Equinox Gold (TSX: EQX) reported a mixed Q2 2025: strong top-line growth offset by a sharp year-over-year decline in net income. Quarterly revenue rose 78% year over year to $478.6 million from $269.4 million, driven by a 29% increase in gold ounces sold to 148,938 from 115,423 last year and a 38% higher average realized gold price of $3,207 per ounce from $2,328 per ounce.
Cash costs averaged $1,478 per ounce, down from last year’s $1,747 per ounce and AISC averaged $1,959 per ounce, down from $2,041 per ounce. Ex-Los Filos, AISC was $1,959 per ounce versus $1,925 per ounce a year earlier, indicating a slight underlying cost uptick once the suspended operation is stripped out.
Income from mine operations increased more than sixfold to $159.8 million from Q2 2024’s $21.2 million. The quarter includes only 14 days of contribution from the newly acquired Calibre assets.
However, net income fell 93% to $23.8 million from $353.5 million last year, or $0.05 per share from $0.90 per share, primarily due to the absence of last year’s large one-time gain related to Greenstone. But compared to Q1 2025’s net loss of $75.5 million, the company returned to profitability.
Adjusting for these one-offs, net income swung to a $56.7 million profit from a $46.4 million loss last year and from a $36.6 million loss in Q1. Adjusted EPS was $0.11 from $0.12 loss per share last year on a higher weighted average share count of 499.4 million vs. 392.5 million last year.
Adjusted EBITDA climbed to $200.5 million, up 344% from $45.1 million a year ago.
Operating cash flow reached $126.0 million, up 217% year over year from $39.7 million. Cash flow generated from operating mine sites rose to $242.1 million from $59.4 million and total mine-site free cash flow before working capital improved to $154.5 million from $21.7 million last year.
Sustaining expenditures were $71.1 million, while sustaining capital expenditures were $62.1 million versus Q2 2024’s $26.0 million. Total capital additions were $118.2 million, lower than last year’s $139.1 million, reflecting lighter development spend versus the prior Greenstone build phase. Non-sustaining capital at operating sites was $17.9 million versus last year’s $4.8 million.
Cash and equivalents increased to $406.7 million at the end of the quarter from $172.9 million in the previous quarter. Total debt rose to $1.78 billion from $1.39 billion last quarter, putting net debt at $1.37 billion, up 12.6% from last quarter’s $1.22 billion.
Gold production was 150,849 ounces, up 23% year over year from 122,221 ounces and 4% quarter over quarter from 145,290 ounces. Gold sold was 148,938 ounces versus 115,423 ounces last year and 147,920 ounces last quarter.
In total, H1 production was 401,211 ounces; to meet the 785,000–915,000 ounces full-year guidance (which excludes Los Filos, Castle Mountain, and Valentine), Equinox requires 384,000–514,000 ounces in H2. Management expects an inflection in H2 with a full-quarter contribution from the Calibre assets, first ore at Valentine before end-August and first gold about a month later, and continued improvement at Greenstone.
Equinox Gold last traded at $8.84 on the TSX.
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