Golden Minerals Company reports a negative bottom line for QQ3 2025 with no disclosed revenue for the quarter. The company posted a net loss of $0.877 million, an EBITDA of -$0.668 million, and an operating loss of -$0.688 million, translating to a basic EPS of -$0.05. The quarter is characterized by muted top-line activity and ongoing fixed-cost intensity, highlighted by a negative operating cash flow per share of -$0.165 and free cash flow per share of -$0.165. Liquidity metrics remain strained (current ratio 0.467, quick ratio 0.467, cash ratio 0.404), signaling near-term liquidity risk absent a meaningful financing event or project-driven cash inflow. Ownership remains 100% across key project assets (Rodeo, Velardena/Chicago in Durango, Mexico, and El Quevar in Argentina), underscoring a capital-intensive exploration and development agenda rather than enterprise-wide revenue generation in QQ3 2025.