Adjusted cost applicable to sales (CAS) per ounce decreased by 5% for gold and 6% for silver compared to last quarter.
All five operations delivered strong production, cost, and financial performance, contributing to record quarterly free cash flow and net income of $127 million or $0.20 per share.
Coeur Mining reported strong Q2 2025 results with free cash flow of $146 million and adjusted EBITDA of $244 million.
Gold and silver production increased significantly, with gold up 25% and silver up 27% compared to the previous quarter.
The company fully repaid the $110 million balance on its revolving credit facility one quarter ahead of schedule, reducing total debt below $400 million.
Adjusted EBITDA increased 80% to $131.7 million, with a record adjusted EBITDA margin of 16.9%, up 280 basis points from last year.
Capital expenditures totaled $36.7 million for the quarter, with full-year guidance of $130 million to $140 million.
Debt to trailing 12 months EBITDA ratio was 3.17x, with a target to reduce leverage to approximately 2.5x by late fiscal 2026.
Net income was $44 million, with adjusted net income at $45.2 million or $0.81 per diluted share.
Operating cash flow was $83 million, more than doubling from $35 million a year ago, with a strong conversion rate of 80% to 85% of EBITDA to cash flow expected for FY 2025.
Q3 revenue was $779.3 million, up 51% year-over-year, driven 5% by organic growth and 46% by acquisitions.
Bookings in Q4 were a record $342 million with a book-to-bill ratio of 1.25, resulting in a record backlog of $1.4 billion, up 6% year-over-year.
Free cash flow for Q4 was $34 million, exceeding expectations, and full year free cash flow was a record $119 million.
GAAP net income in Q4 was $16 million versus a net loss of $11 million in the prior year quarter; full year GAAP net loss improved to $38 million from $138 million.
Q4 adjusted EBITDA was $51 million with a margin of 18.8%, up over 700 basis points sequentially; full year adjusted EBITDA was $119 million with a 13.1% margin.
Q4 revenue was $273 million, up 9.9% year-over-year, with full year revenue of $912 million, up 9.2%.
Capital expenditures budget for 2025 remains at $325 million, with over 50% dedicated to growth projects, and total cash outlay expected between $360 million and $380 million.
Cash flow from operations was $229 million in Q2, supporting investments in growth and acquisitions.
Non-GAAP FIFO gross profit margin increased slightly from 30.4% in Q1 2025 to 30.6% in Q2 2025, while LIFO gross profit margin rose by 20 basis points to 29.9%.
Non-GAAP pretax income increased sequentially by over 15%, and non-GAAP earnings per share rose by more than 17% to $4.43 compared to the prior quarter.
Operating cash flow of $229 million was generated despite over $100 million investment in working capital due to higher metal costs.
Reliance reported a record second quarter tons sold, outperforming the industry average volume by 7 percentage points, maintaining a gross profit margin within the sustainable range of 29% to 31%.
Second quarter results benefited from 2024 acquisitions, with financial strength maintained to pursue further M&A opportunities.
SG&A expenses increased 6.2% year-over-year in Q2, driven by inflationary wage adjustments and higher variable costs, but per-ton SG&A expenses increased only 2% compared to Q2 2024, showing operating leverage.
Total debt was $1.43 billion as of June 30, 2025, with a net debt-to-EBITDA ratio of less than 1, indicating strong liquidity.
Dafinchi