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Americas Gold and Silver Reports Loss in 2025, Revenues Up Y/Y
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Key Takeaways
USAS beat loss estimates despite wider FY25 net loss, with revenues rising 18% year over year.
Growth driven by higher realized silver prices and output, including EC120 pre-production revenues.
Higher costs and strategic Galena investments led to negative EBITDA and increased cash costs.
Americas Gold and Silver (USAS - Free Report) reported an adjusted net loss of $35.2 million in 2025, wider than the year-ago adjusted loss of $33.7 million. Gains from higher net revenues were offset by planned major operational spending as part of the strategic investment strategy at Galena to grow production. Adjusted loss per share was 13 cents, in line with the Zacks Consensus Estimate. The company had reported a loss of 32 cents in the prior year.
Americas Gold and Silver reported a net loss of $87.4 million for 2025 compared with the 2024 net loss of $48.9 million. Apart from the factors stated above, higher cost of sales, depletion and amortization, exploration costs, foreign exchange loss, loss on fair value of metals contract liability, and income tax expense, offset in part by higher revenue, and a prior period impairment led to the weaker results.
The company posted a loss per share of 33 cents in 2025 compared with the loss of 46 cents per share in 2024.
Americas Gold and Silver Corporation Price, Consensus and EPS Surprise
Higher Silver Production and Price Drive 2025 Revenues
Americas Gold and Silver’s revenues were around $118 million in 2025, an 18% increase from the prior year. The top-line figure beat the Zacks Consensus Estimate of $109 million.
The revenue growth was attributed to higher realized prices for silver (up 39%), while lead and zinc were down 4.3% and 0.8%, respectively. Zinc and lead production dropped in this fiscal year due to lower tonnage of zinc-lead-silver San Rafael ore processed during 2025. It also included pre-production revenues from the EC120 Project of $45 million during the period.
Consolidated silver production was around 2.65 million ounces in 2025 compared with 1.7 million ounces in the previous year due to higher grades at both operations.
The Galena Complex’s silver production in 2025 remained steady year over year at approximately 1.5 million ounces, while lead output declined by 25% to 7.5 million pounds. The Cosalá Operations recorded a strong 44% increase in silver production to about 1.2 million ounces, driven primarily by higher grades and recoveries from the EC120 Project.
USAS Reports Negative EBITDA in 2025
The company’s attributable cash costs of $25.69 per ounce of silver produced in 2025 were higher than $17.41 per ounce of silver in 2024. All-in-sustaining costs are $32.95 per ounce of silver produced compared with $28.13 per ounce in the prior year.
Adjusted EBITDA was a loss of $4.1 million in 2025 compared with a loss of $1.5 million in 2024, due to planned major operational spending.
Outlook for 2026
The company has taken several key steps to strengthen its future performance, including acquiring the Crescent Mine and securing $132 million in financing to support growth. It also ensured stable processing capacity through an offtake agreement and formed a joint venture to build an antimony processing facility, unlocking additional value from by-products. Alongside launching a record exploration drilling program, the company is advancing major upgrades at the Galena Complex, such as expanding long hole mining, improving productivity through remote operations, modernizing equipment, and enhancing underground infrastructure and communication systems, to drive higher production and efficiency.
The company expects silver production to be between 3.2 and 3.6 million ounces in 2026, and the all-in sustaining cost is projected to range from $30-$35 per ounce sold.
Americas Gold and Silver’s Cash Position
Americas Gold and Silver ended 2025 with cash and cash equivalents of $129.8 million and a working capital of $67.5 million. The company used $3.95 million of cash in operating activities during the year.
USAS Stock’s Price Performance
Shares of USAS have surged 273.6% in the past year against the industry's 37.9% growth.
Avino Silver & Gold Mines Ltd. (ASM - Free Report) reported earnings per share of 29 cents in 2025. The bottom line was up from 15 cents per share in the previous year. Including one-time items, Avino Silver recorded earnings of 17 cents per share in 2025 compared with 6 cents in 2024. Avino Silver’s revenues improved 39% year over year to $92.2 million in 2024.
Endeavour Silver Corporation (EXK - Free Report) reported adjusted losses of 2 cents per share in 2025 compared with earnings of 3 cents in 2024. Including one-time items, Endeavour Silver reported a loss of 42 cents per share against 13 cents per share in 2024. Endeavour Silver’s revenues increased 114.8% year over year to $467.5 million.
Fortuna Mining Corp. (FSM - Free Report) reported adjusted earnings per share of 66 cents in 2025. Fortuna Mining’s earnings improved 164% year over year. Including one-time items, Fortuna Mining reported earnings from continuing operations of 85 cents per share in 2025, up from 27 cents per share in 2024. Fortuna Mining’s revenues grew 40% year over year to $947.1 million in 2025.
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Americas Gold and Silver Reports Loss in 2025, Revenues Up Y/Y
Key Takeaways
Americas Gold and Silver (USAS - Free Report) reported an adjusted net loss of $35.2 million in 2025, wider than the year-ago adjusted loss of $33.7 million. Gains from higher net revenues were offset by planned major operational spending as part of the strategic investment strategy at Galena to grow production. Adjusted loss per share was 13 cents, in line with the Zacks Consensus Estimate. The company had reported a loss of 32 cents in the prior year.
Americas Gold and Silver reported a net loss of $87.4 million for 2025 compared with the 2024 net loss of $48.9 million. Apart from the factors stated above, higher cost of sales, depletion and amortization, exploration costs, foreign exchange loss, loss on fair value of metals contract liability, and income tax expense, offset in part by higher revenue, and a prior period impairment led to the weaker results.
The company posted a loss per share of 33 cents in 2025 compared with the loss of 46 cents per share in 2024.
Americas Gold and Silver Corporation Price, Consensus and EPS Surprise
Americas Gold and Silver Corporation price-consensus-eps-surprise-chart | Americas Gold and Silver Corporation Quote
Higher Silver Production and Price Drive 2025 Revenues
Americas Gold and Silver’s revenues were around $118 million in 2025, an 18% increase from the prior year. The top-line figure beat the Zacks Consensus Estimate of $109 million.
The revenue growth was attributed to higher realized prices for silver (up 39%), while lead and zinc were down 4.3% and 0.8%, respectively. Zinc and lead production dropped in this fiscal year due to lower tonnage of zinc-lead-silver San Rafael ore processed during 2025. It also included pre-production revenues from the EC120 Project of $45 million during the period.
Consolidated silver production was around 2.65 million ounces in 2025 compared with 1.7 million ounces in the previous year due to higher grades at both operations.
The Galena Complex’s silver production in 2025 remained steady year over year at approximately 1.5 million ounces, while lead output declined by 25% to 7.5 million pounds. The Cosalá Operations recorded a strong 44% increase in silver production to about 1.2 million ounces, driven primarily by higher grades and recoveries from the EC120 Project.
USAS Reports Negative EBITDA in 2025
The company’s attributable cash costs of $25.69 per ounce of silver produced in 2025 were higher than $17.41 per ounce of silver in 2024. All-in-sustaining costs are $32.95 per ounce of silver produced compared with $28.13 per ounce in the prior year.
Adjusted EBITDA was a loss of $4.1 million in 2025 compared with a loss of $1.5 million in 2024, due to planned major operational spending.
Outlook for 2026
The company has taken several key steps to strengthen its future performance, including acquiring the Crescent Mine and securing $132 million in financing to support growth. It also ensured stable processing capacity through an offtake agreement and formed a joint venture to build an antimony processing facility, unlocking additional value from by-products. Alongside launching a record exploration drilling program, the company is advancing major upgrades at the Galena Complex, such as expanding long hole mining, improving productivity through remote operations, modernizing equipment, and enhancing underground infrastructure and communication systems, to drive higher production and efficiency.
The company expects silver production to be between 3.2 and 3.6 million ounces in 2026, and the all-in sustaining cost is projected to range from $30-$35 per ounce sold.
Americas Gold and Silver’s Cash Position
Americas Gold and Silver ended 2025 with cash and cash equivalents of $129.8 million and a working capital of $67.5 million. The company used $3.95 million of cash in operating activities during the year.
USAS Stock’s Price Performance
Shares of USAS have surged 273.6% in the past year against the industry's 37.9% growth.
Image Source: Zacks Investment Research
Americas Gold and Silver’s Zacks Rank
Americas Gold and Silver currently carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
USAS’ Peers’ Performances
Avino Silver & Gold Mines Ltd. (ASM - Free Report) reported earnings per share of 29 cents in 2025. The bottom line was up from 15 cents per share in the previous year. Including one-time items, Avino Silver recorded earnings of 17 cents per share in 2025 compared with 6 cents in 2024. Avino Silver’s revenues improved 39% year over year to $92.2 million in 2024.
Endeavour Silver Corporation (EXK - Free Report) reported adjusted losses of 2 cents per share in 2025 compared with earnings of 3 cents in 2024. Including one-time items, Endeavour Silver reported a loss of 42 cents per share against 13 cents per share in 2024. Endeavour Silver’s revenues increased 114.8% year over year to $467.5 million.
Fortuna Mining Corp. (FSM - Free Report) reported adjusted earnings per share of 66 cents in 2025. Fortuna Mining’s earnings improved 164% year over year. Including one-time items, Fortuna Mining reported earnings from continuing operations of 85 cents per share in 2025, up from 27 cents per share in 2024. Fortuna Mining’s revenues grew 40% year over year to $947.1 million in 2025.