First Majestic Silver (AG) Q1 2025 earnings summary

Executive summary

• Achieved record cash and restricted cash balance of $462.6 million and record liquidity of $544.4 million as of March 31, 2025.

• Produced 7.7 million silver equivalent ounces in Q1 2025, up 49% year-over-year, with silver production up 88% to 3.7 million ounces.

• Generated record quarterly revenue of $243.9 million, a 130% increase year-over-year, with 57% from silver sales.

• Declared a quarterly cash dividend of $0.0045 per share for Q1 2025.

Financial highlights

• Mine operating earnings reached a record $63.8 million, compared to a loss of $0.3 million in Q1 2024.

• Operating cash flow before working capital and taxes was $110.0 million, up from $12.6 million in Q1 2024.

• EBITDA was $98.8 million, up from $6.6 million in Q1 2024; adjusted EBITDA was $109.7 million, up from $12.0 million.

• Net earnings were $6.2 million (EPS $0.01) versus a net loss of $13.6 million (EPS $(0.05)) in Q1 2024; adjusted net earnings were $20.9 million (EPS $0.05).

• Free cash flow totaled $43.5 million, up from $0.9 million in Q1 2024.

Outlook and guidance

• Q1 production represents 26% of the mid-point of 2025 production guidance.

• Cash costs and AISC per silver equivalent ounce were 6% and 7% below the mid-point of 2025 cost guidance, respectively.