Integra Reports $72.4 Million in Revenue as Adjusted Profit Falls in Third Quarter
Key Facts
Integra Resources reported results on November 11 for the third quarter ended September 30, 2026, with revenue of $72.4 million, compared with $70.7 million in the same quarter of 2025. Adjusted profit was $12.8 million, or $0.06 per share, versus $16.3 million and $0.10 per share a year earlier. The company, by contrast, posted net income of $12.9 million, or $0.06 per share, after a net loss of $8.2 million, or $0.05 per share, in the third quarter of 2025. The company attributed the current period's net income to strong mine earnings and realized gold prices. The results put higher revenue alongside lower adjusted earnings per share and production, while net income swung clearly from a loss to a profit.
Florida Canyon produced about 17,652 ounces of gold in the quarter and sold 16,760 ounces, compared with production of 20,653 ounces and sales of 20,265 ounces in the year-earlier period. The average realized price, however, rose to $4,272 per ounce from $3,464 a year earlier. Quarterly production had improved sequentially during 2026: in a company update on October 22, it said third-quarter production increased 8% from the second quarter and 40% from the first quarter. Second-quarter production was 16,379 ounces, up 30% from the first quarter, according to the company. Production growth during the year thus came alongside lower year-over-year production and sales in the third quarter, while the average realized price rose from a year earlier.
Average cash costs were $2,419 per ounce, within revised guidance, while mine-level all-in sustaining costs were $3,059 per ounce, below revised guidance, according to the results statement. The company linked costs to increased mining, ore stacking and processing, as well as royalties, excise taxes, diesel and explosives. Operating cash flow fell to $21.8 million in the quarter from $35.6 million a year earlier. The company said the decline was mainly due to an additional $15.3 million in cash used for working capital, driven by inventory buildup. Positive net income in the period therefore coincided with operating cash flow below its year-earlier level.
Cash and cash equivalents totaled $119.5 million on September 30, 2026, up from $63.1 million on December 31, 2025, according to company figures. In its operational update before the results, Integra said it continued to target annual gold production of between 70,000 and 75,000 ounces in 2026, guidance it maintained after reporting third-quarter production. Its second-quarter statement had also affirmed the same annual range. The company said at the time that increased ore placed on leach pads in the second half of the year was expected to lift production in the third and fourth quarters. This comes amid rising production from the first through the third quarter, while third-quarter production remained below 2025 levels on a year-over-year basis.
Chief Executive George Salamis said pre-stripping at Central Pit was advancing to improve access to higher-grade ore in 2027, and that the mine was expected to provide higher-grade ore to support production in subsequent years. The company is also advancing the DeLamar project through permitting, with a final investment decision expected in the second half of 2027. In the near term, Integra scheduled a conference call and webcast to review its third-quarter results for November 12, 2026, at 10:00 a.m. Eastern time. The company's shares, ITRG, closed at $2.18 on November 10, according to EL7 data. The results announcement came the day after the market close recorded in that data.