Ivanhoe Electric Inc 10-Q for FY2026 Q1

Ivanhoe Electric Inc. (IE)

10-Q 2026-05-07 For: 2026-03-31

Added on May 07, 2026

About this 10-Q

Ivanhoe Electric Inc filed this 10-Q on May 7, 2026, covering the quarter ended March 31, 2026 (FY2026 Q1).

Headline figures

Quarter ended March 31, 2026, as reported in this filing, compared with the same period a year earlier where the filing states it.

Revenue: $858K; up 16.7% from $735K a year earlier
Net income: $41.74M; compared with a net loss of $30.52M a year earlier
Diluted EPS: -$0.26; compared with $0.24 a year earlier

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Delaware			32-0633823
(State or other jurisdiction of incorporation or organization)			(I.R.S. Employer Identification No.)
450 E Rio Salado Parkway, Suite 130 Tempe, Arizona			85281
(Address of principal executive offices)			(Zip Code)


Large accelerated filer	x	Accelerated filer	o

Non-accelerated filer	o	Smaller reporting company	o

Emerging growth company	o


		Page
PART I. FINANCIAL INFORMATION		3
Item 1.	Condensed Interim Consolidated Financial Statements	3
	Condensed Interim Consolidated Balance Sheets	3
	Condensed Interim Consolidated Statements of (Income) Loss and Comprehensive (I ncome) Loss	4
	Condensed Interim Consolidated Statements of Changes in Equity	5
	Condensed Interim Consolidated Statements of Cash Flows	6
	Notes to Condensed Interim Consolidated Financial Statements	7
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	16
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	25
Item 4.	Controls and Procedures	26
PART II. OTHER INFORMATION		27
Item 1.	Legal Proceedings	27
Item 1A.	Risk Factors	27
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds from Registered Securities	28
Item 5.	Other Information	28
Item 6.	Exhibits	29
Signatures		30


	March 31, 2026		December 31, 2025
Assets
Current assets:
Cash and cash equivalents	$	289,820	$	173,263
Restricted cash	2,000		3,010
Accounts and other receivables	5,900		526
Prepaid expenses, deposits and other current assets	3,745		3,394
	301,465		180,193
Non-current assets:
Investments subject to significant influence	61,054		58,399
Other investments	1,774		1,221
Exploration properties	212,032		224,145
Property, plant and equipment	7,028		9,289
Other non-current assets	10,958		10,026
Total assets	$	594,311	$	483,273

Liabilities and Equity
Current liabilities:
Accounts payable and accrued liabilities	$	11,463	$	16,309
Convertible debt	34,458		33,738
Deferred exploration liability	1,809		2,748
Lease liabilities, current	498		1,080
	48,228		53,875
Non-current liabilities:
Deferred income taxes	—		4,751
Lease liabilities, net of current portion	410		1,079
Total liabilities	48,638		59,705

Commitments and contingencies (Note 17)

Equity:
Common stock, par value $0.0001; 700,000,000 shares authorized; 158.0 million shares issued and outstanding as of March 31, 2026 (December 31, 2025 - 700,000,000 authorized; 145.5 million issued and outstanding)	16		15
Additional paid-in capital	1,138,818		1,055,711
Accumulated deficit	(594,265)		(636,001)
Accumulated other comprehensive income	(4,292)		(3,613)
Equity attributable to common stockholders	540,277		416,112
Non-controlling interests	5,396		7,456
Total equity	545,673		423,568
Total liabilities and equity	$	594,311	$	483,273


	Three Months Ended March 31,
	2026		2025
Revenue	$	858	$	735
Cost of sales	(353)		(293)
Gross profit	505		442

Operating expenses:
Exploration expenses	23,206		15,785
General and administrative expenses	9,862		11,586
Research and development expenses	404		52
Selling and marketing expenses	—		23
Gain on divestment of Alacrán project	(124,723)		—
Provision for expected credit loss	(5,000)		—

(Income) loss from operations	(96,756)		27,004

Other expenses (income):
Interest expense, net	829		1,530
Foreign exchange (gain) loss	(646)		12
Share of loss of equity method investees	3,775		4,989
Other (income) expense, net	(782)		606

(Income) loss before income taxes	(93,580)		34,141

Income taxes	12,195		—

Net (income) loss	(81,385)		34,141
(Income) loss attributable to non-controlling interests	(39,649)		3,626
Net (income) loss attributable to common stockholders	(41,736)		30,515

Net (income) loss	(81,385)		34,141
Other comprehensive loss (income), net of tax:
Foreign currency translation adjustments	1,033		(12)
Other comprehensive loss (income)	1,033		(12)
Comprehensive (income) loss	$	(80,352)	$	34,129

Comprehensive (income) loss attributable to:
Common stockholders	(41,057)		30,503
Non-controlling interests	(39,295)		3,626
	$	(80,352)	$	34,129

Net (income) loss per share attributable to common stockholders
Basic	$	(0.27)	$	0.24
Diluted	$	(0.26)	$	0.24
Weighted-average common shares outstanding
Basic	152,224,813		126,664,363
Diluted	158,480,740		126,664,363


x			QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


o			TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934


				Additional paid-in capital		Accumulated deficit		Accumulated other comprehensive (loss) income		Non-controlling interests		Total
	Common Stock
	Shares	Amount
Balance at January 1, 2025	120,612,112	$	12	$	802,032	$	(530,127)	$	(3,276)	$	11,790	$	280,431
Net loss	—	—		—		(30,515)		—		(3,626)		(34,141)
Other comprehensive income	—	—		—		—		12		—		12
Issuance of common stock; public offering, net of issuance costs	11,794,872	1		53,380		—		—		—		53,381
Issuance of warrants, public offering	—	—		12,470		—		—		—		12,470
Settlement of restricted share units	150,000	—		—		—		—		—		—
Stock options exercised	33,334	—		83		—		—		—		83
Share-based compensation	—	—		2,934		—		—		39		2,973
Other changes in non-controlling interests	—	—		(35)		—		—		172		137
Balance at March 31, 2025	132,590,318	$	13	$	870,864	$	(560,642)	$	(3,264)	$	8,375	$	315,346

Balance at January 1, 2026	145,508,012	$	15	$	1,055,711	$	(636,001)	$	(3,613)	$	7,456	$	423,568
Net income	—	—		—		41,736		—		39,649		81,385
Other comprehensive loss	—	—		—		—		(679)		(354)		(1,033)
Warrants exercised	11,644,872	1		81,513		—		—		—		81,514
Settlement of restricted share units	391,764	—		—		—		—		—		—
Stock options exercised	446,945	—		2,829		—		—		—		2,829
Share-based compensation	—	—		2,554		—		—		28		2,582
Distribution to non-controlling shareholders of subsidiary, including taxes	—	—		(1,195)		—		—		(40,899)		(42,094)
Other changes in non-controlling interests	—	—		(2,594)		—		—		(484)		(3,078)
Balance at March 31, 2026	157,991,593	$	16	$	1,138,818	$	(594,265)	$	(4,292)	$	5,396	$	545,673


	2026		2025
Operating activities
Net income (loss)	$	81,385	$	(34,141)
Adjustments to reconcile net income (loss) to cash provided by (used in) operating activities:
Depreciation and amortization	564		622
Share-based compensation	2,582		2,973
Unrealized foreign exchange (gain) loss	(678)		22
Interest expense	1,443		1,657
Share of loss of equity method investees	3,775		4,989
Gain on divestment of Alacrán project	(124,723)		—
Provision for expected credit loss	(5,000)		—
Other	(863)		587
Changes in other operating assets and liabilities:
Trade accounts receivable	(374)		500
Operating lease liabilities	(246)		(194)
Accounts payable and accrued liabilities	2,099		(998)
Deferred exploration liability	(939)		(1,897)
Other operating assets and liabilities	(1,335)		409
Net cash used in operating activities	(42,310)		(25,471)
Investing activities
Proceeds from divestment of Alacrán project, net of transaction costs and cash disposed	124,804		—
Proceeds from sale of a subsidiary	—		9,696
Purchase of exploration properties	(1,494)		—
Purchase of property, plant and equipment and intangible assets	(597)		(2)
Purchase of investments subject to significant influence	(6,250)		—
Purchase of other non-current assets	(1,300)		—
Net cash provided by investing activities	115,163		9,694
Financing activities
Proceeds from exercise of warrants	81,514		—
Proceeds from exercise of stock options	2,829		83
Distribution to non-controlling shareholders of subsidiary	(40,083)		—
Debt issuance costs	(4,585)		—
Net proceeds from public offering	—		65,590
Proceeds from related party loan	2,500		5,000
Non-controlling interests investment in subsidiary	818		142
Net cash provided by financing activities	42,993		70,815

Effect of foreign exchange rate changes on cash and cash equivalents	(299)		249
Increase in cash and cash equivalents and restricted cash	115,547		55,287
Cash, cash equivalents and restricted cash, beginning of the period	176,273		45,309
Cash, cash equivalents and restricted cash, end of the period	291,820		100,596
Restricted cash, end of the period	2,000		2,433
Cash and cash equivalents, end of the period	$	289,820	$	98,163
Supplemental cash flow information
Cash paid for income taxes	$	12,195	$	—


	Equity Method						Carried at fair value
	Maaden Joint Venture		VRB China		Other		Sama		Total
Balance at December 31, 2025	$	8,227	$	47,156	$	827	$	2,189	$	58,399
Investment	6,250		—		—		—		6,250
Change in fair value	—		—		—		323		323
Share of (loss) income	(2,323)		(1,485)		33		—		(3,775)
Foreign currency translation	—		(128)		(15)		—		(143)
Balance at March 31, 2026	$	12,154	$	45,543	$	845	$	2,512	$	61,054


	Santa Cruz		Tintic		Alacrán		Other		Total
Balance at December 31, 2025	$	177,523	$	30,703	$	13,607	$	2,312	$	224,145
Acquisition costs	—		—		—		1,494		1,494
Divestment (Note 12)	—		—		(13,607)		—		(13,607)
Balance at March 31, 2026	$	177,523	$	30,703	$	—	$	3,806	$	212,032


	VRB Convertible Bond







Balance at December 31, 2025	$	33,738
Interest expense	720
Balance at March 31, 2026	$	34,458


	Three Months Ended March 31,
	2026		2025
General and administrative expenses	$	2,107	$	2,560
Exploration expenses	475		413
	$	2,582	$	2,973


	Grant date: March 6, 2026
Expected volatility	69.0		%
Expected life of PSU's (in years)	2.8
USA risk-free interest rate	3.4		%
Canada risk-free interest rate	2.6		%
Weighted average grant-date fair value (per unit)	$	17.56


	Three months ended March 31:
Revenue type	2026		2025
Data processing services	$	858	$	735
Total	$	858	$	735


	Three months ended March 31:
Project	2026		2025
Santa Cruz, USA	$	9,500	$	6,504
Alacrán, Colombia	3,334		3,336
Hog Heaven, USA	3,203		873
Gleeson, USA	2,630		96
Tintic, USA	234		712
Project generation and other	4,305		4,264
Total	$	23,206	$	15,785


	Three months ended March 31,
(In thousands)	2026		2025
Exploration Expenses:
Santa Cruz, USA	$	9,500	$	6,504
Alacrán, Colombia	3,334		3,336
Hog Heaven, USA	3,203		873
Gleeson, USA	2,630		96
Tintic, USA	234		712
Project generation and other	4,305		4,264
Total	$	23,206	$	15,785


	Currency by Denomination (in USD Equivalents)
	US dollars		Canadian Dollars		Other		Total
(In thousands)
Jurisdiction of Entity:
USA	$	267,598	$	1,750	$	—	$	269,348
Canada	14,751		3,155		—		17,906
Other	1,841		371		354		2,566
Total	$	284,190	$	5,276	$	354	$	289,820


	Three Months Ended March 31, 2026
Opening exchange rate (1 U.S. dollar to Canadian dollars)	1.3706
Closing exchange rate (1 U.S. dollar to Canadian dollars)	1.3939
Appreciation/(devaluation) of Canadian dollar	(1.7)	%


Gross proceeds received on closing	$	128,000
Less: transaction costs	(2,465)
Net proceeds	125,535
Net assets of disposed subsidiaries	(538)
Reclassification of historical currency translation	(274)
Gain on divestment of Alacrán	$	124,723


Assets	March 5, 2026
Cash	$	731
Prepaid expenses and deposits	815
Exploration properties	13,608
Property, plant and equipment	2,455
Liabilities
Accounts payable and accrued liabilities	(3,285)
Due to related parties	(4,074)
Lease liability	(1,065)
Deferred income taxes	(4,751)
Net carrying amount	4,434
Non-controlling interest	(3,896)
Net assets attributable to common shareholders	$	538


	Balance outstanding as at				Transactions for the three months ended March 31,
	March 31, 2026		December 31, 2025		2026		2025
Total Expenses
Global Mining (Note a)	$	—	$	649	$	—	$	771
Ivanhoe Capital Aviation (Note b)	—		—		—		250
High Water Holding Company (Note b)	—		250		250		—
I-Pulse (Note c)	—		—		—		617
JCHX Mining Management Co., Ltd (Note e)	—		1,500		—		—
Total	$	—	$	2,399	$	250	$	1,638
Revenue and accounts receivable
Maaden Joint Venture (Note d)	$	100	$	—	$	529	$	600
Advances
Global Mining (Note a)	283		422		—		—
Maaden Joint Venture (Note d)	237		141		—		—
Deposit
I-Pulse (Note c)	$	1,573	$	1,573	$	—	$	—


	March 31, 2026						December 31, 2025
	Level 1		Level 2		Level 3		Level 1		Level 2		Level 3
Financial assets:
Investments subject to significant influence	$	2,512	$	—	$	—	$	2,189	$	—	$	—
Other investments	1,507		267		—		954		267		—
Total financial assets	$	4,019	$	267	$	—	$	3,143	$	267	$	—
Financial liabilities:
Total financial liabilities	$	—	$	—	$	—	$	—	$	—	$	—


	As at and for the three months ended March 31, 2026
	Santa Cruz Project		Critical Metals		Data Processing		Energy Storage		Total
Revenue	$	—	$	—	$	858	$	—	$	858
Intersegment revenues	—		—		—		—		—
Loss (income) from operations	9,557		(107,042)		104		625		(96,756)
Segment assets	188,722		347,403		2,580		55,606		594,311


	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025		Percentage Change
(In thousands)
Software licensing and data processing services:
Revenue	$	858	$	735	17	%
Cost of sales	(353)		(293)		20	%
Gross profit	$	505	$	442	14	%


	March 31, 2026
	Canadian Dollar Balance (in 000’s USD Equivalent)
Cash	$	5,276
Other receivables	434
Accounts payable and accrued liabilities	(366)
Other liabilities	(224)
	$	5,120


Exhibit Number			Description
10.1*			Notice of Additional Exploration Term to Shareholder Agreement in Respect of Ma'aden Ivanhoe Electric Exploration and Development dated February 26, 2026
10.2			Waiver and Amending Agreement dated February 10, 2026 (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on February 10, 2026).
10.3			Amended Annual Compensation Letter - Robert Friedland (incorporated by reference to Exhibit 10.62 to the Company’s Annual Report on Form 10-K filed with the SEC on February 23, 2026).
31.1*			Certification of Principal Executive Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Exchange Act, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
31.2*			Certification of Principal Financial Officer Pursuant to Rules 13a-14(a) and 15d-14(a) under the Exchange Act, as Adopted Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002.
32.1*			Certification of Principal Executive Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
32.2*			Certification of Principal Financial Officer Pursuant to 18 U.S.C. Section 1350, as Adopted Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002.
101.INS			Inline XBRL Instance Document – the instance document does not appear in the Interactive Data File because XBRL tags are embedded within the Inline XBRL document.
101.SCH			Inline XBRL Taxonomy Extension Schema Document
101.CAL			Inline XBRL Taxonomy Extension Calculation Linkbase Document
101.DEF			Inline XBRL Taxonomy Extension Definition Linkbase Document
101.LAB			Inline XBRL Taxonomy Extension Label Linkbase Document
101.PRE			Inline XBRL Taxonomy Extension Presentation Linkbase Document
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)


Date: May 7, 2026	By:	/s/ Taylor Melvin
		Taylor Melvin
		Chief Executive Officer
		(Principal Executive Officer)


Date: May 7, 2026	By:	/s/ Jordan Neeser
		Jordan Neeser
		Chief Financial Officer
		(Principal Financial Officer)


1.			I have reviewed this Quarterly Report on Form 10-Q for the fiscal quarter ended March 31, 2026 of Ivanhoe Electric Inc.;


2.			Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;


3.			Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the registrant as of, and for, the periods presented in this report;


4.			The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a–15(f) and 15d–15(f)) for the registrant and have:


			a.			Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;


			b.			Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;


			c.			Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation;


			d.			Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter (the registrant’s fourth fiscal quarter in the case of an annual report) that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and


			a.			All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize and report financial information; and


			b.			Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.