Endeavour Silver (TSX: EDR) posted their third quarter financial results this morning, highlighted by revenue growth of 109% on a year over year basis to $111.4 million, up from $53.4 million.
That revenue improvement follows silver equivalent production growing 88% year over year from 1.62 million ounces of silver equivalent to 3.04 million ounces of silver equivalent, a figure which does not include production from Terronera.
Silver ounces sold meanwhile amounted to 1.76 million ounces at an average price of $38,58 an ounce, while gold ounces sold amounted to 7,478 ounces at an average price of $3,550 an ounce. A further 722,130 ounces were contributed to sales by Terronera, with those sales classified separately as pre-operating production silver equivalent ounces, which generated $31.5 million in revenues.
Mine operating earnings grew 25% year over year, climbing from $12.5 million to $15.6 million.
Despite the improvement in revenue, losses widened in the third quarter, growing from $17.3 million, or $0.07 per share, to $42.0 million, or $0.14 per share. On an adjusted basis, net earnings went from $1.6 million, or $0.01 per share, to negative $2.1 million, or a loss of $0.01 per share. The loss was attributed to a $39.0 million loss on derivative contracts, alongside an income tax expense of $4.5 million.
EBITDA for the quarter totaled negative $12.6 million, which grew to positive $28.2 million on an adjusted basis.
Operating cash flows meanwhile jumped from $4.5 million to $13.6 million, leading to Endeavour’s cash position to grow to $57.0 million. However working capital moved from positive $29.4 million to negative $56.1 million on a year over year basis.
On a per ounce basis, cash costs per silver ounce net of by-product credits grew from $11.35 an ounce in Q3 2024 to $18.09 an ounce in Q3 2025, which was a result of the shift in the ratio of silver to gold production at both Guanacevi and Bolanitos. An 87% increase in third party material purchased also negatively impacted costing. All in sustaining costs meanwhile moved from $25.82 to $30.53 an ounce.
“With silver equivalent production up 88% year-over-year and operating cash flow more than doubling, we continue to demonstrate the strength of our mining operations and our team’s commitment to operational excellence. With the recent achievement of commercial production at Terronera in October, we are excited about the Company’s future growth and the combined performance of our four operating mines in the coming quarters,” commented Endeavour Silver CEO Dan Dickson on the results.
Endeavour Silver last traded at $10.30 on the TSX.
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