Endeavour Silver Corp. (EXK) reported fourth‑quarter 2025 revenue of $172.6 million, an increase of 109% from $42.2 million in Q4 2024, driven by a 88% rise in silver‑equivalent production to 3.8 million ounces and higher realized metal prices.
Operating earnings surged to $46.6 million from $7.7 million in the prior year‑end quarter, reflecting the company’s ability to convert higher production into operating profit. Adjusted earnings per share were $0.02, missing consensus estimates that ranged from $0.03 to $0.05—a miss of $0.01 to $0.03, or 20–30% below expectations.
The quarter ended with a net loss of $23.8 million, largely attributable to a $45.2 million loss on derivative contracts. The loss on derivatives was driven by gold forward swap and silver collar contracts, totaling $42.4 million, and the company’s accounting treatment of gold hedges. For the full year 2025, Endeavour posted a net loss of $119.1 million, underscoring the impact of the derivative losses and high sustaining capital costs.
Silver‑equivalent production rose 88% to 3.8 million ounces, the first commercial quarter for the Terronera mine and the full‑year contribution from the Kolpa acquisition. Terronera’s ramp‑up has increased operating costs, while Kolpa’s production has helped offset some of the capital intensity at the new mine.
All‑in‑sustaining costs per silver ounce climbed to $41.19, driven by significant sustaining capital expenditures at Terronera during its first commercial quarter. The higher AISC, combined with the peso’s appreciation against the dollar, has compressed margins and contributed to the net loss.
Chief Executive Officer Dan Dickson said the company’s “transformative year” was marked by robust production growth, record revenues, and key strategic milestones. He noted that the company’s strong balance sheet provides the flexibility to advance the Pitarrilla project and continue prioritizing progress at Terronera and Kolpa.
The results highlight a classic growth‑vs‑profitability trade‑off: while revenue and production have accelerated, high sustaining capital costs and derivative losses have kept the company in the red. Management’s focus on disciplined growth and capital discipline signals confidence that the company can eventually translate the production gains into profitability as the new mines mature and cost pressures ease.
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