Revenue and margin metrics:
- Revenue: $42.21 million in Q4 2024, down 17.8% YoY and 21.0% QoQ (YoY and QoQ declines align with softer silver prices and production mix in the quarter).
- Gross profit: $7.744 million, gross margin 18.35% (vs. revenue of $42.21 million). YoY gross profit rose markedly (+272.87%), but QoQ gross profit declined by 37.96% given the sharp top-line drop; the margin remains in the low-to-mid teens range, reflecting continued cost pressures and mining mix.
- Operating income: -$0.471 million with an operating margin of -1.12% for the quarter, signaling that core mining operations were near breakeven after provisioning for operating expenses.
- EBITDA: $3.851 million, EBITDA margin 9.12% (EBITDARatio 0.0912), which helps frame cash earnings excluding depreciation and other non-cash items.
- Net income and EPS: Net income of $1.025 million, net margin 2.43%, EPS of $0.0041 (diluted $0.0041) driven in part by favorable non-operating items and tax treatment rather than core operating profitability.
- Cash flow and liquidity: Net cash provided by operating activities was negative at -$4.85 million; capital expenditures were $45.89 million; free cash flow was -$50.74 million for the quarter. Financing activities provided a substantial inflow of $101.21 million, contributing to a strong cash position and total cash at period-end of $106.43 million (cash and cash equivalents) with total liquidity of $107.50 million (including short-term investments).
- Balance sheet and leverage: Total assets $719.25 million; total liabilities $234.81 million; total stockholders’ equity $484.44 million. Cash and short-term investments stood at $107.50 million, while total debt was $120.24 million, yielding a net debt of $13.80 million and a debt/capitalization ratio of 19.9%. Current ratio near 2.0 indicates solid short-term liquidity.
- Efficiency and capital structure indicators: Current ratio 1.999, quick ratio 1.542, cash ratio 1.350, debt to capitalization 0.199, and price-to-book around 1.90. These metrics reflect a defensible liquidity position with modest leverage, but operating cash flow remains a concern for near-term self-funded growth.