Capital (LSE:CAPD) reported total revenue of $101.7m for the quarter to 31 March, up 41.6% year‑on‑year and 9.7% quarter‑on‑quarter, and reiterated its 2026 revenue guidance of $410–440m.
Drilling was the largest contributor at $62.8m, with average revenue per operating rig (ARPOR) rising to $201,000 — up 10.4% on Q1 2025. Mining revenue jumped to $18m (from $0.6m a year earlier) as the group began a second contract at Sukari and expanded activity at Reko Diq. MSALABS income climbed 54.8% year‑on‑year to $20.9m, helped by a new commercial lab in Newfoundland now receiving samples.
"Q1 2026 was yet another record revenue quarter for the Company. Our drilling business performed well over the quarter as we achieved a quarterly ARPOR of $201,000. We commenced our second mining contract at Sukari during the quarter and our new commercial laboratory in Newfoundland started receiving samples.
Whilst the recent geopolitical tension has not directly affected any of our operating sites, we have had to adapt our personnel and supply chain logistics to accommodate disruptions to our processes, while our investment portfolio was impacted by a general slide in global equity markets.
The benefits of the significant momentum generated within the Company are now starting to take effect. With full run rates expected at both our mining contracts later this year, alongside the start of new drilling contracts and the commissioning of new laboratories, we expect continued revenue growth to achieve the $410 - 440 million revenue guidance set at our FY25 results," said Jamie Boyton, Executive Chair.
The group flagged $3.2m of net unrealised investment losses in Q1 and a TRIFR of 1.4. A final dividend of 1.3cps for 2025 is payable on 12 May.
