Golden Minerals Company reported a Q2 2025 (calendar quarter ended 2025-06-30) result set with no reported revenue and a continuation of net losses, though there is a meaningful YoY improvement in operating performance versus the prior-year quarter. For QQ2 2025, the company posted an operating loss of $0.928 million and a net loss of $0.840 million on GAAP measures, with an EPS of -$0.0558. Administrative expenses remained the primary cost driver (approximately $0.847 million), while EBITDA was -$0.933 million. Cash flow from operations was modestly negative at -$0.084 million, and free cash flow was -$0.084 million, contributing to a year-to-date cash balance of $2.501 million at period end. The balance sheet shows a leveraged liability profile with total liabilities of $7.679 million versus total assets of $3.671 million and negative shareholder’s equity of $4.008 million, implying substantial accumulated deficits and a fragile equity base despite a cash cushion. The company exhibits liquidity pressures (current ratio ~0.64) and a lack of reported revenue in the quarter, underscoring its status as an exploration-focused entity with near-term catalysts largely tied to advancing its portfolio (Rodeo, Velardena/Chicago, El Quevar) and potential production milestones. YoY comparisons in the income metrics suggest a narrowing of losses versus the prior-year quarter, while QoQ results indicate a modest sequential deterioration in operating income, highlighting the ongoing challenge of converting exploration activity into near-term profitability. Management commentary is not available in the provided transcript data, so the forward-looking narrative relies on the disclosed financials and industry dynamics rather than explicit company guidance.