Jaguar Mining (TSX: JAG) saw its quarterly revenue fall to $38.0 million in Q4 2025 from $42.4 million last year as gold ounces sold dropped to 9,124 from 16,042, despite the realized price surging to $4,170 per ounce from $2,641.
Full-year revenue reflects the pattern, falling to $135.2 million from $158.6 million in 2024 as ounces sold declined to 39,453 from 66,482, even with the realized gold price up to $3,421 per ounce from $2,386.
Gross profit, however, improved to $21.7 million in Q4 from $18.7 million and to $72.6 million in 2025 from $59.5 million, reflecting stronger pricing and lower direct operating costs.
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This led the firm widening its net loss in Q4 at $20.5 million versus a $19.9 million loss a year earlier. Full-year net loss also widened to $15.8 million from $1.3 million in 2024.
On an adjusted basis, net loss was $3.3 million in Q4 2025, versus adjusted net income of $6.5 million in Q4 2024. The adjustment excluded $15.9 million of Satinoco incident expenses in Q4 along with fair-value investment movements, certain provision reversals, and related tax effects.
Adjusted EBITDA moved to a loss of $5.5 million in Q4 from positive $8.5 million a year earlier.
The firm flipped operating cash to a burn of $0.6 million in Q4 versus $15.7 million generated in Q4 2024. Free cash flow was also negative at $0.3 million in Q4 versus positive $9.7 million a year earlier.
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Cash and cash equivalents rose to $66.5 million at December 31, 2025 from $46.4 million a year earlier.
Operationally, Q4 gold production fell to 9,356 ounces from 14,787, while full-year production dropped to 40,254 ounces from 64,704.
Cash operating costs rose year over year in Q4 to $1,456 per ounce sold from $1,106, while AISC climbed to $2,268 from $1,737. For the full year, cash operating costs increased to $1,277 per ounce from $1,102 and AISC rose to $1,931 from $1,651.
For 2026, Jaguar guided to gold production of 50,000 to 60,000 ounces from current assets as regulatory restrictions have now been lifted and the company undertakes a gradual restart at Turmalina.
Jaguar Mining last traded at $7.06 on the TSX.
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