Empress Reports 2026 Second Quarter Financial Results
Empress reports 166% H1 revenue growth and reaffirms its 2026 GEO target despite a Q2 net income decline driven by falling metal prices.
Empress Royalty Corp. reported its second-quarter and half-year 2026 financial results for the period ended June 30, 2026. The company’s first-half revenue reached US$17.3 million, representing a 166% year-over-year increase, driven by second-quarter revenue of US$8.2 million. Gross profit for the half-year stood at US$12.8 million, up 184% year-over-year, while operating income rose 285% to US$10.0 million.
Net income for the first half of 2026 was US$3.9 million, compared to US$1.6 million in the same period of 2025. This figure was impacted by a non-cash fair value loss of US$4.7 million on physical metal holdings. At the end of the quarter, total liquid reserves, comprising cash and precious metals, totaled US$21.1 million, consisting of US$5.1 million in cash and US$16.0 million in metals.
Empress Royalty reaffirmed its full-year 2026 guidance, targeting attributable gold equivalent ounces (GEOs) between 7,045 and 7,430 oz, priced at US$4,000/oz for gold and US$70/oz for silver. The company’s CEO highlighted the firm’s financial strength, growing cash flow, and capacity to pursue new investments.
Empress Royalty Corp. (EMPR) reported second-quarter 2026 results that align with the momentum established by its first-quarter performance and its reaffirmed annual guidance. The company continues to demonstrate exceptional revenue growth, further strengthening its financial position.
The sole negative factor in the quarter was a US$4.7 million non-cash markdown on physical metals. While this charge compressed net income, it did not impact cash generation or the company’s credit profile.
Additionally, the company closed the acquisition of a 14-royalty portfolio just prior to the release of these results. This transaction adds long-term optionality but was previously announced and priced into the market. The release brings no negative surprises and no upgrade to guidance, representing no material inflection point for the stock.
Empress Royalty Corp. (TSXV:EMPR) is a precious-metals royalty and streaming company primarily focused on gold and silver, holding a diversified portfolio of producing, development, and exploration-stage royalties and streams. Key cash-generating assets include a silver stream on the Tahuehueto mine in Mexico, a gold stream on the Galaxy mine in South Africa, and a gold royalty on the Manica project in Mozambique.
In August 2026, the company closed the acquisition of 14 pre-production NSR royalties from Almadex Minerals, adding exposure to projects operated by Alamos Gold, McEwen Mining, Kodiak Copper, and Westhaven Gold, among others. The company is listed on the TSX Venture Exchange and has a strategic investor, Streamex Corp., holding approximately 9.9% of its shares. Endeavour Financial acts as its investment manager.