The quarter missed published expectations despite year-over-year growth. Q2 revenue was $59.2 million versus a published consensus of approximately $65.5 million, while reported EPS was $0.16 versus roughly $0.28 expected. That makes the headline financial result a clear miss, even though revenue rose 27% and adjusted EBITDA increased 28% year over year. (Financial Highlights)
| Metric | Q2 2026 | Q2 2025 | Published expectation |
|---|---|---|---|
| Revenue | $59.2M (Financial Highlights) | $46.7M (Financial Highlights) | ~$65.5M |
| Net income | $9.6M (Financial Highlights) | $3.0M (Financial Highlights) | — |
| EPS | $0.16 (Financial Highlights) | $0.06 (Financial Highlights) | ~$0.28 |
| Adjusted EBITDA | $22.2M (Adjusted EBITDA) | $17.3M (Adjusted EBITDA) | — |
| Cash and equivalents | $78.9M (Liquidity & Capital Resources) | $51.0M at Dec. 31, 2025 (Liquidity & Capital Resources) | — |
Gold Bar is the core negative surprise. The company cut 2026 production guidance from 39,000–43,000 GEOs to 30,000–33,000 and raised AISC guidance to $2,900–$3,200 per GEO. The causes—an assay-lab outage and more carbonaceous ore than expected—also affected Q2, when production fell to 5,842 GEOs and AISC reached $3,197 per GEO. This is not just a quarterly miss; the filing says the carbon issue is expected to weigh on Q3 and Q4. (Gold Bar Performance; 2026 Revised Guidance)
Fox provides a genuine offset, but not enough to erase the reset. Fox production guidance increased to 20,000–23,000 GEOs from 16,000–19,000, with AISC guidance unchanged at $2,650–$2,850 per GEO. Q2 production rose to 7,000 GEOs, and AISC declined to $2,701 per GEO. The improvement is meaningful, but the Gold Bar reduction is larger in absolute ounces and comes with higher expected costs. (Fox Complex Performance; 2026 Revised Guidance)
San José materially improved cash generation and exceeded its dividend target. McEwen received a $49.4 million dividend in Q2, bringing 2026 receipts to $58.2 million versus prior full-year guidance of $40–$50 million. Attributable production increased 24% year over year to 17,019 GEOs, while AISC remained relatively stable at $2,913 per GEO. The cash benefit is important because the dividend does not flow through reported net income under equity-method accounting. (San José Performance; Profitability)
The longer-term project story improved, but remains execution- and financing-dependent. Stock Mine development remained on time and within its initial budget, with estimated mine life extended to 8.5 years from six. Los Azules completed 27% of its FID work program and is targeting construction in early 2027, subject to financing and approvals. High-grade drilling at Grey Fox and Tartan adds resource-growth potential, but these are future catalysts rather than current-period earnings offsets. (Stock Mine; Los Azules; Exploration)
Net read: negative versus expectations because the operating reset outweighs the cash and development positives. Strong gold prices, higher San José distributions, the Fox upgrade and exploration results improve the underlying asset picture, but the published earnings and revenue misses plus the sharp Gold Bar guidance cut change the near-term operating outlook for the worse. (Financial Highlights; Gold Bar Performance; 2026 Revised Guidance)
Read the original 8-K on SEC EDGAR ↗