Sierra Metals (SMTS) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenue reached $86.1 million, up 36% year-over-year, driven by higher production and metal prices.

• Adjusted EBITDA rose 114% to $33.9 million compared to Q1 2024, reflecting improved margins.

• Adjusted net income attributable to shareholders was $10.8 million ($0.05/share), up from $3.8 million ($0.01/share) in Q1 2024.

• Operating cash flows before working capital changes increased 122% year-over-year to $31.7 million.

• Consolidated ore throughput rose 18% year-over-year, with higher copper, zinc, and silver output.

Financial highlights

• Net income attributable to shareholders was $7.9 million, compared to a loss of $0.4 million in Q1 2024.

• Cash and cash equivalents stood at $22.4 million at March 31, 2025, up from $19.8 million at year-end 2024.

• Cash generated from operations was $27.2 million, offset by $20.1 million in investing and $4.6 million in financing outflows.

• Adjusted EBITDA from continuing operations was $33.9 million, up from $15.8 million in Q1 2024.

Segment performance

• Yauricocha: Cash cost per copper equivalent pound was $2.32 (down from $3.55), AISC was $2.82 (down from $3.97) year-over-year.

• Bolivar: Cash cost per copper equivalent pound was $2.51 (up from $2.34), AISC was $3.16 (up from $3.02) year-over-year.

• Yauricocha and Bolivar both contributed to increased consolidated throughput and metal production.