Guanajuato Silver (GSVR) Q4 2025 earnings summary

Executive summary

• Q4 2025 revenue rose 40% sequentially to $22.7M, with mine operating income up 375% to $4.0M and working capital up 163% to $14.2M.

• Q4 production increased across all metals: silver up 21%, gold up 4%, lead up 35%, and zinc up 18% from Q3.

• Silver and gold grades improved 37% and 15% respectively, with 94% of Q4 revenue from precious metals.

• Net loss for Q4 was $25.6M, largely due to non-cash items including legal accruals and derivative losses.

• Cash and cash equivalents at year-end totaled $41.5M, with $2M restricted.

Financial highlights

• Full-year 2025 revenue increased 4% year-over-year to $78.8M.

• Mine operating cashflow before taxes for 2025 was $15.9M, up 27% from 2024.

• Net loss for 2025 was $37.4M, more than double the prior year, driven by legal and derivative losses.

• Adjusted EBITDA for 2025 was $3.2M, down 12% year-over-year.

• Working capital improved to $14.2M at year-end from a deficit of $15.4M in 2024.

Outlook and guidance

• Integration of the newly acquired Bolanitos mine is underway, with Q1 2026 results to reflect its impact.

• Management anticipates continued leverage to rising silver and gold prices.