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Jun 30
Endeavour Silver Q2 2025 Earnings Report
Endeavour Silver posted higher revenue in Q2 2025, driven by increased sales volumes and metal prices, but recorded a net loss due to ramp-up costs at Terronera.
Key Takeaways
Endeavour Silver achieved a 46% increase in revenue year-over-year in Q2 2025. Higher metal prices and stronger production volumes supported top-line growth, although increased operating costs led to a net loss for the quarter.
Revenue rose to $85.3 million, up 46% year-over-year.
Silver production reached 1.24 million ounces, gold 11,449 ounces.
Adjusted EBITDA was $4.7 million, with a net loss of $20.5 million.
Ramp-up of the Terronera mine impacted earnings and cost structure.
Endeavour Silver
Endeavour Silver
Endeavour Silver Revenue by Segment
Endeavour Silver Revenue by Geographic Location
Revenue by Segment
Silver Sales Revenue
CapyFin.comGold Sales Revenue
CapyFin.comRevenue by Geographic Location
Mexico Revenue
CapyFin.com Forward Guidance
Endeavour expects Terronera to reach commercial production in Q4 2025, while full-year production guidance remains unchanged.
Positive Outlook
- Terronera mine commissioning is progressing
- Revenue expected to benefit from higher metal prices
- Strong performance from Guanaceví and Bolañitos
- No change to 2025 production guidance
- Kolpa acquisition integration completed
Challenges Ahead
- Terronera ramp-up costs impacted Q2 earnings
- Free cash flow negative in the quarter
- Operating loss of $14.7 million
- Higher cost per silver ounce vs. prior year
- Ongoing investment needs for Terronera development
Revenue & Expenses
Visualization of income flow from segment revenue to net income