McEwen Inc's income statement, balance sheet and cash flow statement as filed with the SEC (10-K and 10-Q), with the latest fiscal years and quarters. In its latest fiscal year (Dec 31, 2025 · FY), McEwen Inc reported revenue of $197.6M (+13.2% year on year) and net income of $34.4M (+178.8% year on year).
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Revenue from gold and silver sales | $197.6M | $174.5M | $166.2M | $110.4M |
| Production costs applicable to sales | ($122.8M) | ($113.3M) | ($119.2M) | ($91.3M) |
| Depreciation and depletion | ($27.2M) | ($30.2M) | ($29.2M) | ($19.7M) |
| Gross profit | $47.6M | $30.9M | $17.8M | ($544.0K) |
| Advanced projects | ($8.0M) | ($7.2M) | ($6.3M) | ($5.6M) |
| Exploration | ($22.2M) | ($16.5M) | ($20.2M) | ($15.0M) |
| General and administrative | ($26.7M) | ($17.2M) | ($15.4M) | ($11.9M) |
| Income (loss) from equity method investments | $15.6M | ($38.0M) | ($57.8M) | — |
| Depreciation | ($620.0K) | ($634.0K) | ($1.1M) | ($733.0K) |
| Reclamation and remediation | ($3.0M) | ($2.1M) | ($2.7M) | ($3.3M) |
| Total other operating expenses | ($44.9M) | ($81.5M) | ($179.8M) | ($94.9M) |
| Operating income (loss) | $2.7M | ($50.6M) | ($162.1M) | ($95.4M) |
| Interest and other finance (expenses) income, net | ($7.2M) | ($4.6M) | $36.9M | ($7.8M) |
| Other income (expenses) (Note 18) | $10.7M | $2.7M | ($30.0M) | $22.9M |
| Dilution gain from investments in McEwen Copper Inc. (Note 9) | $789.0K | $5.8M | — | — |
| Total other income | $4.3M | $3.8M | $229.1M | $15.1M |
| Income (loss) before income and mining taxes | $6.9M | ($46.7M) | $67.0M | ($80.3M) |
| Income and mining tax recovery (expense) (Note 19) | $27.5M | $3.0M | ($33.9M) | ($5.8M) |
| Net income (loss) after income and mining taxes | $34.4M | ($43.7M) | $33.2M | ($86.1M) |
| Net income (loss) and comprehensive income (loss) attributable to McEwen shareholders | $34.4M | ($43.7M) | $55.3M | ($81.1M) |
| Basic (in dollars per share) | $0.64 | -$0.86 | $1.16 | -$1.71 |
| Diluted (in dollars per share) | $0.59 | -$0.86 | $1.16 | -$1.71 |
| Basic (in shares) | 54.0M | 51.0M | 47.5M | 47.4M |
| Diluted (in shares) | 65.6M | 51.0M | 47.5M | 47.4M |
| Line item | Jun 30, 2026 · Q2 | Mar 31, 2026 · Q1 | Sep 30, 2025 · Q3 | Jun 30, 2025 · Q2 |
|---|---|---|---|---|
| Revenue from gold and silver sales | $59.2M | $74.0M | $50.5M | $46.7M |
| Production costs applicable to sales | ($31.1M) | ($35.6M) | ($35.2M) | ($27.7M) |
| Depreciation and depletion | ($8.0M) | ($6.9M) | ($7.5M) | ($6.7M) |
| Gross profit | $20.1M | $31.5M | $7.8M | $12.3M |
| Advanced projects | ($3.4M) | ($4.8M) | ($1.7M) | ($895.0K) |
| Exploration | ($11.4M) | ($5.5M) | ($6.8M) | ($5.4M) |
| General and administrative (Note 19) | ($7.9M) | ($9.5M) | ($6.1M) | ($5.0M) |
| Income (loss) from equity method investments (Note 9) | $11.2M | $30.3M | — | — |
| Depreciation | ($178.0K) | ($167.0K) | ($158.0K) | ($167.0K) |
| Reclamation and remediation | ($715.0K) | ($722.0K) | ($778.0K) | ($774.0K) |
| Total other operating expenses | ($12.4M) | $9.7M | ($16.2M) | ($15.7M) |
| Operating income (loss) | $7.7M | $41.2M | ($8.4M) | ($3.4M) |
| Interest and other finance income | $1.4M | — | — | — |
| Interest and other finance expenses | ($1.8M) | ($1.5M) | — | — |
| Other income (expenses) (Note 3) | ($1.4M) | ($6.3M) | $8.3M | $7.0M |
| Total other income (expenses) | ($1.9M) | ($8.0M) | $6.7M | $5.3M |
| Income (loss) before income and mining taxes | $5.8M | $33.2M | ($1.7M) | $1.9M |
| Income and mining tax recovery (Note 17) | $3.8M | $174.0K | $1.3M | $1.1M |
| Net income (loss) after income and mining taxes | $9.6M | $33.4M | ($462.0K) | $3.0M |
| Basic (in dollars per share) | $0.16 | $0.56 | -$0.01 | $0.06 |
| Diluted (in dollars per share) | $0.14 | $0.47 | -$0.01 | $0.06 |
| Basic (in shares) | 60.0M | 58.9M | 54.2M | 54.0M |
| Diluted (in shares) | 74.6M | 72.4M | 54.2M | 54.0M |
| Change in foreign currency translation adjustments (Note 9) | ($3.0K) | $24.0K | — | — |
| Comprehensive income (loss) | $9.6M | $33.4M | — | — |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Cash and cash equivalents (Note 4) | $51.0M | $13.7M | $23.0M | $39.8M |
| Marketable securities (Note 5) | $21.1M | $1.6M | — | — |
| Receivables, prepaids and other current assets (Note 6) | $5.8M | $7.5M | $5.6M | — |
| Due from McEwen Copper Inc. (Note 15) | $3.2M | $286.0K | $2.4M | — |
| Inventories (Note 7) | $26.8M | $18.1M | $19.9M | $31.7M |
| Total current assets | $107.9M | $41.2M | $52.7M | $81.7M |
| Mineral property interests and plant and equipment, net (Note 8) | $227.2M | $210.9M | $169.9M | $346.3M |
| Equity method investments (Note 9) | $428.6M | — | — | — |
| Due from McEwen Copper Inc. (Note 15) | $6.1M | — | — | — |
| Deferred tax assets (Note 19) | $25.6M | — | — | — |
| Inventories (Note 7) | $20.6M | $7.8M | $10.1M | $2.4M |
| Restricted cash (Note 4) | $4.2M | $3.8M | $4.5M | $3.8M |
| Other assets | $34.0K | $102.0K | $673.0K | $1.1M |
| TOTAL ASSETS | $820.2M | $664.6M | $657.2M | $528.7M |
| Accounts payable and accrued liabilities | $44.9M | $28.4M | $22.7M | $42.5M |
| Reclamation and remediation liabilities (Note 12) | $6.5M | $5.0M | $3.1M | $12.6M |
| Contract liability (Note 17) | $7.5M | $3.5M | — | $6.2M |
| Flow-through share premium (Note 13) | $974.0K | $5.4M | $1.7M | $4.1M |
| Tax liabilities (Note 19) | $3.0M | $4.5M | $1.6M | $7.7M |
| Lease liabilities (Note 10) | $926.0K | $788.0K | $978.0K | $1.2M |
| Total current liabilities | $63.8M | $47.7M | $30.0M | $84.2M |
| Long-term debt, net of issuance costs (Note 11) | $126.2M | $40.0M | $40.0M | $54.0M |
| Reclamation and remediation liabilities (Note 12) | $39.4M | $41.1M | $39.9M | $29.3M |
| Deferred tax liabilities (Note 19) | $40.3M | $36.6M | $40.6M | — |
| Lease liabilities (Note 10) | $1.1M | $1.3M | $488.0K | $1.2M |
| Other liabilities | $3.2M | $2.9M | $3.8M | $3.8M |
| Total liabilities | $274.0M | $169.6M | $154.8M | $172.4M |
| Common shares: 55,517 as at December 31, 2025, and 53,054 as at December 31, 2024 issued and outstanding (in thousands) (Note 13) | 1.8B | 1.8B | 1.8B | 1.6B |
| Accumulated deficit | ($1.3B) | ($1.3B) | ($1.3B) | ($1.3B) |
| Total shareholders' equity | $546.2M | $495.0M | $502.4M | $356.3M |
| TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | $820.2M | $664.6M | $657.2M | $528.7M |
| Line item | Jun 30, 2026 | Mar 31, 2026 | Sep 30, 2025 | Jun 30, 2025 |
|---|---|---|---|---|
| Cash and cash equivalents (Note 4) | $78.9M | $56.5M | $51.2M | $53.6M |
| Marketable securities (Note 5) | $12.8M | $13.5M | $24.2M | $16.0M |
| Receivables, prepaids and other current assets (Note 6) | $7.8M | $6.4M | $6.3M | $6.8M |
| Inventories (Note 7) | $27.2M | $31.4M | $29.5M | $24.1M |
| Due from McEwen Copper Inc. (Note 14) | $3.0M | $1.9M | $8.1M | $7.2M |
| Total current assets | $129.7M | $109.8M | $119.4M | $107.7M |
| Mineral property interests and plant and equipment, net (Note 8) | $376.9M | $350.5M | $222.4M | $220.5M |
| Equity method investments (Note 9) | $411.8M | $450.0M | — | — |
| Loan receivable from McEwen Copper Inc. (Note 14) | $12.4M | $12.3M | — | — |
| Deferred tax assets | $22.6M | $21.3M | — | — |
| Inventories (Note 7) | $34.0M | $24.1M | $15.6M | $16.3M |
| Restricted cash (Note 4) | $4.6M | $4.4M | $4.0M | $4.0M |
| TOTAL ASSETS | $992.1M | $972.6M | $747.6M | $735.6M |
| Accounts payable and accrued liabilities | $41.3M | $47.7M | $36.2M | $33.9M |
| Long-term debt, current portion (Note 10) | $6.0M | $3.0M | — | — |
| Reclamation and remediation liabilities (Note 11) | $6.8M | $7.3M | $6.8M | $6.9M |
| Contract liability (Note 16) | $8.1M | $1.8M | $9.3M | — |
| Flow-through share premium (Note 12) | $231.0K | $1.3M | $483.0K | $2.1M |
| Tax liabilities | $448.0K | $3.5M | $3.1M | $2.2M |
| Lease liabilities | $831.0K | $819.0K | $833.0K | $727.0K |
| Total current liabilities | $63.7M | $96.7M | $56.8M | $45.9M |
| Long-term debt, net of issuance costs (Note 10) | $120.6M | $123.4M | $126.0M | $125.8M |
| Reclamation and remediation liabilities (Note 11) | $39.4M | $38.6M | $38.7M | $41.1M |
| Deferred tax liabilities | $58.7M | $58.7M | $34.0M | $34.4M |
| Lease liabilities | $995.0K | $933.0K | $924.0K | $1.1M |
| Other liabilities | $2.1M | $2.4M | $2.7M | $3.0M |
| Total liabilities | $285.5M | $320.6M | $259.1M | $251.1M |
| Common shares: 59,744 as at June 30, 2026 (in thousands) (Note 12) | 1.9B | 1.9B | 1.8B | 1.8B |
| Common stock issuable (Note 18) | $32.3M | — | — | — |
| Accumulated deficit | ($1.2B) | ($1.2B) | ($1.3B) | ($1.3B) |
| Accumulated other comprehensive income | $21.0K | $24.0K | — | — |
| Total shareholders' equity | $706.6M | $652.0M | $488.6M | $484.5M |
| TOTAL LIABILITIES & SHAREHOLDERS' EQUITY | $992.1M | $972.6M | $747.6M | $735.6M |
| Line item | Dec 31, 2025 · FY | Dec 31, 2024 · FY | Dec 31, 2023 · FY | Dec 31, 2022 · FY |
|---|---|---|---|---|
| Net income (loss) | $34.4M | ($43.7M) | $33.2M | ($86.1M) |
| Loss from investment in McEwen Copper Inc. (Note 9) | $25.5M | $47.0M | $57.8M | — |
| Income from investment in Minera Santa Cruz S.A. (Note 9) | ($41.1M) | ($9.0M) | ($62.0K) | — |
| Depreciation, amortization and depletion | $27.8M | $30.9M | $30.4M | — |
| Gain on marketable securities (Note 5) | ($12.8M) | ($286.0K) | — | — |
| Foreign exchange (gain) loss | ($235.0K) | $656.0K | $49.0M | — |
| Reclamation accretion and adjustments to estimate | $3.9M | $864.0K | $2.7M | — |
| Income and mining tax (recovery) expense (Note 19) | ($22.3M) | ($7.0M) | $37.0M | ($1.9M) |
| Flow through premium amortization (Note 13) | ($5.6M) | — | — | — |
| Stock-based compensation | $3.7M | $3.2M | $971.0K | $340.0K |
| Dilution gain from investments in McEwen Copper Inc. (Note 9) | ($789.0K) | ($5.8M) | — | — |
| Amortization of debt issuance costs | $697.0K | — | — | — |
| Other | $437.0K | $349.0K | — | — |
| Change in inventories | ($18.9M) | — | — | — |
| Change in other assets related to operations | ($2.1M) | $2.4M | $6.5M | ($12.9M) |
| Change in accounts payable and accrued liabilities | $13.0M | — | — | — |
| Change in contract liability | $4.0M | — | — | — |
| Change in other liabilities related to operations | ($2.8M) | — | — | — |
| Cash provided by (used in) operating activities | $6.9M | $29.5M | ($39.6M) | ($58.6M) |
| Additions to mineral property interests and plant and equipment | ($44.6M) | ($43.1M) | ($26.1M) | ($24.2M) |
| Advances to related parties - McEwen Copper Inc. (Note 14) | ($5.1M) | — | — | — |
| Investment in marketable securities (Note 5) | ($2.2M) | ($366.0K) | ($34.2M) | — |
| Dividends received from Minera Santa Cruz S.A. (Note 9) | $2.2M | — | $295.0K | $286.0K |
| Proceeds from sale of marketable securities | $1.6M | — | — | — |
| Cash used in investing activities | ($48.0M) | ($58.0M) | ($99.6M) | ($23.9M) |
| Proceeds from senior convertible notes (Note 10) | $110.0M | — | — | — |
| Purchase of capped call options (Note 10) | ($15.1M) | — | — | — |
| Convertible notes financing costs (Note 10) | ($4.1M) | — | — | — |
| Principal repayment on long-term debt (Note 11) | ($20.0M) | — | ($25.0M) | — |
| Issuance of flow-through common shares, net of issuance costs (Note 13) | 4.9M | 20.4M | 13.4M | 14.4M |
| Proceeds from exercise of stock options | $3.5M | $9.0K | — | $4.0K |
| Proceeds from exercise of warrants | $610.0K | — | — | — |
| Payment of finance lease obligations | ($1.1M) | ($1.2M) | ($1.6M) | ($2.3M) |
| Cash provided by financing activities | $78.7M | $19.2M | $172.2M | $65.5M |
| Effect of exchange rate change on cash and cash equivalents | $235.0K | ($656.0K) | ($49.0M) | — |
| Increase in cash, cash equivalents and restricted cash | $37.8M | ($10.0M) | ($16.1M) | ($17.1M) |
| Cash, cash equivalents and restricted cash, beginning of period | $17.5M | $27.5M | $43.6M | $60.6M |
| Cash, cash equivalents and restricted cash, end of period | $55.3M | — | — | — |
| Interest paid | ($5.1M) | ($3.9M) | — | — |
| Interest received | $1.1M | $636.0K | — | — |
| Taxes paid | ($2.0M) | ($712.0K) | — | — |
| Mineral property additions in accounts payable and accrued liabilities | ($3.4M) | — | — | — |
| Line item | Jun 30, 2026 · YTD | Mar 31, 2026 · Q1 | Sep 30, 2025 · YTD | Jun 30, 2025 · YTD |
|---|---|---|---|---|
| Net income (loss) | $43.0M | $33.4M | ($3.7M) | ($3.2M) |
| (Income) loss from equity method investments (Note 9) | ($41.5M) | ($30.3M) | — | — |
| Dividends received from Minera Santa Cruz S.A. (Note 9) | $58.3M | $8.8M | $2.2M | $2.2M |
| Depreciation, amortization and depletion | $15.3M | $7.1M | $20.7M | $13.0M |
| Loss (gain) on marketable securities (Note 5) | $5.9M | $5.2M | ($14.5M) | ($6.5M) |
| Reclamation accretion and adjustments to estimate | $636.0K | $364.0K | $2.9M | $2.4M |
| Deferred income and mining tax recovery (Note 17) | ($1.3M) | $140.0K | ($7.7M) | ($5.7M) |
| Flow-through premium amortization (Note 12) | ($1.8M) | ($812.0K) | — | — |
| Loss on revaluation of common stock issuable | $2.4M | — | — | — |
| Other | $1.4M | $2.5M | — | — |
| Change in inventories | ($13.3M) | ($7.1M) | ($19.1M) | ($13.2M) |
| Change in other assets related to operations | ($3.7M) | ($1.0M) | ($179.0K) | ($1.1M) |
| Change in accounts payable and accrued liabilities | ($2.5M) | $171.0K | $7.8M | $5.5M |
| Change in contract liability | $501.0K | ($5.7M) | — | — |
| Change in other liabilities related to operations | ($4.9M) | ($568.0K) | ($3.4M) | $874.0K |
| Cash provided by (used in) operating activities | $58.3M | $12.1M | $3.8M | ($1.5M) |
| Additions to mineral property interests and plant and equipment | ($39.8M) | ($14.6M) | ($35.0M) | ($24.2M) |
| Loan receivable from McEwen Copper Inc. (Note 14) | ($7.5M) | ($7.5M) | — | — |
| Other | $1.7M | $1.0M | — | — |
| Cash used in investing activities | ($45.7M) | ($21.0M) | ($39.8M) | ($28.8M) |
| Issuance of flow-through common shares, net of issuance costs (Note 12) | 14.8M | 14.8M | — | — |
| Proceeds from exercise of stock options and warrants | $233.0K | — | — | — |
| Payment of finance lease obligations | ($558.0K) | ($296.0K) | ($765.0K) | ($513.0K) |
| Cash provided by financing activities | $14.5M | $14.5M | $73.7M | $70.3M |
| Effect of exchange rate change on cash and cash equivalents | $1.1M | $52.0K | $104.0K | $112.0K |
| Increase in cash, cash equivalents and restricted cash | $28.3M | $5.7M | $37.8M | $40.1M |
| Cash, cash equivalents and restricted cash, beginning of period | $55.3M | $55.3M | $17.5M | $17.5M |
| Cash, cash equivalents and restricted cash, end of period | $83.5M | $60.9M | $55.3M | $57.5M |
| Interest paid | ($3.9M) | ($3.4M) | ($4.7M) | ($1.1M) |
| Interest received | $1.1M | $385.0K | $1.0M | $693.0K |
| Taxes paid | ($1.8M) | — | ($1.9M) | ($1.9M) |
| Properties, plants, equipment and mineral property additions in accounts payable | $4.7M | $5.8M | — | — |
| Receipt of warrants in connection with loan to McEwen Copper Inc. (Note 14) | $3.4M | $3.4M | — | — |
McEwen Inc score and earnings-call analysis · All covered companies
Figures as reported in SEC filings. General information, not investment advice.