i-80 Gold Corp. reported a challenging fourth quarter and full year 2025, marked by increased net losses and cash used in operations, primarily due to significant investments in development, exploration, and asset write-downs. Despite a higher average realized gold price, revenue declined year-over-year in Q4, and the company is advancing a substantial recapitalization plan to fund future development phases.
Gross profit increased to $4.7 million in Q4 2025 from $1.8 million in Q4 2024, driven by a stronger gold price.
positiveFull year 2025 revenue increased to $95.2 million from $50.3 million in 2024, driven by increased gold sales and a higher average realized gold price.
positiveAchieved 2025 guidance with 31,930 ounces of consolidated gold output.
positiveTotal Recordable Injury Frequency Rate improved to 0.62 in 2025 compared to 1.27 in 2024.
positiveNet loss increased significantly to $85.6 million in Q4 2025 from $17.7 million in Q4 2024, and to $198.8 million for the full year 2025 from $121.5 million in 2024, due to non-cash fair value revaluations, asset write-downs, and higher exploration expenses.
negativeAdjusted loss increased to $37.8 million in Q4 2025 from $25.0 million in Q4 2024, and to $122.9 million for the full year 2025 from $111.2 million in 2024, due to increased spending on pre-development, evaluation, and exploration expenses.
negativeCash used in operating activities increased to $34.3 million in Q4 2025 from $9.2 million in Q4 2024, and was comparable at $83.6 million for the full year 2025 vs $82.5 million in 2024, reflecting increased pre-development, evaluation, and exploration expenses.
negativeRevenue from gold sales in Q4 2025 was $21.3 million, a decrease from $23.2 million in Q4 2024, primarily due to lower gold ounces sold and a higher inventory balance held.
attentionA non-cash write-down of $26.2 million related to Lone Tree Plant assets was incurred.
attentionThe Lone Tree Plant refurbishment has an estimated capital cost of $430 million, an increase from previous estimates due to inflation and design details.
attentionMargin expansion indicates improving profitability and operational efficiency. Measured in basis points (bps): 100 bps = 1.0%.
| Segment | Current | Prior Yr | YoY | % Total |
|---|---|---|---|---|
Lone Tree | N/A | — | — | — |
Ruby Hill | N/A | — | — | — |
Granite Creek | N/A | — | — | — |
| Total Revenue | $0.00M | — | — | 100.0% |
Segment performance shows business unit health and growth drivers.
Forward-looking guidance is subject to change and does not constitute a guarantee. Actual results may differ materially from these estimates.
Special items are non-recurring events that may distort period-over-period comparisons. Analysts typically adjust for these when calculating normalized earnings.
In 2025 we made significant progress in advancing our development plan and recapitalizing the Company’s balance sheet.
We are targeting to complete our recapitalization plan by the end of the first quarter, which is expected to fully fund phase one and two of our development plans.
As we enter 2026, we look forward to ramping up production at Granite Creek, beginning the refurbishment of our Lone Tree Plant, commencing mining at our second underground mine Archimedes, and continuing to advance our technical and permitting work on our remaining projects.
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Operational metrics provide insight into business drivers and customer engagement beyond traditional financial measures.