McEwen Inc (formerly McEwen Mining) (TSX: MUX) this morning posted their second quarter 2025 financial results, headlined by topline revenue of $46.7 million, down from $47.5 million in the year ago period.
Revenue in the second quarter was down as a result of a substantial drop in gold equivalent ounce sales, which fell from 20,630 GEO’s in the year ago period to 14,549 in Q2 2025. The drop was partially offset by an improvement on average realized gold prices, which jumped from $2,355 an ounce in the year ago period to $3,298 in the current quarter.
Despite the decline in gold sales gross profits improved from $10.8 million to $12.3 million on a year over year basis, leading to McEwen posting positive net income of $3.0 million, or $0.06 per share, as compared to a net loss of $13.0 million, or $0.26 per share in the year ago period. Adjusted EBITDA meanwhile more than doubled, going from $7.2 million, or $0.15 per share in Q2 2024 to $17.3 million, or $0.32 per share in Q2 2025.
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Cash and cash equivalents meanwhile improved to $53.6 million as of quarter end, while marketable securities sits at $16.0 million and working capital totals $61.8 million. Current debt amounts to $130.0 million, which consists of $110.0 million in convertible debt due 2030 and $20 million under a term loan facility.
On the production side of things, Q2 production totaled 27,554 gold equivalent ounces, versus $35,265 ounces in the prior year. Cash costs rose substantially, jumping from $1,554 to $1,906 an ounce on a year over year basis, while AISC moved from $1,728 to $2,120 an ounce. McEwen has indicated that projected production increases in the back half of the year are expected to lower those per ounce metrics.
Full year production meanwhile has been reaffirmed as being in the 120,000 to 140,000 ounce range, while McEwen is aiming for 2030 production of 250,000 to 300,000 gold equivalent ounces.
McEwen last traded at $15.04 on the TSX.
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