DYNACOR GROUP (DNG) Q2 2025 earnings summary

Executive summary

• Q2-2025 sales reached $79.7 million, the second-highest quarterly sales, with net income of $3.5 million and EBITDA of $5.7 million, compared to $67.4 million, $4.5 million, and $8.3 million respectively in Q2-2024.

• Six-month sales totaled $159.7 million, up from $135.2 million year-over-year, driven by higher gold prices despite lower production volumes.

• Processed 38,152 tonnes of ore (419 tpd) and produced 24,955 AuEq ounces in Q2-2025, impacted by government-mandated curfews and planned maintenance.

• Maintained strong liquidity with $58.4 million in cash and short-term investments at quarter-end.

Financial highlights

• Gross operating margin for Q2-2025 was $7.1 million (9.0% of sales), down from $10.0 million (14.8%) in Q2-2024.

• Net income for Q2-2025 was $3.5 million ($0.08 per share), compared to $4.5 million ($0.12 per share) in Q2-2024.

• Cash gross operating margin per AuEq ounce sold was $332 in Q2-2025, down from $375 in Q2-2024.

• EBITDA for Q2-2025 was $5.7 million, a 31% decrease year-over-year.

• Operating cash flows before changes in working capital were $4.2 million for Q2-2025.

Outlook and guidance

• 2025 sales are expected at the lower end of the initial $345–$375 million guidance, now updated to $340–$350 million due to ore supply disruptions.

• Net income guidance remains $14–$17 million; production forecast revised to 105,000–110,000 AuEq ounces.

• Capital expenditures for 2025 are projected at $17 million, including $9.75 million for the acquisition of the Svetlana plant in Ecuador.

• Gold price assumptions updated to $3,200–$3,400/oz for 2025.