European Investor
10 Nov 2026, 09:28
Equinox Gold Falls 1.6% Premarket Despite Record Revenue as Cost and Guidance Concerns Weigh
Equinox Gold (NYSE American: EQX) shares fell about 1.6% in premarket trading despite reporting record third-quarter revenue and adjusted EBITDA, as investors appeared to focus on elevated costs and guidance pointing toward the weaker ends of the company’s full-year ranges.
Third-quarter revenue reached a record $1.05 billion, while adjusted EBITDA rose to $533 million from $419.9 million a year earlier. Adjusted net income increased to $199.3 million, or $0.19 per share. However, reported net income fell to $62.5 million from $75.6 million, and GAAP EPS declined to $0.06 from $0.10.
Gold production totaled 237,019 ounces, including contributions from Musselwhite and Camino Rojo following the Orla Mining combination. Cash costs were $1,654 per ounce and all-in sustaining costs were $2,091 per ounce, although both improved sequentially.
Equinox said it remains on track to achieve only the low end of its updated 2026 production guidance of 870,000-920,000 ounces while expecting costs near the high end of its $1,900-$2,000 per ounce AISC range.
The company nevertheless continues to generate substantial cash, ending the quarter with $1.2 billion of liquidity and returning $35.3 million to shareholders through dividends and share repurchases.
The 1.6% premarket decline therefore appears to reflect concerns over elevated operating costs, softer GAAP earnings and full-year production tracking toward the low end of guidance, outweighing record revenue, stronger adjusted EBITDA and improving cash generation.
Equinox Gold (NYSE American: EQX) shares fell about 1.6% in premarket trading despite reporting record third-quarter revenue and adjusted EBITDA, as investors appeared to focus on elevated costs and guidance pointing toward the weaker ends of the company’s full-year ranges.
Third-quarter revenue reached a record $1.05 billion, while adjusted EBITDA rose to $533 million from $419.9 million a year earlier. Adjusted net income increased to $199.3 million, or $0.19 per share. However, reported net income fell to $62.5 million from $75.6 million, and GAAP EPS declined to $0.06 from $0.10.
Gold production totaled 237,019 ounces, including contributions from Musselwhite and Camino Rojo following the Orla Mining combination. Cash costs were $1,654 per ounce and all-in sustaining costs were $2,091 per ounce, although both improved sequentially.
Equinox said it remains on track to achieve only the low end of its updated 2026 production guidance of 870,000-920,000 ounces while expecting costs near the high end of its $1,900-$2,000 per ounce AISC range.
The company nevertheless continues to generate substantial cash, ending the quarter with $1.2 billion of liquidity and returning $35.3 million to shareholders through dividends and share repurchases.
The 1.6% premarket decline therefore appears to reflect concerns over elevated operating costs, softer GAAP earnings and full-year production tracking toward the low end of guidance, outweighing record revenue, stronger adjusted EBITDA and improving cash generation.
