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Jun 30, 2025
First Majestic Q2 2025 Earnings Report
First Majestic reported record revenue and earnings in Q2 2025, driven by the integration of Los Gatos and higher silver prices.
Key Takeaways
First Majestic delivered a strong Q2 2025 performance with record revenue, net income, and EBITDA. The acquisition of Los Gatos significantly boosted production and profitability.
Record revenue of $264.2 million, up from $136.2 million in Q2 2024
Net income turned positive at $56.6 million vs. a loss of $48.3 million last year
Los Gatos contributed over $100 million in revenue and improved mine operating earnings
Free cash flow reached a record $77.9 million despite a $30.6 million tax payment
Revenue by Segment
Forward Guidance
Management anticipates continued synergies and cost efficiencies from the Los Gatos integration, with expectations of sustained strong production and earnings.
Positive Outlook
- Synergies expected from Los Gatos integration
- Strong silver prices anticipated to continue
- Operational improvements at San Dimas and La Encantada
- Record liquidity of $583.8 million provides flexibility
- ISS ESG Prime rating boosts sustainability credentials
Challenges Ahead
- Higher depletion and depreciation from increased production
- Integration costs for Los Gatos impacted Q2 G&A expenses
- Weather-related power outages affected operations
- Higher contractor and energy costs at San Dimas
Historical Earnings Impact
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Avg. Return Before/After Earnings
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