| Metric | Value ($ M) | Q2 FY25 | Q3 FY24 |
|---|---|---|---|
| Revenue | 50.53 | 8.2% | 3.3% |
| Total Income | 50.53 | 8.2% | 3.3% |
| Expenditure | 16.25 | 3.8% | 16.9% |
| PBT | -1.73 | 189.6% | 36.2% |
| Net Profit | -0.46 | 115.1% | 77.9% |
| OPM | -16.68% | 9.46pp | 16.50pp |
| NPM | -0.91% | 7.42pp | 3.07pp |
| EPS | -0.01 | 116.7% | 75.0% |
McEwen Inc. Reports Q3 2025 Results; Revenue Decreased by 3% to $50.5M
04 May 2026 · 4 May, 8:01 am
Summary
McEwen Inc. reported a decrease in revenue for Q3 2025, with $50.5 million compared to $52.3 million in Q3 2024. The company experienced a net loss of $0.5 million, an improvement from the $2.1 million loss in the same quarter last year. Adjusted EBITDA saw a 12% increase, reaching $11.8 million. The company has revised its full-year production guidance downward and increased its cost per ounce guidance. Rob McEwen, CEO, stated that the company encountered operational challenges that led to production below guidance and higher-than-expected costs, but expects corrective measures to deliver positive results in Q4.
Key Highlights
- 1
McEwen Inc. announced Q3 2025 revenue decreased by 3% to $50.5 million from the sale of 14,968 GEOs.
- 2
The average realized gold sale price was $3,477 per GEO in Q3 2025, a 39% increase compared to $2,499 per GEO in Q3 2024.
- 3
The company reported a net loss of $0.5 million, or $0.01 per share, compared to a net loss of $2.1 million, or $0.04 per share, in Q3 2024.
- 4
Adjusted EBITDA increased by 12% to $11.8 million, or $0.22 per share, compared to $10.5 million, or $0.20 per share, in Q3 2024.
- 5
Cash and equivalents increased to $51.2 million, compared to $13.7 million at December 31, 2024.
- 6
Full-year production guidance range lowered to 112,000-123,000 GEOs, from 120,000–140,000 GEOs.
- 7
Costs per ounce guidance ranges for 100% owned operations increased to $2,028 to $2,128 per ounce cash costs, and to $2,356 to $2,456 per ounce AISC.
Management Comments
Rob McEwen
“We encountered operational challenges that led to production below guidance and higher-than-expected costs. We have identified the root causes at our Nevada and Timmins operations and are implementing decisive corrective measures. We expect these actions to begin delivering positive results in the fourth quarter. At the same time, we achieved significant strategic progress. We advanced all sites toward our 2030 goal of 250,000–300,000 ounces of annual gold production, published the Feasibility Study for Los Azules, and secured approval for RIGI benefits—providing 30 years of tax and foreign exchange stability, a substantially lower tax burden, and immediate VAT recovery. These major de-risking milestones bring this world-class copper asset closer to construction and production.”
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