NYSE$FSM
Fortuna Silver Mines Inc · Q2 2025 earnings
Q2 2025 earnings · · After market close · Investor relations
Briefing
Fortuna Q2 2025: record 55% EBITDA margin on $230M sales as gold prices surge
Fortuna Mining reported second quarter 2025 sales from continuing operations of $230.4 million, up 42% year over year, driven by higher realized gold prices and increased volumes at Lindero. Attributable net income from continuing operations was $42.6 million ($0.14 per share), while adjusted attributable net income was $44.7 million ($0.15 per share). Adjusted EBITDA reached a record $127.7 million with a 55% margin. The company produced 71,229 gold equivalent ounces from continuing operations (75,950 including discontinued San Jose and Yaramoko, which were divested). Consolidated AISC from continuing ops was $1,932/GEO. Liquidity totaled $537.3 million with net cash of $214.8 million after completing $83.8M in asset sales.
- Sales of $230.4M (+42% YoY) and record adjusted EBITDA margin of 55% on higher gold prices (~$3,307/oz realized).
- Attributable net income $42.6M ($0.14/share); adjusted net income $44.7M ($0.15/share).
- GEO production of 71,229 oz from continuing ops; AISC $1,932/GEO reflecting Séguéla waste stripping.
- Liquidity $537M; completed divestiture of San Jose and Yaramoko for $83.8M gross proceeds.
- Diamba Sud resource update and PEA targeted Q4 2025; Séguéla expansion to 160–180k oz in 2026.
Headline financials
Revenue & EPS history
Fortuna Silver · Revenue · Quarterly
$230M
Forward guidance
Fortuna expects full-year AISC within guidance; Séguéla AISC to trend higher through 2025 on planned stripping while Lindero AISC should decline in H2. Séguéla production expansion to 160–180k gold ounces targeted for 2026.
Tailwinds
- Record EBITDA margins
- Strong balance sheet post-divestitures
- Diamba Sud advancing toward construction decision H1 2026
Headwinds
- Elevated AISC at Séguéla from waste stripping
- $17.5M withholding tax charge in Côte d'Ivoire
Historical earnings impact
How earnings announcements have historically affected this stock's price.
Avg. return before/after earnings
Based on 19 quarterly earnings reports · overlaid with Q2 2025
-1.1%
Avg return
Earnings day
-2.6%
Avg return
5 days after
+2.7%
Avg return
30 days after
53%
33 / 62 earnings
Positive
+8.9%
Q2 2015
Best reaction
-31.1%
Q4 2019
Worst reaction
| Quarter | Report date | Reaction (Day 0) | +5 days | +30 days |
|---|---|---|---|---|
| Q1 2026 | +5.9% | — | — | |
| Q3 2025 | +1.8% | +7.4% | +18.1% | |
| Q2 2025 | -13.1% | -10.1% | +15.7% | |
| Q4 2024 | +4.0% | -2.6% | -16.8% | |
| Q3 2024 | +0.6% | -3.8% | -5.3% | |
| Q2 2024 | -3.3% | -7.5% | -4.8% | |
| Q4 2023 | +7.6% | +13.0% | +56.5% | |
| Q3 2023 | +3.5% | +5.2% | +26.0% | |
| Q2 2023 | -11.8% | -9.4% | -15.8% | |
| Q1 2023 | +3.2% | -1.7% | -4.6% | |
| Q4 2022 | -8.8% | +0.6% | +12.7% | |
| Q3 2022 | +8.8% | +11.3% | +19.4% | |
| Q2 2022 | -9.3% | -7.3% | -14.2% | |
| Q1 2022 | -6.5% | +5.5% | +25.0% | |
| Q4 2021 | -5.6% | -10.4% | -8.2% | |
| Q3 2021 | -26.3% | -25.9% | -38.3% | |
| Q2 2021 | -0.9% | -0.9% | -0.9% | |
| Q1 2021 | +1.1% | -2.0% | +3.6% | |
| Q4 2020 | +4.5% | +8.4% | +6.1% | |
| Q3 2020 | -0.8% | -7.7% | -9.3% | |
| Q2 2020 | +5.3% | +7.6% | +14.2% | |
| Q1 2020 | +0.0% | +20.7% | +46.0% | |
| Q4 2019 | -31.1% | -30.4% | -19.1% | |
| Q3 2019 | -3.5% | +0.3% | +14.6% | |
| Q2 2019 | +1.7% | -4.5% | -12.8% | |
| Q1 2019 | -10.6% | -9.9% | -13.7% | |
| Q4 2018 | +1.7% | +3.6% | -6.1% | |
| Q3 2018 | -9.2% | -7.3% | -10.3% | |
| Q2 2018 | -5.6% | -8.6% | -14.4% | |
| Q1 2018 | -0.9% | -0.9% | -3.5% | |
| Q4 2017 | +0.2% | +0.2% | +19.1% | |
| Q3 2017 | +1.2% | -2.8% | -0.5% | |
| Q2 2017 | -2.7% | -1.1% | +7.6% | |
| Q1 2017 | +2.4% | +1.7% | +10.4% | |
| Q4 2016 | +2.3% | +2.3% | +9.0% | |
| Q3 2016 | -4.7% | -16.5% | -11.4% | |
| Q2 2016 | -4.0% | -9.3% | +2.1% | |
| Q1 2016 | -0.8% | — | — | |
| Q4 2015 | -1.6% | — | — | |
| Q3 2015 | +4.2% | — | — | |
| Q2 2015 | +8.9% | — | — | |
| Q1 2015 | +5.3% | — | — | |
| Q4 2014 | +3.6% | — | — | |
| Q3 2014 | +3.1% | — | — | |
| Q2 2014 | +3.0% | — | — | |
| Q1 2014 | +3.0% | — | — | |
| Q4 2013 | -2.8% | — | — | |
| Q3 2013 | +4.5% | — | — | |
| Q2 2013 | +5.0% | — | — | |
| Q1 2013 | +5.0% | — | — | |
| Q4 2012 | +0.6% | — | — | |
| Q3 2012 | +2.6% | — | — | |
| Q2 2012 | -3.2% | — | — | |
| Q1 2012 | -3.2% | — | — | |
| Q4 2011 | +5.5% | — | — | |
| Q3 2011 | -7.7% | — | — | |
| Q2 2011 | -1.9% | — | — | |
| Q1 2011 | +3.8% | — | — | |
| Q4 2010 | +3.7% | — | — | |
| Q3 2010 | +0.6% | — | — | |
| Q2 2010 | -3.0% | — | — | |
| Q1 2010 | -1.9% | — | — |
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