Santacruz Silver Mining (SCZ) Q1 2025 earnings summary

Executive summary

• Revenues reached $70.3 million in Q1 2025, up 34% year-over-year, with gross profit surging 6882% to $27.9 million and adjusted EBITDA up 2202% to $27.5 million.

• Net income was $9.5 million, a 93% decrease year-over-year due to an extraordinary gain in Q1 2024, while cash and cash equivalents rose 706% to $32.5 million.

• Operational focus on efficiency and financial discipline led to improved profitability and strong liquidity, despite lower production volumes.

Financial highlights

• Gross profit increased to $27.9 million, up 6882% year-over-year, and adjusted EBITDA rose to $27.5 million, up 2202%.

• Cash cost per silver equivalent ounce sold decreased 16% year-over-year to $17.84, and AISC per ounce sold dropped 8% to $22.34.

• Working capital increased 7530% year-over-year to $51.7 million.

• Net income fell 93% year-over-year due to a one-time gain in the prior year.

Outlook and guidance

• Management expects strong cash flow generation for the remainder of the year, supported by operational improvements and favorable silver prices.

• Operations are positioned to benefit from resolved temporary constraints and continued focus on high-margin zones.