Empress Reports 2026 First Quarter Financial Results

The most recent release (May 27, 2026) reports Q1 2026 financial results. Revenue rose more than threefold year-over-year to US$9.06 million, gross profit nearly quadrupled to US$6.75 million, and net income hit US$3.30 million. Adjusted EBITDA was US$5.79 million. The company added US$11 million to its cash and metals holdings, bringing the total to US$19.4 million. Full-year 2026 attributable GEO guidance of 7,045–7,430 ounces was reaffirmed, underpinned by US$4,000/oz gold and US$70/oz silver assumptions.

Key historical context: FY 2025 was transformational – record revenue US$17.2M, net income US$7.4M, and positive operating cash flow of US$3.7M. In Q3 2025, nine-month revenue had already nearly doubled to US$10.8M. The company also entered a binding term sheet in July 2025 for a 5% gross royalty on the Milford copper mine (US$3M purchase, capped at US$12M in total payments). Notably, in December 2025, Streamex Corp. (NASDAQ: STEX) bought a 9.9% stake from Terra Capital in a C$12.22 million share-for-share deal priced at a premium, signaling strategic interest in the royalty/streaming space.

The Q1 2026 print is unequivocally strong and well above the simple run-rate implied by the annual guidance. At the midpoint of 7,238 GEOs, the full-year revenue target at US$4,000/oz gold is roughly US$29M. A single quarter of US$9.06M in royalty revenue far outpaces that pace. The US$19.4M cash/metals war chest also removes any near-term funding concern and provides dry powder for further royalty acquisitions.

That said, the market was already aware of the company’s growth trajectory after stellar FY2025 results and rising operator performance. The reaffirmed guidance, while comforting, doesn’t raise expectations beyond what was communicated in February 2026. The Street may have expected a beat; the magnitude of the beat (almost 3x YoY revenue) should be viewed as a positive surprise, but not a game changer – no new asset addition or strategic shift occurred. The stock, which has slid from C$1.26 in February to C$0.86 just before the release, may get a much-needed lift, but the materiality is “positive” rather than “paradigm-altering.”

Empress Royalty Corp. is a precious-metals royalty and streaming company. Its portfolio comprises 17 royalties and streams, primarily on gold and silver production, with a focus on cash-flowing assets. The flagship asset is often considered the Sierra Antapite gold mine in Peru, but the company also receives payments from mines such as Manica, Pilar, and others. In July 2025, it announced its first U.S. royalty: a 5% gross gold/silver royalty on the Milford copper mine in Utah, with a call feature capping total payments at US$12 million. The company’s model provides leverage to gold and silver prices with limited operational risk and high margins.