TRX Gold Misses First Quarter Earnings and Revenue Estimates

TRX Gold Corporation reported first quarter 2026 financial results that fell below expectations despite setting a new record for gold production. The company reported a loss of -$0.01 per share, missing the estimated $0.03. Revenue came in at $25.2 million, below the projected $28 million. The company’s shares edged down 0.13% in pre-market trading following the earnings release.

The gold miner produced 6,597 ounces of gold in the quarter ended November 30, 2025, and sold 6,492 ounces at an average realized price of $3,860 per ounce. This generated $25.1 million in revenue, $14.2 million in gross profit (57% margin), and $13.2 million in EBITDA (53% margin).

TRX Gold’s CEO, Stephen Mullowney, noted the company’s progress in production and plans for expansion. The CEO stated that the strong cash flow enabled by the high gold price environment has allowed the company to invest in growth initiatives.

What Analysts Are Watching Next

TRX Gold’s cash cost per ounce of gold sold in Q1 was $1,508, up from $1,410 in the same quarter last year. The company maintained its fiscal 2026 production guidance of 25,000–30,000 ounces of gold at a total average cash cost of $1,400–$1,600 per ounce.

The company is advancing plans to upgrade and expand its processing facility to a 3,000+ tonnes per day (tpd) processing circuit for sulphide material and a 1,000 tpd circuit for oxide and transition material. The expanded plant is expected to produce average annual gold production exceeding the 62,000 ounces outlined in the company’s Preliminary Economic Assessment.

What This Means for TRX Gold's Future

TRX Gold’s working capital position has improved, with its current ratio rising from approximately 1.3 at August 31, 2025, to 1.7 at November 30, 2025. The company’s ROM stockpile has also grown from approximately 15,162 ounces of contained gold to an estimated 19,698 ounces as of November 30, 2025.

The company began its fiscal 2026 exploration program with a detailed 810 line-kilometer ground magnetic survey in October 2025. A final geological interpretation is expected in fiscal Q2 2026.

Metallurgical testwork programs are underway to optimize gold recovery and processing efficiency. The company aims to complete final analysis of these results in fiscal Q2 2026.

TRX Gold achieved zero lost time injuries and no reportable environmental incidents during Q1 2026. The company remains committed to maintaining strong health, safety, and environmental standards.

TRX Gold is also preparing for a conference call on January 19, 2026, at 10:00 AM EST to discuss its Q1 2026 results in detail. The call will be available as a webcast and a replay will be provided for 30 days following the event.