter, in line with guidance, with strong performance from the Kosmos-operated Odd Job and Kodiak fields. Early in the second quarter, the Winterfell-2 well was shut in pending future intervention.
On Tiberius, in the outboard Wilcox play, Kosmos (operator, 50% working interest) took final investment decision with our partner Occidental (50% working interest) in March. The project targets first oil in the second half of 2028, with long-lead items already secured and most of the capital expected in 2027 and 2028. A farm down to reduce Kosmos’ working interest to ~33% has now commenced and is expected to close later this year.
As previously announced, Kosmos deepened its inventory of future opportunities for its infrastructure-led exploration (ILX) strategy in the Gulf of America, entering into a strategic alliance with Shell in February in the Norphlet trend. Shell and Kosmos now have alignment over ten blocks in the Gulf of America to explore multiple high-potential prospects, including Trailblazer, a prospect with significant potential (~200 mmboe gross). In the event of success, it could be tied back into Shell's nearby Appomattox platform. Drilling of Trailblazer is planned for the first half of 2027 with Kosmos designated as development operator.
Equatorial Guinea
Production in Equatorial Guinea averaged approximately 16,000 bopd gross and 5,600 bopd net in the first quarter. Kosmos lifted 0.4 cargos from Equatorial Guinea during the quarter in line with guidance.
In February, Kosmos announced that it entered into an agreement to sell its 40.375% non-operating working interest in the Ceiba Field and Okume Complex production assets to Panoro Energy for up to $220 million. Proceeds will be used to reduce borrowings outstanding under the RBL. The transaction has been approved by the Government of Equatorial Guinea and is expected to close around midyear 2026, subject to customary CEMAC approval.
(1) A Non-GAAP measure, see attached reconciliation of non-GAAP measure. Net debt excludes $80.1 million TEN FPSO finance lease liability. For purposes of the debt cover ratio calculation under the RBL Facility, the finance lease liability is included in net debt.
(2) Production means net entitlement volumes. In Ghana, Equatorial Guinea, and Mauritania and Senegal this means those volumes net to Kosmos' working interest or participating interest and net of royalty or production sharing contract effect. In the Gulf of America, this means those volumes net to Kosmos' working interest and net of royalty.
Conference Call and Webcast Information
Kosmos will host a conference call and webcast to discuss first quarter 2026 financial and operating results today, May 5, 2026, at 10:00 a.m. Central time (11:00 a.m. Eastern time). The live webcast of the event can be accessed on the Investors page of Kosmos’ website at http://investors.kosmosenergy.com/investor-events. The dial-in telephone number for the call is +1-800-715-9871. Callers in the United Kingdom should call 0800 260 6466. Callers outside the United States should dial +1-646-307-1963. A replay of the webcast will be available on the Investors page of Kosmos’ website for approximately 90 days following the event.
About Kosmos Energy
Kosmos Energy is a leading deepwater exploration and production company focused on meeting the world’s growing demand for energy. We have diversified oil and gas production from assets offshore Ghana, Equatorial Guinea, Mauritania, Senegal and the Gulf of America. Additionally, in the proven basins where we operate we are advancing high-quality development opportunities, which have come from our exploration success. Kosmos is listed on the NYSE and LSE and is traded under the ticker symbol KOS. As an ethical and transparent company, Kosmos is committed to doing things the right way. The Company’s Business Principles articulate our commitment to transparency, ethics, human rights, safety and the environment. Read more about this commitment in the Kosmos Sustainability Report. For additional information, visit www.kosmosenergy.com.
Non-GAAP Financial Measures
EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, and net debt are supplemental non-GAAP financial measures used by management and external users of the Company's consolidated financial statements, such as industry analysts, investors, lenders and rating agencies. The Company defines EBITDAX as Net income (loss) plus (i) exploration expense, (ii) depletion, depreciation and amortization expense, (iii) equity based compensation expense, (iv) unrealized (gain) loss on commodity derivatives (realized losses are deducted and realized gains are added back), (v) (gain) loss on sale of oil and gas properties, (vi) interest (income) expense, (vii) income taxes, (viii) debt modifications and extinguishments, (ix) doubtful accounts expense and (x) similar other material items which management believes affect the comparability of operating results. The Company defines Adjusted net income (loss) as Net income (loss) adjusted for certain items that impact the comparability of results. The Company defines free cash flow as net cash provided by operating activities less Oil and gas assets, Other property, and certain other items that may affect the comparability of results and excludes non-recurring activity such as acquisitions, divestitures and National Oil Company ("NOC") financing. NOC financing refers to the amounts funded by Kosmos under the Carry Advance Agreements that the Company has in place with the national oil companies of each of Mauritania and Senegal related to the financing of the respective national oil companies’ share of certain development costs at Greater Tortue Ahmeyim. The Company defines net debt as total long-term debt less cash and cash equivalents and total restricted cash.
We believe that EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, Net debt and other similar measures are useful to investors because they are frequently used by securities analysts, investors and other interested parties in the evaluation of companies in the oil and gas sector and will provide investors with a useful tool for assessing the comparability between periods, among securities analysts, as well as company by company. EBITDAX, Adjusted net income (loss), Adjusted net income (loss) per share, free cash flow, and net debt as presented by us may not be comparable to similarly titled measures of other companies.
This release also contains certain forward-looking non-GAAP financial measures, including free cash flow. Due to the forward-looking nature of the aforementioned non-GAAP financial measures, management cannot reliably or reasonably predict certain of the necessary components of the most directly comparable forward-looking GAAP measures, such as future impairments and future changes in working capital. Accordingly, we are unable to present a quantitative reconciliation of such forward-looking non-GAAP financial measures to their most directly comparable forward-looking GAAP financial measures. Amounts excluded from these non-GAAP measures in future periods could be significant.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical facts, included in this press release that address activities, events or developments that Kosmos expects, believes or anticipates will or may occur in the future are forward-looking statements. Kosmos’ estimates and forward-looking statements are mainly based on its current expectations and estimates of future events and trends, which affect or may affect its businesses and operations. Although Kosmos believes that these estimates and forward-looking statements are based upon reasonable assumptions, they are subject to several risks and uncertainties and are made in light of information currently available to Kosmos. When used in this press release, the words “anticipate,” “believe,” “intend,” “expect,” “plan,” “will” or other similar words are intended to identify forward-looking statements. Such statements are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of Kosmos, which may cause actual results to differ materially from those implied or expressed by the forward-looking statements. Further information on such assumptions, risks and uncertainties is available in Kosmos’ Securities and Exchange Commission (“SEC”) filings. Kosmos undertakes no obligation and does not intend to update or correct these forward-looking statements to reflect events or circumstances occurring after the date of this press release, except as required by applicable law. You are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. All forward-looking statements are qualified in their entirety by this cautionary statement.
Kosmos Energy Ltd.
Consolidated Statements of Operations
(In thousands, except per share amounts, unaudited)
Three Months Ended March 31, 2026 2025 Revenues and other income: Oil and gas revenue $370,728 $290,135 Other income, net 169 296 Total revenues and other income 370,897 290,431 Costs and expenses: Oil and gas production 130,595 167,308 Exploration expenses 19,744 9,669 General and administrative 27,710 26,255 Depletion, depreciation and amortization 119,873 120,667 Interest and other financing costs, net 58,802 51,842 Derivatives, net 251,996 6,732 Other expenses, net 3,264 1,989 Total costs and expenses 611,984 384,462 Loss before income taxes (241,087) (94,031)Income tax expense (benefit) (15,513) 16,575 Net loss $(225,574) $(110,606) Net loss per share: Basic $(0.45) $(0.23)Diluted $(0.45) $(0.23) Weighted average number of shares used to compute net loss per share: Basic 506,198 475,681 Diluted 506,198 475,681 Kosmos Energy Ltd.
Condensed Consolidated Balance Sheets
(In thousands, unaudited)
March 31, December 31, 2026
2025
Assets Current assets: Cash and cash equivalents $129,957 $91,518Receivables, net 110,510 103,472Assets held for sale 18,707 —Other current assets 194,268 232,884Total current assets 453,442 427,874 Property and equipment, net 3,367,489 3,733,784Non-current assets held for sale 408,895 —Other non-current assets 553,616 534,968Total assets $4,783,442 $4,696,626 Liabilities and stockholders’ equity Current liabilities: Accounts payable $194,969 $202,555Accrued liabilities 332,078 237,609Current maturities of long-term debt 30,220 132,143Liabilities held for sale 43,544 —Other current liabilities 156,243 —Total current liabilities 757,054 572,307 Long-term liabilities: Long-term debt, net 2,866,043 2,920,616Deferred tax liabilities 134,750 305,924Long-term liabilities held for sale 260,601 —Other non-current liabilities 249,885 369,189Total long-term liabilities 3,511,279 3,595,729 Total stockholders’ equity 515,109 528,590Total liabilities and stockholders’ equity $4,783,442 $4,696,626 Kosmos Energy Ltd.
Condensed Consolidated Statements of Cash Flow
(In thousands, unaudited)
Three Months Ended March 31, 2026 2025 Operating activities: Net loss $(225,574) $(110,606)Adjustments to reconcile net income to net cash provided by (used in) operating activities: Depletion, depreciation and amortization (including deferred financing costs) 122,465 122,551 Deferred income taxes (49,013) 1,811 Unsuccessful well costs and leasehold impairments 14,541 1,903 Change in fair value of derivatives 302,976 7,586 Cash settlements on derivatives, net(1) (81,321) 494 Equity-based compensation 5,950 8,361 Debt modifications and extinguishments (1,217) — Other (7,561) (5,597)Changes in assets and liabilities: Net changes in working capital 25,310 (27,391)Net cash provided by (used in) operating activities 106,556 (888) Investing activities Oil and gas assets (87,047) (90,245)Notes receivable and other investing activities (11,598) (44,048)Net cash used in investing activities (98,645) (134,293) Financing activities: Borrowings under long-term debt 124,167 100,000 Payments on long-term debt (277,738) — Net proceeds from issuance of senior notes and bonds 350,000 — Repurchase and redemption of senior notes (346,984) — Net proceeds from issuance of common stock 206,440 — Payments on finance lease (5,262) — Other financing costs (7,731) — Net cash provided by financing activities 42,892 100,000 Net increase (decrease) in cash, cash equivalents and restricted cash 50,803 (35,181)Cash, cash equivalents and restricted cash at beginning of period 117,744 85,277 Cash, cash equivalents and restricted cash at end of period(2) $168,547 $50,096 (1) Cash settlements on commodity hedges were $(30.3) million and $(1.8) million for the three months ended March 31, 2026 and 2025, respectively.
(2) Includes cash reported within current assets held for sale on the Consolidated Balance Sheets relating to the Ceiba and Okume Complex located in Block G offshore Equatorial Guinea cash held for sale.
Kosmos Energy Ltd.
EBITDAX
(In thousands, unaudited) Three Months Ended Twelve Months Ended March 31, 2026 March 31, 2025 March 31, 2026Net loss$(225,574) $(110,606) $(814,754)Exploration expenses 19,744 9,669 233,691 Depletion, depreciation and amortization 119,873 120,667 555,980 Impairment of long-lived assets — — 177,563 Equity-based compensation 5,950 8,361 25,542 Derivatives, net 251,996 6,732 191,599 Cash settlements on commodity derivatives (30,341) (1,751) (18,197)Other expenses, net(1) 3,263 1,989 14,766 Gain on sale of assets — — (2,200)Interest and other financing costs, net 58,802 51,842 230,390 Income tax expense (benefit) (15,513) 16,575 33,117 EBITDAX$188,200 $103,478 $627,497 Pro Forma Adjustment - TEN FPSO Lease(1) — — 47,421 Pro Forma EBITDAX 188,200 103,478 674,918 EBITDAX - M|S (5,784) (57,932) (77,333)Pro Forma EBITDAX - Base Business$193,984 $161,410 $752,251 (1) Adjustment to present Pro Forma EBITDAX for the impact to operational expense for the periods presented resulting from executing the TEN FPSO finance lease transaction.
The following table presents our net debt as of March 31, 2026 and December 31, 2025:
March 31, December 31, 2026
2025
Total long-term debt $2,946,876 $3,100,274Cash and cash equivalents 129,957 91,518Cash included in assets held for sale 7,960 —Total restricted cash 30,630 26,226Net debt(1) $2,778,329 $2,982,530 (1) Excludes $80.1 million TEN FPSO finance lease liability.
Kosmos Energy Ltd.
Adjusted Net Income (Loss)
(In thousands, except per share amounts, unaudited)
Three Months Ended March 31, 2026 2025 Net loss$(225,574) $(110,606) Derivatives, net 251,996 6,732 Cash settlements on commodity derivatives (30,341) (1,751)Other, net(2) 3,259 1,664 Write-off of leasehold costs 13,181 — Debt modifications and extinguishments (1,217) — Total selected items before tax 236,878 6,645 Income tax (expense) benefit on adjustments(1) (46,926) (1,465)Adjusted net income (loss)$(35,622) (105,426) Net loss per diluted share$(0.45) $(0.23) Derivatives, net 0.50 0.01 Cash settlements on commodity derivatives (0.06) — Write-off of leasehold costs 0.03 — Total selected items before tax 0.47 0.01 Income tax (expense) benefit on adjustments(1) (0.09) — Adjusted net income (loss) per diluted share$(0.07) $(0.22) Weighted average number of diluted shares 506,198 475,681 (1) Income tax expense is calculated at the statutory rate in which such item(s) reside. Statutory rates for the U.S., Equatorial Guinea and Ghana are 21%, 25% and 35%, respectively.
Kosmos Energy Ltd.
Free Cash Flow
(In thousands, unaudited)
Three Months Ended March 31, 2026 2025 Reconciliation of free cash flow: Net cash provided by (used in) operating activities$106,556 $(888)Net cash used for oil and gas assets (87,047) (90,245)Payments on finance lease (5,262) — Free cash flow 14,247 (91,133)Net cash provided by (used in) operating activities - M|S (4,400) 14,971 Net cash used for oil and gas assets - M|S (1,714) (49,943)Base business free cash flow$20,361 $(56,161)Kosmos Energy Ltd.
Operational Summary
(In thousands, except barrel and per barrel data, unaudited)
Three Months Ended March 31, 2026 2025 Net Volume Sold Oil (MMBbl) 4.414 3.659 Gas (MMcf) 12.749 (1)
4.172 (1)
NGL (MMBbl) 0.104 0.091 Total (MMBoe) 6.643 4.445 Total (MBoepd) 73.809 49.393 Revenue Oil sales$297,011 $270,405 Gas sales 72,104 17,629 NGL sales 1,613 2,101 Total oil and gas revenue 370,728 290,135 Cash settlements on commodity derivatives (30,341) (1,751) Realized revenue$340,387 $288,384 Oil and Gas Production Costs$130,595 (1)
$167,308 (1)
Sales per Bbl/Mcf/Boe Average oil sales price per Bbl$67.29 $73.90 Average gas sales price per Mcf 5.66 4.23 Average NGL sales price per Bbl 15.51 23.09 Average total sales price per Boe 55.81 65.27 Cash settlements on commodity derivatives per Boe (4.57) (0.39) Realized revenue per Boe 51.24 64.87 Oil and gas production costs per Boe$19.66 $37.64 Oil and gas production costs per Boe ex. M/S (1)$14.24 $24.99 (1) Includes $55.3 million and $58.1 million for the three months ended March 31, 2026 and 2025, respectively, of oil and gas production costs related to the LNG production at the GTA Phase 1 project in Mauritania and Senegal. GTA Phase 1 project LNG sales volumes for the three months ended March 31, 2026 and 2025 were 1.357 MMboe and 0.1 MMboe, respectively. First LNG was achieved in February 2025 and the first LNG cargo was successfully completed in April 2025.
Kosmos was underlifted by approximately 1.3 million barrels of oil equivalent (mmboe) as of March 31, 2026.
Kosmos Energy Ltd.
Hedging Summary
As of March 31, 2026(1)
(Unaudited)
Weighted Average Price per Bbl Index MBbl Floor(2) Sold Put Ceiling2026: Two-way collars 1H26 Dated Brent 500 $60.00 — $74.75Three-way collars FY26 Dated Brent 1,500 60.00 50.00 75.51Swaps 1H26 Dated Brent 500 72.90 — —Swaps FY26 Dated Brent 2,250 70.62 — —Swaps FY26 WTI 1,000 64.83 — —2027: Three-way collars 1H27 Dated Brent 2,000 70.00 55.00 85.00Three-way collars FY27 Dated Brent 2,000 60.00 47.50 75.00 (1) Please see the Company’s filed 10-K for additional disclosure on hedging material. Includes hedging position as of March 31, 2026 and hedges put in place through filing date.
(2) “Floor” represents floor price for collars and strike price for purchased puts.
Note: Excludes 0.6 MMBbls of Dated Brent sold calls with a strike price of $100.00 per Bbl, 0.7 MMBbls of Dated Brent sold calls with a strike price of $80.00 per Bbl and 1.5 MMBbls of Dated Brent sold puts with a strike price of $55.00 in 2026. Excludes 1.0 MMBbls of WTI sold puts with a strike price of $50.00 in 2026.
2026 Guidance
2Q 2026FY 2026 Production(1,2,3)70,000 - 74,000 boe per day70,000 - 78,000 boe per day Opex$25.00 - $28.00 per boe$20.00 - $22.00 per boe DD&A$15.50 - $17.50 per boe$18.00 - $20.00 per boe G&A(~65% cash)$20-$25 million~$75 million Exploration Expense(4)~$5 million$10 - $30 million Net Interest Expense$55 - $65 million$230 - $250 million Tax$10.00 - $13.00 per boe$5.00 - $7.00 per boe Capital Expenditure$100 - $125 million~$350 million Note: Ghana / Equatorial Guinea / Mauritania & Senegal revenue calculated by number of cargos. All guidance includes Equatorial Guinea assets. Revised guidance to be issued post the closing of transaction. Guidance includes Equatorial Guinea contribution of approximately 6,000 boepd of production, operating costs of $45-55/barrel and ~$15 million of capital expenditures.
(1) 2Q 2026 net cargo forecast – Ghana: 3-4 cargos / Equatorial Guinea: 0.4 cargo. FY 2026 Ghana: 12-13 cargos / Equatorial Guinea 2-3 cargos. Average cargo sizes 950,000 barrels of oil.
(2) 2Q 2026 gross cargo forecast - Mauritania & Senegal: 8-9 cargos. FY 2026: 32-36 cargos. Average cargo size ~170,000 m3 with Kosmos NRI of ~24%. Kosmos expects 0.3 net condensate cargos in 2Q26
(3) Gulf of America Production: 2Q 2026 forecast 14,000 - 16,000 boe per day. FY 2026: 15,000-17,000 boe per day. Oil/Gas/NGL split for 2026: ~83%/~11%/~6%.
(4) Excludes leasehold impairments and dry hole costs.
Investors might want to bet on Kosmos Energy (KOS - Free Report) , as it has been recently upgraded to a Zacks Rank #2 (Buy). This upgrade is essentially a reflection of an upward trend in earnings estimates -- one of the most powerful forces impacting stock prices.
The sole determinant of the Zacks rating is a company's changing earnings picture. The Zacks Consensus Estimate -- the consensus of EPS estimates from the sell-side analysts covering the stock -- for the current and following years is tracked by the system.
The power of a changing earnings picture in determining near-term stock price movements makes the Zacks rating system highly useful for individual investors, since it can be difficult to make decisions based on rating upgrades by Wall Street analysts. These are mostly driven by subjective factors that are hard to see and measure in real time.
Therefore, the Zacks rating upgrade for Kosmos Energy basically reflects positivity about its earnings outlook that could translate into buying pressure and an increase in its stock price.
Most Powerful Force Impacting Stock PricesThe change in a company's future earnings potential, as reflected in earnings estimate revisions, and the near-term price movement of its stock are proven to be strongly correlated. The influence of institutional investors has a partial contribution to this relationship, as these big professionals use earnings and earnings estimates to calculate the fair value of a company's shares. An increase or decrease in earnings estimates in their valuation models simply results in higher or lower fair value for a stock, and institutional investors typically buy or sell it. Their bulk investment action then leads to price movement for the stock.
Fundamentally speaking, rising earnings estimates and the consequent rating upgrade for Kosmos Energy imply an improvement in the company's underlying business. Investors should show their appreciation for this improving business trend by pushing the stock higher.
Harnessing the Power of Earnings Estimate RevisionsAs empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock movements, tracking such revisions for making an investment decision could be truly rewarding. Here is where the tried-and-tested Zacks Rank stock-rating system plays an important role, as it effectively harnesses the power of earnings estimate revisions.
The Zacks Rank stock-rating system, which uses four factors related to earnings estimates to classify stocks into five groups, ranging from Zacks Rank #1 (Strong Buy) to Zacks Rank #5 (Strong Sell), has an impressive externally-audited track record, with Zacks Rank #1 stocks generating an average annual return of +25% since 1988. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here >>>> .
Earnings Estimate Revisions for Kosmos EnergyThis independent oil and gas company is expected to earn $0.24 per share for the fiscal year ending December 2026, which represents no year-over-year change.
Analysts have been steadily raising their estimates for Kosmos Energy. Over the past three months, the Zacks Consensus Estimate for the company has increased 161.5%.
Bottom LineUnlike the overly optimistic Wall Street analysts whose rating systems tend to be weighted toward favorable recommendations, the Zacks rating system maintains an equal proportion of "buy" and "sell" ratings for its entire universe of more than 4,000 stocks at any point in time. Irrespective of market conditions, only the top 5% of the Zacks-covered stocks get a "Strong Buy" rating and the next 15% get a "Buy" rating. So, the placement of a stock in the top 20% of the Zacks-covered stocks indicates its superior earnings estimate revision feature, making it a solid candidate for producing market-beating returns in the near term.
You can learn more about the Zacks Rank here >>>
The upgrade of Kosmos Energy to a Zacks Rank #2 positions it in the top 20% of the Zacks-covered stocks in terms of estimate revisions, implying that the stock might move higher in the near term.
On March 31, 2026, Jeremy Grantham (Trades, Portfolio) executed a significant reduction in holdings of Kosmos Energy Ltd KOS . The transaction involved a decrease of 16,496,599 shares, representing a 47.40% reduction in Grantham's position in the company. This strategic move has drawn attention from investors and analysts, given Grantham's reputation for astute market predictions and investment strategies. The shares were traded at a price of $2.78, impacting Grantham's portfolio by -0.12%. Post-transaction, Grantham holds 18,307,718 shares, which constitute 3.16% of the total holdings in Kosmos Energy Ltd.
Jeremy Grantham (Trades, Portfolio): A Profile of Investment Acumen Jeremy Grantham (Trades, Portfolio) is the Chairman of Grantham Mayo van Otterloo (GMO) LLC, a Boston-based asset management firm. Known for identifying speculative market bubbles, Grantham has a reputation for steering clients away from impending market crashes. Over his long career, Grantham has built a reputation for correctly identifying market bubbles and avoiding investments in overvalued sectors. His top holdings include Apple Inc AAPL , Meta Platforms Inc META , Alphabet Inc GOOGL , Lam Research Corp LRCX , and Microsoft Corp MSFT , with a total equity of $39.12 billion. The firm's top sectors are Technology and Healthcare.
Understanding Kosmos Energy Ltd Kosmos Energy Ltd is a deepwater exploration and production company with operations in Ghana, Equatorial Guinea, Mauritania, Senegal, and the Gulf of America. The company has a market capitalization of $1.72 billion and is currently trading at $2.89 per share. Despite a year-to-date price increase of 223.7%, the stock has a poor GF Score of 66/100, suggesting limited future performance potential. The stock is modestly undervalued with a GF Value of $3.64, indicating a price to GF Value ratio of 0.79.
Financial Metrics and Valuation Kosmos Energy Ltd's financial metrics reveal some challenges. The company has a Balance Sheet Rank of 3/10 and a Profitability Rank of 4/10. Over the past three years, the company has experienced a 17.10% decline in revenue growth and a 43.40% decline in EBITDA growth. The Altman Z score of -0.29 and a Piotroski F-Score of 2 further highlight financial challenges. The company's Growth Rank is 5/10, and the GF Value Rank is 8/10.
Other Notable Investors in Kosmos Energy Ltd Aside from Jeremy Grantham (Trades, Portfolio), other notable investors in Kosmos Energy Ltd include Jefferies Group (Trades, Portfolio), Joel Greenblatt (Trades, Portfolio), and Barrow, Hanley, Mewhinney & Strauss. The largest holder of Kosmos Energy Ltd shares is Hotchkis & Wiley Capital Management LLC. These investors' involvement indicates a continued interest in the company's potential, despite its current financial challenges.
Transaction Analysis The reduction in Grantham's stake in Kosmos Energy Ltd reflects a strategic decision to adjust the firm's portfolio. The transaction's impact on the portfolio was -0.12%, indicating a relatively minor adjustment in the overall scheme of Grantham's investments. However, the decision to reduce holdings by nearly half suggests a reassessment of the company's future prospects, possibly influenced by its financial metrics and market conditions. This move may prompt other investors to reevaluate their positions in Kosmos Energy Ltd, considering the insights and strategies of a seasoned investor like Grantham.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
Lennar (NYSE:LEN) Updates Q3 2026 Earnings GuidanceLennar (NYSE:LEN) updated its third quarter 2026 earnings guidance. The company provided EPS guidance of 1.200-1.400 for the period, compared to the consensus estimate of 1.710.
MSA Safety Incorporporated (NYSE:MSA) CFO Acquires $71,093.12 in StockMarketBeat
MSA Safety Incorporporated (NYSE:MSA - Get Free Report) CFO Julie Beck bought 448 shares of the stock in a transaction dated Thursday, June 11th. The stock was acquired at an average price of $158.69 per share, with a total value of $71,093.12. Following the completion of the purchase, the chief financial officer owned 3,825 shares of the company's stock, valued at $606,989.25. This represents a 13.27% increase in their position. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available through this link.
NYSE:MSA
Read MSA Safety Incorporporated (NYSE:MSA) CFO Acquires $71,093.12 in Stock
3 hours ago
Insider Selling: NBT Bancorp (NASDAQ:NBTB) Director Sells 2,100 Shares of StockMarketBeat
NBT Bancorp Inc. (NASDAQ:NBTB - Get Free Report) Director Heidi Hoeller sold 2,100 shares of the business's stock in a transaction that occurred on Friday, June 12th. The shares were sold at an average price of $48.03, for a total transaction of $100,863.00. Following the transaction, the director owned 11,560 shares of the company's stock, valued at approximately $555,226.80. This represents a 15.37% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink.
NASDAQ:NBTB
Read Insider Selling: NBT Bancorp (NASDAQ:NBTB) Director Sells 2,100 Shares of Stock
3 hours ago
Douglas Milne Sells 1,600 Shares of IGM Financial (TSE:IGM) StockMarketBeat
IGM Financial Inc. (TSE:IGM - Get Free Report) Director Douglas Milne sold 1,600 shares of the business's stock in a transaction that occurred on Tuesday, June 9th. The stock was sold at an average price of C$80.61, for a total value of C$128,976.00. Following the sale, the director directly owned 800 shares in the company, valued at C$64,488. The trade was a 66.67% decrease in their ownership of the stock.
TSE:IGM
Read Douglas Milne Sells 1,600 Shares of IGM Financial (TSE:IGM) Stock
Kosmos Energy Ltd. (KOS) reported Q1 2026 EPS of -$0.07, missing consensus of $0.08 and triggering a 6% pre-market decline. My BUY rating remain, and increased the price target from $4.97 to $7.26 on the back of higher oil prices. Management demonstrated Turnaround progress with annualized oil production increasing more than 20% YoY.
On April 30, 2026, Hecla Mining Co HL shares rose 3.1% today, bringing the current price to $18.02. Over the past 52 weeks, the stock has traded as high as $34.17 and as low as $4.51.
GF Value™ verdict: Current price of $18.02 is 101.6% above the GF Value™ of $8.94, indicating the stock is overvalued.GF Score™: 71/100, suggesting the stock is rated as Above Average based on key performance metrics.Most notable signal: No insider transactions have been reported in the last 3 months. Is HL Overvalued or Undervalued? As of the latest data, Hecla Mining Co HL is trading at $18.02, which is significantly above its GF Value™ of $8.94, marking it as 101.6% overvalued according to GuruFocus' proprietary valuation metric. The GF Valuation label indicates that the stock is significantly overvalued, suggesting that there may be risks associated with holding this stock at its current price. A large deviation from the GF Value™ may indicate a lack of margin of safety for potential investors, as the stock price does not reflect intrinsic value based on historical performance and future estimates.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given that HL is trading at such a premium to its estimated value, investors face the risk of a price correction if the market adjusts to align more closely with the intrinsic valuation.
How Does HL's Valuation Compare to Its History? MetricCurrentHistorical P/E (TTM)36.8x81.8x (5-Year Median) Forward P/E16.5xN/A Currently, Hecla Mining Co's P/E (TTM) of 36.8x is significantly below its 5-year median P/E of 81.8x, suggesting that the stock is trading at a lower valuation relative to its historical performance. Coupled with a forward P/E of 16.5x, this analysis aligns with the GF Value™ verdict of overvaluation, indicating that despite its lower P/E ratio, the stock remains overpriced when considering intrinsic value estimates.
What Does HL's GF Score™ Tell Us? MetricRating GF Score™71 Financial Strength8/10 Profitability6/10 Growth6/10 Valuation1/10 Momentum6/10 The GF Score™ of 71/100 indicates that Hecla Mining Co is rated as Above Average based on multiple performance metrics. The company excels in financial strength, with a rating of 8/10, reflecting solid financial health and stability. However, the weakest area is valuation, where it scores just 1/10, reinforcing the conclusion that the stock is currently overvalued. Profitability and growth both receive moderate scores of 6/10, indicating a balanced but cautious outlook for future performance.
What Are Insiders Doing with HL Stock? There have been no insider transactions reported in the last three months for Hecla Mining Co. This lack of activity may suggest that insiders are either content with their current holdings or that they do not anticipate significant short-term changes in the stock's performance. Insider buying can often be seen as a bullish signal, while selling can indicate a lack of confidence; the absence of transactions provides little insight into insider sentiment at this time.
What This Means for Investors Based on the current GF Value™ analysis, Hecla Mining Co HL is classified as overvalued. The stock's current price significantly exceeds its intrinsic value estimate, which presents potential risks for investors considering entry at this price point.
For the complete analysis, visit the Hecla Mining Co HL stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is HL's GF Score™?
HL's GF Score™ is 71/100, indicating that it is rated as Above Average based on key performance metrics that historically correlate with higher long-term returns.
Is HL overvalued or undervalued?
HL is currently overvalued, with a GF Value™ of $8.94 compared to a market price of $18.02, suggesting a significant premium over intrinsic value.
What is HL's P/E ratio?
HL's P/E (TTM) is 36.8x, which is significantly lower than its 5-year median P/E of 81.8x, indicating that it is trading below its historical valuation but remains overpriced based on GF Value™ analysis.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Hecla Mining Company (NYSE:HL) has released its 2025 Sustainability Report, highlighting the Company’s environmental, social and governance (ESG) performance.
"As Hecla continues its transformation into North America's Premier Silver Company, 2025 proved that purpose and performance are not competing priorities — they are the same priority," said Rob Krcmarov, President and CEO of Hecla Mining Company. "This year, we delivered silver production at the top end of our guidance, achieved a 13% improvement in safety performance, and produced the critical minerals the world needs to power its future — all while strengthening our environmental standards, deepening our indigenous partnerships, and contributing more than $1 billion in direct economic impact to the communities where we operate. The U.S. government's designation of silver as a critical mineral affirms what we have always believed: that responsible, domestic production of silver is strategically essential. With our sustainability policy now in place and our values embedded across every level of the company, Hecla is setting the standard for how responsible mining should be done."
HIGHLIGHTS OF 2025 SUSTAINABILITY REPORT
Over $1 billion in direct economic impact Nearly 52 thousand hours of safety & health training hours Women comprise 43% of our Board of Directors Achieved a 13% improvement in safety performance, measured by total recordable injury frequency rate (TRIFR) Achieved an intensity ratio of metric tonnes of Green House Gas (GHG) emissions per silver ounce produced of 0.007, one of the lowest in the industry. Donated nearly $685,000 to 95 organizations through the Hecla Charitable Foundation Hecla's subsidiary, Elsa Reclamation and Development Company Ltd. (ERDC), received the 2025 Robert E. Leckie Award for Excellence in Environmental Stewardship. REPORTING FRAMEWORKS
Hecla prepared the Sustainability Report with reference to the Global Reporting Initiative (GRI) Standards and benchmarked its performance against the Sustainability Accounting Standards Board (SASB) Metals and Mining standards and against relevant aspects of the Task Force on Climate-Related Financial Disclosures (TCFD).
The full 2025 Sustainability Report, along with the ESG data tables and GRI, SASB, TCFD, and TSM content indices, can be accessed on Hecla’s website here.
ABOUT HECLA
Founded in 1891, Hecla Mining Company (NYSE: HL) is the largest silver producer in the United States and Canada. In addition to operating mines in Alaska and Idaho, the Company is ramping up a mine in the Yukon, Canada, and owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America.
Silver prices have done much of the talking through 2026. Behind that conversation, however, a quieter story is unfolding across producer balance sheets and operating reports, one that may have more influence on the next phase of the cycle than the nightly close. The world's leading primary silver miners are working harder than ever to replace what they extract.
That dynamic, well understood inside the industry but rarely centered in market commentary, has become increasingly visible across recent corporate filings. Producers are raising exploration budgets, expanding through acquisition, and adjusting cut-off grades to extend mine life. Each strategy reflects the same underlying reality: primary silver supply is structurally difficult to scale, even when prices reward it.
A Producer Lens on the Replacement Challenge
Hecla Mining Company (NYSE: HL), the largest silver producer in the U.S. and Canada, illustrated that challenge in its February 2026 mineral reserves release. The company reported year-end silver reserves of 231 million ounces after producing 17 million ounces during 2025 and indicated plans to invest nearly double the prior year's amount in exploration and pre-development during 2026, with the stated goal of replacing or exceeding annual reserve depletion. The 2026 program targets Nevada, Greens Creek, Keno Hill, and Lucky Friday.
Coeur Mining (NYSE: CDE) approached the same challenge through scale. Following the March 22, 2026 closing of its New Gold acquisition, Coeur issued updated 2026 consolidated guidance of 680,000 to 815,000 ounces of gold, 18.7 to 21.9 million ounces of silver, and 50 to 65 million pounds of copper, incorporating nine months of contribution from the New Afton and Rainy River mines in Canada. The company's standalone silver guidance reflected approximately 10% year-over-year growth, supported by a full year of production at Las Chispas and continued ramp-up at Rochester. Management noted that silver is expected to contribute roughly 42% of total 2026 revenue at current prices.
First Majestic Silver Corp. (NYSE: AG) added a third perspective in its April 9, 2026 production release. The company produced 3.5 million ounces of silver and 34,341 ounces of gold during the first quarter, tracking 26% and 28% of guidance midpoints, respectively. Silver production was modestly below the prior year, partially attributed to reduced head grades reflecting a lower cut-off grade applied in response to stronger metal prices. The release also referenced a 266,000-meter drilling program along with expansion work at Santa Elena and Los Gatos, framed around extending mine life and supporting long-term value.
Three companies, three approaches, one shared challenge: maintaining or growing primary silver output without compromising the resource base.
Where Junior Explorers Fit the Equation
Reserve replacement at scale is not something producers can solve entirely on their own. It requires a broader pipeline of advanced exploration projects capable of contributing future supply, which frames the role of primary silver explorers operating in jurisdictions with established geology and infrastructure.
Magma Silver Corp. (TSX-Venture: MGMA) (OTCQB: MAGMF) fits that profile.
Its Niñobamba Project in Peru's Ayacucho region spans approximately 4,100 hectares along an eight-kilometer mineralized corridor, supported by more than C$14.5 million in historical exploration by AngloGold, Bear Creek Mining, Newmont, and Rio Silver. Magma has 100% control of the three contiguous zones, Main, Joramina, and Randypata, in 2025 after years of fragmented ownership.
Surface and drift sampling completed during the second half of 2025 reinforced the historical thesis. October results from Joramina included a five-meter composite returning 4.09 ounces per tonne silver and 10 meters grading 2.32 g/t gold. Sampling close to the drift returned 0.70 meters grading 17.41 g/t gold and 13.94 ounces per tonne silver. A grab sample from the previously undrilled Randypata two-kilometer silver anomaly returned 8.55 ounces per tonne silver.
That undrilled anomaly matters. It represents the kind of overlooked target that often creates the most meaningful upside in advanced-stage exploration, particularly when supported by a major's historical database.
A 20-platform drill program at Joramina is scheduled to commence in Q2 2026, designed to confirm Newmont's prior internal mineral inventory, including historical intercepts such as JM1 returning 72.3 meters grading 1.19 g/t gold. Mapping, trenching, and sampling on Niñobamba Main will continue in parallel, with drill permitting on that zone also planned during the same quarter.
As of April 22, 2026, the company had 83,475,496 shares issued and outstanding and 114,020,536 fully diluted, with insiders and close associates collectively holding roughly 28%, a notable alignment point for a junior explorer at this stage.
The Strategic Through Line
The producer narrative and the junior explorer narrative converge at the same point: the structural difficulty of generating new silver ounces.
When the largest North American silver producer nearly doubles its exploration budget, when a mid-scale producer turns to acquisition to grow its base, and when a Mexico-focused operator lowers cut-off grades to draw more from existing assets, those decisions collectively highlight how scarce primary silver supply has become.
Against that backdrop, advanced exploration projects in tier-one jurisdictions, supported by historical datasets and a defined development path, represent more than speculative upside. They represent part of the answer to a question producers are increasingly being forced to solve.
For Magma Silver, 2026 is not about theory. It is about confirmation. Drill results at Joramina and continued advancement across Niñobamba will determine whether years of historical work translate into a modern development story.
In a cycle shaped as much by what cannot be added quickly as by what gets priced loudly, the replacement story may prove to be the one that lasts.
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COEUR D'ALENE, Idaho--(BUSINESS WIRE)--Hecla Mining Company (NYSE:HL) ("Hecla", or the "Company") today announced first quarter 2026 financial and operating results. "Prior quarter" refers to the fourth quarter of 2025. Prior period financial information has been revised to reflect Casa Berardi as a discontinued operation.
FIRST QUARTER 2026 HIGHLIGHTS
Financial Performance:
Revenue: Over $411 million from continuing operations, representing a 13% increase over prior quarter and a 100% increase versus the first quarter of 2025 (both periods on a continuing operations basis, excluding Casa Berardi), reflecting the combination of significantly higher realized silver and gold prices, partly offset by 5% and 6% lower silver and gold production, respectively. Profitability: Net income from continuing operations of $165 million or $0.25 per share - up from $24 million or $0.04 per share in the first quarter of 2025. After a non-cash $192 million write-down related to the Casa Berardi sale, net loss attributable to common stockholders of $19 million or ($0.03) per share. Casa Berardi generated income from operations of $31 million in the first quarter prior to the sale closing on March 25. Record Adjusted EBITDA: $265 million from continuing operations, a 31% increase over the prior quarter and nearly three and half times the $77 million recorded in first quarter of 2025 (both periods on a continuing operations basis, excluding Casa Berardi).4 Continued strong cash flow generation: $183 million cash generated from operations, and record quarterly free cash flow from continuing operations of $144 million, with all producing assets contributing.1 Building balance sheet strength: Cash balance of $588 million, providing strategic flexibility, benefiting from free cash flow and cash proceeds from Casa Berardi sale. Transition to net cash: Total debt of $266 million and cash and cash equivalents of $588 million, marking a significant strategic inflection point to net cash at quarter end. Subsequent to Quarter End: On April 9, 2026, the Company redeemed its remaining $263 million of 7.25% Senior Notes, leaving the Company with no long-term debt, an undrawn $225 million revolving credit facility with an additional $75 million accordion feature — the strongest balance sheet in the Company's recent history. Operational Performance:
Operations: 3.9 million ounces of silver produced, an increase of 3% compared to prior quarter. Consolidated total cost of sales of $158 million, with silver cash cost of ($3.24) per ounce and AISC of $8.17 per ounce (both after by-product credits and excluding Keno Hill).2,3 Production and cost guidance reiterated. Individual Mine Performance: Greens Creek: Produced nearly 2.2 million ounces of silver and nearly 13 thousand ounces of gold. Total cost of sales in first quarter 2026 of $82 million, with silver cash cost of ($11.94) per ounce and AISC of ($8.39) per ounce (both after by-product credits).2,3 This represents a dramatic improvement from the first quarter of 2025, when AISC was ($0.03) per ounce, driven by better production and significantly higher gold by-product credits reflecting the rise in realized gold prices. Greens Creek achieved a record for underground backfill placement, placing nearly 164 thousand tons in the quarter -16% above the 2025 quarterly average - enhancing operational flexibility for the remainder of the year. Lucky Friday: Silver production of 1.2 million ounces. Total cost of sales of $49 million, with silver cash cost of $12.07 per ounce and AISC of $23.78 per ounce (both after by-product credits).2,3 Construction of the surface cooling project continued with the project 81% complete and tracking for completion by mid-2026. Keno Hill: Achieved its fourth consecutive positive free cash flow quarter, demonstrating Keno Hill's profitability at current throughput rates and silver prices.1 Silver production of 0.5 million ounces, impacted by Yukon Energy's reduced power supply related to extreme cold weather continuing from prior quarter and lower silver milled grade. Silver grade mined and milled expected to increase in second quarter. Rob Krcmarov, President and Chief Executive Officer, said: “The first quarter demonstrates the strength of the platform we have built. The closing of the Casa Berardi sale sharpened our focus on silver and enabled us to redeem our Senior Notes in April, leaving Hecla debt-free with a $225 million undrawn revolver and the strongest balance sheet in the Company’s recent history. What further excites me is the quality of the organic growth initiatives advancing across our portfolio — from the Greens Creek pyrite concentrate circuit and potential Midas restart to our near-doubling of exploration investment in 2026. These opportunities, backed by a debt-free balance sheet and world-class operations, position Hecla to deliver compelling long-term value with best-in-class silver exposure."
FINANCIAL AND OPERATIONAL OVERVIEW
In the following table and throughout this release, "total cost of sales" is comprised of cost of sales and other direct production costs and depreciation, depletion and amortization; "prior quarter" refers to the fourth quarter of 2025. All information in the table below is presented on a continuing operations basis.
In thousands (except per ounce amounts)
1Q-2026
4Q-2025
3Q-2025
2Q-2025
1Q-2025
FY 2025
Financial Highlights
Sales
$411,433
$363,578
$315,998
$218,992
$205,334
$1,103,902
Total cost of sales
$158,178
$150,077
$174,336
$133,712
$136,653
$594,096
Gross profit
$253,255
$213,501
$141,662
$85,280
$68,681
$509,806
Net income from continuing operations
$164,653
$112,742
$80,113
$26,910
$24,339
$244,104
Basic income per common share (in dollars) from continuing operations
$0.25
$0.17
$0.12
$0.04
$0.04
$0.37
Adjusted EBITDA from continuing operations 4
$265,104
$201,654
$146,441
$93,711
$77,269
$519,075
Cash provided by operating activities from continuing operations
$182,922
$165,742
$101,409
$108,407
$27,622
$403,180
Capital investment in continuing operations
$(39,265)
$(65,936)
$(44,425)
$(42,676)
$(37,838)
$(190,875)
Free cash flow from continuing operations 1
$143,657
$99,806
$56,984
$65,731
$(10,216)
$212,305
Free cash flow 1 by operation
Greens Creek
Cash flow from operations
$131,368
$101,902
$83,408
$75,371
$43,858
$304,539
Exploration
$276
$743
$3,228
$2,049
$343
$6,363
Capital investment
$(6,113)
$(23,282)
$(12,179)
$(8,397)
$(10,759)
$(54,617)
Free cash flow 1
$125,531
$79,363
$74,457
$69,023
$33,442
$256,285
Lucky Friday
Cash flow from operations
$64,619
$56,869
$29,279
$20,650
$23,805
$130,603
Exploration
$991
$885
$1,054
$169
$-
$2,108
Capital investment
$(17,018)
$(24,680)
$(16,865)
$(15,942)
$(15,446)
$(72,933)
Free cash flow 1
$48,592
$33,074
$13,468
$4,877
$8,359
$59,778
Keno Hill
Cash flow from operations
$29,570
$33,028
$22,109
$16,445
$(9,661)
$61,921
Exploration
$1,356
$365
$975
$3,344
$1,692
$6,376
Capital investment
$(15,025)
$(15,964)
$(14,747)
$(17,045)
$(10,436)
$(58,192)
Free cash flow 1
$15,901
$17,429
$8,337
$2,744
$(18,405)
$10,105
Metals Prices
Average metal prices
Silver - London PM Fix, $/ounce
$84.39
$54.83
$39.38
$33.63
$31.91
$39.94
Gold - London PM Fix, $/ounce
$4,875
$4,142
$3,456
$3,279
$2,863
$3,435
Lead - LME Final Cash Buyer, $/pound
$0.88
$0.89
$0.89
$0.88
$0.89
$0.89
Zinc - LME Final Cash Buyer, $/pound
$1.47
$1.44
$1.28
$1.20
$1.29
$1.30
Realized Prices
Silver, $/ounce
$82.70
$69.28
$42.58
$34.82
$33.59
$45.25
Gold, $/ounce
$4,899
$4,210
$3,509
$3,314
$2,940
$3,490
Lead, $/pound
$0.98
$0.97
$0.93
$0.92
$0.92
$0.94
Zinc, $/pound
$1.41
$1.45
$1.48
$1.31
$1.29
$1.39
FIRST QUARTER RESULTS
Sales of $411 million, increased 13% compared to the prior quarter, primarily reflecting higher realized precious metals prices, due largely to a rising price environment, partly offset by lower precious metals sales volumes. Payable silver sold was about 4% lower compared to the prior quarter, primarily driven by lower production at Keno Hill.
Net income from continuing operations of $165 million, or $0.25 per share compared to $113 million in the prior quarter (in each case from continuing operations, excluding Casa Berardi). The improvement was primarily related to:
A 13% increase in revenue from continuing operations due primarily to higher realized silver, gold and lead prices. Partly offset by:
Lower payable silver and gold volumes sold. An increase in depreciation expense of $3 million due primarily to higher expense at Greens Creek, related to higher production and volumes sold. An increase in cost of sales of $2 million primarily related to labor costs at Lucky Friday (related to STIP payments), and contractor and fuel costs at Greens Creek. An increase in tax expense of $25 million primarily related to higher profitability. Adjusted EBITDA from continuing operations was $265 million from continuing operations, 31% higher than the prior quarter (in each period, excluding Casa Berardi).4
Cash and cash equivalents at March 31, 2026, were $588 million and included no draws on the revolving credit facility.
Cash provided by operating activities from continuing operations was $183 million, up 10% over the prior quarter, primarily attributable to elevated metal prices realized for silver, gold and lead, partly offset by lower volumes of payable silver and gold ounces sold and lower realized zinc price (in each period, excluding Casa Berardi). Cash provided by operating activities was negatively impacted by a $43 million increase in accounts receivable due to elevated metal prices and timing of concentrate shipments at Greens Creek. This increase is solely tied to the increase in metal value of concentrate receivables as of March 31, 2026, with the majority of the receivables collected in April 2026.
Capital investment from continuing operations was $39 million, a decrease of $27 million compared to the prior quarter (in each period, excluding Casa Berardi). Capital investment is expected to ramp up in the second quarter with the warmer construction months and remain elevated in the third quarter as numerous projects are advanced across the portfolio in the construction season. We also continue to invest in corporate projects in 2026 geared toward improving business planning and operations initiatives.
Free cash flow from continuing operations was a record $144 million, compared to $100 million in the prior quarter, with the increase primarily due to higher cash flow from operations and lower capital investment (in each period, excluding Casa Berardi).1
In thousands (except per ounce amounts)
1Q-2026
4Q-2025
3Q-2025
2Q-2025
1Q-2025
FY 2025
Operational Highlights
Milled tons (tons)
Greens Creek
208,922
200,952
227,587
230,221
212,899
871,659
Lucky Friday
108,608
98,499
105,329
114,475
108,745
427,048
Keno Hill
24,274
24,417
29,740
26,771
27,411
108,339
Milled silver grade - (opt)
Greens Creek
13.0
12.2
13.1
13.4
11.8
12.6
Lucky Friday
11.9
13.4
13.4
12.5
13.0
13.0
Keno Hill
20.8
25.4
31.8
28.9
29.0
29.0
Silver production
Greens Creek, ounces
2,177,142
1,951,784
2,347,674
2,422,978
2,002,560
8,724,996
Lucky Friday, ounces
1,237,288
1,250,204
1,337,353
1,340,877
1,332,252
5,260,686
Keno Hill, ounces
488,719
597,020
898,328
750,712
772,430
3,018,490
Total, ounces
3,903,149
3,799,008
4,583,355
4,514,567
4,107,242
17,004,172
Gold production
Greens Creek, ounces
12,886
12,256
15,584
17,750
13,759
59,349
Silver payable ounces sold
3,575,018
3,732,076
4,463,356
3,522,975
3,512,749
15,236,377
Gold payable ounces sold
11,533
10,484
14,277
11,634
10,478
46,873
Concentrate volumes produced and sold
Greens Creek
Silver concentrate produced, tons
16,321
14,896
17,180
17,985
15,541
65,602
Silver concentrate sold, tons
16,295
17,333
18,954
13,789
15,496
65,572
Zinc concentrate produced, tons
18,474
17,485
18,548
20,936
18,228
75,197
Zinc concentrate sold, tons
18,467
18,918
20,065
17,987
18,384
75,354
Precious metal concentrate produced, tons
8,063
5,571
6,379
8,316
7,515
27,781
Precious metal concentrate sold, tons
15,603
-
8,743
8,061
8,330
25,134
Lucky Friday
Silver concentrate produced, tons
12,635
12,283
13,796
13,212
12,934
52,225
Silver concentrate sold, tons
12,382
12,590
13,726
12,992
13,224
52,532
Zinc concentrate produced, tons
6,352
6,269
6,869
6,940
6,677
26,755
Zinc concentrate sold, tons
6,185
7,220
6,178
6,756
7,486
27,640
Keno Hill
Silver concentrate produced, tons
901
1,165
2,056
1,688
1,765
6,674
Silver concentrate sold, tons
806
2,380
2,380
1,614
1,217
7,591
Precious metals concentrate produced, tons
783
815
1,398
907
785
3,905
Precious metals concentrate sold, tons (a)
798
1,023
1,258
925
623
3,829
Total Silver Cash Costs and AISC, each after by-product credits
Silver cash costs per ounce 2
$(3.24)
$(0.23)
$(2.03)
$(5.46)
$1.29
$(1.75)
Silver AISC per ounce 3
$8.17
$18.11
$11.01
$5.19
$11.91
$11.28
Greens Creek Cash Costs and AISC, each after by-product credits
Silver cash costs per ounce 2
$(11.94)
$(6.67)
$(8.50)
$(11.91)
$(4.08)
$(8.02)
Silver AISC per ounce 3
$(8.39)
$2.70
$(2.55)
$(8.19)
$(0.03)
$(2.36)
Lucky Friday Cash Costs and AISC, each after by-product credits
Silver cash costs per ounce 2
$12.07
$9.82
$9.33
$6.19
$9.37
$8.66
Silver AISC per ounce 3
$23.78
$25.73
$23.30
$19.07
$20.08
$21.98
(a) Precious metals concentrates include intersegment sales to Greens Creek.
Consolidated silver production of 3.9 million ounces, nearly 3% higher than the prior quarter, driven by Greens Creek, partly offset by Lucky Friday where 10% higher mill throughput was more than offset by an 11% decline in head grade, and by Keno Hill, where production decreased 18% as mining advanced through a lower-grade zone of the Bermingham deposit and experienced mine sequencing delays at Flame and Moth deposit due to power constraints resulting from extreme cold weather. Lucky Friday and Keno Hill's milled grade is expected to increase in the second quarter, in the latter case as mine sequencing improves, high grade stopes develop, and ore stockpiles build. Keno Hill is profitable at current throughput rates and prices, with achieving 440 tons per day (“tpd”), its permitted capacity, remaining the medium-term objective. Achieving sustained production at that level requires completing key infrastructure investments and obtaining amendments to the Company’s Quartz Mining License and Water License, a multi-year process.
Gold production from Greens Creek of 13 thousand ounces was 5% higher than the prior quarter.
Silver payable ounces sold of 3.6 million ounces, 4% lower than the prior quarter, primarily due to lower payable ounces sold at Keno Hill.
Gold payable ounces sold of 12 thousand ounces, 10% higher than the prior quarter.
Concentrate volumes produced and sold were higher at Greens Creek, with Lucky Friday concentrate production up modestly with sales lower, and lower at Keno Hill compared to the prior quarter. Shipment of the silver and zinc concentrates roughly matched production at Greens Creek, with shipments of the precious metals concentrate catching up on built up inventory in the prior quarter. Concentrates sold at Lucky Friday were lower than produced volumes. At Keno Hill, the silver concentrate sold was nearly 90% of the volume produced, and precious metals concentrates sales closely matched production volumes.
Consolidated silver total cost of sales was $158 million, an increase of $8 million (5%) over the prior quarter, primarily due to $6 million higher depreciation, depletion and amortization expense.
Silver cash costs and AISC per silver ounce, each after by-product credits and excluding Keno Hill, were ($3.24) and $8.17, respectively, lower versus the prior quarter, primarily due to higher ounces produced, $13 million higher by-product credits, mostly associated with Greens Creek, and $3 million lower general and administrative expense, partly offset by $3 million higher cash costs and $1 million higher treatment charges. Decrease in AISC compared to the prior quarter was driven by the items noted above impacting cash costs as well as $16 million lower sustaining capital investment, mostly associated with Greens Creek.2,3
PROJECT PIPELINE UPDATE
Hecla continues to advance a portfolio of organic growth initiatives that leverage existing infrastructure, established permitting pathways, and the Company's deep operating expertise. The projects highlighted below represent projected low-capital-intensity opportunities with the potential to meaningfully grow precious metal production and/or cash flows and net asset value over time, without requiring the Company to assume the exploration or development risk associated with greenfield projects.
Greens Creek Pyrite Concentrate Circuit
The Company is evaluating the feasibility and economic potential of developing a pyrite concentrate circuit at the Greens Creek mill in Alaska. If successful, the project would generate an additional marketable concentrate boosting overall silver and gold recoveries from the mill while potentially significantly reducing the mine's reclamation liability. Additional upside could come from an expansion of the mineral reserves for the underground mine through the inclusion of lower silver grade blocks and/or sulphur rich blocks in the mineral reserve and resource block model. The project would require a mill expansion, which is currently estimated to require minimal capital investment to execute. The Company expects to provide a project update in late 2026 or early 2027.
Greens Creek Tailings Reprocessing Project
The Greens Creek tailings reprocessing project represents a compelling near-term value creation opportunity within the Company's portfolio, though meaningful work remains before that value can be realized. The project is currently advancing through a multi-phase metallurgical study with a third party, with Phase 3 test work scheduled to be completed mid-2026 — a critical milestone that will inform the path forward. As of year end 2025, the Greens Creek dry-stack tailings facility held an estimated 10.4 million tons of tailings, containing an estimated 50 million ounces of silver and nearly 600 thousand ounces of gold along with several other critical minerals, with a combined estimated in-situ gross metal value of approximately $6.8 billion, before any processing or sales costs. While current results suggest the project could be relatively low in capital intensity to bring into a cash-flowing state, testing and finding a suitable processing facility remain in early stages. The project also carries the additional benefit of potentially reducing the mine's long-term reclamation liability by reprocessing all or a portion of the existing tailings.
Midas Restart Project
Hecla continues to evaluate the potential to restart the existing and permitted Midas mill in northern Nevada, a historic high-grade gold and silver operation. Midas benefits from fully permitted infrastructure that has the potential to reduce the capital required to restart the operation, and the Company is working to expand the existing high-grade gold and silver resource to the scale needed to warrant that restart. Midas is a potential hub-and-spoke operating model, where ore sources could come from multiple regional sources and fed into the 1,200 tpd mill. There is also a permitted tailings facility on site which, with some improvements, has storage capacity of approximately 15 years at nameplate capacity of the mill.
The Company has allocated $16 million of the 2026 exploration budget for the Nevada project portfolio, more than three times the investment made in 2025. The 2026 drill program at Midas is focused on following up on the success of the 2025 drill program with a heavy focus on the Sinter Offset Zone and the Pogo target. The nearby Hollister high-grade gold and silver project is within trucking distance of the Midas mill and drilling is currently scheduled to begin on this regional project late in the second quarter. The Company aims to provide regular exploration updates for the Nevada exploration projects throughout 2026.
EXPLORATION AND PRE-DEVELOPMENT
Investment and Strategy
During Q1 2026, the Company invested $4.6 million in exploration and corporate development (including $0.3 million in pre-development) activities, focused on high-impact discovery drilling at Midas in Nevada and Keno Hill in Yukon, and resource expansion programs at producing assets. Exploration activity is planned to ramp up in the second and third quarters with core drills expected to increase from the 13 currently deployed to 19.
Producing Asset Resource Definition
Underground definition drilling programs at Greens Creek, Keno Hill, and Lucky Friday continue to define and expand mineralization near resource boundaries, converting Inferred resources and identifying reserve extension opportunities.
Greens Creek
Definition drilling at Greens Creek continued to delineate and step out from existing resources using three underground drilling rigs. Assay results have been received from the East, West, SWB, and Gallagher zones. Notable intercepts include 18.2 oz/ton silver, 0.07 oz/ton gold, 5.2% zinc, and 2.9% lead over 7.5 feet in the West Zone, and 34.9 oz/ton silver, 0.14 oz/ton gold, 6.2% zinc, and 3.1% lead over 5.6 feet in the SWB Zone.
Keno Hill
At Keno Hill, one definition drilling rig continued to define and expand mineralization in the Arctic Zone at the Bermingham Mine. A drillhole into the Bermingham Vein returned 106.6 oz/ton silver, 0.7% zinc, and 1.5% lead over 2.4 feet, upgrading the local resource.
Lucky Friday
Definition drilling has recommenced on the Intermediate veins at Lucky Friday, confirming mineable grade and widths in the 80 and 90 veins. Drilling highlights include an intercept of 42.1 oz/ton silver, 2.1% zinc, and 22.6% lead over 1.9 feet in the 90 vein.
EXPLORATION PROGRAMS
Nevada Exploration
Follow-up exploration drilling of the high-grade intercepts at the Sinter Offset Vein (previously reported in February 2026 and November 2025) returned one additional narrow, high-grade gold intercept. Drillhole DMC-476 returned 0.21 oz/ton gold and 1.6 oz/ton silver over 2.3 feet including 1.13 oz/ton gold and 6.6 oz/ton silver over 0.4 feet. This hole was a down dip offset from the previously reported intercept in DMC-475 and has extended the known vertical extent of narrow, high-grade mineralization along the Sinter Offset structure to more than 500 feet. Drilling to date has defined the strike-length of this structure over 1,350 feet and drilling in Q2 2026 will continue to step out to the southeast, where the structure is open and to the northwest where the location of the offsetting fault has not been formally constrained by drilling.
Two additional holes identified narrow high-grade gold mineralization on structures parallel to the Sinter Offset Vein. DMC-472 returned 0.19 oz/ton gold over 3.9 feet including 0.38 oz/ton gold over 1.6 feet in a footwall structure and DMC-477 returned 0.25 oz/ton gold and 1.0 oz/ton silver over 0.7 feet including 0.41 oz/ton gold and 1.5 oz/ton silver over 0.4 feet in a hangingwall structure. This series of parallel, narrow, and high-grade gold bearing structures is similar in geometry, and tenor to those encountered in the main Sinter Vein area further supporting the offset interpretation of this area as well as its continued prospectivity.
Keno Hill Exploration
Surface exploration at Keno Hill began mid-February and has ramped up to 3 core drills operating by mid-March. The 2026 program is planned to complete approximately 80,000 feet of drilling, primarily focused on resource expansion at the two operating mines in addition to testing regional targets. Initial drilling is focused on the Deep Bermingham target, targeting down-plunge extensions of high-grade mineralization below the existing Bermingham reserve following up on high grade intersections reported in 2025. Assays are pending for this drilling during the first quarter.
Detailed definition drill assay highlights can be found in Table A at the end of this release.
DIVIDENDS
Pursuant to the Company's dividend policy, the Board of Directors declared a quarterly cash dividend of $0.00375 per share of common stock payable on or about June 10, 2026, to stockholders of record on May 22, 2026.
Preferred Stock
The Board of Directors declared a quarterly cash dividend of $0.875 per share of Series B preferred stock, payable on or about July 1, 2026, to preferred stockholders of record on June 15, 2026.
CONFERENCE CALL AND WEBCAST
A conference call and webcast will be held on Wednesday, May 6, at 10:00 a.m. Eastern Time to discuss these results. The Company recommends that you dial in at least 10 minutes before the call commencement. You may join the conference call by dialing toll-free 1-833-461-5787 or for international dialing 1-585-542-9983. The Conference ID is 673381645 and must be provided when dialing in. Hecla's live and archived webcast can be accessed at https://events.q4inc.com/attendee/673381645 or www.hecla.com under Investors.
ABOUT HECLA
Founded in 1891, Hecla Mining Company (NYSE: HL) is the largest silver producer in the United States and Canada. In addition to operating mines in Alaska, Idaho, and the Yukon, Canada, and owns a number of exploration and pre-development projects in world-class silver and gold mining districts throughout North America.
NOTES
Non-GAAP Financial Measures
Non-GAAP financial measures are intended to provide additional information only and do not have any standard meaning prescribed by United States generally accepted accounting principles ("GAAP"). These measures should not be considered in isolation or as a substitute for measures of performance prepared in accordance with GAAP. The non-GAAP financial measures cited in this release and listed below are reconciled to their most comparable GAAP measure at the end of this release.
(1) Free cash flow is a non-GAAP measure calculated as cash provided by operating activities less capital investment. Cash provided by operating activities for the Greens Creek, Lucky Friday, and Keno Hill operations excludes exploration and pre-development investment, as it is a discretionary expenditure and not a component of the mines’ operating performance. Capital investment refers to Additions to properties, plants and equipment from the Consolidated Statements of Cash Flows, net of finance leases.
(2) Cash cost, after by-product credits, per silver ounce is a non-GAAP measurement, a reconciliation of total cost of sales, can be found at the end of the release. It is an important operating statistic that management utilizes to measure each mine's operating performance. It also allows the benchmarking of performance of each mine versus those of our competitors. As a primary silver mining company, management also uses the statistic on an aggregate basis - aggregating the Greens Creek and Lucky Friday mines to compare performance with that of other silver mining companies. Similarly, the statistic is useful in identifying acquisition and investment opportunities as it provides a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics. In addition, the Company may use it when formulating performance goals and targets under its incentive program.
(3) All-in sustaining cost ("AISC"), after by-product credits, is a non-GAAP measurement, a reconciliation of which to total cost of sales, the closest GAAP measurement, can be found in the end of the release. AISC, after by-product credits, includes total cost of sales and other direct production costs, expenses for reclamation at the mine sites and all site sustaining capital costs. AISC, after by-product credits, is calculated net of depreciation, depletion, and amortization and by-product credits.
Current GAAP measures used in the mining industry, such as total cost of goods sold, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Management believes that AISC is a non-GAAP measure that provides additional information to management, investors and analysts to help (i) in the understanding of the economics of our operations and performance compared to other producers and (ii) in the transparency by better defining the total costs associated with production. Similarly, the statistic is useful in identifying acquisition and investment opportunities as it provides a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics. In addition, the Company may use it when formulating performance goals and targets under its incentive program.
(4) Adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to net income, the most comparable GAAP measure, can be found at the end of the release. Adjusted EBITDA is a measure used by management to evaluate the Company's operating performance but should not be considered an alternative to net income, or cash provided by operating activities as those terms are defined by GAAP, and does not necessarily indicate whether cash flows will be sufficient to fund cash needs. In addition, the Company may use it when formulating performance goals and targets under its incentive program. Net debt to adjusted EBITDA is a non-GAAP measurement, a reconciliation of which to debt and net income, the most comparable GAAP measurements, can be found at the end of the release. It is an important measure for management to measure relative indebtedness and the ability to service the debt relative to its peers. It is calculated as total debt outstanding less total cash on hand divided by adjusted EBITDA.
Cautionary Statement Regarding Forward Looking Statements, Including 2026 Outlook
This news release contains "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, which are intended to be covered by the safe harbor created by such sections and other applicable laws, including Canadian securities laws. Words such as "may", "will", "should", "expects", "intends", "projects", "believes", "estimates", "targets", "anticipates" and similar expressions are used to identify these forward-looking statements.
Such forward-looking statements may include, without limitation: (i) at Greens Creek, the Company’s organic growth initiatives consisting of the pyrite concentrate circuit and the dry‑stack tailings reprocessing project, which may generate additional marketable concentrates, increase silver and gold recoveries, reduce reclamation liabilities, expand underground mineral reserves, complete metallurgical test work (including Phase 3 test work scheduled for mid‑2026), achieve relatively low capital intensity to reach a cash‑flowing state, and support future project updates, including updates expected in late 2026 or early 2027; (ii) the Midas restart project has the potential to reduce the capital required to restart the operation through its fully permitted infrastructure, with Midas representing a potential hub-and-spoke operating model where ore sources could come from multiple regional sources fed into the 1,200 tpd mill, and the Company working to expand the existing high-grade gold and silver resource to the scale needed to warrant that restart, with regular exploration updates throughout 2026; (iii) the surface cooling project at Lucky Friday is expected to be completed by mid-2026; (iv) at Keno Hill, (a) silver grade mined and milled is expected to increase in the second quarter as mine sequencing improves and high-grade stopes develop; and (b) achieving 440 tons per day, its permitted capacity, remains the medium-term objective, requiring completion of key infrastructure investments and amendments to the Company’s Quartz Mining License and Water License, a multi-year process; (v) capital investment is expected to ramp up in the second quarter with the warmer construction months and remain elevated in the third quarter as numerous projects are advanced across the portfolio; (vi) exploration activity is planned to ramp up in the second and third quarters, with core drills expected to increase from 13 to 19, the 2026 Nevada drill program targeting follow-up of high-grade gold intercepts at Midas with Hollister drilling scheduled to begin late in the second quarter, and the Keno Hill program planned to complete approximately 80,000 feet of drilling focused on resource expansion; and (vii) the reaffirmation of previously issued guidance with respect to production and costs.
The material factors or assumptions used to develop such forward-looking statements or forward-looking information include that the Company’s plans for development and production will proceed as expected and will not require revision as a result of risks or uncertainties, whether known, unknown or unanticipated, to which the Company’s operations are subject. Estimates or expectations of future events or results are based upon certain assumptions, which may prove to be incorrect, which could cause actual results to differ from forward-looking statements. Such assumptions, include, but are not limited to: (i) there being no significant change to current geotechnical, metallurgical, hydrological and other physical conditions; (ii) permitting, development, operations and expansion of the Company’s projects being consistent with current expectations and mine plans; (iii) political/regulatory developments in any jurisdiction in which the Company operates being consistent with its current expectations; (iv) the exchange rate for the USD/CAD being approximately consistent with current levels; (v) certain price assumptions for gold, silver, lead and zinc; (vi) prices for key supplies being approximately consistent with current levels; (vii) the accuracy of our current mineral reserve and mineral resource estimates; (viii) there being no significant changes to the availability of employees, vendors and equipment; (ix) the Company’s plans for development and production will proceed as expected and will not require revision as a result of risks or uncertainties, whether known, unknown or unanticipated; (x) counterparties performing their obligations under hedging instruments and put option contracts; (xi) sufficient workforce is available and trained to perform assigned tasks; (xii) weather patterns and rain/snowfall within normal seasonal ranges so as not to impact operations; (xiii) relations with interested parties, including First Nations and Native Americans, remain productive; (xiv) maintaining availability of water rights; (xv) factors do not arise that reduce available cash balances; and (xvi) there being no material increases in our current requirements to post or maintain reclamation and performance bonds or collateral related thereto. In addition, material risks that could cause actual results to differ from forward-looking statements include but are not limited to: (i) gold, silver and other metals price volatility; (ii) operating risks; (iii) currency fluctuations; (iv) increased production costs and variances in ore grade or recovery rates from those assumed in mining plans; (v) community relations; and (vi) litigation, political, regulatory, labor and environmental risks. For a more detailed discussion of such risks and other factors, see the Company's 2025 Form 10-K filed on February 17, 2026 and Form 10-Q filed on May 5, 2026, for a more detailed discussion of factors that may impact expected future results, including with respect to permitting and infrastructure at Keno Hill for a more detailed discussion of factors that may impact expected future results. The Company undertakes no obligation and has no intention of updating forward-looking statements other than as may be required by law.
Cautionary Statements to Investors on Reserves and Resources
This news release uses the terms “mineral resources”, “measured mineral resources”, “indicated mineral resources” and “inferred mineral resources.” Mineral resources that are not mineral reserves do not have demonstrated economic viability. You should not assume that all or any part of measured or indicated mineral resources will ever be converted into mineral reserves. Further, inferred mineral resources have a great amount of uncertainty as to their existence and as to whether they can be mined legally or economically, and an inferred mineral resource may not be considered when assessing the economic viability of a mining project, and may not be converted to a mineral reserve. The Company reports reserves and resources under the SEC’s mining disclosure rules (“S-K 1300”) and Canada’s National Instrument 43-101 – Standards of Disclosure for Mineral Projects (“NI 43-101”) because the Company is a “reporting issuer” under Canadian securities laws. Unless otherwise indicated, all resource and reserve estimates contained in this press release have been prepared in accordance with S-K 1300 as well as NI 43-101.
Qualified Person (QP)
Kurt D. Allen, MSc., CPG, VP-Exploration of Hecla Mining Company, Paul W. Jensen, MSc., CPG, Chief Geologist of Hecla Limited, and Matt Blattman, P.E., RM-SME, MMSA, VP-Technical Services serve as Qualified Persons under S-K 1300 and NI 43-101 for Hecla’s mineral projects. Mr. Allen supervised the preparation of the scientific and technical information concerning exploration activities while Mr. Jensen supervised the preparation of mineral resources for this news release. Mr. Blattman supervised the preparation of the mineral reserves for this news release. Technical Report Summaries for the Company’s Greens Creek, Lucky Friday and Keno Hill properties are filed as exhibits 96.1, 96.2 and 96.4, respectively, to the Company’s Annual Report on Form 10-K for the year ended December 31, 2025, and are available at www.sec.gov. Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of analytical or testing procedures for (i) the Greens Creek Mine are contained in its Technical Report Summary and in its NI 43-101 technical report titled “Technical Report for the Greens Creek Mine” effective date December 31, 2018, (ii) the Lucky Friday Mine are contained in its Technical Report Summary and in its NI 43-101 technical report titled “Technical Report for the Lucky Friday Mine Shoshone County, Idaho, USA” effective date April 2, 2014, and (iii) Keno Hill is contained in its Technical Report Summary titled “S-K 1300 Technical Report Summary on the Keno Hill Mine, Yukon, Canada” and in its NI 43-101 technical report titled “Technical Report on the Keno Hill Mine, Yukon, Canada” effective date December 31, 2023. Also included in each Technical Report Summary and technical report listed above is a description of the key assumptions, parameters and methods used to estimate mineral reserves and resources and a general discussion of the extent to which the estimates may be affected by any known environmental, permitting, legal, title, taxation, socio-political, marketing, or other relevant factors. Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of sample, analytical or testing procedures are contained in NI 43-101 technical reports prepared for Klondex Mines Ltd. for (i) the Fire Creek Mine (technical report dated March 31, 2018), (ii) the Hollister Mine (technical report dated May 31, 2017, amended August 9, 2017), and (iii) the Midas Mine (technical report dated August 31, 2014, amended April 2, 2015). Information regarding data verification, surveys and investigations, quality assurance program and quality control measures and a summary of sample, analytical or testing procedures are contained in a NI 43-101 technical reports prepared for ATAC Resources Ltd. for (i) the Osiris Project (technical report dated July 28, 2022) and (ii) the Tiger Project (technical report dated February 27, 2020). Copies of these technical reports are available under the SEDAR profiles of Klondex Mines Unlimited Liability Company and ATAC Resources Ltd., respectively, at www.sedar.com (the Fire Creek technical report is also available under Hecla’s profile on SEDAR). Mr. Jensen reviewed and verified information regarding drill sampling, data verification of all digitally collected data, drill surveys and specific gravity determinations relating to all the mines. The review encompassed quality assurance programs and quality control measures including analytical or testing practice, chain-of-custody procedures, sample storage procedures and included independent sample collection and analysis. This review found the information and procedures meet industry standards and are adequate for Mineral Resource and Mineral Reserve estimation and mine planning purposes.
HECLA MINING COMPANY
Consolidated Statements of Operations
(dollars and shares in thousands, except per share amounts - unaudited)
Three Months Ended
March 31, 2026
December 31, 2025
Sales
$
411,433
$
363,578
Cost of sales and other direct production costs
124,410
122,150
Depreciation, depletion and amortization
33,768
27,927
Total cost of sales
158,178
150,077
Gross profit
253,255
213,501
Other operating expenses:
General and administrative
15,753
19,215
Exploration and pre-development
4,616
4,808
Ramp-up and suspension costs
3,246
3,277
Provision for closed operations and environmental matters
1,297
4,965
Other operating income
5,236
1,181
30,148
33,446
Income from continuing operations
223,107
180,055
Other expense:
Interest expense
(5,656
)
(5,382
)
Fair value adjustments, net
(5,945
)
(19,334
)
Foreign exchange gain (loss)
498
(2,196
)
Other income (expense), net
3,549
(5,635
)
(7,554
)
(32,547
)
Income before income and mining taxes
215,553
147,508
Income and mining tax provision
(50,900
)
(34,766
)
Net income from continuing operations
164,653
112,742
Net (loss) income from discontinued operations
(183,681
)
21,667
Net (loss) income
(19,028
)
134,409
Preferred stock dividends
(132
)
(138
)
Net (loss) income applicable to common stockholders
$
(19,160
)
$
134,271
Basic income per common share from continuing operations after preferred dividends
0.25
0.17
Basic (loss) income per common share from discontinued operations
(0.28
)
0.03
Basic (loss) income per common share after preferred dividends
(0.03
)
0.20
Diluted income per common share from continuing operations after preferred dividends
0.24
0.17
Diluted (loss) income per common share from discontinued operations
(0.27
)
0.03
Diluted (loss) income per common share after preferred dividends
(0.03
)
0.20
Weighted average number of common shares outstanding basic
670,392
669,874
Weighted average number of common shares outstanding diluted
675,154
673,797
HECLA MINING COMPANY
Consolidated Statements of Cash Flows
(dollars in thousands - unaudited)
Three Months Ended
March 31, 2026
December 31, 2025
OPERATING ACTIVITIES
Net (loss) income
$
(19,028
)
$
134,409
Less: Net (loss) income from discontinued operations, net of taxes
(183,681
)
21,667
Income from continuing operations
164,653
112,742
Non-cash elements included in net income:
Depreciation, depletion and amortization
34,468
31,185
Inventory adjustments
—
8,501
Fair value adjustments, net
5,945
19,526
Provision for reclamation and closure costs
1,871
5,513
Stock-based compensation
2,784
3,356
Deferred income taxes
27,878
27,338
Net foreign exchange gain (loss)
(498
)
2,196
Other non-cash items, net
1,759
9,069
Change in assets and liabilities:
Accounts receivable
(42,968
)
(65,715
)
Inventories
483
(13,434
)
Other current and non-current assets
(19,085
)
10,700
Accounts payable, accrued and other current liabilities
(777
)
2,104
Accrued payroll and related benefits
(15,317
)
11,171
Accrued taxes
21,503
5,348
Accrued reclamation and closure costs and other non-current liabilities
223
(3,858
)
Cash provided by operating activities of continuing operations
182,922
165,742
Cash provided by operating activities of discontinued operations
11,324
51,313
Net cash provided by operating activities
194,246
217,055
INVESTING ACTIVITIES
Additions to property, plants, equipment and mine development
(39,265
)
(65,936
)
Proceeds from sale of Hecla Quebec, net of transaction costs
168,045
—
Proceeds from sale of Minera Hecla
5,228
—
Proceeds from investment sales
95,378
24,391
Purchases of investments
(55,684
)
(21,932
)
Purchases of silver puts
—
(25,000
)
Proceeds from asset dispositions
735
20
Net cash provided by (used in) investing activities of continuing operations
174,437
(88,457
)
Net cash (used in) investing activities of discontinued operations
(8,799
)
(16,410
)
Net cash provided by (used in) investing activities
165,638
(104,867
)
FINANCING ACTIVITIES
Proceeds from issuance of stock, net
63
—
Acquisition of treasury shares
(1,161
)
—
Dividends paid to common and preferred stockholders
(2,786
)
(2,699
)
Repayments of finance leases and other
(1,249
)
(1,418
)
Net cash used in financing activities of continuing operations
(5,133
)
(4,117
)
Net cash used in financing activities of discontinued operations
(8,431
)
(654
)
Net cash used in financing activities
(13,564
)
(4,771
)
Effect of exchange rates on cash
(330
)
233
Net increase in cash, cash equivalents and restricted cash and cash equivalents
345,990
107,650
Cash, cash equivalents and restricted cash and cash equivalents at beginning of period
242,732
135,082
Cash, cash equivalents and restricted cash and cash equivalents at end of period
$
588,722
$
242,732
HECLA MINING COMPANY
Consolidated Balance Sheets
(dollars and shares in thousands - unaudited)
March 31, 2026
December 31, 2025
ASSETS
Current assets:
Cash and cash equivalents
$
587,550
$
241,558
Accounts receivable
242,149
182,249
Inventories
80,336
81,687
Other current assets
47,606
83,065
Assets of discontinued operations
—
40,785
Total current assets
957,641
629,344
Investments
158,481
47,842
Restricted cash and cash equivalents
1,172
1,174
Properties, plants, equipment and mine development, net
2,123,209
2,130,581
Operating lease right-of-use assets
18,435
8,859
Other non-current assets
117,355
31,901
Assets of discontinued operations
—
710,944
Total assets
$
3,376,293
$
3,560,645
LIABILITIES
Current liabilities:
Accounts payable and other current accrued liabilities
$
156,338
$
126,364
Finance leases
3,601
4,262
Accrued reclamation and closure costs
12,402
13,795
Accrued interest
2,906
7,678
Other current liabilities
18,602
39,107
Liabilities of discontinued operations
—
40,358
Total current liabilities
193,849
231,564
Accrued reclamation and closure costs
114,002
112,491
Long-term debt including finance leases
262,646
263,171
Deferred tax liability
194,069
157,585
Other non-current liabilities
40,914
33,912
Liabilities of discontinued operations
—
170,276
Total liabilities
805,480
968,999
STOCKHOLDERS’ EQUITY
Preferred stock
39
39
Common stock
169,779
169,689
Capital surplus
2,647,282
2,643,211
Accumulated deficit
(203,819
)
(182,143
)
Accumulated other comprehensive loss, net
(5,491
)
(3,334
)
Treasury stock
(36,977
)
(35,816
)
Total stockholders’ equity
2,570,813
2,591,646
Total liabilities and stockholders’ equity
$
3,376,293
$
3,560,645
Common shares outstanding
679,582
679,220
Reconciliation of Total Cost of Sales to Cash Cost, Before By-product Credits and Cash Cost, After By-product Credits (non-GAAP) and All-In Sustaining Cost, Before By-product Credits and All-In Sustaining Cost, After By-product Credits (non-GAAP)
The tables below present reconciliations between the most comparable GAAP measure of total cost of sales to the non-GAAP measures of (i) Cash Cost, Before By-product Credits, (ii) Cash Cost, After By-product Credits, (iii) AISC, Before By-product Credits and (iv) AISC, After By-product Credits for our operations and for the Company for the three months ended March 31, 2026, the three months and year ended December 31, 2025, and the three months ended September 30, 2025, June 30, 2025, and March 31.
Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce are measures developed by precious metals companies (including the Silver Institute and the World Gold Council) in an effort to provide a uniform standard for comparison purposes. There can be no assurance, however, that these non-GAAP measures as the Company reports them are the same as those reported by other mining companies.
Cash Cost, After By-product Credits, per Ounce is an important operating statistic that the Company utilizes to measure each mine's operating performance. The Company uses AISC, After By-product Credits, per Ounce as a measure of our mines' net cash flow after costs for reclamation and sustaining capital. This is similar to the Cash Cost, After By-product Credits, per Ounce non-GAAP measure the Company reports, but also includes reclamation and sustaining capital costs. Current GAAP measures used in the mining industry, such as cost of goods sold, do not capture all the expenditures incurred to discover, develop and sustain silver and gold production. Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce also allow us to benchmark the performance of each of our mines versus those of our competitors. As a silver and gold mining company, we also use these statistics on an aggregate basis - aggregating the Greens Creek and Lucky Friday mines to compare our performance with that of other silver mining companies. Similarly, these statistics are useful in identifying acquisition and investment opportunities as they provide a common tool for measuring the financial performance of other mines with varying geologic, metallurgical and operating characteristics.
Cash Cost, Before By-product Credits and AISC, Before By-product Credits include all direct and indirect operating cash costs related directly to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining expense, on-site general and administrative costs, royalties and mining production taxes. AISC, Before By-product Credits for each mine also includes reclamation and sustaining capital costs. AISC, Before By-product Credits for our consolidated silver properties also includes corporate costs for general and administrative expense and sustaining capital costs. By-product credits include revenues earned from all metals other than the primary metal produced at each unit. As depicted in the tables below, by-product credits comprise an essential element of our silver unit cost structure, distinguishing our silver operations due to the polymetallic nature of their orebodies.
In addition to the uses described above, Cash Cost, After By-product Credits, per Ounce and AISC, After By-product Credits, per Ounce provide management and investors an indication of operating cash flow, after consideration of the average price, received from production. The Company also uses these measurements for the comparative monitoring of performance of our mining operations period-to-period from a cash flow perspective.
In thousands (except per ounce amounts)
Three Months Ended March 31, 2026
Three Months Ended December 31, 2025
Twelve Months Ended December 31, 2025
Greens
Creek
Lucky
Friday
Keno
Hill (4)
Corporate (2)
Other (3)
Total
Silver
and Other
Greens
Creek
Lucky
Friday
Keno
Hill (4)
Corporate (2)
Other (3)
Total
Silver
and Other
Greens
Creek
Lucky
Friday
Keno
Hill (4)
Corporate (2)
Other (3)
Total
Silver
and Other
Total cost of sales
$
82,358
$
48,782
$
22,099
$
—
$
4,939
$
158,178
$
79,963
$
42,714
$
18,729
$
—
$
8,671
$
150,077
$
290,180
$
173,690
$
91,652
$
—
$
38,574
$
594,096
Depreciation, depletion and amortization
(15,983
)
(13,609
)
(4,176
)
—
—
(33,768
)
(13,244
)
(10,884
)
(3,798
)
—
—
(27,926
)
(55,959
)
(51,055
)
(19,769
)
—
—
(126,783
)
Treatment costs
895
2,553
—
—
—
3,448
242
2,283
-
—
—
2,525
948
9,734
-
—
—
10,682
Change in product inventory
(5,383
)
(1
)
—
—
—
(5,384
)
(4,485
)
(338
)
—
—
—
(4,823
)
(1,258
)
(6
)
—
—
—
(1,264
)
Reclamation and other costs
(846
)
(195
)
—
—
—
(1,041
)
(537
)
(283
)
—
—
—
(820
)
(1,502
)
(857
)
—
—
—
(2,359
)
Exclusion of Keno Hill cash costs (4)
—
—
(17,923
)
—
(17,923
)
—
—
(14,931
)
—
(14,931
)
—
—
(71,883
)
—
—
(71,883
)
Exclusion of Other costs
—
—
—
—
(4,939
)
(4,939
)
(8,671
)
(8,671
)
(38,574
)
(38,574
)
Cash Cost, Before By-product Credits (1)
61,041
37,530
—
—
—
98,571
61,939
33,492
—
—
—
95,431
232,409
131,506
—
—
—
363,915
Reclamation and other costs
934
225
—
—
—
1,159
757
195
—
—
—
952
3,029
780
—
—
—
3,809
Sustaining capital
6,795
14,263
—
1,008
—
22,066
17,516
19,693
—
1,342
—
38,551
46,362
69,316
—
5,165
—
120,843
General and administrative
—
—
—
15,753
—
15,753
—
—
—
19,215
—
19,215
—
—
—
57,626
—
57,626
AISC, Before By-product Credits (1)
68,770
52,018
—
16,761
—
137,549
80,212
53,380
—
20,557
—
154,149
281,800
201,602
—
62,791
—
546,193
By-product credits:
Zinc
(25,369
)
—
—
—
—
(25,369
)
(23,715
)
(7,666
)
—
—
—
(31,381
)
(93,495
)
(28,939
)
—
—
—
(122,434
)
Gold
(55,214
)
—
—
—
—
(55,214
)
(44,708
)
—
—
—
—
(44,708
)
(180,497
)
—
—
—
—
(180,497
)
Lead
(6,037
)
(22,591
)
—
—
—
(28,628
)
(5,592
)
(13,549
)
—
—
—
(19,141
)
(24,963
)
(57,036
)
—
—
—
(81,999
)
Copper
(433
)
—
—
—
—
(433
)
(938
)
—
—
—
—
(938
)
(3,465
)
—
—
—
—
(3,465
)
Total By-product credits
(87,053
)
(22,591
)
—
—
—
(109,644
)
(74,953
)
(21,215
)
—
—
—
(96,168
)
(302,420
)
(85,975
)
—
—
—
(388,395
)
Cash Cost, After By-product Credits
$
(26,012
)
$
14,939
$
—
$
—
$
—
$
(11,073
)
$
(13,014
)
$
12,277
$
—
$
—
$
—
$
(737
)
$
(70,011
)
$
45,531
$
—
$
—
$
—
$
(24,480
)
AISC, After By-product Credits
$
(18,283
)
$
29,427
$
—
$
16,761
$
—
$
27,905
$
5,259
$
32,165
$
—
$
20,557
$
—
$
57,981
$
(20,620
)
$
115,627
$
—
$
62,791
$
—
$
157,798
Ounces produced
2,177
1,237
3,414
1,952
1,250
3,202
8,725
5,261
13,986
Cash Cost, Before By-product Credits, per Silver Ounce
$
28.04
$
30.33
$
28.87
$
31.73
$
26.79
$
29.80
$
26.64
$
25.00
$
26.02
By-product credits per ounce
(39.98
)
(18.26
)
(32.11
)
(38.40
)
(16.97
)
(30.03
)
(34.66
)
(16.34
)
(27.77
)
Cash Cost, After By-product Credits, per Silver Ounce
$
(11.94
)
$
12.07
$
(3.24
)
$
(6.67
)
$
9.82
$
(0.23
)
$
(8.02
)
$
8.66
$
(1.75
)
AISC, Before By-product Credits, per Silver Ounce
$
31.59
$
42.04
$
40.28
$
41.10
$
42.70
$
48.14
$
32.30
$
38.32
$
39.05
By-product credits per ounce
(39.98
)
(18.26
)
(32.11
)
(38.40
)
(16.97
)
(30.03
)
(34.66
)
(16.34
)
(27.77
)
AISC, After By-product Credits, per Silver Ounce
$
(8.39
)
$
23.78
$
8.17
$
2.70
$
25.73
$
18.11
$
(2.36
)
$
21.98
$
11.28
In thousands (except per ounce amounts)
Three Months Ended September 30, 2025
Three Months Ended June 30, 2025
Three Months Ended March 31, 2025
Greens
Creek
Lucky
Friday
Keno
Hill (4)
Corporate (2)
Other (3)
Total
Silver
and Other
Greens
Creek
Lucky
Friday
Keno
Hill (4)
Corporate (2)
Other (3)
Total
Silver
and Other
Greens
Creek
Lucky
Friday
Keno
Hill (4)
Corporate (2)
Other (3)
Total
Silver
and Other
Total cost of sales
$
81,658
$
44,641
$
31,171
$
—
$
16,183
$
173,653
$
58,921
$
42,286
$
25,881
$
—
$
6,625
$
133,713
$
69,638
$
44,049
$
15,871
$
—
$
7,095
$
136,653
Depreciation, depletion and amortization
(16,229
)
(13,471
)
(8,028
)
—
—
(37,728
)
(12,897
)
(13,275
)
(5,141
)
—
—
(31,313
)
(13,589
)
(13,425
)
(2,802
)
—
—
(29,816
)
Treatment costs
(436
)
2,434
—
—
—
1,998
(1,001
)
1,054
—
—
—
53
2,143
3,963
—
—
—
6,106
Change in product inventory
(5,106
)
946
—
—
—
(4,160
)
9,234
225
—
—
—
9,459
(901
)
(839
)
—
—
—
(1,740
)
Reclamation and other costs
(715
)
(141
)
—
—
—
(856
)
57
(160
)
—
—
—
(103
)
(307
)
(273
)
—
—
—
(580
)
Exclusion of Keno Hill cash costs (4)
—
—
(23,143
)
—
(23,143
)
—
—
(20,740
)
—
—
(20,740
)
—
—
(13,069
)
—
—
(13,069
)
Exclusion of Other costs
—
—
—
—
(16,183
)
(16,183
)
—
—
—
—
(6,625
)
(6,625
)
—
—
—
—
(7,095
)
(7,095
)
Cash Cost, Before By-product Credits (1)
59,172
34,409
—
—
—
93,581
54,314
30,130
—
—
—
84,444
56,984
33,475
—
—
—
90,459
Reclamation and other costs
758
195
—
—
—
953
757
195
—
—
—
952
757
195
—
—
—
952
Sustaining capital
13,210
18,484
—
1,528
—
33,222
8,268
17,069
—
1,270
—
26,607
7,368
14,070
—
1,025
—
22,463
General and administrative
—
—
—
13,872
—
13,872
—
—
—
12,540
—
12,540
—
—
—
11,999
—
11,999
AISC, Before By-product Credits (1)
73,140
53,088
—
15,400
—
141,628
63,339
47,394
—
13,810
—
124,543
65,109
47,740
—
13,024
—
125,873
By-product credits:
Zinc
(22,894
)
(7,203
)
—
—
—
(30,097
)
(23,512
)
(7,120
)
—
—
—
(30,632
)
(23,374
)
(6,950
)
—
—
—
(30,324
)
Gold
(48,618
)
—
—
—
—
(48,618
)
(52,194
)
—
—
—
—
(52,194
)
(34,977
)
—
—
—
—
(34,977
)
Lead
(6,670
)
(14,736
)
—
—
—
(21,406
)
(6,610
)
(14,708
)
—
—
—
(21,318
)
(6,091
)
(14,043
)
—
—
—
(20,134
)
Copper
(927
)
—
—
—
—
(927
)
(871
)
—
—
—
—
(871
)
(729
)
—
—
—
—
(729
)
Total By-product credits
(79,109
)
(21,939
)
—
—
—
(101,048
)
(83,187
)
(21,828
)
—
—
—
(105,015
)
(65,171
)
(20,993
)
—
—
—
(86,164
)
Cash Cost, After By-product Credits
$
(19,937
)
$
12,470
$
—
$
—
$
—
$
(7,467
)
$
(28,873
)
$
8,302
$
—
$
—
$
—
$
(20,571
)
$
(8,187
)
$
12,482
$
—
$
—
$
—
$
4,295
AISC, After By-product Credits
$
(5,969
)
$
31,149
$
—
$
15,400
$
—
$
40,580
$
(19,848
)
$
25,566
$
—
$
13,810
$
—
$
19,528
$
(62
)
$
26,747
$
—
$
13,024
$
—
$
39,709
Divided by silver ounces produced
2,348
1,337
3,685
2,423
1,341
3,764
2,003
1,332
3,335
Cash Cost, Before By-product Credits, per Silver Ounce
$
25.20
$
25.73
$
25.39
$
22.42
$
22.47
$
22.44
$
28.46
$
25.13
$
27.13
By-product credits per ounce
(33.70
)
(16.40
)
(27.42
)
(34.33
)
(16.28
)
(27.90
)
(32.54
)
(15.76
)
(25.84
)
Cash Cost, After By-product Credits, per Silver Ounce
$
(8.50
)
$
9.33
$
(2.03
)
$
(11.91
)
$
6.19
$
(5.46
)
$
(4.08
)
$
9.37
$
1.29
AISC, Before By-product Credits, per Silver Ounce
$
31.15
$
39.70
$
38.43
$
26.14
$
35.35
$
33.09
$
32.51
$
35.84
$
37.75
By-product credits per ounce
(33.70
)
(16.40
)
(27.42
)
(34.33
)
(16.28
)
(27.90
)
(32.54
)
(15.76
)
(25.84
)
AISC, After By-product Credits, per Silver Ounce
$
(2.55
)
$
23.30
$
11.01
$
(8.19
)
$
19.07
$
5.19
$
(0.03
)
$
20.08
$
11.91
(1)
Includes all direct and indirect operating costs related to the physical activities of producing metals, including mining, processing and other plant costs, third-party refining and marketing expense, on-site general and administrative costs and royalties, before by-product revenues earned from all metals other than the primary metal produced at each operation. AISC, Before By-product Credits also includes reclamation and sustaining capital costs.
(2)
AISC, Before By-product Credits for our consolidated silver properties includes corporate costs for general and administrative expense and sustaining capital.
(3)
Other includes total cost of sales related to the Company's environmental remediation services business.
(4)
Keno Hill is in the ramp-up phase of production and is excluded from the calculation of total cost of sales, Cash Cost, Before By-product Credits, Cash Cost, After By-product Credits, AISC, Before By-product Credits, and AISC, After By-product Credits.
Reconciliation of Net Income from Continuing Operations (GAAP) to Adjusted EBITDA from Continuing Operations (non-GAAP)
This release refers to the non-GAAP measures of adjusted earnings before interest, taxes, depreciation and amortization ("Adjusted EBITDA") from continuing operations, which is a measure of our operating performance. Adjusted EBITDA from continuing operations is calculated as net income from continuing operations before the following items: interest expense, income and mining taxes, depreciation, depletion, and amortization expense, ramp-up and suspension costs, gains and losses on disposition of assets, foreign exchange gains and losses, write down of property, plant and equipment, fair value adjustments, net, interest and other income, provisions for closed operations and environmental matters, stock-based compensation, provisional price gains, monetization of zinc and lead hedges and inventory adjustments. Management believes that, when presented in conjunction with comparable GAAP measures, adjusted EBITDA is useful to investors in evaluating our operating performance and ability to meet our debt obligations. The following table reconciles net income from continuing operations to adjusted EBITDA from continuing operations:
Dollars are in thousands
1Q-2026
4Q-2025
3Q-2025
2Q-2025
1Q-2025
LTM March
31, 2026
FY 2025
Net income from continuing operations
164,653
$
112,742
$
80,113
$
26,910
$
24,339
384,418
$
244,104
Interest expense
5,656
5,396
13,264
10,948
11,392
35,264
41,000
Income and mining tax provision
50,900
35,367
39,476
23,271
15,637
149,014
113,751
Depreciation, depletion and amortization
33,768
31,185
38,481
32,068
30,603
135,502
132,337
Ramp-up and suspension costs
3,246
2,060
2,003
2,421
2,135
9,730
8,619
Loss on disposition of properties, plants, equipment, and mineral interests
1,750
6
2,706
88
211
4,550
3,011
Foreign exchange (gain) loss
(498
)
2,196
(305
)
3,517
367
4,910
5,775
Fair value adjustments, net
5,945
19,334
(19,828
)
(4,450
)
(3,388
)
1,001
(8,332
)
Provisional price gains
(848
)
(28,993
)
(10,903
)
(4,150
)
(6,916
)
(44,894
)
(50,962
)
Provision for closed operations and environmental matters
1,297
4,965
1,268
844
790
8,374
7,867
Stock-based compensation
2,784
3,356
2,639
2,987
1,936
11,766
10,918
Inventory adjustments
—
8,501
51
812
1,558
9,364
10,922
Monetization of zinc and lead hedges
—
(72
)
(91
)
(44
)
(454
)
(207
)
(661
)
Other
(3,549
)
5,611
(2,433
)
(1,511
)
(941
)
(1,882
)
726
Adjusted EBITDA from continuing operations
$
265,104
$
201,654
$
146,441
$
93,711
$
77,269
$
706,910
$
519,075
Reconciliation of Cash Provided by Operating Activities from Continuing Operations (GAAP) to Free Cash Flow from Continuing Operations (non-GAAP)
This release refers to a non-GAAP measure of free cash flow from continuing operations, calculated as cash provided by operating activities from continuing operations, less additions to properties, plants, equipment and mine development. Management believes that, when presented in conjunction with comparable GAAP measures, free cash flow from continuing operations is useful to investors in evaluating our operating performance. The following table reconciles cash provided by operating activities from continuing operations to free cash flow from continuing operations:
Dollars are in thousands
Three Months Ended
March 31,
2026
2025
Cash provided by operating activities from continuing operations
$
182,922
$
27,622
Less: Capital investment from continuing operations
(39,265
)
(37,838
)
Free cash flow from continuing operations
$
143,657
$
(10,216
)
Free cash flow from continuing operations is a non-GAAP measure calculated as cash provided by operating activities from continuing operations less additions to properties, plants, equipment and mine development. Cash provided by operating activities from continuing operations for our silver operations, the Greens Creek and Lucky Friday operating segments, excludes exploration and pre-development investment, as it is a discretionary expenditure and not a component of the mines’ operating performance.
Hecla Mining (HL - Free Report) came out with quarterly earnings of $0.24 per share, missing the Zacks Consensus Estimate of $0.27 per share. This compares to earnings of $0.04 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -11.11%. A quarter ago, it was expected that this precious metals company would post earnings of $0.14 per share when it actually produced earnings of $0.19, delivering a surprise of +35.71%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
Hecla Mining, which belongs to the Zacks Mining - Silver industry, posted revenues of $411.43 million for the quarter ended March 2026, missing the Zacks Consensus Estimate by 13.22%. This compares to year-ago revenues of $261.34 million. The company has topped consensus revenue estimates three times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
Hecla Mining shares have lost about 8.4% since the beginning of the year versus the S&P 500's gain of 5.2%.
What's Next for Hecla Mining?While Hecla Mining has underperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for Hecla Mining was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.14 on $310.9 million in revenues for the coming quarter and $0.69 on $1.47 billion in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Mining - Silver is currently in the bottom 35% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
Another stock from the same industry, Avino Silver (ASM - Free Report) , has yet to report results for the quarter ended March 2026. The results are expected to be released on May 13.
This company is expected to post quarterly earnings of $0.07 per share in its upcoming report, which represents no change from the year-ago quarter. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.
Avino Silver's revenues are expected to be $35.1 million, up 86.3% from the year-ago quarter.
Vancouver, Kelowna, and Delta, British Columbia--(Newsfile Corp. - May 6, 2026) - Investorideas.com, a global news source and expert investing resource covering mining stocks issues a snapshot looking at mining stocks with district-scale resources in the US, featuring West Point Gold Corp. (TSXV: WPG) (OTCQB: WPGCF), a company focused on gold discovery and development at four prolific Walker Lane Trend projects covering Nevada and Arizona, USA.
Betting on US District-Scale Gold: Why West Point Gold Is All-In on Walker Lane
To view an enhanced version of this graphic, please visit:
https://images.newsfilecorp.com/files/6292/296143_e3841046a44c3bab_001full.jpg
West Point Gold's flagship Gold Chain project is located in Arizona's prolific Oatman District and hosts several high-potential targets. The company also holds three strategic projects in Nevada, highlighted by the Jefferson Canyon Project in partnership with Kinross Gold (TSX: K) (NYSE: KGC), a major producer with significant operations in the Walker Lane Trend.
The Walker Lane Trend is renowned for its extremely high-grade gold pockets and shallow targets. Because the system is geologically young, the gold has neither been buried deep nor eroded away. It also offers excellent discovery potential — complex faulting creates numerous traps, enabling a single district to host dozens of separate high-grade deposits.
Another well-known mining stock, Hecla Mining Company (NYSE: HL) is focusing on the Aurora Project, the highest-grade historic producer in the Walker Lane.
West Point Gold Corp. (TSXV: WPG) (OTCQB: WPGCF), ranked 35th overall in the 2026 TSX Venture 50, has released a series of positive updates on its flagship Gold Chain Project.
April 28th the company announced step-out drill results from the high-grade Northeast ("NE") Tyro Zone at its flagship Gold Chain Project in Arizona. Grades continue to remain strong as evidenced in hole GC26-140, where an 18.3 metre ("m") interval grading 6.05 grams per tonne ("g/t") gold ("Au") was returned. Holes reported herein represent step-outs of up to 140m to the northeast of previously reported results. High-grade mineralization intersected has now increased the volume of mineralization by adding over 100m along strike and 100m to depth. The high-grade NE Tyro Zone has a strike extent of over 400m and projects to greater than 300m depth while still remaining open in all directions. To date, 17,536m of the ongoing drill program at the Gold Chain project has been completed. Results are pending from the Tyro Main Zone, NE Tyro, Bull 8 and Black Dyke targets, representing 29 holes (5,424m).
Highlights:
Strike length of the high-grade zone at NE Tyro extended to 400m of strike length (Figure 1) with significant (i.e. 7.83 g/t Au) values up to 300m below the surface.Hole GC26-140 returned 18.3m (approximately 17.5m true width) of 6.05 g/t Au from 181.4m to 199.6m beneath a broad sand-filled wash between the NE Tyro zone and the Frisco Mine fault, a bounding structure of the Frisco Graben target.Hole GC26-151 returned 35.1m of 2.23 g/t Au from 167.6m to 202.7m, about 75m northeast of GC26-140 and about 150m below surface alluvium.Currently, all three rigs (2 RC, 1 core) are drilling across the Tyro Main and NE Tyro targets, increasing West Point Gold's understanding of the Tyro deposit along strike, at depth and internally."The continued expansion of the high-grade zone at NE Tyro bodes well for the maiden resource. Additionally, as this zone expands towards the Frisco Graben, it increases the probability of the Frisco Graben hosting a gold deposit. It appears that the consistency of grade and structure, both along strike and at depth, suggests that we are unlikely to close off this zone with the planned maiden resource later this year. We continue to be on track to complete the ongoing 20,000m drill program at Gold Chain in Q2 this year and have results pending from multiple zones, including the depth extensions of Tyro and two step-out targets," stated Derek Macpherson, President and CEO.
Full news:
https://westpointgold.com/west-point-gold-intersects-18-3m-of-6-05-g-t-au-and-35-1m-of-2-23-g-t-au-expanding-the-high-grade-northeast-tyro-zone-to-over-400m-of-strike-length-and-to-300m-depth/
April 23rd, West Point Gold announced drill results from the Tyro Main Zone at its flagship Gold Chain Project in Arizona. All the holes drilled intersected significant gold mineralization highlighted by 22.9 metres ("m") at 3.11 grams per tonne ("g/t") gold ("Au"). Results reported in the release are from seven reverse circulation ("RC") drill holes (1,419m), part of the recently expanded 20,000m drill program. These holes were drilled into the southern portion of the Tyro Main Zone and further confirm our interpretation of grades and structural controls within the zone. To date, 16,504m of the ongoing drill program at the Gold Chain project has been completed, with assays released for 1,419m of drilling. Results are pending from the Tyro Main Zone, NE Tyro, Bull 8 and Black Dyke targets, representing 24 holes (4,087m).
Highlights:
Hole GC26-116 returned 22.9m of 3.11 g/t Au from 102.1m to 125.0m.Hole GC26-120 returned 9.1m of 2.57 g/t Au from 125.0m to 134.1m, expanding gold mineralization to the north and to depth.Hole GC26-125 returned 184.4m of 1.00 g/t Au from the surface and included 10.7m of 8.11 g/t Au from 96.0 to 106.7m and 35.1m of 1.31 g/t Au from 106.7 to 141.7m. This hole was drilled nearly parallel to the vein system's strike to confirm that gold mineralization in this portion of the Tyro Main Zone is composed of several en-echelon zones of greater quartz vein density.Currently, all three rigs (2 RC, 1 core) are drilling across the Tyro Main and NE Tyro targets, increasing West Point Gold's understanding of the Tyro deposit along strike, at depth and internally.
Full news:
https://westpointgold.com/west-point-gold-drills-22-9m-of-3-11-g-t-au-and-184-4m-of-1-00-g-t-au-from-tyro-main-zone-at-gold-chain-project/
April 22nd, West Point Gold announced positive results from a Phase 2 metallurgical testing program completed by Kappes, Cassiday & Associates ("KCA") for the Tyro Main Zone at the Company's Gold Chain Project located in Arizona. Recoveries on average ranged from 87% to 92% for milled material, 39% to 68% for HPGR Crushed material and 39% to 69% for conventionally crushed material. Results confirm that gold from the Tyro Main Zone should be recoverable by conventional means (heap leach or mill) and that further optimization has the potential to improve recoveries with both potential processing methods.
Highlights:
Gold recoveries up to 92% from material milled to 0.075mm.Gold recoveries up to 69% from material crushed to 1.7mm.Testing reported modest sodium cyanide and lime consumption.Results continue to demonstrate that crush or grind size is key to improving recovery.Low correlation between grade and recovery.Recoveries were similar across all zones.Results suggest that further optimization work on residence time and grind size could improve recoveries."These metallurgical results represent another important milestone for Gold Chain as we continue to demonstrate that gold can be recovered by heap leaching or conventional milling from the Tyro Main Zone. These results continue to suggest that there are multiple processing paths, and we plan to continue testing them to optimize the project. The combination of good gold recoveries, favourable reagent consumption, and multiple potential processing paths, supports our view that Gold Chain could host a scalable, low-cost gold project in one of the best mining jurisdictions in the world," stated Derek Macpherson, President and CEO.
Summary of Results:
Gold extractions for the 0.075mm milled bottle rolls ranged from 87% to 92% after 96 hours of leaching, based on calculated heads ranging from 0.511 to 8.643 g/t Au. Silver extractions ranged from 55% to 83% based on calculated head grades ranging from 1.43 to 36.99 g/t Ag. The sodium cyanide consumptions ranged from 0.52 to 2.59 kg/t. Hydrated lime additions ranged from 0.50 to 0.65 kg/t.
Full news:
https://westpointgold.com/west-point-gold-reports-positive-metallurgical-results-from-gold-chain-with-recoveries-of-up-to-92/
Other US-based stocks with a similar focus on district-scale exploration in the US include Paramount Gold Nevada Corp. (NYSE American: PZG) with a focus on acquiring and developing precious metal projects in Nevada and Oregon. The Company holds a 100% interest in approximately 50,000 acres across three projects: Grassy Mountain, Sleeper, and Bald Peak.
Sleeper is a past-producing, early-stage development project in Humboldt County, northern Nevada, one of the world's premier mining jurisdictions, with a large, highly prospective land position. Bald Peak is an early-stage exploration project in Mineral County, Nevada.
On April 9th, Paramount Gold announced that it commenced an Initial Assessment ("IA") under the U.S. Securities and Exchange Commission S-K 1300, for its 100%-owned Sleeper Gold Project, a past-producing high grade-gold mine located Humboldt County, northern Nevada.
From the news:
The IA will be prepared in accordance with applicable US regulatory standards and will evaluate the project's economic potential.
The assessment is intended to examine a potentially lower-cost, staged development approach focused on heap-leachable material only, including approximately 54 million tons of material of economic interest. This includes surface material from previously unevaluated waste dumps, as well as oxide and mixed in-situ mineralization amenable to heap leaching. This approach has the potential to support an accelerated path to cash flow and enhance overall project economics, building on prior assessments that focused primarily on in-situ resources. It is also expected to contribute to development planning and the evaluation of potential future expansion opportunities.
Rachel Goldman, Chief Executive Officer of Paramount, stated, "Following our internal review, we believe substantial historic data supports an initial assessment of a heap-leach-only operation at Sleeper, and we are now progressing the evaluation of development options. Sleeper is a large, past-producing asset in a well-established mining jurisdiction with existing infrastructure, and in the current gold price environment, we see a compelling opportunity to unlock value. Focusing on the oxidized and transitional material is a logical first step to define the project's development potential and guide the next phase of work."
Betting on Alaska, US GoldMining Inc. (NASDAQ: USGO) is advancing the district-scale Whistler Gold-Copper Project.
On April 20th, the company announced that it commenced activities on its planned exploration program.
From the news:
Highlights:
Executing Growth Strategy: The 2026 Program will comprise diamond core drilling targeting several high-priority near-deposit potential upside opportunities and new targets within the Whistler – Raintree area. The objective is to develop a pipeline of discoveries that will underpin growth opportunities for the Project.Mobilization Underway: The Company has recently completed pre-mobilization of critical equipment and consumables to the Project. This proactive staging positions the exploration team to commence summer exploration activities and drilling as soon as conditions allow.Building on Strong Economic Foundation: The exploration strategy complements the strong Whistler economics and rapid payback demonstrated in the recently announced Whistler initial economic assessment ("PEA"). Tim Smith, Chief Executive Officer of US GoldMining commented: "We are excited to return to the field this coming summer to test our highest priority targets for new gold-copper porphyry discoveries in the Whistler Orbit. The strong initial base-case mine plan in the PEA gives us a strong foundation to confidently advance our exploration strategy. We look forward to sharing more details on the 2026 Program as we drive district-scale resource growth and the advancement of Pre-Feasibility level studies over the coming months."
More info on West Point Gold Corp. (TSXV: WPG) (OTCQB: WPGCF)
https://www.investorideas.com/CO/WPG/
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Hecla Mining is executing a focused shift to a pure-play silver strategy, divesting gold assets and capitalizing on silver's industrial demand. HL's clean balance sheet, capital flexibility, exploration focus, and strong Q1 results position it for short-term upside if silver prices remain buoyed above $70 levels. Recent asset sales, notably Casa Berardi, were well-timed, strengthening HL's financials and providing a potential catalyst for ~20% share price recovery.
3 Metals and Mining Stocks Riding the Commodity SupercycleHecla Mining NYSE: HL said it entered the second quarter of 2026 with no long-term debt, record quarterly cash generation and a portfolio increasingly focused on silver assets in the United States and Canada, following the sale of its Casa Berardi operation at the end of March.
On the company’s first-quarter earnings call, President and Chief Executive Officer Rob Krcmarov said Hecla has undergone a significant balance sheet transformation since he joined the company 18 months ago. “This company carried nearly $550 million of net debt. Today, we carry no long-term debt,” Krcmarov said. “None.”
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Hilton’s Q1 Report Put One Big Question Front and Center for 2026The company reported first-quarter revenue from continuing operations of more than $410 million, up 13% from the prior quarter and double the level from the first quarter of 2025. Hecla also reported record adjusted EBITDA of $265 million and record consolidated free cash flow of $144 million, with each of its mines generating positive free cash flow.
Casa Berardi Sale Refocuses Portfolio Hecla’s first-quarter results were presented on a continuing operations basis, excluding Casa Berardi, which was sold at the end of March. Krcmarov described the sale as “a deliberate, well-timed decision” that allowed Hecla to focus capital and management attention on its silver growth platform. The transaction included cash proceeds, a 9.9% equity stake in Ozones and deferred cash consideration, according to the company.
Does Marriott’s Massive Rally Mean It’s Time to Check Out?After the quarter ended, Hecla redeemed its remaining $263 million of senior notes on April 9. Chief Financial Officer Russell Lawlar said the company ended the quarter with $588 million in cash and total debt of $266 million, resulting in a net cash position of $321 million. Following the redemption, Hecla has no long-term debt and a fully undrawn $225 million revolving credit facility, with a $75 million accordion feature.
Lawlar said 73% of first-quarter revenue came from silver, and all revenue came from the U.S. or Canada. He said the company realized a margin equal to 90% of the realized silver price during the quarter.
Production, Costs and Mine Performance Hecla produced 3.9 million ounces of silver in the quarter, about 3% more than in the prior quarter. The company reiterated its 2026 production guidance of 15.1 million to 16.5 million ounces of silver. Krcmarov said the company sees a potential pathway to more than 20 million ounces annually through Keno Hill’s ramp-up, the potential restart of Midas in Nevada and other growth opportunities.
Chief Operating Officer Carlos Aguiar said Greens Creek in Alaska produced 2.2 million ounces of silver and 13,000 ounces of gold in the quarter. The mine generated $131 million in operating cash flow and $126 million in free cash flow. Cash costs were nearly negative $12 per ounce of silver, and all-in sustaining costs were negative $8.39 per ounce, both after by-product credits.
At Lucky Friday in Idaho, Hecla produced 1.2 million ounces of silver. The mine generated $49 million in free cash flow, with cash costs of $12.07 per ounce and all-in sustaining costs of $23.78 per ounce after by-product credits. Aguiar said throughput rose 10% from the prior quarter, partly offset by an 11% decline in mill rate, and said average silver grade is expected to improve in the second quarter.
Keno Hill produced nearly 500,000 ounces of silver and generated $15.3 million in free cash flow, marking its fourth consecutive quarter of positive free cash flow. Aguiar said production was affected by reduced power supply from Yukon Energy due to extreme cold weather and lower grades in part of the Birmingham deposit, but said both headwinds are expected to ease.
Growth Projects Center on Greens Creek, Nevada and Exploration Hecla highlighted two potential projects at Greens Creek. Brian Erickson, vice president of operations, said the company is evaluating a pyrite concentrate circuit that could add a marketable concentrate stream, improve silver and gold recoveries and potentially reduce reclamation liabilities. He said the project is currently estimated to be low in capital intensity and could generate cash flow in about two years, with another market update expected in late 2026 or early 2027.
Erickson also discussed the Greens Creek tailings reprocessing project, which remains under evaluation. He said the dry stack facility contains an estimated 10.4 million tons of material with an estimated 50 million ounces of silver and nearly 600,000 ounces of gold, along with other critical minerals. At year-end 2025 prices, the company estimated the gross metal value at about $6.8 billion, before recovery rates, costs and required capital. Phase 3 metallurgical test work is expected to be completed around mid-2026.
In Nevada, Hecla is evaluating a restart of Midas using a hub-and-spoke model that could process ore from regional properties through an existing 1,200-ton-per-day permitted mill. Erickson said the site also has a permitted tailings facility with about 15 years of storage capacity. The company has allocated $16 million to Nevada exploration in 2026, more than three times last year’s investment.
Vice President of Exploration Kurt Allen said Hecla is investing $55 million in exploration and pre-development in 2026, an all-time record for the company. Programs include drilling at Midas, Hollister and Aurora. Allen said Aurora, in western Nevada, is earlier stage than Midas but may have the greatest long-term discovery potential, with seven drill-ready targets and a permitted 600-ton-per-day mill on site.
Keno Hill Permitting Timeline Draws Analyst Focus During the question-and-answer portion of the call, analysts asked about permitting constraints at Keno Hill. Patrick Malone, vice president of sustainability, said the company expects to submit a project proposal to the Yukon Environmental and Socio-economic Assessment Board by year-end. He said the review process is expected to take about 12 months, after which Hecla would submit applications to amend its quartz mining license and water license.
Malone said amended permits could be received around mid-2029, though timing is variable. He said current constraints include waste rock, tailings, water treatment, power and camp space. In the near term, he said Hecla needs regulatory approvals for Phase 2 west tailings expansion, and waste rock could become a limitation before the long-term permits are received.
Krcmarov said the ramp-up to 440 tons per day at Keno Hill is expected to be gradual and tied to permitting and water management. He characterized any potential delay as “a bridge problem” rather than “an asset problem,” citing the mine’s reserve life and economics.
Capital Allocation and Market Outlook Lawlar said Hecla’s capital allocation priorities begin with safety and environmental performance, followed by sustaining and growth capital, exploration, balance sheet strength, strategic investments and shareholder returns. He said the company has a board-approved share repurchase plan for 20 million shares, but any buybacks would need to meet return-on-capital criteria.
Asked about shareholder returns, Lawlar said management will discuss its capital return strategy with the board, while emphasizing that internal investments currently offer attractive value creation opportunities.
Krcmarov said the silver market remains structurally tight, citing the World Silver Survey’s finding that 2025 marked the fifth consecutive year of supply deficit, with cumulative stock drawdowns exceeding 700 million ounces since 2021. He said Hecla is positioned as a debt-free silver producer with record free cash flow and an organic growth pipeline, while also noting the company would remain disciplined on potential acquisitions.
About Hecla Mining NYSE: HLHecla Mining Company, founded in 1891 and headquartered in Coeur d'Alene, Idaho, is one of the oldest publicly traded precious metals companies in the United States. Originally established to develop the rich silver deposits of the Coeur d'Alene district, Hecla has evolved into a diversified mining enterprise focused on the exploration, development and production of silver and gold, with by-product credits from lead and zinc.
The company's principal operations are located in North America and Latin America.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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First Majestic Silver: Surging Late-Year RevenueFirst Majestic Silver (AG +4.31%) primarily engages in the acquisition, exploration, development, and production of mineral properties, with a focus on silver and gold output across North America.
Among recent developments, First Majestic announced plans to restart its Jerritt Canyon gold mine, targeting 2027, and reported ongoing international arbitration regarding a Mexican tax dispute, while generating a net margin of around 18% for the quarter ended Dec. 31, 2025.
Hecla Mining: A Consistent Upward ClimbHecla Mining (HL +2.00%) discovers, develops, and produces precious and base metal properties globally, mining primarily for silver, gold, lead, and zinc concentrates.
It recently completed the sale of its Casa Berardi mine to reduce outstanding debt and reported a gross margin of around 53% for the quarter ended Dec. 31, 2025. On the flip side, Hecla is facing an environmental lawsuit regarding a Montana exploration project.
Why Revenue Matters for Retail InvestorsRevenue here refers to the data provider's standardized income statement revenue line item and serves as the foundational indicator of a business's ability to generate sales from its core operations before any expenses are deducted.
Foolish TakeHecla Mining and First Majestic are two top silver stocks, but their asset bases differ, which can alter the investment thesis and returns for investors.
Hecla’s revenue base is larger and a lot more diversified, making it less dependent on silver prices alone. In its last quarter, Hecla generated 60% revenue from silver and 29% from gold, with metals like zinc and lead making up the remaining. That gives Hecla significantly stronger operating margins and makes its revenue more resilient during weaker silver markets. Its Greens Creek mine is especially valuable because by-product credits keep production costs very low.
First Majestic Silver is the more direct and aggressive bet on silver, as much of its revenue is tied to silver prices. That means if silver rallies sharply, First Majestic’s revenue could grow at a much faster clip than Hecla’s. But that also means revenues are more volatile when silver prices weaken. Heavy dependence on Mexico is also an added risk.
In the long run, Hecla Mining could provide stronger returns through steadier revenue and superior margins. The proceeds from the Casa Berardi sale, combined with strong cash flows, should not only help Hecla pare debt but also ramp up spending on key mines, making it a top silver stock to buy on dips.
Data source: Company filings. Data as of April 28, 2026.
Built by the same prospecting team behind Snowline Gold's 7.94-million-ounce Valley deposit, Yukon Metals is consolidating an 18-project, 43,000+-hectare portfolio across copper, gold, silver, and tungsten — and the institutional money is starting to follow.
USA News Group News Commentary
, /PRNewswire/ -- Gold opened the second quarter of 2026 with prices that would have been unthinkable two years ago. According to the World Gold Council's Q1 2026 Gold Demand Trends report, the LBMA (PM) gold price set a new quarterly average record of US$4,873 per ounce in Q1 2026, with the metal hitting an all-time high of US$5,405 per ounce in January 2026 before correcting [1]. Total gold demand reached 1,231 tonnes (+2% YoY), with the value of demand surging 74% to a record US$193 billion [1]. Central banks added another 244 tonnes to global reserves and bar-and-coin investment climbed 42% to 474 tonnes — the second-highest quarter on record [1]. The capital is flowing back into producers and the highest-conviction juniors at the same time. The question, increasingly, is which untested ground gets pulled into the next wave.
The Yukon — for years a place where the geology was indisputably world-class but the capital cycle was indifferent — is finally getting the attention. Snowline Gold's 7.94-million-ounce Valley deposit, the recent strategic alliance between Cascadia Minerals and Agnico Eagle, and Hecla Mining's Keno Hill operation have collectively put the territory back on every generalist's map. Smaller juniors with credible technical teams and contiguous land positions are positioned to be the next beneficiaries.
Yukon Metals Corp. (CSE: YMC) (FSE: E770) (OTCQB: YMMCF) is one of them. The company controls an 18-project, 43,000+-hectare portfolio across the territory, built on more than 30 years of prospecting by the Berdahl family — the same team behind Snowline Gold's flagship Rogue Project [2]. In its most recent corporate presentation, Yukon Metals frames its portfolio as "four distinct district plays copper-gold, tungsten, gold, and silver-lead-zinc." [3]. Drill assays released across the past six months at Birch, Carter Gulch, and Star River have started to validate the thesis, and an April 27, 2026 option agreement on the Sumo copper-gold property — previously drilled by Sumac Mines Ltd., a subsidiary of Sumitomo Metal Mining Co., Ltd. — has just consolidated the company's position in what it now calls the "emergent Birch District" [3].
A 300-Metre Step-Out Becomes a Discovery
The headline result of Yukon Metals' 2025 program came at Birch, the company's 100%-owned, 7,000-hectare copper-gold project located 65 kilometres northeast of Burwash Landing in southwestern Yukon. On December 8, 2025, the company reported that hole BR25-003 — drilled 300 metres northeast of the original discovery hole — intersected 47.4 metres of 0.43 g/t gold from 26.6 metres depth, including 1.0 metre of 14.35 g/t gold at 71.0 metres [4]. That 14 g/t hit is the highest-grade gold intercept ever recorded at Birch, and a deeper interval in the same hole returned 33.8 metres of 0.19 g/t gold from 278.7 metres, supporting the company's interpretation of stacked mineralized horizons [4].
Notably, the 14 g/t intercept occurred with minimal arsenic — a geochemical signature typically associated with proximal, higher-temperature skarn environments, the kind generally found close to a porphyry source [4]. Surface prospecting two kilometres south of the drill collars returned rock samples grading up to 16 g/t gold, 1,825 g/t silver, and 0.43% copper, coincident with a large molybdenum soil anomaly [4].
"Last year's drilling identified a system transitioning at depth from copper into a gold-rich zone showing multiple mineralization episodes and confirmed that mineralization extends well beyond our initial discovery," says Jim Coates, President and Chief Executive Officer. "The highest-grade gold we have seen at Birch to date came from that program, and it is a key driver of our 2025 exploration plans." The 2025 Birch program totaled 1,685 metres of HQ diamond drill core in six holes off four pads.
Carter Gulch: 250 g/t Gold from Float, with a New 70-Claim Block to Cover It
If Birch was the technical highlight of late 2025, Carter Gulch was the early-2026 surprise. On February 20, 2026, Yukon Metals reported that 2025 rock sampling at Carter Gulch — located approximately 40 kilometres from Whitehorse — returned gold values up to 250 grams per tonne, with an average grade of 17.8 g/t Au across nine samples that exceeded 1 g/t (out of 27 samples submitted) [6]. The peak sample (325933, an oxidised quartz vein float sample) also assayed 41.9 ppm silver, 2,130 ppm copper, and 2.96% lead [6]. Two additional float samples returned 118.5 g/t Au and 38.30 g/t Au respectively [6].
Following those results, Yukon Metals staked 68 new quartz claims around the original Kiyoko claims, bringing the total Carter Gulch land position to 70 claims covering approximately 1,462 hectares — a footprint scaled to capture both the historic CG Showing (where 1993 prospecting returned up to 142 g/t Au, 1.3% Pb, and 1.1% Cu) and the nearby Peppy Showing 1.5 kilometres to the southeast [6]. Gravel roads run within two kilometres of the property and the Alaska Highway is ten kilometres from the claim boundary [6].
Star River: 11.7 g/t Gold and a Polymetallic Corridor Five Kilometres From a Past-Producing Mine
The April 2, 2026 release on Star River — Yukon Metals' silver-lead-zinc-gold project located approximately 5 kilometres from the past-producing Ketza River Gold Mine in southern Yukon — added a different kind of result [7]. The 2025 first-pass drill program tested the F2, F3, and Saddle vein systems with eight holes and confirmed a 1-kilometre-long structural corridor defined by drone magnetic surveying.
Highlights from the program include:
11.7 g/t gold over 0.5 metres in hole SR25-001 within metre-scale quartz-ankerite-sulphide veins in the F2 zone [7]A separate F2-corridor interval in the same hole returning 183 g/t silver and 10.6% lead over 0.5 metres [7]Hole SR25-006 (south of F2) intersecting three 1.5-metre intervals of 2.4–3.4% zinc in brecciated and veined metasediments [7]F3 vein drilling (holes SR25-007 and SR25-008) returning up to 116 g/t silver and 3.2% lead [7]Multiple holes intersecting gold mineralization between 1.9 and 4.9 g/t [7]Yukon Metals also acquired the contiguous Stump claims, which extend roughly 2 kilometres of prospective ground south along the same structural corridor and cover a historic high-grade silver-lead vein where surface samples have returned more than 2,400 g/t silver and 70% lead over narrow intervals [7].
The Sumo Option: A Sumitomo-Drilled Property in the Same District
The April 27, 2026 option agreement on the Sumo copper-gold property is the move that ties the recent results into a district-scale story. Sumo sits approximately 10 kilometres east of Birch and comprises 75 quartz claims totalling roughly 1,875 hectares along the same geological trend [3]. The strategic value lies in what's already been done on the property: between 2013 and 2015, Sumac Mines Ltd. — a subsidiary of Sumitomo Metal Mining Co., Ltd. — drilled 19 diamond drill holes totalling approximately 7,300 metres at Sumo, with core remaining stored on site [3]. The fact that one of the world's largest base-metals producers spent meaningful capital here a decade ago is, in itself, a strong vote of confidence in the geology.
Recent work by optionor Ryan Burke — a Yukon prospector also responsible for generating the Catch prospect, now owned by Cascadia Minerals and the subject of a March 2026 earn-in agreement with Agnico Eagle — has added new layers. A 2024 soil grid covering 3 × 2 kilometres returned peak values of 587 ppm copper, 409 ppb gold, and 4.1 ppm molybdenum, and 2025 surface sampling defined a new 1.1 km × 600 m copper-gold skarn target located approximately 1.2 km from the previous Sumitomo-era drill sites [3]. Option terms call for $395,000 in aggregate cash payments and 1.5 million shares over six years, plus $3.6 million in work expenditures, with Burke retaining a 2.5% NSR (1% repurchasable for 750 oz of gold) [3].
The Comparable Set: Where Yukon Metals Sits
The peer set explains the framework well. Snowline Gold Corp. (TSX: SGD) (OTCQB: SNWGF) — graduated from the TSX Venture Exchange to the senior Toronto Stock Exchange in November 2025 and added to the GDXJ in March 2026 — is the obvious anchor. Snowline's Valley deposit on the Rogue Project now hosts 7.94 million ounces of gold Measured & Indicated (204 Mt at 1.21 g/t) plus 0.89 million ounces Inferred (44.5 Mt at 0.62 g/t), per the Preliminary Economic Assessment dated August 27, 2025 with an effective date of March 1, 2025 [8]. The company entered 2026 with roughly C$105 million in treasury and announced a new "Crossroad" target on its Cynthia Project in February 2026, with selective grab samples up to 14.1 g/t gold and 3,505 g/t silver [8]. The Berdahl prospecting connection — and the parallel geology between Snowline's Selwyn Basin ground and Yukon Metals' Birch system — gives Yukon Metals shareholders a direct technical lineage to one of the territory's most-watched stories.
Hecla Mining Company (NYSE: HL) — described in its own corporate language as "the largest silver producer in the United States and Canada" — operates Keno Hill in the Yukon and reported Q1 2026 sales of $411 million and net income from continuing operations of $165 million on May 5, 2026 [9]. (GAAP net loss attributable to common stockholders was $19 million for the quarter, reflecting a $192 million non-cash write-down related to the sale of Casa Berardi.) Hecla redeemed the remaining $263 million of its 7.25% Senior Notes on April 9, 2026, leaving the company effectively debt-free with a $225 million undrawn revolving credit facility [9]. Q1 silver production at Keno Hill of 0.5 million ounces was down 18% from the prior quarter due to Yukon Energy power supply issues during extreme cold weather, but the operation produced a record 3.0 million ounces in 2025 and remains a key Yukon silver mine [9]. Hecla has budgeted a record $55 million for exploration and pre-development in 2026 [9].
Western Copper and Gold Corporation (TSX: WRN) (NYSE American: WRN) advances the Casino copper-gold-molybdenum project in west-central Yukon — a project of national significance with 8.5 million ounces of gold and 5.08 billion pounds of copper in proven and probable reserves per its 2022 Feasibility Study [10]. Western submitted its Environmental and Socio-economic Effects Statement to YESAB on October 6, 2025, and closed an upsized $92 million bought deal financing on February 26, 2026, at $4.15 per share, with combined cash, cash equivalents, and short-term investments of approximately $135 million as of March 26, 2026 [10]. The Casino Technical and Sustainability Committee includes representation from strategic investors Rio Tinto and Mitsubishi Materials [10].
The framework matters. Yukon Metals is not yet at Snowline's resource scale and not at Western Copper's permitting stage. But it does sit on 18 projects, 43,000+ hectares, and has now produced credible drill results at three of them in less than six months — Birch, Carter Gulch, and Star River — while securing optionable ground (Sumo) that already saw 7,300 metres of Sumitomo-funded drilling. The capital structure (basic shares of 114.3 million as of October 2025; current basic market cap approximately C$56 million at the May 5 close of C$0.49) leaves substantial room for re-rating if any one of the three properties advances toward a maiden resource [11].
Why Now
The 2026 macro setup for gold and silver is the most supportive in a generation. Hecla's realized Q1 2026 silver price was $82.70 per ounce, more than double the prior-year quarter [9]. Newmont's Q1 2026 realized gold price of $4,900 per ounce drove a 96% year-over-year increase in net income to $3.3 billion and a record $3.1 billion of free cash flow [12]. In a market like this, exploration-stage companies with multiple drill-ready targets, a recognized technical pedigree, and contiguous land positions tend to receive disproportionate capital. Yukon Metals checks all three boxes — and the recent Sumo addition shows the management team is using the moment to consolidate, not just publish.
The next data points to watch: 2026 drill program details across Birch, Star River, AZ (where rock chip samples have graded up to 26% copper and a Dec 4, 2025-effective NI 43-101 technical report was filed in March 2026), and follow-up at Sumo's recently defined 1.1 km × 600 m copper-gold skarn target [3,13].
Continuing coverage of Yukon Metals Corp. and the broader Yukon mining sector is available at https://equity-insider.com/ymc-landing
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DISCLAIMER: Nothing in this publication should be considered as personalized financial advice. We are not licensed under securities laws to address your particular financial situation. No communication by our employees to you should be deemed as personalized financial advice. Please consult a licensed financial advisor before making any investment decision. This is a paid advertisement and is neither an offer nor recommendation to buy or sell any security. We hold no investment licenses and are thus neither licensed nor qualified to provide investment advice. The content in this report or email is not provided to any individual with a view toward their individual circumstances. USA News Group is a wholly-owned subsidiary of Market IQ Media Group, Inc. ("MIQ"). MIQ has been paid a fee for Yukon Metals Corp. advertising and digital media from the company directly. There may be 3rd parties who may have shares of Yukon Metals Corp., and may liquidate their shares which could have a negative effect on the price of the stock. This compensation constitutes a conflict of interest as to our ability to remain objective in our communication regarding the profiled company. Because of this conflict, individuals are strongly encouraged to not use this publication as the basis for any investment decision. The owner/operator of MIQ does not currently own any shares of Yukon Metals Corp. but reserves the right to buy and sell, and will buy and sell shares of Yukon Metals Corp. at any time without any further notice commencing immediately and ongoing. We also expect further compensation as an ongoing digital media effort to increase visibility for the company, no further notice will be given, but let this disclaimer serve as notice that all material disseminated by MIQ has been approved by the above mentioned company; this is a paid advertisement, and we own shares of the mentioned company that we will sell, and we also reserve the right to buy shares of the company in the open market, or through further private placements and/or investment vehicles. While all information is believed to be reliable, it is not guaranteed by us to be accurate. Individuals should assume that all information contained in our newsletter is not trustworthy unless verified by their own independent research. Also, because events and circumstances frequently do not occur as expected, there will likely be differences between any predictions and actual results. Always consult a licensed investment professional before making any investment decision. Be extremely careful, investing in securities carries a high degree of risk; you may likely lose some or all of the investment.
SOURCES:
[1] World Gold Council, "Gold Demand Trends Q1 2026," April 30, 2026, https://www.gold.org/goldhub/research/gold-demand-trends/gold-demand-trends-q1-2026
[3] Yukon Metals Corp., "Yukon Metals Options Copper-Gold Project from Renowned Yukon Prospector Ryan Burke, Solidifying Position in Emergent Birch District," April 27, 2026
[3a] Yukon Metals Corp., Corporate Presentation, May 5, 2026, https://yukonmetals.com/images/pdf/Presentation/2026/26-05-05_FINAL_YMC_PRESENTATION_2.pdf
[4] Yukon Metals Corp., "14 G/T Au Within 47m of Gold-Bearing Skarn from 26m Depth in 300m Step-Out at Birch Cu-Au Project," December 8, 2025
[5] Yukon Metals Corp., "Yukon Metals Appoints Jim Coates as Permanent Full-Time CEO," March 2, 2026
[6] Yukon Metals Corp., "Yukon Metals Samples Up to 250 G/T Gold in Rock and Expands Land Position at Carter Gulch, Yukon," February 20, 2026
[7] Yukon Metals Corp., "Yukon Metals Intersects 11.7 g/t Gold Within Extensive Vein System in First Drill Program and Expands Land Package at Star River Property," April 2, 2026
[8] Snowline Gold Corp., "Snowline Gold Intersects Strong Intervals in Geotechnical Drilling at Valley and Discovers New Mineralized Target," February 11, 2026, https://www.snowlinegold.com/news/snowline-gold-intersects-strong-intervals-in-geotechnical-drilling-at-valley-and-discovers-new-mineralized-target
[9] Hecla Mining Company, "Hecla Reports First Quarter 2026 Results," May 5, 2026
[10] Western Copper and Gold Corporation, "Western Copper and Gold Announces Submission of ESE Statement," October 6, 2025; SEC Form 6-K, March 26, 2026; "Western Copper and Gold Announces Positive Feasibility on Casino," June 28, 2022
View original content:https://www.prnewswire.com/news-releases/yukon-metals-reports-14-gt-gold-in-300-metre-step-out-drilling-and-optioned-adjacent-sumitomo-drilled-property-302769606.html
On May 13, 2026, Hecla Mining Co HL shares rose 10.5% today, bringing the current price to $20.57. This price is within a volatile 52-week range of $4.68 to $34.17, demonstrating significant price fluctuations over the past year.
GF Value™ verdict: The current price is $20.57, which is 111.2% above the GF Value™ of $9.74, indicating the stock is significantly overvalued.GF Score™ of 67/100, which is considered above average, suggesting a sound but not exceptional investment profile.Most notable signal: Financial strength is rated 9/10, indicating a robust financial foundation. Is HL Overvalued or Undervalued? Hecla Mining Co's current price of $20.57 stands in stark contrast to its GF Value™ of $9.74, reflecting a substantial overvaluation of 111.2%. This significant premium raises concerns regarding the stock's future performance, as it may not have sufficient margin of safety for investors. The GF Valuation label categorizes HL as significantly overvalued, which suggests that investors may face risks if the stock price corrects to align more closely with its intrinsic value.
GF Value™ is GuruFocus' proprietary measure of intrinsic value, calculated from historical trading multiples, past business growth, and future performance estimates. Given the considerable difference between the current price and the GF Value™, potential investors should exercise caution and consider the implications of overvaluation on future returns.
How Does HL's Valuation Compare to Its History? Metric Current Historical P/E (TTM) 50.2x 79.8x (5-Year Median) Forward P/E 20.2x N/A Hecla Mining Co's current P/E (TTM) ratio of 50.2x is significantly below its 5-year median of 79.8x, indicating that while the stock is trading at a lower multiple than its historical average, it remains elevated compared to the GF Value™ verdict. This discrepancy suggests that while the P/E analysis points to a lower valuation relative to historical standards, the overall conclusion aligns with the GF Value™ assessment of overvaluation.
What Does HL's GF Score™ Tell Us? Metric Rating GF Score™ 67 Financial Strength 9/10 Profitability 6/10 Growth 6/10 Valuation 1/10 Momentum 3/10 The GF Score™ for Hecla Mining Co stands at 67/100, indicating an above-average investment profile. The strongest area is financial strength, where it achieved an impressive 9/10, suggesting a solid foundation for the company. Conversely, the weakest area is valuation, rated at just 1/10, which aligns with the conclusion drawn from the GF Value™ assessment, indicating significant overvaluation. The profitability and growth ranks of 6/10 reflect steady operational efficiency but do not offset concerns regarding current valuation levels.
What Are Insiders Doing with HL Stock? There have been no insider transactions reported in the last three months for Hecla Mining Co. This lack of insider activity may suggest that insiders are not currently buying or selling shares, which can indicate a neutral sentiment regarding the stock's future performance. Investors often look for insider buying as a bullish signal, so the absence of such activity may raise questions about the stock's attractiveness from those closest to the company.
What This Means for Investors Based on the analysis, Hecla Mining Co HL is currently deemed overvalued according to GF Value™, which highlights significant risks for potential investors. The large gap between the current stock price and its intrinsic value suggests that investors may be paying a premium that may not be justified by future performance.
For the complete analysis, visit the Hecla Mining Co HL stock page. You can also explore the GF Value™ page for detailed valuation methodology, or use the GuruFocus Stock Screener to find similar opportunities.
Frequently Asked Questions What is HL's GF Score™?
HL's GF Score™ is 67/100, indicating an above-average investment profile based on key factors that influence long-term returns.
Is HL overvalued or undervalued?
HL is considered overvalued, with a GF Value™ of $9.74 compared to the current price of $20.57, suggesting a significant premium.
What is HL's P/E ratio?
HL's P/E (TTM) ratio is 50.2x, which is 37% below its 5-year median of 79.8x, indicating that while the stock is trading at a lower multiple, it remains overvalued based on GF Value™.
This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].
HL weekly chart shows long-term trend structure Resistance Zone Defines Next Move The neckline and therefore the original breakout level for the double bottom pattern is the lower swing high from April at $21.05. However, an initial breakout was attempted on Wednesday, with a slightly higher high of $21.30 established. This means that another breakout attempt needs to exceed that high to confirm a continuation of the developing bull trend.
Notably, resistance for the double bottom pattern is marked by the 100-day moving average at $21.19 and the 20-week moving average at $21.26. A decisive move above both indicators would further confirm strength in the bullish reversal attempt. Since those indicators are clustered near the neckline breakout level, they collectively define a critical price zone that could influence the next directional move. Resistance confirmation adds to the potential significance of an upside breakout and the possibility for strong bullish momentum if it triggers.
Fibonacci Targets Extend Above January Peak Following a successful breakout of the double bottom, initial upside targets are the prior swing high of $25.21 and the 61.8% Fibonacci retracement at $27.32. If the trend can extend beyond the 78.6% Fibonacci retracement at $30.34, it may then have a chance to reach new highs above the $34.17 peak from January.
Higher potential targets include the 127.2% Fibonacci retracement at $39.04 and the 161.8% Fibonacci retracement at $45.24. Given the significance of the current resistance zone and the developing double bottom structure, a confirmed breakout could mark the continuation of the larger bullish advance that began following the April 2025 low.
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Stock to Watch: Hecla Mining (HL - Free Report) Hecla Mining Company is a North American precious and base metals producer focused on silver, gold, zinc, lead and minor copper. The company discovers, acquires, develops and operates underground and open-pit mines, producing concentrates, loaded carbon and doré for sale to smelters, refiners, processors, and traders.
HL is a #3 (Hold) on the Zacks Rank, with a VGM Score of B.
Momentum investors should take note of this Basic Materials stock. HL has a Momentum Style Score of A, and shares are up 1.8% over the past four weeks.
One analyst revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.00 to $0.69 per share. HL boasts an average earnings surprise of +23.4%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, HL should be on investors' short list.
Silver is having a structural moment. The metal pushed to $118.45/oz in January 2026 before settling near the $80 handle that several banks pencilled in as a base case, and Deutsche Bank and other strategists are now modelling a path into the $90 to $100 range as central bank diversification, industrial demand from solar and solid-state batteries, and an ongoing supply-demand deficit collide. For retail investors who missed the gold trade, sub-$30 silver miners offer high-beta exposure to that thesis without paying up for the majors.
Here are four silver mining stocks trading under $30 that look interesting given current monetary and industrial tailwinds.
Hecla Mining (NYSE: HL) Hecla Mining (NYSE:HL) is the largest primary silver producer in the United States, with flagship operations at Greens Creek, Lucky Friday, and Keno Hill. Shares closed at $18.61, well inside the $30 ceiling, after climbing 278.88% over the past year. The Q1 2026 report showed record free cash flow from continuing operations of $143.66M, a realized silver price of $82.70/oz, and continuing-ops EPS of 0.25. Wall Street carries an average target of $24.82 with a forward P/E of 22x.
The bull case is balance sheet plus leverage: Hecla closed the Casa Berardi divestiture for $168M, redeemed its remaining senior notes, and is now debt-free with a $225M undrawn revolver. CEO Rob Krcmarov called this “the strongest balance sheet in the Company’s recent history.”. The risk is operational: a $192M non-cash Casa Berardi write-down drove a GAAP loss, and Keno Hill faces cold-weather power constraints. A debt-free pure-play silver producer with rising exploration spend looks well-positioned if prices grind higher.
First Majestic Silver (NYSE: AG) First Majestic Silver (NYSE:AG) operates silver and gold mines across Mexico and Nevada and is one of the highest-beta names in the sector. The stock trades at $21.86 after a 297.54% one-year run, with a beta of 2.096. Analyst consensus sits at $26.50, and the forward P/E of 19x compares to a trailing multiple of 64x, reflecting the earnings ramp baked into 2026 estimates.
The bull case is torque: quarterly earnings growth ran at 235.9% YoY with revenue up 169.2% YoY, and the company carries $1.26B in TTM revenue at a 49% operating margin. The risk is volatility cutting both ways, plus one strong-sell rating from a sell-side desk skeptical of the multiple. Patience and position sizing matter here.
Endeavour Silver (NYSE: EXK) Endeavour Silver (NYSE:EXK) runs the Guanacevi, Bolanitos, and newly ramped Terronera mines, with Kolpa now contributing after acquisition. Shares trade at $10.03, with a one-year return of 198.51%. The Q1 2026 report delivered adjusted EPS of 0.21 versus $0.09 consensus, revenue of $209.7M (up 230.3% YoY), and a realized silver price of $85.95/oz. The analyst target stands at $16.17 with eight buy or strong-buy ratings and zero holds.
The bull case is the Terronera ramp plus Pitarrilla feasibility advancing, with an LNG plant due mid-2026 that should cut roughly $8/tonne in costs. The risk is hedging: Endeavour booked a $24.2M loss on gold forward swaps struck at $2,311/oz against a market near $4,863/oz, and AISC guidance of $27 to $28/oz leaves margin compression if silver retraces.
Silvercorp Metals (NYSE: SVM) Silvercorp Metals (NYSE:SVM) is a Canadian-listed operator with producing mines in China’s Ying district and growth assets in Ecuador and Kyrgyzstan. Shares closed at $13.50, up 272.59% over one year and 61.87% year to date. The fiscal Q4 2026 report posted record quarterly revenue of $126.11M, adjusted EPS of 0.22, and operating cash flow of $132.94M. The consensus price target is $13.75, with a forward P/E of 12x.
The bull case is among the lowest cash costs in the sector at negative $3.02/oz, a $462.4M cash position, and growth catalysts in Kuanping (first ore June 2026) and El Domo (production July 2027). The risk is jurisdictional concentration: every revenue-generating mine sits in China, El Domo capex was revised up to $283.6M, and a $60.18M mark-to-market derivative charge triggered a GAAP loss this quarter.
Silver miners are leveraged plays on a volatile commodity, and the same operating leverage that magnifies gains on the way up cuts hard on the way down. Read the filings, size positions appropriately, and watch realized prices versus AISC at each operation before acting.
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What are the Zacks Style Scores? Developed alongside the Zacks Rank, the Zacks Style Scores are a group of complementary indicators that help investors pick stocks with the best chances of beating the market over the next 30 days.
Based on their value, growth, and momentum characteristics, each stock is assigned a rating of A, B, C, D, or F. The better the score, the better chance the stock will outperform; an A is better than a B, a B is better than a C, and so on.
The Style Scores are broken down into four categories:
Value ScoreFinding good stocks at good prices, and discovering which companies are trading under their true value, are what value investors like to focus on. So, the Value Style Score takes into account ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and a host of other multiples to highlight the most attractive and discounted stocks.
Growth ScoreGrowth investors, on the other hand, are more concerned with a company's financial strength and health, and its future outlook. The Growth Style Score examines things like projected and historic earnings, sales, and cash flow to find stocks that will experience sustainable growth over time.
Momentum ScoreMomentum traders and investors live by the saying "the trend is your friend." This investing style is all about taking advantage of upward or downward trends in a stock's price or earnings outlook. Employing factors like one-week price change and the monthly percentage change in earnings estimates, the Momentum Style Score can indicate favorable times to build a position in high-momentum stocks.
VGM ScoreIf you want a combination of all three Style Scores, then the VGM Score will be your friend. It rates each stock on their combined weighted styles, helping you find the companies with the most attractive value, best growth forecast, and most promising momentum. It's also one of the best indicators to use with the Zacks Rank.
How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
This totals more than 800 top-rated stocks, and it can be overwhelming to try and pick the best stocks for you and your portfolio.
That's where the Style Scores come in.
To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.
Since the Scores were created to work together with the Zacks Rank, the direction of a stock's earnings estimate revisions should be a key factor when choosing which stocks to buy.
Here's an example: a stock with a #4 (Sell) or #5 (Strong Sell) rating, even one with Style Scores of A and B, still has a downward-trending earnings outlook, and a bigger chance its share price will decrease too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Hecla Mining (HL - Free Report) Hecla Mining Company is a North American precious and base metals producer focused on silver, gold, zinc, lead and minor copper. The company discovers, acquires, develops and operates underground and open-pit mines, producing concentrates, loaded carbon and doré for sale to smelters, refiners, processors, and traders.
HL is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
Additionally, the company could be a top pick for growth investors. HL has a Growth Style Score of A, forecasting year-over-year earnings growth of 40.8% for the current fiscal year.
For fiscal 2026, one analyst revised their earnings estimate upwards in the last 60 days, and the Zacks Consensus Estimate has increased $0.00 to $0.69 per share. HL boasts an average earnings surprise of +23.4%.
With a solid Zacks Rank and top-tier Growth and VGM Style Scores, HL should be on investors' short list.
Key Takeaways Coeur Mining lifted Q1 2026 gold and silver output with support from acquired New Gold assets. CDE advanced New Afton's C-Zone and extended Rainy River's mine life through 2035. HL generated record Q1 free cash flow while advancing growth projects at key silver operations. Coeur Mining, Inc. (CDE - Free Report) and Hecla Mining Company (HL - Free Report) remain closely watched precious metals producers as gold and silver markets continue to benefit from elevated inflation concerns, central bank buying activity and resilient safe-haven demand heading into 2026.
Higher realized metal prices have strengthened cash flow expectations and improved investor sentiment across the silver and gold mining sector. Both companies continue advancing operational optimization, reserve expansion and exploration initiatives at key North American assets.
The supportive commodity environment, combined with ongoing production growth and strategic project execution, positions both CDE and HL as leveraged beneficiaries of sustained strength in precious metals markets.
Let’s dive deep and closely compare the fundamentals of these two miners to determine which one is a better investment now.
The Case for CDECoeur Mining delivered solid first-quarter 2026 production results, producing 96,503 ounces of gold and 4.4 million ounces of silver, representing a year-over-year increase of 11% and 18%, respectively.
A major milestone during the quarter was the completion of the acquisition of New Gold on March 20, 2026, adding the New Afton and Rainy River mines to Coeur’s portfolio. Following the acquisition, Rainy River contributed 12,494 ounces of gold and 19,000 ounces of silver, while New Afton added 1,651 ounces of gold, 4,000 ounces of silver and 1.4 million pounds of copper.
Among legacy operations, Las Chispas produced 15,031 ounces of gold and 1.5 million ounces of silver, while Palmarejo delivered 22,918 ounces of gold and 1.5 million ounces of silver. Rochester produced 14,112 ounces of gold and 1.4 million ounces of silver, impacted by lower grades and maintenance activity. Kensington generated 20,525 ounces of gold, while Wharf produced 9,772 ounces, reflecting operational disruptions tied to prior fire damage.
At New Afton, Coeur advanced the C-Zone development project with cave construction completed and throughput expected to ramp up to 15,000 tons per day in the first half of 2026. At Rainy River, Coeur updated the mine’s technical report, extending the operation’s mine life through 2035 while continuing underground mining ramp-up and Phase 5 open-pit stripping activities.
Coeur also progressed the Stage 6 leach pad expansion at Rochester and continued exploration efforts tied to the future POA 12 expansion. In addition, the company advanced exploration and development programs at its Silvertip project in British Columbia.
At the end of March 2026, CDE’s cash and cash equivalents were around $843.2 million, an eleven-fold increase compared with the year-ago period. Total debt increased to approximately $761.4 million at quarter-end from $340.5 million at the end of 2025. The total debt-to-capital ratio is 0.068. Free Cash Flow in the quarter was about $266.8 million.
The Case for HLHecla Mining delivered solid production results in the first quarter of 2026, producing approximately 3.9 million ounces of silver and 12,886 ounces of gold. Greens Creek remained the company’s largest silver-producing operation with about 2.2 million ounces of silver and all of the gold production during the quarter.
Lucky Friday contributed roughly 1.2 million ounces of silver, while Keno Hill produced around 488,719 ounces of silver as ramp-up activities continued in the Yukon. The company also generated meaningful lead and zinc by-product production, supporting strong overall operating performance.
Hecla Mining continued advancing a broad pipeline of operational and development projects during the first quarter of 2026, reinforcing its long-term North American silver growth strategy. At Lucky Friday, the company pushed forward with the surface cooling project, underground development and construction of a new tailings facility, all aimed at supporting the mine’s 17-year reserve life and future production expansion.
At Keno Hill in the Yukon, Hecla continued ramping up operations while investing in mine infrastructure, including a waste storage facility and water treatment plant, to support the transition toward steady-state production capacity.
At Greens Creek, the company advanced engineering and construction work tied to a major tailings expansion project expected to extend mine life and tailings capacity through 2045.
At the end of March 2026, Hecla Mining reported cash and cash equivalents of approximately $588 million, while total debt stood at around $266 million. The total debt-to-capital ratio is 0.093. The company generated a record free cash flow of roughly $144 million during the first quarter of 2026.
CDE and HL: Price Performance & ValuationThe CDE stock is up 119.2% in the past year, and HL is up 228.3%.
Image Source: Zacks Investment Research
CDE is currently trading at a forward 12-month sales multiple of 3.7X, whereas HL is currently trading at a forward 12-month sales multiple of 9.39X.
Image Source: Zacks Investment Research
How The Zacks Consensus Estimate Compares for CDE & HLThe Zacks Consensus Estimate for CDE’s fiscal 2026 EPS suggests a 82.5% year-over-year rise. EPS estimates for fiscal 2026 have been trending lower over the past 60 days.
Image Source: Zacks Investment Research
EPS estimates for CDE for fiscal 2026 have been trending lower over the past 60 days.
Image Source: Zacks Investment Research
The consensus estimates for HL’s fiscal 2026 EPS suggests a 40.8% year-over-year rise.
Image Source: Zacks Investment Research
EPS estimates for HL for 2026 have been stable over the past 60 days.
Image Source: Zacks Investment Research
CDE or HL: Which Stock Holds the Edge?Coeur Mining stands out as the more compelling investment, while Hecla Mining remains an attractive buy. CDE delivered a strong first-quarter 2026 performance, generating 96,503 ounces of gold and 4.4 million ounces of silver, supported by $266.8 million in free cash flow. Its growth was driven by the successful integration of the high-grade, low-cost Las Chispas mine, alongside consistent production from Rochester and Palmarejo, enhancing both margin expansion and production visibility. Hecla Mining also posted solid results, producing 3.9 million ounces of silver and significant gold output from Greens Creek, with $144 million in free cash flow, reflecting strong operational execution across its portfolio.
CDE’s higher cash and lower forward 12-month sales multiple compared to HL’s underscore an attractive valuation relative to peers.
Coeur Mining’s combination of production scale, margin efficiency, financial strength and attractive valuation positions it as the preferred stock.
CDE and HL carry a Zacks Rank #3 (Hold) each at present. You can see the complete list of today’s Zacks #1 (Strong Buy) Rank stocks here.
For new and old investors, taking full advantage of the stock market and investing with confidence are common goals. Zacks Premium provides lots of different ways to do both.
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Zacks Premium also includes the Zacks Style Scores.
What are the Zacks Style Scores? The Zacks Style Scores, developed alongside the Zacks Rank, are complementary indicators that rate stocks based on three widely-followed investing methodologies; they also help investors pick stocks with the best chances of beating the market over the next 30 days.
Each stock is assigned a rating of A, B, C, D, or F based on their value, growth, and momentum characteristics. Just like in school, an A is better than a B, a B is better than a C, and so on -- that means the better the score, the better chance the stock will outperform.
The Style Scores are broken down into four categories:
Value ScoreValue investors love finding good stocks at good prices, especially before the broader market catches on to a stock's true value. Utilizing ratios like P/E, PEG, Price/Sales, Price/Cash Flow, and many other multiples, the Value Style Score identifies the most attractive and most discounted stocks.
Growth ScoreGrowth investors are more concerned with a stock's future prospects, and the overall financial health and strength of a company. Thus, the Growth Style Score analyzes characteristics like projected and historic earnings, sales, and cash flow to find stocks that will see sustainable growth over time.
Momentum ScoreMomentum trading is all about taking advantage of upward or downward trends in a stock's price or earnings outlook, and these investors live by the saying "the trend is your friend." The Momentum Style Score can pinpoint good times to build a position in a stock, using factors like one-week price change and the monthly percentage change in earnings estimates.
VGM ScoreWhat if you like to use all three types of investing? The VGM Score is a combination of all Style Scores, making it one of the most comprehensive indicators to use with the Zacks Rank. It rates each stock on their combined weighted styles, which helps narrow down the companies with the most attractive value, best growth forecast, and most promising momentum.
How Style Scores Work with the Zacks Rank The Zacks Rank is a proprietary stock-rating model that harnesses the power of earnings estimate revisions, or changes to a company's earnings expectations, to help investors build a successful portfolio.
It's highly successful, with #1 (Strong Buy) stocks producing an unmatched +23.7% average annual return since 1988. That's more than double the S&P 500. But because of the large number of stocks we rate, there are over 200 companies with a Strong Buy rank, plus another 600 with a #2 (Buy) rank, on any given day.
But it can feel overwhelming to pick the right stocks for you and your investing goals with over 800 top-rated stocks to choose from.
That's where the Style Scores come in.
To maximize your returns, you want to buy stocks with the highest probability of success. This means picking stocks with a Zacks Rank #1 or #2 that also have Style Scores of A or B. If you find yourself looking at stocks with a #3 (Hold) rank, make sure they have Scores of A or B as well to ensure as much upside potential as possible.
The direction of a stock's earnings estimate revisions should always be a key factor when choosing which stocks to buy, since the Scores were created to work together with the Zacks Rank.
A stock with a #4 (Sell) or #5 (Strong Sell) rating, for instance, even one with Scores of A and B, will still have a declining earnings forecast, and a greater chance its share price will fall too.
Thus, the more stocks you own with a #1 or #2 Rank and Scores of A or B, the better.
Stock to Watch: Hecla Mining (HL - Free Report) Hecla Mining Company is a North American precious and base metals producer focused on silver, gold, zinc, lead and minor copper. The company discovers, acquires, develops and operates underground and open-pit mines, producing concentrates, loaded carbon and doré for sale to smelters, refiners, processors, and traders.
HL is a #3 (Hold) on the Zacks Rank, with a VGM Score of A.
Momentum investors should take note of this Basic Materials stock. HL has a Momentum Style Score of A, and shares are up 4.4% over the past four weeks.
One analyst revised their earnings estimate upwards in the last 60 days for fiscal 2026. The Zacks Consensus Estimate has increased $0.00 to $0.69 per share. HL boasts an average earnings surprise of +23.4%.
With a solid Zacks Rank and top-tier Momentum and VGM Style Scores, HL should be on investors' short list.
It has been about a month since the last earnings report for Hecla Mining (HL - Free Report) . Shares have lost about 8.2% in that time frame, underperforming the S&P 500.
Will the recent negative trend continue leading up to its next earnings release, or is Hecla Mining due for a breakout? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at its latest earnings report in order to get a better handle on the important catalysts.
Hecla Mining's Q1 Earnings & Revenues Improve Y/Y on Higher PricesHecla Mining posted first-quarter 2026 earnings of 24 cents per share, missing the Zacks Consensus Estimate of 27 cents by 11%.
Revenues came in at $411 million, up 100.3% year over year but 13.3% below the consensus mark of $474 million. The quarter’s metal-price environment was supportive, with realized silver at $82.70 per ounce (up 146% year over year) and realized gold at $4,899 per ounce (up 46% year over year). This, along with higher sales volumes, led to the improvement in the quarter.
Hecla Mining’s Profits ImprovedTotal cost of sales in the first quarter was $158 million, up 15.8% from $136.7 million in the year-ago quarter. Gross profit surged 269% to $253 million from $69 million a year earlier.
Adjusted EBITDA from continuing operations surged 243% to a record $265 million.
Operational Highlights for Q1Hecla Mining reported silver production of around 3.9 million ounces, down 5% year over year. Higher output at Greens Creek was offset by declines at Lucky Friday and Keno Hill.
Gold production dipped 6% year over year to 12,886 ounces.
Silver payable ounces sold in the quarter were up 2% in the quarter to around 3.575 million ounces. Gold payable ounces sold were up 10% to 11,533 ounces.
Greens Creek produced nearly 2.18 million ounces of silver, 8.7% higher than the last year quarter. Gold output was around 12,886 ounces, a 6% decline year over year.
Lucky Friday produced 1.24 million ounces of silver in the quarter, a 7% decline from 1.33 million ounces in the year-ago quarter.
At Keno Hill, silver production was about 0.49 million ounces, compared with 0.77 million ounces in the prior year quarter. Production was impacted by reduced power supply during extreme cold weather and lower silver milled grade. Management expects silver grade mined and milled to increase in the second quarter as sequencing improves.
Hecla Mining Delivers Solid Cash Flows, Builds Balance Sheet StrengthHecla Mining generated cash flow from operating activities of around $183 million compared with $27.6 million in the prior year. Free cash flow was a record $144 million for the quarter, with all operations generating positive free cash flow.
The company ended the quarter with cash and cash equivalents of around $588 million, a significant jump from $242.7 million at the end of 2025, benefiting from solid free cash flow and cash proceeds from the Casa Berardi sale.
Total debt was reported at $266 million as of the quarter's end. Hecla redeemed its remaining $263 million of 7.25% Senior Notes on April 9, leaving the company with no long-term debt and a $225 million undrawn revolving credit facility (plus a $75 million accordion).
Hecla Mining’s Outlook for 2026Looking ahead, Hecla expects consolidated silver production of 15.1-16.5 million ounces in fiscal 2026. Consolidated gold production is expected to be 51-55 thousand ounces.
Exploration and pre-development investments are expected to nearly double to $55 million in fiscal 2026, with heightened focus across Greens Creek, Keno Hill, Lucky Friday and Nevada (Midas, Hollister and Aurora). The company also noted progress on key site initiatives, including continued work on the Lucky Friday surface cooling project, which was 81% complete at year-end and remains on track for mid-2026 completion.
How Have Estimates Been Moving Since Then?It turns out, fresh estimates have trended upward during the past month.
The consensus estimate has shifted 42.86% due to these changes.
VGM ScoresCurrently, Hecla Mining has a great Growth Score of A, a grade with the same score on the momentum front. However, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.
Overall, the stock has an aggregate VGM Score of A. If you aren't focused on one strategy, this score is the one you should be interested in.
OutlookEstimates have been trending upward for the stock, and the magnitude of this revision looks promising. Notably, Hecla Mining has a Zacks Rank #3 (Hold). We expect an in-line return from the stock in the next few months.
A continuing rout in precious metals stocks again put the hurt on Hecla Mining's (HL +2.00%) shares on Tuesday. The company, which considers itself the largest primary silver miner in North America and also produces gold, continued to be affected by recent softness in the spot prices of its favored metals, and its stock fell by nearly 3% that trading session as a result.
Not so precious? Silver, gold, and other precious metals had been in something of a holding pattern since mid-May, but this changed last Friday with the release of the latest monthly national employment statistics released by the federal government. These revealed that the tally for new, non-farm jobs created was 172,000, more than double the Dow Jones estimate.
Image source: Getty Images.
With far more new jobs than anticipated in this country, the Federal Reserve is much more likely to maintain its current interest rates for longer than expected, or even raise them -- a spike in employment tends to fuel inflation, as the new workers need to get paid, and they also spend into the economy.
Consequently, higher interest rates mean higher bond coupons, which in turn drive up the yields of current debt instruments. With that, non-yielding assets such as precious metals become less attractive to investors, a dynamic that's been largely in place since Friday.
Hecla Mining and its peers are particularly vulnerable to this, as their key costs are fixed and considerable. Even a minor swing up or down in the price of gold, silver, or whatever precious metal in which they specialize will have an amplified effect on their fundamentals.
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Lingering challenges This follows a sustained bull run in precious metals that saw several, including silver, reach new all-time highs. When considering that, the current bearishness doesn't necessarily look like an existential threat. Yet considering that geopolitical tensions remain high and economic headaches aren't going away, I'd probably avoid Hecla stock specifically and precious metals miners generally these days.
Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.
FuelCell Energy shares are sliding. What’s weighing on FCEL shares? Profit Taking In A Still Supportive MarketIndustrials are up 0.63% and overall breadth is strong, with 10 sectors advancing and only 1 in the red. Against that backdrop, FuelCell trading lower stands out. After a sharp multi month climb that left the stock hovering just under recent highs, this is exactly the kind of spot where early buyers often start trimming positions.
The red print reads like a positioning reset rather than a vote of no confidence in the company or the clean energy theme.
Rally Intact, But The Rubber Band Is TightFrom a bigger picture view, the uptrend is still undeniable. According to the user provided data, FuelCell has surged 451.09% over the past 12 months. The problem for new money is not the direction of the trend, but the entry point. RSI sits at 77.10, firmly in overbought territory. That does not guarantee an immediate reversal, but it does signal that buyers have been pushing hard for a while and that the risk of exhaustion is rising.
The distance from key moving averages tells the same story in even louder terms. Shares are trading 59.6% above the 20 day simple moving average at $15.74 and a staggering 204.5% above the 200 day simple moving average at $8.25. That kind of stretch keeps the chart looking powerful, but it also means that any wobble in sentiment can quickly turn into a sharper pullback as price snaps back toward those trend lines.
Structurally, the setup still looks constructive. The 20 day simple moving average is above the 50 day, and a golden cross, where the 50 day moved above the 200 day, formed in October 2025. RSI first pushed into overbought territory in May, lining up with the latest swing high and the push toward the 52 week high zone.
Key levels are clear and psychologically important in a momentum tape. Resistance sits near $26.90 around the 52 week high area where sellers have recently appeared. Support is anchored near $15.74, in line with the 20 day simple moving average and the kind of "first pullback" zone that often gets tested when a hot stock cools off. If the narrative loses steam, the market will try to fall back on those reference points.
Why FuelCell Was Rising YesterdayAccording to the user provided company update, FuelCell Energy shares ripped higher on Thursday after the company announced a notable addition to its board of directors. The company said it appointed John Livingston, a veteran executive with more than 25 years of experience across strategy, technology and cybersecurity, to its board effective May 19, 2026.
FCEL Shares Are SlidingFCEL Price Action: FuelCell shares were down 2.12% at $25.82 at the time of publication on Friday. The stock is approaching its 52-week high of $26.90, according to Benzinga Pro.
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Fuel cell stocks are splitting in opposite directions midday Wednesday. Plug Power (NASDAQ:PLUG) stock is up 6% to $4.07, while sector peers FuelCell Energy (NASDAQ:FCEL) and Bloom Energy (NYSE:BE) are slipping into the red.
FCEL stock is down 4% to $23.32, and BE stock is off 3% to $294.64. The split looks dramatic on the screen, but the context matters here.
All three names have been on torrid runs into today. FCEL stock is up 225% year to date (YTD) and BE shares are up 242% YTD. Today’s red prints in FCEL and BE look more like profit-taking than a sector breakdown.
Plug Power: Hydrogen Turnaround Catches Another Bid Plug Power stock is the clear standout today, extending a massive rally starting in March.
The fundamental backdrop firmed up earlier this month. Plug Power reported Q1 FY2026 revenue of $163.51M, up 22% year over year, beating consensus by 17%, with GAAP gross margin improving sharply. CEO Jose Luis Crespo reiterated the company’s “EBITDAS positive target in Q4 2026”.
Plug Power’s management is also unlocking cash, with about $275 million expected from hydrogen asset monetization, including a $142 million Stream Data Centers deal closing in June. Wall Street remains cautious, however, with an analyst target price of $3.62 sitting below today’s quote.
FuelCell Energy: Pullback After a Vertical Run FuelCell Energy stock is taking a breather after a near-vertical move. One red day barely dents the broader trend.
The bull thesis remains the AI power pivot. FuelCell Energy posted Q4 FY2025 revenue of $55.02M, up 12% year over year, with cash on hand of $278.1 million and a $1.24 billion backlog. CEO Jason Few continues to point management’s energy toward data center customers.
The setup looks like classic profit-taking. FCEL stock ran fast, and traders are trimming after a parabolic month.
Bloom Energy: Sector Leader Cools Off Bloom Energy stock is the sector’s heavyweight and today’s modest decliner, with hyperscaler power deals reshaping the story.
The fundamentals are doing the heavy lifting. Bloom Energy reported Q1 FY2026 revenue of $751.05M, up 130% year over year, and raised FY26 guidance to $3.4 billion to $3.8 billion in revenue. CEO KR Sridhar described the moment with confidence: “We at Bloom are ushering in the era of digital power for the digital age.”
Even Mad Money host Jim Cramer has flagged the name, noting that Bloom’s fuel cells are “in short supply and they don’t burn dirty” for data center deployment. A 3% pullback against that backdrop is noise, not a thesis change.
What to Watch The bigger picture is that PLUG, FCEL, and BE are all riding the same AI power thesis, just at different scales. The Bloom Energy stock leads on hyperscaler exposure, FuelCell Energy is the mid-cap pivot story, and Plug Power is the hydrogen turnaround.
Today’s divergence is a function of timing and crowding, not narrative. With PLUG carrying a beta of 2.07 and 12 hold ratings against 5 buys, the stock could stay choppy even on green days.
Investors may want to keep an eye on whether PLUG stock holds above $4 into the close and whether FCEL and BE stabilize after their multi-month surges. Prudent investors might also size their positions modestly given how stretched the YTD moves already are across the group.
Key Takeaways Bloom Energy shows bigger 2026-2027 EPS estimate gains over 60 days than FuelCell Energy.Bloom Energy's ROIC is 5.67% versus FuelCell Energy's -14.9%, showing a wide efficiency gap.FuelCell Energy has lower debt-to-capital, but Bloom Energy led in 1-year share price gains. The companies belonging to the Zacks Alternate Energy-Other present an attractive long-term investment opportunity as global demand for clean energy continues to rise. Green and low-carbon hydrogen are expected to play a critical role in decarbonizing hard-to-electrify sectors such as heavy industry, shipping and long-duration power generation, where battery-based technologies may be less practical. As governments strengthen emission targets and expand incentives for hydrogen infrastructure, companies capable of scaling electrolysis, storage and distribution technologies are well positioned to gain market share and secure long-term contracts.
Bloom Energy (BE - Free Report) and FuelCell Energy (FCEL - Free Report) are prominent players in the stationary fuel-cell market, offering on-site power systems that generate electricity through efficient electrochemical processes rather than traditional combustion methods.
Hydrogen-powered electricity generation also has the potential to address renewable energy intermittency and reduce pressure on power grids. Although the sector offers compelling long-term growth opportunities, it remains in the early stages of development. Investors may benefit from focusing on companies with proven technology partnerships, clear cost-reduction strategies and dependable offtake agreements, while also monitoring policy changes, pricing trends and execution-related risks.
Bloom Energy is well positioned to benefit from rising demand for reliable, low-carbon and on-site power solutions. Its solid oxide fuel cell technology delivers highly efficient and ultra-clean electricity, enabling businesses to reduce dependence on increasingly stressed power grids. Growing interest in green hydrogen, favorable policy support and continued advancements in Bloom Energy’s electrolyzer platform further strengthen its long-term growth prospects. As corporations and data centers increasingly prioritize reliable and sustainable backup power, Bloom Energy is expected to play a larger role in the global energy transition.
FuelCell Energy also offers investors exposure to the growing market for clean, reliable and distributed energy solutions. The company stands to benefit from increasing adoption of hydrogen production, carbon capture technologies and on-site energy systems designed to reduce grid pressure while supporting decarbonization goals. Supported by government incentives and rising corporate commitments to lowering emissions, FuelCell Energy’s ongoing technological advancements improve its ability to capitalize on long-term opportunities within the clean energy and hydrogen markets.
A closer evaluation of these companies’ fundamentals can provide deeper insight into their relative strengths and help determine which stock currently represents the more compelling investment opportunity. Both companies continue to benefit from strong backlogs, highlighting the growing acceptance of fuel-cell technology as a credible alternative to conventional power generation.
BE & FCEL’s Earnings EstimatesThe Zacks Consensus Estimate for BE’s earnings per share in 2026 and 2027 implies an increase of 50.39% and 38.19%, respectively, in the past 60 days.
Image Source: Zacks Investment Research
The same for FCEL’s earnings per share in 2026 and 2027 remained unchanged in the past 60 days.
Image Source: Zacks Investment Research
Return on Invested CapitalReturn on Invested Capital (“ROIC”) measures how effectively a company uses debt and equity to generate profits. It shows the return earned on each dollar invested and helps investors evaluate how efficiently management allocates capital to value-creating opportunities.
ROIC of Bloom Energy is currently pegged at 5.67% against FCEL’s negative 14.9%.
Image Source: Zacks Investment Research
Debt to Capital & TIE RatioBorrowing plays a crucial role for hydrogen fuel-cell companies, as the industry is extremely capital-intensive and still moving through early growth and commercialization stages. These firms need substantial funding for research and development, production expansion and large-scale project builds.
FCEL’s current debt to capital is 17.54% compared with BE’s 73.3%.
Image Source: Zacks Investment Research
The Times Interest Earned (“TIE”) ratio, commonly referred to as the Interest Coverage Ratio, evaluates a company’s ability to meet its regular interest obligations using operating earnings. At present, BE’s TIE ratio is 1.3 against FCEL's TIE of negative 16.6.
ValuationBloom Energy’s shares are trading at a premium compared with FuelCell Energy’s shares on a Price/Sales F12M basis.
BE’s shares are presently trading at P/S F12M of 17.86X compared with FuelCell Energy’s 6.85X.
Image Source: Zacks Investment Research
Price PerformanceIn the past year, shares of FuelCell Energy have gained 377.3% compared with Bloom Energy’s rally of 1470.2%.
Image Source: Zacks Investment Research
Summing UpBloom Energy and FuelCel Energy develop and commercialize fuel-cell and hydrogen-based energy technologies, operating within the clean power and broader alternative energy sector.
But based on the above discussion, it is evident that Bloom Energy has a marginal edge over FuelCell Energy based on better earnings estimate movement, healthier price performance in the past year and much better return on invested capital. Bloom Energy currently sports a Zacks Rank #1 (Strong Buy), while FuelCell Energy has a Zacks Rank #3 (Hold).
You can see the complete list of today’s Zacks #1 Rank stocks here.
Key Takeaways FuelCell Energy targets food and beverage plants that need steady CO2 for drinks, freezing and preservation.FCEL systems turn hydrogen-rich fuel into power and heat, producing a concentrated CO2 stream for reuse.On-site CO2 recovery can reduce reliance on suppliers and trucking, helping manage price swings. FuelCell Energy’s (FCEL - Free Report) relevance to the food and beverage market lies in a basic operating need — steady access to carbon dioxide (CO2), whichis essential for carbonated drinks, beer, food processing, refrigeration, dry ice and preservation. When supplies tighten or transportation costs rise, manufacturers can face higher input costs and even production delays. That makes CO2 availability a business continuity issue, not just an environmental concern.
In other words, CO2 availability is often discussed in environmental terms because it is associated with emissions, climate impact and sustainability. But for food and beverage companies, CO2 is also a critical operating input. For operators running high-volume production lines, even short disruptions in this input can affect schedules, inventory planning and customer commitments.
FCEL’s fuel cell technology addresses this challenge by allowing manufacturers to produce useful energy and recover CO2 at the same site. The system converts hydrogen-rich fuel into electricity and heat, while generating a concentrated CO2 stream that can be reused in production. For food and beverage plants, this creates a more integrated setup, as power, heat and a critical raw material can all come from one on-site platform. This can reduce exposure to outside CO2 suppliers, trucking constraints and price swings, while giving plant managers greater control over a resource that is often treated as externally dependent.
The key insight is that FuelCell Energy’s food and beverage application is not simply about clean power. Its stronger value proposition is operational resilience. Facilities that consume large volumes of CO2 may benefit from bringing part of that supply in-house, especially if they also need reliable electricity and usable heat. The model turns CO2 from a purchased commodity into a recoverable resource, helping manufacturers improve uptime, manage costs and support sustainability goals without changing the core purpose of their production lines.
FCEL is not alone in recognizing that CO2 has become an important operating input for food and beverage producers. Other industrial gas and equipment companies are also serving this market by helping customers store, supply and use CO2 more reliably across carbonation, freezing, chilling and packaging applications.
Expanding Role of CO2 in Food and Beverage Operations
Chart Industries (GTLS - Free Report) supports the food and beverage industry with bulk CO2 carbonation and storage systems used for soft drinks, beer and food freezing. Chart Industries offers Carbo-Mizer, Carbo-Mite, Carbo-Max and Perma-Max tanks as safer, lower-cost alternatives to high-pressure cylinders. Chart Industries also combines CO2 and nitrogen technology to help brewers manage dispensing needs, reduce run-outs and support consistent quality from small brew pubs to stadiums and larger breweries today.
Meanwhile, Air Products and Chemicals (APD - Free Report) serves the food and beverage industry through food-grade gases, including CO2, used for freezing, chilling, packaging, fermentation and process optimization. Air Products’ Freshline solutions help manufacturers improve product quality, extend shelf life and support food safety. Air Products also offers testing through food labs and mobile services, helping customers see how CO2 or nitrogen can improve yield, quality and efficiency. Air Products emphasizes reliable supply through bulk, microbulk and on-site options.
The Zacks Rundown on FCEL
Shares of FuelCell Energy have nearly tripled over the past six months, breezing past the industry's growth.
Image Source: Zacks Investment Research
FCEL currently has an average brokerage recommendation (ABR) of 3.44 on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by nine brokerage firms.
Image Source: Zacks Investment Research
The chart below shows FCEL’s earnings over the past four quarters.
Image Source: Zacks Investment Research
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Fuel cell stocks are taking a sharp step back midday Wednesday, with FuelCell Energy (NASDAQ:FCEL) leading the decline. FuelCell Energy shares are down 10% to around $22, after closing Tuesday at $24.64.
Plug Power (NASDAQ:PLUG) shares are off 6% to around $3.83, while Bloom Energy (NYSE:BE) is slipping a more modest 3% to around $294. The split tells the story: this looks like profit-taking after a parabolic run.
There’s no clean headline catalyst on the tape today. Instead, traders appear to be ringing the register on names that ran far and fast into June.
Pullback From Parabolic Levels The setup heading into Wednesday was extreme. FuelCell Energy stock was up 85% over the past month and 399% over the past year, with shares trading well above the $13.01 50-day moving average.
Plug Power shares were up 108% year-to-date and 396% over the past year. Bloom Energy stock, the standout, was up 1,557% over the past year and 249% year-to-date. When charts go vertical, sharp single-day pullbacks tend to follow.
FuelCell Energy Leads the Decline FuelCell Energy is the sharpest decliner, and the fundamentals help explain the asymmetry. The Connecticut-based company carries a trailing EPS of -$6.49 and an analyst target price of $8.24, well below current levels. The Wall Street rating mix skews cautious, with 6 holds, 1 sell, and 1 strong sell.
That said, the company has been building a credible AI-adjacent story. FuelCell Energy is positioned around CO2 recovery solutions for food and beverage plants and recently appointed John Livingston, a cybersecurity expert, to its board, signaling a tilt toward data center and critical infrastructure customers. An upcoming earnings report could reset sentiment in either direction.
Bloom Energy Holds Up Best Bloom Energy’s relative resilience reflects a stronger profile. The company’s Q1 FY2026 report delivered revenue of $751 million, up 130% year over year, and management raised FY26 guidance to $3.4 billion to $3.8 billion in revenue.
However, even strong fundamentals don’t immunize a stock from gravity after a vertical run. Bloom Energy shares closed Tuesday at $302.85, and a 3% slip from those levels is the market simply catching its breath.
Plug Power Caught in the Wash Plug Power continues to operate at scale but unprofitably, with trailing EPS of -$1.39 and TTM revenue of roughly $740 million. The analyst target sits at $3.62, essentially in line with where shares trade now.
On the other hand, Plug Power’s Q1 2026 print showed gross margin progress and management is targeting positive EBITDAS in Q4 2026. Today’s pullback fits that profile.
What to Watch Now These are speculative, volatile names. Cash burn and the path to durable profitability remain real questions for both FuelCell Energy and Plug Power.
Investors riding this group may want to size their positions carefully and review their stop levels. Parabolic moves cut both ways, and today’s split decline is a reminder that balance sheet quality matters when momentum cools.
Three factors could shape the next share-price moves: FuelCell Energy’s upcoming earnings report, fresh data center power demand updates, and whether Bloom Energy stock continues to outperform the group. If the spread between BE and the smaller names widens further, expect more rotation within the sector rather than a broad exit.
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FuelCell Energy, Inc. (NASDAQ:FCEL) will release earnings for its second quarter before the opening bell on Monday, June 8.
Analysts expect the Danbury, Connecticut-based company to report a quarterly loss of 44 cents per share, versus a loss of $1.75 per share in the year-ago period. The consensus estimate for FuelCell Energy's quarterly revenue is $40.51 million (it reported $37.41 million last year), according to Benzinga Pro.
On May 21, FuelCell Energy named cybersecurity entrepreneur and McKinsey veteran John Livingston to its board of directors.
Shares of FuelCell Energy dipped 19% to close at $17.33 on Friday.
Benzinga readers can access the latest analyst ratings on the Analyst Stock Ratings page. Readers can sort by stock ticker, company name, analyst firm, rating change or other variables.
Let's have a look at how Benzinga's most-accurate analysts have rated the company in the recent period.
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DANBURY, Conn., June 08, 2026 (GLOBE NEWSWIRE) -- FuelCell Energy, Inc. (“FuelCell Energy” or the “Company”) (NASDAQ: FCEL) today reported financial results for its second quarter ended April 30, 2026.
Second Fiscal Quarter 2026 Operational and Financial Highlights
(All comparisons are year-over-year unless otherwise noted)
Backlog of $1.14 billion as of April 30, 2026, compared to $1.26 billion as of April 30, 2025, a decrease of approximately 9.9%Sales pipeline1 in Q2 2026 totals 4 gigawatts (“GW”), a 267% increase from Q1 2026Advanced expansion of Torrington, CT manufacturing capacityFirst two carbon capture modules en route to Rotterdam, The Netherlands in advancement of carbon capture collaboration with ExxonMobil Technology and Engineering CompanyRevenue of $35.6 million, compared to $37.4 million, a decrease of approximately 5%Gross loss of $(12.9) million, compared to $(9.4) million, an increase of approximately 37%Loss from operations of $(77.9) million, compared with $(35.8) million, an increase of approximately 118%Net loss per share attributable to common stockholders was $(1.45), compared with $(1.79) ________________________
1 Pipeline consists of ongoing commercial discussions that range from solutions discussion through contract negotiation and does not represent signed agreements. There can be no assurance that these discussions will result in executed contracts or actual sales.
“This past quarter reflected strong commercial momentum and disciplined operational execution across the business, including continued progress on our data center strategy,” said Jason Few, President and CEO of FuelCell Energy. “Our carbonate fuel cell platform was designed from inception as a megawatt-scale distributed generation solution and has been proven through more than two decades of commercial operations. Unlike architectures that aggregate numerous sub-scale units to achieve meaningful output, FuelCell Energy deploys utility-scale energy blocks capable of bringing resilient, continuous power directly to the customer. In effect, we are focused on extending the grid to the data center, enabling customers to accelerate time-to-power, reducing dependence on constrained transmission infrastructure, removing permitting friction, and supporting the growing energy demands of AI-driven compute environments with proven, scalable technology.”
“This past quarter also reflected progress toward expanding the capacity of our Torrington manufacturing facility to support an annualized production rate of up to 500 MW. We believe our balance sheet, including approximately $441 million in total cash and cash equivalents as of April 30, 2026, positions us well to execute on the pipeline opportunities, scale responsibly, and create long-term value for our shareholders and stakeholders.”
Business Updates
During the second quarter, FuelCell Energy announced the introduction of a standardized 12.5 MW FuelCell Energy Block, with the goal of shortening time-to-power for AI and data center developers and enabling rapid deployment of power solutions to grid-constrained markets. The off-the-shelf, standardized, and scalable 12.5 MW on-site power system is designed to address grid bottlenecks directly, with the goal of enabling large data center projects to move forward faster in power-constrained markets.
Similar to the standardized generation capacity increases utilities plan and execute over years, the 12.5 MW FuelCell Energy Block will apply a similar approach to on-site data center power, but on shorter timelines, reducing repeated engineering and integration as projects scale, and eliminating the need for high voltage transmission and other costly infrastructure associated with grid connection.
To address increased product demand from the Company’s growing commercial pipeline and interest in the 12.5 MW Energy Block, the Company has begun work on the previously announced expansion of its Torrington, CT manufacturing facility. In light of increased demand, the previously contemplated capacity expansion to support an annualized production rate of up to 350 MW has been increased, with the target of supporting an annualized production rate of up to 500 MW. The Company estimates that total cost of the expansion will range from $200 to $275 million. The expansion project is expected to be executed over the next twenty four months. As of May 31, 2026, work had begun on installation of a new high-volume tape caster, and a new conditioning room had been commissioned.
Backlog
As of April 30, (Amounts in thousands) 2026 2025 ChangeProduct$36,115 $98,184 $(62,069)Service 155,350 164,417 (9,067)Generation 928,482 967,388 (38,906)Advanced Technologies 15,440 29,608 (14,168)Total Backlog$1,135,387 $1,259,597 $(124,210)
Overall, backlog decreased by approximately 9.9% to $1.14 billion as of April 30, 2026, compared to $1.26 billion as of April 30, 2025, primarily as a result of revenue recognized over the period from April 30, 2025 through April 30, 2026, partially offset by new contract backlog.
Backlog represents definitive agreements executed by the Company and our customers. Projects for which we have an executed power purchase agreement (“PPA”) are included in generation backlog, which represents future revenue under long-term PPAs. The Company’s ability to recognize revenue in the future under a PPA is subject to the Company’s completion of construction of the project covered by such PPA. Should the Company not complete the construction of the project covered by a PPA, it will forgo future revenues with respect to the project and may incur penalties and/or impairment expenses related to the project. Projects sold to customers (and not retained by the Company) are included in product sales and service agreements backlog, and the related generation backlog is removed upon sale. Together, the service and generation portion of backlog had a weighted average term of approximately 15 years as of April 30, 2026, with weighting based on the dollar amount of backlog and utility service contracts of up to 20 years in duration at inception.
Consolidated Financial Metrics
Three Months Ended April 30, (Amounts in thousands, except per share data) 2026 2025 Change Total revenues$35,589 $37,406 (5%) Gross loss (12,929) (9,438) 37% Loss from operations (77,913) (35,810) 118% Net loss (77,629) (37,749) 106% Net loss attributable to common stockholders (78,707) (38,849) 103% Net loss per basic and diluted share attributable to common stockholders$(1.45) $(1.79) (19%) EBITDA *$(67,071) $(24,920) 169% Adjusted EBITDA *$(17,056) $(19,310) (12%) Adjusted net loss per basic and diluted share attributable to common stockholders *$(0.53) $(1.53) (65%) * Reconciliations of non-GAAP measures EBITDA, Adjusted EBITDA and Adjusted net loss per basic and diluted share attributable to common stockholders are contained in the appendix to this press release.
Second Fiscal Quarter 2026 Financial Results
(All comparisons are between second quarter of fiscal 2026 and second quarter of fiscal 2025 unless otherwise noted)
Second quarter revenue of $35.6 million represents a decrease of 5% from the comparable prior year quarter. This was driven by a decline in service revenue due to the lack of modules exchanges in the quarter and lower generation revenue due to lower operating output (in large part due to the fact that the Groton Project was undergoing repairs during the quarter), partially offset by higher product revenues recognized in connection with module deliveries to customers in Korea and higher Advanced Technologies revenues. (The Groton Project is the 7.4 MW fuel cell project located on the U.S. Navy Submarine Base in Groton, CT.)
Net loss was $(77.6) million in the second quarter of fiscal 2026, compared to net loss of $(37.7) million in the second quarter of fiscal 2025. Higher net loss in the period was primarily driven by impairment expenses related to the Company’s decision to upgrade the equipment at the Groton Project to utilize three of the Company’s standard 2.5 MW FCE Blocks.
Net loss attributable to common stockholders was $(78.7) million in the second quarter of fiscal 2026, compared to net loss attributable to common stockholders of $(38.8) million in the second quarter of fiscal 2025. The increase in net loss attributable to common stockholders was primarily due to the increase in loss from operations for the three months ended April 30, 2026.
Adjusted EBITDA totaled $(17.1) million in the second quarter of fiscal 2026, compared to Adjusted EBITDA of $(19.3) million in the second quarter of fiscal 2025. The improvement in Adjusted EBITDA reflects lower cash operating costs than in the prior period. Please see the discussion of non-GAAP financial measures, including Adjusted EBITDA, in the appendix at the end of this release.
The net loss per share attributable to common stockholders in the second quarter of fiscal 2026 was $(1.45), compared to $(1.79) in the second quarter of fiscal 2025. The decrease in net loss per share attributable to common stockholders is primarily due to the higher number of weighted average shares outstanding due to share issuances since April 30, 2025.
Cash and Restricted Cash
Cash and cash equivalents and restricted cash and cash equivalents totaled $440.9 million as of April 30, 2026, compared to $341.8 million as of October 31, 2025. Of the $440.9 million as of April 30, 2026, unrestricted cash and cash equivalents totaled $373.2 million and restricted cash and cash equivalents totaled $67.7 million. Of the $341.8 million total as of October 31, 2025, unrestricted cash and cash equivalents totaled $278.1 million and restricted cash and cash equivalents totaled $63.7 million.
Sales of Common Stock
During the three months ended April 30, 2026, approximately 10.9 million shares of the Company’s common stock were sold under the Company’s Open Market Sale Agreement, as amended, at an average sale price of $9.45 per share, resulting in gross proceeds of approximately $102.6 million and net proceeds to the Company of approximately $100.4 million after deducting sales commissions and fees totaling approximately $2.2 million.
Subsequent to the end of the quarter, approximately 4.1 million shares of the Company’s common stock were sold under the Company’s Open Market Sale Agreement, as amended, at an average sale price of $13.31 per share, resulting in gross proceeds of approximately $54.0 million and net proceeds to the Company of approximately $52.9 million after deducting sales commissions and fees totaling approximately $1.1 million.
Following these sales, approximately $0.5 million of shares remained available for sale under the Open Market Sale Agreement, as amended.
For further information, please refer to the Company’s Quarterly Report on Form 10-Q for the quarter ended April 30, 2026, which includes the Company’s unaudited interim consolidated financial statements, related notes thereto and management’s discussion and analysis, and is available on the Company's website at www.fuelcellenergy.com and under its profile at www.sec.gov.
Conference Call Information
FuelCell Energy will host a conference call today beginning at 10:00 a.m. ET to discuss second quarter 2026 results as well as key business highlights. Participants can access the live call via webcast on the Company’s website or by telephone as follows:
(1) The live webcast of the call and supporting slide presentation will be available at www.fuelcellenergy.com. To listen to the call, select “Investors” on the home page located under the “Our Company” pull-down menu, proceed to the “Events & Presentations” page and then click on the “Webcast” link listed under the June 8th earnings call event, or click here.
Alternatively, participants can dial 888-330-3181 and state FuelCell Energy or the conference ID number 1099808. The replay of the conference call will be available via webcast on the Company’s Investors’ page at www.fuelcellenergy.com approximately two hours after the conclusion of the call.
Cautionary Language
This news release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 regarding future events or our future financial performance that involve certain contingencies and uncertainties. The forward-looking statements include, without limitation, statements with respect to the Company’s anticipated financial results and statements regarding the Company’s plans and expectations regarding the continuing development, commercialization and financing of its current and future fuel cell technologies, the Company’s business plans and strategies, the Company’s plan to reduce operating costs, the capabilities of the Company’s products, the Company’s potential sales pipeline, opportunities, and partners, and the markets in which the Company expects to operate. Projected and estimated numbers contained herein are not forecasts and may not reflect actual results. These forward-looking statements are not guarantees of future performance, and all forward-looking statements are subject to risks and uncertainties, known and unknown, that could cause actual results and future events to differ materially from those projected. Factors that could cause such a difference include, without limitation: general risks associated with product development and manufacturing; general economic conditions; changes in interest rates, which may impact project financing; supply chain disruptions; changes in the utility regulatory environment; changes in the utility industry and the markets for distributed generation, distributed hydrogen, and fuel cell power plants configured for carbon capture or carbon separation; potential volatility of commodity prices that may adversely affect our projects; availability of government subsidies and economic incentives for alternative energy technologies; our ability to remain in compliance with U.S. federal and state and foreign government laws and regulations; our ability to maintain compliance with the listing rules of The Nasdaq Stock Market; rapid technological change; competition; the risk that our bid awards will not convert to contracts or that our contracts will not convert to revenue; market acceptance of our products; changes in accounting policies or practices adopted voluntarily or as required by accounting principles generally accepted in the United States; factors affecting our liquidity position and financial condition; government appropriations; the ability of the government and third parties to terminate their development contracts at any time; the ability of the government to exercise “march-in” rights with respect to certain of our patents; our ability to successfully market and sell our products internationally; delays in our timeline for bringing commercially viable products to market; our ability to develop additional commercially viable products in the future; our ability to implement our strategy; our ability to reduce our levelized cost of energy and deliver on our cost reduction strategy generally; our ability to protect our intellectual property; litigation and other proceedings; the risk that commercialization of our new products will not occur when anticipated or, if it does, that we will not have adequate capacity to satisfy demand; our need for and the availability of additional financing; our ability to generate positive cash flow from operations; our ability to service our long-term debt; our ability to increase the output and longevity of our platforms and to meet the performance requirements of our contracts; our ability to expand our customer base and maintain relationships with our largest customers and strategic business allies; and our ability to reduce operating costs, as well as other risks set forth in the Company’s filings with the Securities and Exchange Commission, including the Company’s Annual Report on Form 10-K for the fiscal year ended October 31, 2025. The forward-looking statements contained herein speak only as of the date of this press release. The Company expressly disclaims any obligation or undertaking to release publicly any updates or revisions to any such statement contained herein to reflect any change in the Company’s expectations or any change in events, conditions or circumstances on which any such statement is based.
About FuelCell Energy
FuelCell Energy, Inc. (Nasdaq: FCEL) is an American clean energy technology company delivering continuous, scalable baseload power for mission-critical applications globally. The company’s fuel cell systems generate electricity directly at the point of use, enabling reliable, low-emissions power for data centers, industrial facilities, utilities, and distributed generation customers. FuelCell Energy delivers commercially proven, modular, utility-scale systems—backed by global fuel cell deployments. Learn more at www.fuelcellenergy.com.
FUELCELL ENERGY, INC.
Consolidated Balance Sheets
(Unaudited)
(Amounts in thousands, except share and per share amounts) April 30,
2026 October 31,
2025ASSETS Current assets: Cash and cash equivalents, unrestricted$373,167 $278,099 Restricted cash and cash equivalents – short-term 16,577 16,601 Accounts receivable, net 7,684 3,999 Unbilled receivables 43,653 49,008 Inventories 88,449 86,196 Other current assets 14,400 15,907 Total current assets 543,930 449,810 Restricted cash and cash equivalents – long-term 51,108 47,092 Inventories – long-term - 3,216 Project assets, net 167,512 216,847 Property, plant and equipment, net 95,323 96,436 Operating lease right-of-use assets, net 11,048 11,232 Intangible assets, net 3,242 3,891 Other assets 131,217 103,622 Total assets (1)$1,003,380 $932,146 LIABILITIES AND STOCKHOLDERS’ EQUITY Current liabilities: Current portion of long-term debt$17,351 $15,847 Current portion of operating lease liabilities 1,003 932 Accounts payable 16,464 17,009 Accrued liabilities 24,123 31,318 Deferred revenue 4,359 2,733 Total current liabilities 63,300 67,839 Long-term deferred revenue 10,362 5,985 Long-term operating lease liabilities 11,799 11,954 Long-term debt and other liabilities 129,550 115,227 Total liabilities (1) 215,011 201,005 Redeemable Series B preferred stock (liquidation preference of $64,020 as of April 30, 2026 and October 31, 2025) 59,857 59,857 Total equity: Stockholders’ equity: Common stock ($0.0001 par value); 1,000,000,000 shares authorized as of April 30, 2026 and October 31, 2025; 63,549,362 and 46,075,237 shares issued and outstanding as of April 30, 2026 and October 31, 2025, respectively) 6 5 Additional paid-in capital 2,651,450 2,493,318 Accumulated deficit (1,930,216) (1,829,449)Accumulated other comprehensive loss (1,810) (1,695)Treasury stock, Common, at cost (57,681 and 44,913 shares as of April 30, 2026 and October 31, 2025, respectively) (1,502) (1,406)Deferred compensation 1,502 1,406 Total stockholders’ equity 719,430 662,179 Noncontrolling interests 9,082 9,105 Total equity 728,512 671,284 Total liabilities, redeemable Series B preferred stock and total equity$1,003,380 $932,146 (1) As of April 30, 2026 and October 31, 2025, the combined assets of the variable interest entities (“VIEs”) were $293,861 and $325,661, respectively, that can only be used to settle obligations of the VIEs. These assets include cash of $2,552, accounts receivable of $696, unbilled accounts receivable of $4,686, operating lease right of use assets of $1,631, other current assets of $175,649, restricted cash and cash equivalents of $826, project assets of $95,460, derivative assets of $1,587 and other assets of $10,774 as of April 30, 2026, and cash of $2,490, accounts receivable of $722, unbilled accounts receivable of $12,865, operating lease right of use assets of $1,643, other current assets of $162,005, restricted cash and cash equivalents of $731, project assets of $141,414, derivative assets of $2,047 and other assets of $1,743 as of October 31, 2025. The combined liabilities of the VIEs as of April 30, 2026 include short-term operating lease liabilities of $207, accounts payable of $170,917, accrued liabilities of $1,379, derivative liabilities of $768, long-term operating lease liability of $2,109 and other non-current liabilities of $362 and, as of October 31, 2025, include short-term operating lease liabilities of $204, accounts payable of $198,736, accrued liabilities of $1,222, derivative liabilities of $21, long-term operating lease liability of $2,123 and other non-current liabilities of $307.
FUELCELL ENERGY, INC.
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(Amounts in thousands, except share and per share amounts) Three Months Ended
April 30, 2026 2025 Revenues: Product $18,018 $13,027 Service 4,175 8,144 Generation 8,681 12,124 Advanced Technologies 4,715 4,111 Total revenues 35,589 37,406 Costs of revenues: Product 20,282 16,261 Service 3,489 9,067 Generation 22,055 18,411 Advanced Technologies 2,692 3,105 Total costs of revenues 48,518 46,844 Gross loss (12,929) (9,438) Operating expenses: Administrative and selling expenses 14,708 16,470 Research and development expenses 7,709 9,896 Impairment expense 42,567 - Restructuring expense - 6 Total costs and expenses 64,984 26,372 Loss from operations (77,913) (35,810) Interest expense (2,859) (2,548)Interest income 2,488 1,825 Other income (expense), net 605 (1,132) Loss before provision for income taxes (77,679) (37,665)Benefit from (provision for) income taxes 50 (84) Net loss (77,629) (37,749)Net income attributable to noncontrolling interest 278 300 Net loss attributable to FuelCell Energy, Inc. (77,907) (38,049)Series B preferred stock dividends (800) (800) Net loss attributable to common stockholders $(78,707) $(38,849) Loss per share basic and diluted: Net loss per share attributable to common stockholders $(1.45) $(1.79)Basic and diluted weighted average shares outstanding 54,224,428 21,740,193 FUELCELL ENERGY, INC.
Consolidated Statements of Operations and Comprehensive Loss
(Unaudited)
(Amounts in thousands, except share and per share amounts) Six Months Ended
April 30, 2026 2025 Revenues: Product $30,060 $13,099 Service 7,364 9,992 Generation 19,669 23,470 Advanced Technologies 9,027 9,842 Total revenues 66,120 56,403 Costs of revenues: Product 36,677 19,297 Service 6,311 10,735 Generation 36,147 33,705 Advanced Technologies 5,771 7,308 Total costs of revenues 84,906 71,045 Gross loss (18,786) (14,642) Operating expenses: Administrative and selling expenses 28,178 31,500 Research and development expenses 14,672 20,977 Impairment expense 42,567 - Restructuring Expense - 1,542 Total costs and expenses 85,417 54,019 Loss from operations (104,203) (68,661) Interest expense (5,617) (5,155) Interest income 5,015 4,213 Other income (expense), net 1,075 (448) Loss before provision for income taxes (103,730) (70,051) Benefit from (provision for) income taxes 50 (84) Net loss (103,680) (70,135) Net loss attributable to noncontrolling interest (2,913) (3,760) Net loss attributable to FuelCell Energy, Inc. (100,767) (66,375) Series B preferred stock dividends (1,600) (1,600) Net loss attributable to common stockholders $(102,367) $(67,975) Loss per share basic and diluted: Net loss per share attributable to common stockholders $(2.00) $(3.22) Basic and diluted weighted average shares outstanding 51,165,339 21,110,664
Appendix
Non-GAAP Financial Measures
Financial results are presented in accordance with accounting principles generally accepted in the United States (“GAAP”). Management also uses non-GAAP measures to analyze and make operating decisions on the business. Earnings before interest, taxes, depreciation and amortization (“EBITDA”), Adjusted EBITDA, Adjusted net loss attributable to common stockholders and Adjusted net loss per share attributable to common stockholders are non-GAAP measures of operations and operating performance by the Company.
These supplemental non-GAAP measures are provided to assist readers in assessing operating performance. Management believes EBITDA, Adjusted EBITDA, Adjusted net loss attributable to common stockholders and Adjusted net loss per share attributable to common stockholders are useful in assessing performance and highlighting trends on an overall basis. Management also believes these measures are used by companies in the fuel cell sector and by securities analysts and investors when comparing the results of the Company with those of other companies. EBITDA differs from the most comparable GAAP measure, net loss attributable to the Company, primarily because it does not include finance expense, income taxes and depreciation of property, plant and equipment and project assets. Adjusted EBITDA adjusts EBITDA for stock-based compensation, impairment and restructuring expenses, unrealized non-cash loss (gain) on natural gas contract derivative assets and other unusual items, which are considered either non-cash or non-recurring. Adjusted net loss attributable to common stockholders and Adjusted net loss per share attributable to common stockholders differ from the most comparable GAAP measures, Net loss attributable to common stockholders and Net loss per share attributable to common stockholders, primarily because they do not include stock-based compensation, impairment and restructuring expenses, unrealized non-cash loss (gain) on natural gas contract derivative assets and other unusual items, which are considered either non-cash or non-recurring.
While management believes that these non-GAAP financial measures provide useful supplemental information to investors, there are limitations associated with the use of these measures. The measures are not prepared in accordance with GAAP and may not be directly comparable to similarly titled measures of other companies due to differences in the exact method of calculation. The Company’s non-GAAP financial measures are not meant to be considered in isolation or as a substitute for comparable GAAP financial measures and should be read only in conjunction with the Company’s consolidated financial statements prepared in accordance with GAAP.
The following table calculates EBITDA and Adjusted EBITDA and reconciles these figures to the GAAP financial statement measure Net loss.
Three Months Ended April 30, Six Months Ended April 30,(Amounts in thousands) 2026 2025 2026 2025 Net loss$(77,629) $(37,749) (103,680) (70,135)Depreciation and amortization (1) 10,842 10,890 21,360 20,836 (Benefit from) provision for income taxes (50) 84 (50) 84 Other (income) expense, net (2) (605) 1,132 (1,075) 448 Interest income (2,488) (1,825) (5,015) (4,213)Interest expense 2,859 2,548 5,617 5,155 EBITDA$(67,071) $(24,920) $(82,843) $(47,825)Stock-based compensation expense 2,628 4,824 5,020 6,966 Unrealized loss (gain) on natural gas contract derivative assets (3) 4,820 780 1,171 (1,066)Impairment expense (4) 42,567 - 42,567 - Restructuring expense - 6 - 1,542 Adjusted EBITDA$(17,056) $(19,310) $(34,086) $(40,383) The following table calculates Adjusted net loss attributable to common stockholders and reconciles that figure to the GAAP financial statement measure Net loss attributable to common stockholders and calculates Adjusted net loss per share attributable to common stockholders.
Three Months Ended April 30, Six Months Ended April 30,(Amounts in thousands except share and per share amounts) 2026 2025 2026 2025 Net loss attributable to common stockholders$(78,707) $(38,849) (102,367) (67,975)Stock-based compensation expense 2,628 4,824 5,020 6,966 Unrealized loss (gain) on natural gas contract derivative assets (3) 4,820 780 1,171 (1,066)Impairment expense (4) 42,567 - 42,567 - Restructuring expense - 6 - 1,542 Adjusted net loss attributable to common stockholders$(28,692) $(33,239) $(53,610) $(60,533) Net loss per share attributable to common stockholders$(1.45) $(1.79) $(2.00) $(3.22)Adjusted net loss per share attributable to common stockholders$(0.53) $(1.53) $(1.05) $(2.87)Basic and diluted weighted average shares outstanding 54,224,428 21,740,193 51,165,339 21,110,664 (1) Includes depreciation and amortization on our Generation portfolio of $8.7 million and $8.7 million for the three months ended April 30, 2026 and 2025, respectively, and $17.6 million and $16.7 million for the six months ended April 30, 2026 and 2025, respectively.
(2) Other income (expense), net includes gains and losses from transactions denominated in foreign currencies, interest rate swap income earned from investments and other items incurred periodically, which are not the result of the Company’s normal business operations.
(3) The Company recorded mark-to-market net losses of $4.8 million and $0.8 million for the three months ended April 30, 2026 and 2025, respectively, and mark-to-market net losses (gains) of $1.2 million and $(1.1) million for the six months ended April 30, 2026 and 2025, respectively, related to natural gas purchase contracts as a result of net settling certain natural gas purchases under previous normal purchase normal sale contract designations, which resulted in a change to mark-to-market accounting. These losses and gains are classified as Generation cost of sales.
(4) The Company recorded a non-cash impairment expense of $42.6 million for the three and six months ended April 30, 2026 related to the Company’s decision to upgrade the equipment at the Groton Project to utilize three of the Company’s standard 2.5 MW FCE Blocks.
FuelCell Energy (FCEL - Free Report) came out with a quarterly loss of $0.53 per share versus the Zacks Consensus Estimate of a loss of $0.44. This compares to a loss of $1.79 per share a year ago. These figures are adjusted for non-recurring items.
This quarterly report represents an earnings surprise of -20.46%. A quarter ago, it was expected that this fuel cell power plant maker would post a loss of $0.68 per share when it actually produced a loss of $0.52, delivering a surprise of +23.53%.
Over the last four quarters, the company has surpassed consensus EPS estimates three times.
FuelCell Energy, which belongs to the Zacks Alternative Energy - Other industry, posted revenues of $35.59 million for the quarter ended April 2026, missing the Zacks Consensus Estimate by 13.43%. This compares to year-ago revenues of $37.41 million. The company has topped consensus revenue estimates two times over the last four quarters.
The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.
FuelCell Energy shares have added about 137.1% since the beginning of the year versus the S&P 500's gain of 7.9%.
What's Next for FuelCell Energy?While FuelCell Energy has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?
There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.
Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.
Ahead of this earnings release, the estimate revisions trend for FuelCell Energy was mixed. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #3 (Hold) for the stock. So, the shares are expected to perform in line with the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.
It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is -$0.49 on $41.14 million in revenues for the coming quarter and -$1.92 on $159.64 million in revenues for the current fiscal year.
Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Alternative Energy - Other is currently in the top 41% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.
MarketBeat Week in Review – 03/09 - 03/13FuelCell Energy NASDAQ: FCEL reported a wider second-quarter loss for fiscal 2026 as a non-cash impairment tied to its Groton Navy project weighed on results, while management emphasized a sharply expanding sales pipeline tied largely to data center and artificial intelligence-related power demand.
President and Chief Executive Officer Jason Few said demand for distributed baseload power is increasing as AI, digital infrastructure and high-density computing strain traditional grid timelines. He said customers are looking for power that can be deployed without waiting years for grid interconnection, positioning the company’s fuel cell systems as a behind-the-meter solution.
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FuelCell Energy Is Burning Cash Faster Than It’s Building Momentum“Customers require proven, scalable power that can be deployed without waiting years, and that is where FuelCell Energy is differentiated,” Few said.
Revenue slips, loss widens on Groton impairment Chief Financial Officer Michael Bishop said total revenue for the quarter ended April 30, 2026, was $35.6 million, down about 5% from $37.4 million in the prior-year period. The decrease was primarily due to lower service revenue, as there were no module exchanges in the quarter, and lower generation revenue resulting from reduced output while the Groton project was undergoing repairs.
From Lagging to Leading: FuelCell Energy’s Strategic PivotThose declines were partially offset by higher product revenue from scheduled module deliveries to Gungui Green Energy Company Limited in South Korea, as well as an increase in advanced technology revenue. Bishop said the company expects the remaining six Gungui Green Energy modules and upcoming CGN-Yulchon Generation deliveries to support product revenue in the second half of fiscal 2026.
FuelCell Energy reported a loss from operations of $77.9 million, compared with a loss from operations of $35.8 million in the same quarter last year. Net loss was $77.6 million, versus a net loss of $37.7 million a year earlier. Net loss attributable to common stockholders was $78.7 million, or $1.45 per share, compared with $38.8 million, or $1.79 per share, in the prior-year period.
The wider operating loss was largely due to a $42.6 million non-cash impairment charge related to the Groton project. Bishop said FuelCell Energy expects to upgrade the 7.4-megawatt Groton Navy project using three of its current-generation 2.5-megawatt power blocks, with the goal of improving reliability for the Navy base customer.
On a non-GAAP basis, adjusted EBITDA was negative $17.1 million, improving from negative $19.3 million in the second quarter of fiscal 2025. Bishop said the 12% year-over-year improvement reflected progress on cost reduction and operating efficiency.
Data center pipeline grows to 4 gigawatts Few said FuelCell Energy’s submitted proposal pipeline has expanded to 4 gigawatts, up more than 250% from the first quarter. He said potential data center customers represent about 89% of the pipeline, which also includes distributed generation, utility and industrial opportunities in domestic and international markets.
The average proposal size grew from 65 megawatts to 130 megawatts during the quarter. Few said the larger transaction sizes reflect the scale at which data center customers and hyperscalers are engaging, while also extending diligence timelines.
“As transaction size increases, diligence expands proportionally,” Few said. “Extended timelines are often a function of scale.”
The company introduced a 12.5-megawatt “FuelCell Energy Block” product during the quarter. Few described it as a standardized, modular product designed for AI infrastructure and other grid-constrained markets. He said the product is based on the same architecture and stack as the company’s smaller energy blocks and is intended to help customers add capacity in phases rather than overbuild upfront.
During the question-and-answer session, Few said customers are responding to the company’s utility-scale operating history, time-to-power advantages, permitting profile and native DC power output. He also said the 12.5-megawatt product is helping conversations with data center customers by offering modular scaling and improved economics through shared balance-of-plant infrastructure.
Manufacturing expansion raised to 500 megawatts FuelCell Energy is increasing its planned manufacturing capacity expansion at its Torrington, Connecticut, facility from 350 megawatts to 500 megawatts of annual fuel cell production capacity. Few said the decision reflects customer engagement and market conditions, but added that the company intends to expand in line with contracted backlog, market demand and structured capital support.
The company estimated the full Torrington expansion will cost between $200 million and $275 million. In response to an analyst question, Few said the increase will occur incrementally rather than as a single step from 100 megawatts to 500 megawatts. He cited investments such as a high-volume tape caster and additional conditioning capacity as examples of equipment that will unlock capacity over time.
Bishop reiterated that the company’s adjusted EBITDA-positive target remains tied to reaching consistent annualized production volumes at or above 100 megawatts. He said the higher capacity plan does not change that target.
Backlog declines, balance sheet strengthened FuelCell Energy ended the quarter with backlog of $1.14 billion, down from $1.26 billion a year earlier. Bishop said the decline was primarily due to revenue recognized on long-term contracts, partially offset by new orders.
Product backlog: $36.1 million, mainly reflecting remaining repowering module deliveries in South Korea expected in the second half of the fiscal year. Service backlog: $155.4 million from long-term service agreements on customer-owned power plants. Generation backlog: $928.5 million from company-owned projects under long-term power purchase agreements, with a weighted average remaining contract term of about 15 years. Advanced technology backlog: $15.4 million, mostly tied to joint development work with ExxonMobil Technology and Engineering Company. The company ended the quarter with $440.9 million in total cash, cash equivalents and restricted cash, including $373.2 million of unrestricted cash and $67.7 million of restricted cash. During the quarter, FuelCell Energy sold approximately 10.9 million shares through its at-the-market equity program at an average price of $9.45 per share, raising net proceeds of $100.4 million. After quarter-end, it sold an additional 4.1 million shares at an average price of $13.31 per share, raising $52.9 million in net proceeds.
Bishop said the company remains “essentially debt-free” apart from long-term financings on specific project assets and service agreements, with no near-term debt maturities. Asked whether investors should rule out additional capital raises, Bishop said management is comfortable with current liquidity but continues to evaluate multiple ways to finance growth, including project financing, service agreement financing and periodic use of equity markets.
Partnerships and carbon capture progress Few said FuelCell Energy’s partnerships in South Korea and with ExxonMobil’s Low Carbon Solutions business remain important parts of its strategy. He said module deliveries to Gungui Green Energy are ongoing and that the company continues to make progress under its memorandum of understanding with Inuverse for the AI Daegu Data Center.
Few also said two carbon capture units are en route to ExxonMobil’s Rotterdam facility and are expected to be delivered in June. He said the shipments are intended to establish “physical proof points” needed to commercialize the technology for point-source emissions reduction.
In closing remarks, Few said the second quarter reflected progress in commercial momentum, cost reductions, manufacturing scale-up and carbon capture development. He said the company remains focused on converting its pipeline into contracted backlog and scaling production capacity in a disciplined manner.
About FuelCell Energy NASDAQ: FCELFuelCell Energy, Inc NASDAQ: FCEL is a publicly traded company that designs, manufactures and operates turnkey molten carbonate fuel cell power plants. These stationary, on-site energy solutions generate electricity and heat through an electrochemical process that combines natural gas or biogas with oxygen, producing power with lower greenhouse gas emissions than traditional fossil fuel-based generation. The company’s fuel cell technology is engineered for continuous, baseload operation and can be integrated into microgrid architectures and industrial power systems to provide reliable, around-the-clock energy.
The company’s core product suite, marketed under the SureSource brand, encompasses both power generation and integrated carbon capture or hydrogen production capabilities.
This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].
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Key Takeaways FCEL said its submitted proposal pipeline hit 4GW, with data centers making up about 89%.FuelCell Energy raised Torrington expansion to 500MW; project cost seen at $200M-$275M over 24 months.FCEL launched a modular 12.5MW Block for faster data-center deployment; Q2 revenues fell 5% to $35.6M. FuelCell Energy, Inc. (FCEL - Free Report) used its second-quarter fiscal 2026 earnings call to press a forward-looking case around AI infrastructure demand, even as the quarter itself came with another revenue miss and a much wider operating loss.
Management’s message centered less on the reported numbers and more on a rapidly expanding data center pipeline, a larger manufacturing buildout and confidence that commercial discussions can turn into backlog within the fiscal year.
FCEL Leans Into AI Power DemandChief executive officer Jason Few said demand for distributed baseload power is accelerating as AI and high-density computing strain grid capacity. He positioned FuelCell Energy’s fuel cell platform as a behind-the-meter option that can bypass long interconnection timelines.
Jason Few said the company’s submitted proposal pipeline expanded to 4 gigawatts in the quarter, up more than 250% sequentially, with potential data center customers representing about 89% of that pipeline. Average proposal size doubled to 130 megawatts from 65 megawatts.
That framing mattered because management made clear the story is now about scale. Jason Few said larger opportunities naturally bring longer diligence cycles, but the company is aiming to convert proposals into contracted backlog during fiscal 2026.
FuelCell Energy Expands Manufacturing PlansFCEL also raised the scope of its Torrington, CT, manufacturing expansion. Jason Few said the company now plans to lift annual capacity to 500 megawatts from the previously discussed 350 megawatts.
The press release said the project is expected to cost $200-$275 million and unfold over the next 24 months. As of May 31, the company had started installing a new high-volume tape caster and commissioned a new conditioning room.
Management stressed discipline around that buildout. According to Jason Few, capacity additions would be aligned with contracted backlog, market demand and structured capital support rather than built ahead of the market.
FCEL Introduces a New 12.5 MW BlockA key commercial talking point on the call was the newly introduced 12.5 megawatt FuelCell Energy Block. Jason Few described it as a standardized, modular product designed for faster deployment into grid-constrained data center markets.
He said the product is meant to let customers add power in phases instead of overbuilding upfront. In management’s view, that modularity, along with native DC output and thermal integration, should resonate with hyperscalers and other AI infrastructure buyers.
During Q&A, Few told B. Riley that the 12.5 MW block has strengthened customer conversations by improving time to power and economics while preserving the ability to scale with demand.
FuelCell Energy’s Quarter Still Showed PressureThe strategic narrative came against a soft quarter. Revenues fell 5% year over year to $35.59 million, missing the Zacks Consensus Estimate of $41 million by 13.43%. Adjusted net loss per share of 53 cents was wider than the Zacks Consensus Estimate of 44 cents by 20.46%.
Chief financial officer Michael Bishop said the revenue decline reflected lower service revenues, no module exchanges in the quarter and weaker generation revenues tied largely to repair work at the Groton project. Higher product revenues from Korea partly offset those pressures.
Loss from operations widened to $77.9 million from $35.8 million, driven largely by a non-cash $42.6 million impairment charge tied to the Groton upgrade. Even so, Bishop pointed to adjusted EBITDA of negative $17.1 million, which improved from negative $19.3 million a year ago, as evidence of lower core cash operating costs.
FCEL Defends Liquidity and Profitability PathBishop said FuelCell Energy ended the quarter with $440.9 million in total cash, cash equivalents and restricted cash, including $373.2 million of unrestricted cash.
He also disclosed that the company sold 10.9 million shares during the quarter for net proceeds of $100.4 million, then raised another $52.9 million after quarter-end through additional share sales.
In Q&A, a JPMorgan analyst asked whether the higher capacity target changed the path to profitability. Bishop said it did not, reiterating that FCEL still targets adjusted EBITDA positivity once it reaches annualized production volumes at or above 100 megawatts.
FuelCell Energy Leaves a Focused MessageThe broader tone from management was assertive on commercial opportunity and measured on execution. Jason Few repeatedly emphasized proof over promise, pointing to utility-scale operating history, a growing data center sales funnel, and ongoing work with ExxonMobil and South Korean partners.
Analyst questions showed where investors remain focused: conversion of pipeline into signed deals, pacing of the 500 MW ramp, and whether liquidity reduces the need for more capital. Management answered with confidence on balance sheet flexibility and acknowledged that larger infrastructure deals take longer to close.
Zacks Signals Remain MixedFCEL carries a Zacks Rank #3 (Hold) at present, alongside a Value Score of F, Growth Score of B, Momentum Score of C, and VGM Score of D. A Zacks Rank #3 can support a hold stance, but a stronger Style Score generally points to better near-term performance characteristics than weaker ones. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
That mix suggests the stock has some support from growth characteristics, but weaker value and blended style signals temper the setup. The Zacks Rank is also tied closely to earnings estimate revisions, so it can change after analysts update their models following the just-reported quarter.
FuelCell Energy shares are consolidating. Where are FCEL shares going? What Is FuelCell Energy’s Latest Catalyst?FuelCell Energy late Monday said data centers represent nearly 90% of its pipeline after reporting fiscal second-quarter results that missed expectations, with an adjusted loss of 53 cents per share on revenue of $35.589 million. The company also said its second-quarter sales pipeline reached 4 gigawatts, up 267% from the first quarter, and it introduced a standardized 12.5 MW "Energy Block" aimed at faster time-to-power for AI and data center projects.
FuelCell Energy's quarter also included a $42.6 million noncash impairment tied to Groton Project equipment upgrades, contributing to a wider gross loss of $12.9 million. Service revenue fell to $4.2 million from $8.1 million and generation revenue decreased to $8.7 million from $12.1 million as repairs weighed on output.
With the market in premarket trading, FCEL's move higher suggests traders are weighing the data-center narrative against the near-term execution issues highlighted by the miss.
FCEL Stock: Critical Moving Averages To WatchFrom a trend perspective, FCEL is still in a longer-term uptrend (up 107.50% over the past 12 months) and remains well above its 50-day, 100-day, and 200-day moving averages, but it's trading 16.4% below its 20-day SMA ($20.94), which points to a cooling phase after the recent run. The 20-day SMA remains above the 50-day SMA ($13.98), and the 50-day SMA is above the 200-day SMA ($9.22), keeping the broader moving-average structure bullish.
Momentum is the near-term question: MACD is below its signal line and the histogram is negative, which typically means upside pressure is fading unless buyers can reassert control. In plain English, MACD compares faster and slower trend signals, and being below the signal line often shows the recent push higher is losing steam.
Key Resistance: $20.94 — the 20-day SMA is the nearest overhead trend level after the pullback Key Support: $13.98 — the 50-day SMA is a key trend "line in the sand" after the stock's sharp 12-month run What Is FuelCell Energy’s Business Model?FuelCell Energy Inc is a clean energy technology company that develops, designs, produces and services high-temperature fuel cells used for clean electric power generation. Its molten carbonate fuel cell systems generate electricity electrochemically with ultra low emissions and high efficiency, and the company often acts as a full solutions provider across design, manufacturing, installation, and long-term maintenance.
That business model matters for the current setup because management is leaning into data centers and AI-related demand for reliable, on-site power in grid-constrained markets, including a standardized 12.5 MW block product. The company operates across the U.S., South Korea, Europe and Canada, with the U.S. as its largest revenue source, so execution on large projects and service/generation uptime can heavily influence quarterly results.
FCEL Stock Price ActionFCEL Stock Price Activity: FuelCell Energy shares were trading higher by 21.81% at $18.88 at the time of publication on Tuesday, according to Benzinga Pro data.
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FuelCell Energy Inc (NASDAQ:FCEL) on Monday reported worse-than-expected second-quarter financial results.
FuelCell Energy reported quarterly losses of 53 cents per share which missed the analyst consensus estimate of losses of 52 cents per share. The company reported quarterly sales of $35.589 million which missed the analyst consensus estimate of $40.496 million.
FuelCell Energy shares gained 20.6% to $18.68 on Tuesday.
These analysts made changes to their price targets on FuelCell Energy following earnings announcement.
Canaccord Genuity analyst George Gianarikas upgraded FuelCell Energy from Hold to Buy and raised the price target from $12 to $30. TD Cowen analyst Jeff Osborne maintained the stock with a Hold and raised the price target from $9 to $16. Considering buying FCEL stock? Here’s what analysts think:
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An aggressive analyst upgrade just sent shares of FuelCell Energy NASDAQ: FCEL climbing over 12%, signaling a powerful shift in how the market values this clean energy innovator. This appears to be more than just another volatile move; it was a fundamental repricing.
FuelCell Energy Today
$16.94 -0.75 (-4.24%)
As of 04:00 PM Eastern
52-Week Range$3.78▼
$27.69Price Target$14.71
The catalyst was a clear signal from Canaccord Genuity that FuelCell Energy is evolving from a speculative green energy play into an essential, utility-grade infrastructure provider for the AI super-cycle. The rally reflects a growing realization that, as AI data centers push the national power grid to its breaking point, localized, reliable energy solutions are no longer a luxury; they are a necessity.
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For investors who have been watching from the sidelines, this price action serves as a critical alert. The market is beginning to connect the dots between the explosive growth in AI and the foundational need for the exact power solutions that FuelCell Energy provides.
The Upgrade Is the Spark, The Pipeline Is the FuelThe immediate catalyst for the breakout was a decisive upgrade from Canaccord Genuity, which shifted its rating on FuelCell Energy from Hold to Buy and set an ambitious $30 price target. This valuation is based on forward-looking analysis of a massive, unfolding opportunity. The firm's conviction is rooted in intelligence suggesting a transformative data center deal is on the horizon, positioning FuelCell Energy to follow the highly successful commercial roadmap laid out by its peer, Bloom Energy NYSE: BE.
While a glance at the fiscal Q2 2026 earnings report shows a revenue dip and an operating loss, investors are now looking past these lagging indicators. The truly significant number in the report was the 267% sequential growth in FuelCell Energy's sales pipeline, which has now ballooned to 4 gigawatts (GW).
This isn't speculative; it's a direct reflection of inbound demand. Crucially, management confirmed that 89% of this pipeline consists of potential AI data center clients, validating the thesis that hyperscalers are actively seeking out FuelCell Energy's solutions. The past quarter's financials represent the cost of positioning for this tidal wave of demand, and the pipeline represents the future revenue.
Building the Power Plant of the Future, TodayTo meet this torrent of interest, FuelCell Energy is making a smart, strategic pivot. The business is moving from customized projects to standardized, 12.5-megawatt (MW) utility-grade power blocks designed for rapid deployment. To ensure it can deliver, FuelCell Energy announced a capital expenditure plan of $200 million to $275 million to expand its Torrington, Connecticut, manufacturing facility.
Investors should not see this as a risky expenditure, but as a necessary investment to capture a once-in-a-generation market opportunity. Building out capacity ahead of contract signings is a sign of management's conviction in the pipeline's quality.
They are building the factory because they have the orders lined up at the door. The comparison to Bloom Energy is not a stretch; it's a playbook. Bloom Energy has already proven the model, and FuelCell Energy is now positioned at an earlier, potentially higher-upside stage of the same growth trajectory. It's about securing the manufacturing capacity to become a key supplier in the AI arms race.
From Bearish Bets to Bullish ConvictionWhile the upgrade certainly forced some bearish investors to reconsider their positions, it would be a mistake to dismiss the 22% rally as a technical event. The surge represents a genuine and durable shift in market sentiment. For years, the narrative around FuelCell Energy has been defined by its potential in a theoretical green future. Now, that future has arrived in the form of the AI revolution, which has an immediate and insatiable appetite for power.
The market is waking up to the fact that FuelCell Energy's technology, which provides continuous, baseload power directly at the point of use, is a perfect solution to the challenges data centers face. This rally wasn't just about covering shorts; it was about long-term investors recognizing that the entire thesis for owning FuelCell Energy has fundamentally changed for the better. The business is now aligned with one of the most powerful secular growth trends of the next decade.
A New Era of Growth Is Powering UpThe recent 12% surge in FuelCell Energy's stock price is more than just a fleeting rally; it's a signal that the market is beginning to correctly price the business as a critical infrastructure provider for the AI era. The Canaccord upgrade and the enormous growth in the data center pipeline provide tangible evidence that the long-promised potential of fuel cell technology is finally meeting a massive, real-world demand.
FuelCell Energy, Inc. (FCEL) Price Chart for Friday, June, 12, 2026
While past financial results reflect the cost of innovation, the forward-looking metrics point toward a significant inflection in revenue and growth. Investors looking for a pure-play on the AI power bottleneck may see the current momentum as the beginning of a much larger, fundamentally-driven move.
Should You Invest $1,000 in FuelCell Energy Right Now?Before you consider FuelCell Energy, you'll want to hear this.
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Key Takeaways FuelCell Energy's Q2 adjusted loss was 58 cents/share on $35.6M revenue, missing consensus on both.FCEL cited no module exchanges hurting service sales, while Groton repairs cut generation output.FuelCell Energy's pipeline hit 4 GW, with data centers ~89%, as cash rose to $440.9M after equity sales. FuelCell Energy (FCEL - Free Report) posted a second-quarter fiscal 2026 adjusted loss of 58 cents per share, wider than the Zacks Consensus Estimate of a 54-cent loss. The underperformance was tied largely to softer service and generation activity. Management attributed the service decline to the absence of module exchanges during the quarter, while generation revenue reflected lower operating output as the Groton project underwent repairs.
However, the bottom line improved from the year-ago adjusted loss of $1.79 on the back of cost reduction and operating efficiency.
Quarterly revenues came in at $35.6 million, below the Zacks Consensus Estimate of $41 million and the year-ago sales of $37.4 million. Even so, contracted backlog remained sizable at more than $1.1 billion as of April 30, 2026.
FuelCell Energy generated $18 million of product revenues in the quarter, supported by scheduled module deliveries to Gyeonggi Green Energy in South Korea. Service revenues were $4.2 million, while generation revenues were $8.7 million and advanced technologies revenues were $4.7 million.
FuelCell Energy Leans Into Data Centers as Pipeline Jumps
FCEL emphasized accelerating demand for behind-the-meter baseload power tied to AI and high-density data center buildouts. During the quarter, the company highlighted a 4-gigawatt proposal pipeline, with data centers accounting for roughly 89% of the total.
Management also pointed to a larger deal profile, with average proposal size rising to 130 megawatts as of May 1, 2026. The company believes its standardized 12.5-megawatt “FuelCell Energy Block” is designed to reduce repeat engineering and permitting work and support faster multi-megawatt deployments.
FCEL Takes a Large Hit From Groton-Related Charges
Profitability was weighed down by a significant non-cash impairment tied to the Groton project. The company recorded a $42.6 million impairment expense related to its decision to upgrade equipment at the 7.4-megawatt Groton Navy project to utilize three standard 2.5-megawatt blocks.
As a result, operating expenses rose to about $65 million in the quarter, and loss from operations widened to $77.9 million. While the impairment drove most of the year-over-year increase, management framed the upgrade as a reliability-focused decision tied to supporting a critical U.S. government asset.
FuelCell Energy’s Cash Position Strengthens After Equity Sales
FuelCell Energy ended the quarter with $440.9 million in total cash, cash equivalents and restricted cash, including $373.2 million of unrestricted cash and $67.7 million of restricted cash.
The balance sheet benefited from equity issuance under the company’s at-the-market program. During the quarter, FCEL sold about 10.9 million shares at an average price of $9.45 per share for net proceeds of roughly $100.4 million, and it completed additional sales after quarter-end at a higher average price.
FCEL Scales Torrington Toward 500 MW of Annual Capacity
FCEL is moving forward with manufacturing expansion at its Torrington, CT facility, initiating work to support an annualized production rate of up to 500 megawatts. The company reiterated an estimated total expansion cost of $200-$275 million, with execution expected over the next 24 months.
For fiscal 2026 specifically, management maintained its $20-$30 million capital spending plan tied to the ramp, while noting that capacity will be expanded in alignment with demand and structured capital support. Separately, the company reiterated a key profitability marker, targeting adjusted EBITDA positivity once it reaches consistent production volumes at or above a 100-megawatt annualized run rate.
Zacks Rank & Stocks to Consider
FuelCell Energy carries a Zacks Rank #3 (Hold) at present. Meanwhile, investors interested in the Oil/Energyspace might look at operators such as Marathon Petroleum (MPC - Free Report) , Nabors Industries (NBR - Free Report) and Patterson-UTI Energy (PTEN - Free Report) . Marathon Petroleum is a Zacks Rank #1 (Strong Buy) stock, while Nabors Industries and Patterson-UTI Energy hold a Zacks Rank #2 (Buy) each.
You can see the complete list of today’s Zacks #1 Rank stocks here.
Marathon Petroleum: Marathon Petroleum is a major U.S. energy company focused on refining, marketing, midstream services and renewable diesel. Its integrated network spans the Gulf Coast, Mid-Continent and West Coast, supported by strong logistics and access to key crude and product markets. MPC beat the Zacks Consensus Estimate for earnings in three of the last four quarters and missed in the other, with the average being 49.5%. Over the past 60 days, the Zacks Consensus Estimate for the company’s 2026 earnings has gone up almost 40%.
Nabors Industries: Nabors Industries is a global drilling and drilling-technology company serving oil and gas customers in major energy markets. It operates land and offshore rigs across the United States, Saudi Arabia and Latin America, supported by about 14,000 employees from more than 85 nationalities. Nabors has a market capitalization of $1.5 billion. The Zacks Consensus Estimate for 2026 earnings for the firm indicates 71.2% growth.
Patterson-UTI Energy: Patterson-UTI is an integrated oilfield services company focused on drilling, completion and drilling products markets. The company operates 137 Tier-1 super-spec rigs and 2.7 million hydraulic horsepower of completion capacity. PTEN has a market capitalization of $4.5 billion. Over the past 60 days, the Zacks Consensus Estimate for Patterson-UTI’s 2026 earnings has moved up 53.1%.
Key Takeaways NuScale is targeting behind-the-meter power for data centers, manufacturers and hydrogen producers.Behind-the-meter generation can cut grid disruption risks and support critical operations.NuScale sees SMR technology serving customers that need scalable, carbon-free, around-the-clock power. NuScale Power Corporation’s (SMR - Free Report) behind-the-meter power initiative addresses a growing problem for energy-intensive industries: the grid is becoming too slow, stretched and unpredictable to support their expansion plans. Behind-the-meter generation means producing electricity at or near the customer’s own facility, rather than relying fully on public transmission networks. For data centers, manufacturers and hydrogen producers, this model is gaining importance because it offers direct access to power where it is needed most. It also gives large users more say over how, when and from where their electricity is supplied.
The value of behind-the-meter power goes beyond cleaner energy. It allows large users to control their electricity supply more directly while improving reliability and reducing exposure to grid-related disruptions. Traditional grid connections can take years because of transmission upgrades and interconnection delays. At the same time, extreme weather, rising AI-related demand and peak-load volatility are weakening confidence in grid reliability. By placing generation closer to the load, companies can reduce exposure to these risks and keep critical operations running with fewer external dependencies. This is especially valuable for facilities where even brief interruptions can cause major financial or operational damage.
This is where small modular reactors (SMRs) could play an important role. NuScale is positioning its SMR technology as a reliable source of around-the-clock, carbon-free electricity for behind-the-meter customers that cannot afford power interruptions.Through its relationship with ENTRA1 Energy, NuScale is targeting data centers, industrial facilities and other mission-critical operations that need dedicated and scalable power solutions. As concerns about grid reliability continue to grow, behind-the-meter generation is becoming less about energy choice and more about ensuring dependable access to power. For NuScale, the opportunity is not just supplying electricity but helping customers secure the power they need to support future growth.
NuScale is not the only company looking to benefit from the rising demand for dedicated onsite power. Other clean-energy technology providers are also targeting customers in need of reliable electricity closer to their operations.
Behind-the-Meter Opportunity Extends Beyond SMRs
Bloom Energy (BE - Free Report) is expanding its behind-the-meter role by supplying fuel cell systems that generate power directly at customer sites. Bloom Energy helps data centers and industrial users reduce dependence on crowded grids by giving them reliable onsite electricity. Bloom Energy’s systems can run continuously and scale with demand, making them useful for AI data centers that need fast, dependable power without waiting years for new grid connections or upgrades.
FuelCell Energy (FCEL - Free Report) is positioning its behind-the-meter strategy around fuel cell power platforms that can be installed near large electricity users. FuelCell Energy is targeting data centers with packaged power blocks designed to provide steady, onsite electricity where grid capacity is limited. FuelCell Energy’s approach gives customers more control over power supply, while supporting lower-carbon operations. For facilities facing interconnection delays, FuelCell Energy offers a way to add dedicated power close to the load.
The Zacks Rundown on NuScale Power
Shares of SMR have lost 45% over the past six months.
Image Source: Zacks Investment Research
NuScale Power currently has an average brokerage recommendation of 2.56 on a scale of 1 to 5 (Strong Buy to Strong Sell), calculated based on the actual recommendations (Buy, Hold, Sell, etc.) made by 18 brokerage firms.
Image Source: Zacks Investment Research
See how the Zacks Consensus Estimate for SMR’s earnings has been revised over the past 90 days.
Image Source: Zacks Investment Research
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
FuelCell Energy stock is under selling pressure. Why is FCEL stock trading lower? What Is FuelCell Energy’s Growth Narrative?FuelCell Energy has been trying to sell investors on a data-center-driven growth narrative. Data centers are nearly 90% of its sales pipeline, but the market continues to weigh that upside against recent execution issues.
The company also pointed to a 4-gigawatt second-quarter pipeline that jumped 267% from the first quarter and a standardized 12.5-megawatt "Energy Block" product aimed at faster time-to-power for AI and data center projects.
Critical Price Levels To Watch For FCELThe longer-term trend is still constructive—FCEL is up 171.36% over the past 12 months—and the stock remains above its 50-day SMA ($14.62), 100-day SMA ($11.16), and 200-day SMA ($9.42). But the near-term posture has cooled, with shares trading 18.3% below the 20-day SMA ($20.86), which often acts like "gravity" after sharp runs.
RSI is the cleaner momentum read right now: at 48.64, it's neutral, suggesting the recent pullback has reset conditions rather than flashing an oversold washout. (RSI measures how stretched a move is; readings near the middle typically line up with consolidation and two-sided trading.) MACD being below its signal line adds a quick caution flag that upside pressure has been fading during this pullback.
Key Resistance: $20.94 — aligns with the 20-day SMA zone as the nearest overhead trend level Key Support: $13.98 — lines up with the 50-day SMA area as a key "line in the sand" for the intermediate uptrend What Is FuelCell Energy’s Business Model?FuelCell Energy is a clean energy technology company that develops, designs, produces, and services high-temperature fuel cells for clean electric power generation. It sells proprietary molten carbonate fuel cell systems that generate electricity electrochemically with ultra-low emissions and high efficiency, and it often acts as a full solutions provider across design, manufacturing, installation, and long-term maintenance.
That "project + service" model is why the data center angle matters so much: large AI/data center builds need reliable power, but timing, uptime, and project execution can swing results. The company operates in the United States, South Korea, Europe and Canada, with the U.S. as its largest revenue source, so big deployments (and any hiccups tied to them) can quickly show up in quarterly prints.
FCEL Analyst Ratings For June 2026Analyst Consensus & Recent Actions: The stock carries a Hold rating with an average price target of $16.20. Recent analyst moves include:
Jefferies: Hold (Raises Target to $16.00) (June 10) B. Riley Securities: Neutral (Raises Target to $13.00) (June 9) TD Cowen: Hold (Raises Target to $16.00) (June 9) FCEL Stock Price Activity on FridayFCEL Stock Price Activity: FuelCell Energy shares were down 3.62% at $17.05 at the time of publication on Friday, according to Benzinga Pro data.
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NEW YORK--(BUSINESS WIRE)--Rithm Capital Corp. (NYSE: RITM; “Rithm Capital,” “Rithm” or the “Company”) today reported the following information for the first quarter ended March 31, 2026.
“Despite a challenging and volatile market environment, Rithm delivered strong Q1 results, with Newrez generating a 19% annualized operating ROE(3), Genesis posting 80% year-over-year origination growth, and our asset management platform growing to approximately $60 billion in AUM,” said Michael Nierenberg, CEO of Rithm Capital. “Our diversified owner-operator model is built to perform through disruption, and we are confident the current conditions create compelling opportunities to drive long-term value for our shareholders.”
Financial Highlights:
GAAP net income of $67.8 million, or $0.12 per diluted common share(1) Earnings available for distribution of $289.6 million, or $0.51 per diluted common share(1)(2) Common dividend of $139.6 million, or $0.25 per common share Book value per common share of $12.51(1) Q1 2026
Q4 2025
Summary Operating Results:
GAAP Net Income per Diluted Common Share(1)
$
0.12
$
0.09
GAAP Net Income (in millions)
$
67.8
$
53.1
Non-GAAP Results:
Earnings Available for Distribution per Diluted Common Share(1)(2)
$
0.51
$
0.74
Earnings Available for Distribution(2) (in millions)
$
289.6
$
418.9
Common Dividend:
Common Dividend per Share
$
0.25
$
0.25
Common Dividend (in millions)
$
139.6
$
139.0
Business Highlights:
Origination & Servicing: Newrez LLC (“Newrez”), Rithm Capital’s multichannel mortgage origination and servicing platform, posted pre-tax operating income of $273.7 million in Q1’26, excluding mortgage servicing rights (“MSRs”) mark-to-market (“MTM”) loss, net of hedges, and other non-operating items of $(23.1) million, up from $249.1 million in Q4’25, excluding MSRs MTM loss, net of hedges, and other non-operating items of $(216.5) million. Newrez generated a 19% annualized operating return on equity (“ROE”)(3) on $5.7 billion of segment equity in Q1’26. Total servicing unpaid principal balance (“UPB”) reached $850 billion at the end of Q1’26, which includes $257 billion UPB of third-party servicing. Origination funded production volume was $15.5 billion in Q1’26, a decrease of 18% quarter over quarter (“QoQ”) and an increase of 31% year over year (“YoY”). Investment Portfolio: Rithm Capital completed four non-qualified mortgage securitizations in Q1’26 totaling $2.0 billion in UPB. Acquired $140 million in home improvement loans in Q1’26 under the previously announced forward flow agreement with Upgrade, Inc., bringing the total purchased to date through quarter-end to $667 million. Residential Transitional Lending: Rithm Capital’s residential transitional lending platform, Genesis Capital LLC (“Genesis Capital”), recorded Q1’26 origination volume of $1.6 billion, a YoY increase of 80%, continuing a series of record volume quarters. Genesis Capital continued to expand its sponsor base, growing new sponsors funded by 118 in Q1’26, a 258% increase YoY. Total sponsors funded for the first quarter of 2026 also expanded to 266, achieving 40% YoY growth. Asset Management: Rithm Asset Management, Rithm Capital’s alternative asset management platform, which primarily includes Sculptor Capital Management Inc. (“Sculptor Capital”) and Crestline Management, L.P. (“Crestline”), had approximately $59 billion of assets under management (“AUM”)(4) as of March 31, 2026, up from $35 billion at quarter end Q1’25, driven by the acquisition of Crestline and additional fund raising activity throughout the year. In Q1’26, Sculptor Capital committed over $1 billion to investments in its latest Real Estate Fund V, representing approximately 20% of capital raised since its inception, and it deployed over $2 billion in capital into corporate credit and asset-based finance investments. Sculptor Capital also continued its active presence in the collateralized loan obligation (“CLO”) markets with a new U.S. CLO for approximately $400 million of AUM in the first quarter of 2026. Crestline raised $100 million in net inflows in Q1’26 for its private perpetual business development company, Crestline Lending Solutions Fund, from institutional investors, bringing total commitments to over $500 million. Commercial Real Estate: Rebranded the Company’s commercial real estate platform Paramount Group to Elecor Properties (“Elecor”) to align the corporate brand with the vision to elevate the portfolio, properties and tenant experience. Elecor, Rithm Capital’s recently acquired owner and operator of Class A office properties in New York and San Francisco, witnessed continued leasing momentum with New York City lease occupancy increasing by 4.7% YoY, and with over 350k square feet of new lease activity, 74% of which is in the San Francisco portfolio. Refinanced 1325 Avenue of the Americas through a single-asset, single borrower commercial mortgage-backed securities financing. (1)
Per diluted common share calculations for both GAAP Net Income and Earnings Available for Distribution are based on 565,927,074 and 564,691,202 weighted average diluted shares for the quarters ended March 31, 2026 and December 31, 2025, respectively. The per share calculation of Book Value is based on 557,902,002 common shares outstanding as of March 31, 2026.
(2)
Earnings Available for Distribution is a non-GAAP financial measure. For a reconciliation of Earnings Available for Distribution to GAAP Net Income, as well as an explanation of this measure, please refer to the section entitled Non-GAAP Financial Measures and Reconciliation to GAAP Net Income below.
(3)
Q1’26 annualized operating ROE is a non-GAAP measure. Q1’26 annualized operating ROE is calculated based on annualized pre-tax operating income of $273.7 million, excluding MSRs MTM loss, net of hedges, and other non-operating items of $(23.1) million, divided by the average Origination and Servicing segment ending equity of $5.7 billion.
(4)
AUM is estimated and refers to the value of assets for which Rithm Capital and its affiliates provide discretionary investment management or advisory services. AUM is generally calculated as the sum of: (i) the net asset value of managed accounts and open-ended funds or gross asset value of real estate and real estate funds, (ii) uncalled capital commitments and (iii) par value of structured credit vehicles (e.g., collateralized loan obligations). AUM includes amounts that are not subject to management fees, incentive income or other amounts earned on AUM. AUM also includes amounts that are invested in other affiliated funds/vehicles. Rithm Capital's calculation of AUM is intended to provide a consistent and comparable measure of managed assets across its businesses; however it is not based on any specific regulatory definition and may differ from similarly titled measures presented by other asset managers and, as a result, may not be comparable.
ADDITIONAL INFORMATION
For additional information that management believes to be useful for investors, please refer to the latest presentation posted on the Investors - News section of the Company’s website, www.rithmcap.com. Information on, or accessible through, our website is not a part of, and is not incorporated into, this press release.
EARNINGS CONFERENCE CALL
Rithm Capital’s management will host a conference call on Tuesday, April 28, 2026 at 8:00 A.M. Eastern Time. A copy of the earnings release will be posted to the Investors - Events & Presentations section of Rithm Capital’s website, www.rithmcap.com.
The conference call may be accessed by dialing 1-833-974-2382 (from within the U.S.) or 1-412-317-5787 (from outside of the U.S.) ten minutes prior to the scheduled start of the call; please reference “Rithm Capital First Quarter 2026 Earnings Call.” In addition, participants are encouraged to pre-register for the conference call at https://dpregister.com/sreg/10208453/103db8ca815.
A simultaneous webcast of the conference call will be available to the public on a listen-only basis at www.rithmcap.com. Please allow extra time prior to the call to visit the website and download any necessary software required to listen to the internet broadcast.
A telephonic replay of the conference call will also be available two hours following the call’s completion through 11:59 P.M. Eastern Time on Tuesday, May 5, 2026, by dialing 1-855-669-9658 (from within the U.S.) or 1-412-317-0088 (from outside of the U.S.); please reference access code “2668521”.
Rithm Capital Corp. and Subsidiaries
Consolidated Statements of Operations (Unaudited)
($ in thousands, except share and per share data)
Three Months Ended
March 31,
2026
December 31,
2025
Revenues
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables
$
579,288
$
570,070
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(211,456) and $(232,554), respectively)
(204,229
)
(421,815
)
Servicing revenue, net
375,059
148,255
Interest income
461,877
500,814
Gain on originated residential mortgage loans, held-for-sale, net
208,250
203,731
Asset management revenue
106,587
359,489
Rental revenue
191,691
46,202
Other revenue
36,772
32,258
1,380,236
1,290,749
Expenses
Interest expense and warehouse line fees
430,662
422,821
General, administrative and operating
336,002
261,366
Compensation and benefits
378,410
453,932
Depreciation and amortization
92,644
35,985
1,237,718
1,174,104
Other Income (Loss)
Realized and unrealized gains (losses), net
(15,154
)
50,876
Other income (loss), net
26,876
38,804
11,722
89,680
Income before Income Taxes
154,240
206,325
Income tax expense (benefit)
44,762
115,747
Net Income
109,478
90,578
Non-controlling interests in income of consolidated subsidiaries
(146
)
1,234
Redeemable non-controlling interests in income of consolidated subsidiaries
6,946
4,353
Net Income Attributable to Rithm Capital Corp.
102,678
84,991
Change in redemption value of redeemable non-controlling interests
—
—
Dividends on preferred stock
34,847
31,875
Net Income Attributable to Common Stockholders
$
67,831
$
53,116
Net Income per Share of Common Stock
Basic
$
0.12
$
0.10
Diluted
$
0.12
$
0.09
Weighted Average Number of Shares of Common Stock Outstanding
Basic
556,720,287
555,021,130
Diluted
565,927,074
564,691,202
Dividends Declared per Share of Common Stock
$
0.25
$
0.25
Rithm Capital Corp. and Subsidiaries
Consolidated Balance Sheets
($ in thousands, except share and per share data)
March 31, 2026
(Unaudited)
December 31, 2025
Assets
Mortgage servicing rights and mortgage servicing rights financing receivables, at fair value
$
10,859,933
$
10,359,141
Government and government-backed securities ($5,041,769 and $5,230,139 at fair value, respectively)
5,066,754
5,254,905
Residential mortgage loans ($5,083,003 and $5,752,169 at fair value, respectively)(A)
5,137,741
5,808,960
Consumer loans, held-for-investment, at fair value(A)
805,294
784,399
Residential transition loans, at fair value
3,197,813
2,699,864
Residential mortgage loans subject to repurchase
4,427,618
3,952,792
Real estate, net(A)
6,174,559
6,175,735
Insurance company investments, at fair value
1,021,920
906,454
Cash, cash equivalents and restricted cash(A)
2,368,374
2,656,938
Servicer advances receivable
2,865,556
3,090,613
Other assets ($3,018,569 and $2,707,456 at fair value, respectively)(A)
5,714,249
5,583,976
Assets of Consolidated Entities(A):
Investments, at fair value and other assets
5,734,733
5,789,349
Total Assets
$
53,374,544
$
53,063,126
Liabilities and Equity
Liabilities
Secured financing agreements(A)
$
13,923,496
$
13,763,802
Secured notes and bonds payable ($134,319 and $143,442 at fair value, respectively)(A)
14,827,171
15,203,770
Residential mortgage loan repurchase liability
4,427,618
3,952,792
Unsecured notes, net of issuance costs
1,424,635
1,421,088
Interest sensitive insurance contract liabilities
1,069,355
960,209
Dividends payable
179,104
178,900
Accrued expenses and other liabilities ($610,185 and $638,090 at fair value, respectively)(A)
3,085,378
3,349,643
Liabilities of Consolidated Entities(A):
Notes payable, at fair value and other liabilities
4,932,492
4,978,212
Total Liabilities
43,869,249
43,808,416
Commitments and Contingencies
Redeemable Noncontrolling Interests of Consolidated Subsidiaries
361,138
314,303
Stockholders’ Equity
Preferred stock, $0.01 par value, 100,000,000 shares authorized, 67,564,122 and 57,564,122 issued and outstanding, $1,689,104 and $1,439,104 aggregate liquidation preference, respectively
1,632,915
1,390,790
Common stock, $0.01 par value, 2,000,000,000 shares authorized, 557,902,002 and 555,880,947 issued and outstanding, respectively
5,579
5,559
Additional paid-in capital
6,998,267
6,982,991
Accumulated deficit
(99,976
)
(19,945
)
Accumulated other comprehensive income
73,292
71,092
Stockholders’ Equity in Rithm Capital Corp.
8,610,077
8,430,487
Non-controlling interests in equity of consolidated subsidiaries
534,080
509,920
Total Stockholders’ Equity
9,144,157
8,940,407
Total Liabilities and Equity
$
53,374,544
$
53,063,126
NON-GAAP FINANCIAL MEASURES AND RECONCILIATION TO GAAP NET INCOME
The Company has four primary variables that impact its performance: (i) net interest margin on assets held within the investment portfolio; (ii) realized and unrealized gains or losses on assets held within the investment portfolio and operating companies, including any impairment or reserve for expected credit losses; (iii) income from the Company’s operating company investments; and (iv) the Company’s operating expenses and taxes.
“Earnings available for distribution” is a non-GAAP financial measure of the Company’s operating performance, which is used by management to evaluate the Company’s performance, excluding: (i) net realized and unrealized gains and losses on certain assets and liabilities; (ii) net other income and losses; (iii) non-capitalized transaction-related expenses; (iv) depreciation and amortization on real estate investment properties; (v) straight-line rental income on commercial real estate properties; and (vi) deferred taxes.
The Company’s definition of earnings available for distribution excludes certain realized and unrealized losses, which although they represent a part of the Company’s recurring operations, are subject to significant variability and are generally limited to a potential indicator of future economic performance. Within net other income and losses, management primarily excludes (i) equity-based compensation expenses, (ii) non-cash deferred interest expense, (iii) amortization expense related to intangible assets and debt acquired below or above market prices and (iv) straight-line rental income on commercial real estate properties, as management does not consider this non-cash activity to be a component of earnings available for distribution. With regard to non-capitalized transaction-related expenses, management does not view these costs as part of the Company’s core operations, as they are considered by management to be similar to realized losses incurred at acquisition. Non-capitalized transaction related expenses generally relate to legal and valuation service costs, as well as other professional service fees, incurred when the Company acquires certain investments, as well as costs associated with the acquisition and integration of acquired businesses. Management also excludes deferred taxes because the Company believes deferred taxes are not representative of current operations.
Management believes that the adjustments to compute “earnings available for distribution” specified above allow investors and analysts to readily identify and track the operating performance of the assets that form the core of the Company’s activity, assist in comparing the core operating results between periods and enable investors to evaluate the Company’s current core performance using the same financial measure that management uses to operate the business. Management also utilizes earnings available for distribution as a financial measure in its decision-making process relating to improvements to the underlying fundamental operations of the Company’s investments, as well as the allocation of resources between those investments, and management also relies on earnings available for distribution as an indicator of the results of such decisions. Earnings available for distribution excludes certain recurring items, such as gains and losses (including impairment and reserves as well as derivative activities) and non-capitalized transaction-related expenses, because they are not considered by management to be part of the Company’s core operations for the reasons described herein. As such, earnings available for distribution is not intended to reflect all of the Company’s activity and should be considered as only one of the factors used by management in assessing the Company’s performance, along with GAAP net income which is inclusive of all of the Company’s activities.
The Company views earnings available for distribution as a consistent financial measure of its portfolio’s ability to generate income for distribution to common stockholders. Earnings available for distribution does not represent and should not be considered as a substitute for, or superior to, net income or as a substitute for, or superior to, cash flows from operating activities, each as determined in accordance with GAAP, and the Company’s calculation of this financial measure may not be comparable to similarly entitled financial measures reported by other companies. Furthermore, to maintain qualification as a REIT, U.S. federal income tax law generally requires that the Company distribute at least 90% of its REIT taxable income annually, determined without regard to the deduction for dividends paid and excluding net capital gains. Because the Company views earnings available for distribution as a consistent financial measure of its ability to generate income for distribution to common stockholders, earnings available for distribution is one metric, but not the exclusive metric, that the Company’s board of directors uses to determine the amount, if any, and the payment date of dividends on common stock. However, earnings available for distribution should not be considered as an indication of the Company’s taxable income, a guaranty of its ability to pay dividends or as a proxy for the amount of dividends it may pay, as earnings available for distribution excludes certain items that impact its cash needs.
Reconciliation of Non-GAAP Measure to the Respective GAAP Measure
The table below provides a reconciliation of earnings available for distribution to the most directly comparable GAAP financial measure (dollars in thousands, except share and per share data):
Three Months Ended
March 31,
2026
December 31,
2025
Net income attributable to common stockholders - GAAP
$
67,831
$
53,116
Adjustments:
Realized and unrealized losses, net, including MSR change in valuation inputs and assumptions
71,844
166,648
Other loss, net
15,633
26,330
Depreciation and amortization
87,280
27,824
Non-capitalized transaction-related expenses
8,330
33,373
Deferred taxes
38,718
111,614
Earnings available for distribution - Non-GAAP
$
289,636
$
418,905
Net income per diluted share
$
0.12
$
0.09
Earnings available for distribution per diluted share
$
0.51
$
0.74
Weighted average number of shares of common stock outstanding, diluted
565,927,074
564,691,202
SEGMENT INFORMATION
($ in thousands)
First Quarter Ended March 31, 2026
Origination
and
Servicing
Residential
Transitional
Lending
Asset
Management
Investment
Portfolio
Commercial
Real Estate
Corporate
Category
Total
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables
$
579,288
$
—
$
—
$
—
$
—
$
—
$
579,288
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(211,456))
(204,229
)
—
—
—
—
—
(204,229
)
Servicing revenue, net
375,059
—
—
—
—
—
375,059
Interest income
234,877
87,659
38,897
95,967
1,832
2,645
461,877
Gain on originated residential mortgage loans, held-for-sale, net
194,972
—
—
13,278
—
—
208,250
Asset management revenue
—
—
104,818
—
1,769
—
106,587
Rental revenue
—
—
—
20,487
171,204
—
191,691
Other revenue
23,333
—
—
6,385
7,054
—
36,772
Total Revenue
828,241
87,659
143,715
136,117
181,859
2,645
1,380,236
Interest expense and warehouse line fees
215,797
35,659
6,173
76,555
58,462
38,016
430,662
Other segment expenses
151,269
6,537
49,811
25,109
84,000
19,276
336,002
Compensation and benefits
207,074
20,822
113,016
5,115
11,282
21,101
378,410
Depreciation and amortization
6,088
1,943
11,526
8,482
64,605
—
92,644
Total Operating Expenses
580,228
64,961
180,526
115,261
218,349
78,393
1,237,718
Realized and unrealized gains (losses), net
—
(606
)
(1,394
)
(13,034
)
(120
)
—
(15,154
)
Other income (loss), net
2,614
1,055
9,476
11,694
2,035
2
26,876
Total Other Income (Loss)
2,614
449
8,082
(1,340
)
1,915
2
11,722
Income (Loss) before Income Taxes
$
250,627
$
23,147
$
(28,729
)
$
19,516
$
(34,575
)
$
(75,746
)
$
154,240
Total Assets
$
28,311,493
$
4,505,746
$
4,504,047
$
9,905,297
$
5,902,572
$
245,389
$
53,374,544
Stockholders' Equity in Rithm Capital Corp.
$
5,797,840
$
934,217
$
1,282,840
$
1,564,567
$
1,249,074
$
(2,218,461
)
$
8,610,077
Fourth Quarter Ended December 31, 2025
Origination
and
Servicing
Residential Transitional
Lending
Asset
Management
Investment
Portfolio
Commercial
Real Estate
Corporate
Category
Total
Servicing fee revenue, net and interest income from MSRs and MSR financing receivables
$
570,070
$
—
$
—
$
—
$
—
$
—
$
570,070
Change in fair value of MSRs and MSR financing receivables, net of economic hedges (includes realization of cash flows of $(232,554))
(421,815
)
—
—
—
—
—
(421,815
)
Servicing revenue, net
148,255
—
—
—
—
—
148,255
Interest income
305,075
82,075
16,470
93,696
337
3,161
500,814
Gain on originated residential mortgage loans, held-for-sale, net
Certain information in this press release constitutes “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements are not historical facts. They represent management’s current expectations regarding future events and are subject to a number of trends and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those described in the forward-looking statements. Accordingly, you should not place undue reliance on any forward-looking statements contained herein. For a discussion of some of the risks and important factors that could affect such forward-looking statements, see the sections entitled “Cautionary Statement Regarding Forward Looking Statements,” “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s most recent annual and quarterly reports and other filings filed with the U.S. Securities and Exchange Commission, which are available on the Company’s website (www.rithmcap.com). New risks and uncertainties emerge from time to time, and it is not possible for Rithm Capital to predict or assess the impact of every factor that may cause its actual results to differ from those contained in any forward-looking statements. Forward-looking statements contained herein speak only as of the date of this press release, and Rithm Capital expressly disclaims any obligation to release publicly any updates or revisions to any forward-looking statements contained herein to reflect any change in Rithm Capital's expectations with regard thereto or change in events, conditions or circumstances on which any statement is based.
ABOUT RITHM CAPITAL
Rithm Capital Corp. is a global alternative asset manager with significant experience managing credit and real estate assets. Rithm’s integrated platform spans asset-based finance, residential and commercial real estate lending, mortgage servicing rights, and structured credit. Through platforms including Elecor Properties, Newrez, Genesis Capital, Sculptor Capital Management, and Crestline Management, Rithm employs a unique owner-operator model to drive value for shareholders and investors. For more information, visit www.rithmcap.com.
Rithm Capital delivers robust mREIT, office REIT, and alternative asset management monetization trends, better positioning the diversified company no matter the rate environment. For now, the mREIT segment enjoys rich net interest incomes and robust loan origination gains, aided by their fully hedged MSR portfolios working out as intended. RITM's diversification into asset management and office rentals are also top-line accretive, thanks to the expanded AUM and higher leasing/occupancy rates supporting its resilient growth prospects.
AGNC offers transparent exposure to agency MBS with virtually zero credit risk, while RITM's hybrid model remains a "black box" with credit portfolio risks. My previous recommendation favoring DX over RITM generated a 15% alpha in just four months, confirming the wisdom of betting on "pure-play" agency mREITs. AGNC delivers an excellent dividend yield of 13% with monthly payouts, which creates better compound interest potential compared to RITM's 10% quarterly payouts.
NEW YORK--(BUSINESS WIRE)--KBRA assigns preliminary ratings to 10 classes of mortgage-backed notes from New Residential Mortgage Loan Trust 2026-NQM6 (NRMLT 2026-NQM6), a $490.1 million non-prime RMBS transaction sponsored by Rithm Capital Corp. (formerly New Residential Investment Corp.), a publicly traded (NYSE: RITM) real estate investment trust (REIT). The underlying mortgages in the subject pool were primarily originated by NewRez LLC (62.7%). In addition, all loans will be serviced by NewRez LLC.
NRMLT 2026-NQM6 is collateralized by a pool of 930 residential mortgages seasoned approximately two months. Borrowers in NRMLT 2026-NQM6 possess a non-zero WA original credit score of 755 and exhibit a weighted average (WA) original loan-to-value (LTV) of 71.8% and a WA combined LTV (CLTV) of 71.8%.
KBRA’s rating approach incorporated loan-level analysis of the mortgage pool through its Residential Asset Loss Model (REALM), an examination of the results from third-party loan file due diligence, cash flow modeling analysis of the transaction’s payment structure, reviews of key transaction parties and an assessment of the transaction’s legal structure and documentation. This analysis is further described in our U.S. RMBS Rating Methodology.
To access ratings and relevant documents, click here.
RMBS: U.S. RMBS Rating Methodology Structured Finance: Global Structured Finance Counterparty Methodology Disclosures
Further information on key credit considerations, sensitivity analyses that consider what factors can affect these credit ratings and how they could lead to an upgrade or a downgrade, and ESG factors (where they are a key driver behind the change to the credit rating or rating outlook) can be found in the full rating report referenced above.
A description of all substantially material sources that were used to prepare the credit rating and information on the methodology(ies) (inclusive of any material models and sensitivity analyses of the relevant key rating assumptions, as applicable) used in determining the credit rating is available in the Information Disclosure Form(s) located here.
Information on the meaning of each rating category can be located here.
Further disclosures relating to this rating action are available in the Information Disclosure Form(s) referenced above. Additional information regarding KBRA policies, methodologies, rating scales and disclosures are available at www.kbra.com.
About KBRA
Kroll Bond Rating Agency, LLC (KBRA), one of the major credit rating agencies (CRA), is a full-service CRA registered with the U.S. Securities and Exchange Commission as an NRSRO. Kroll Bond Rating Agency Europe Limited is registered as a CRA with the European Securities and Markets Authority. Kroll Bond Rating Agency UK Limited is registered as a CRA with the UK Financial Conduct Authority. In addition, KBRA is designated as a Designated Rating Organization (DRO) by the Ontario Securities Commission for issuers of asset-backed securities to file a short form prospectus or shelf prospectus. KBRA is also recognized as a Qualified Rating Agency by Taiwan’s Financial Supervisory Commission and is recognized by the National Association of Insurance Commissioners as a Credit Rating Provider (CRP) in the U.S.
Rithm Capital offers a more attractive risk/reward profile than AGNC Investment despite a lower headline yield (10.2% vs. 13.4%). RITM trades at a valuation discount: 4.33x FY1 P/E and 22% below book, versus AGNC's 6.83x P/E and 20% premium to book. RITM's diversified revenue, lower leverage ratio, and lower dividend payout ratio (43% vs. AGNC's 96%) enhance resilience in uncertain rate environments.
