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Sep 30
Endeavour Silver Q3 2025 Earnings Report
reported a larger net loss in Q3 2025 despite significantly higher production and revenue, as higher costs and derivative losses offset gains.
Key Takeaways
Endeavour Silver saw strong revenue and production growth in Q3 2025, but reported a net loss driven by higher costs, including derivative losses and operational expenses.
Silver equivalent production jumped 88% YoY to over 3 million ounces.
Revenue increased 109% YoY to $111.4 million.
Net loss widened to $42.0 million due to derivative losses and higher costs.
Adjusted EBITDA doubled to $28.2 million, reflecting improved operational efficiency.
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 Silver anticipates strong growth momentum into Q4 2025 with the Terronera mine now in commercial production, but notes risks from rising costs and market volatility.
Positive Outlook
- Terronera mine began commercial production on October 1, 2025.
- Operating cash flow more than doubled YoY.
- Adjusted EBITDA rose over 100%, highlighting operational efficiency.
- Revenue increase driven by both higher volumes and prices.
- Production and sales from Kolpa added material contributions.
Challenges Ahead
- Net loss widened due to derivative contract revaluation.
- Cash costs per silver ounce rose significantly (59% YoY).
- All-in sustaining costs also increased to over $30/oz.
- Working capital turned negative (-$56.1M).
- Higher general & administrative expenses due to DSU revaluation.