Santacruz Silver reports record $104M adjusted EBITDA despite Bolivar flooding headwinds
Santacruz Silver Mining (NASDAQ:SCZM) reported its full-year 2025 financial and operational results on Wednesday, April 1, 2026, revealing a year of stark contrasts defined by record-breaking financial efficiency and significant geological challenges.
The company generated total revenues of $326.4 million, a 15% increase year-over-year, supported by a favorable precious metals pricing environment.
The company’s focus on margin expansion yielded impressive non-GAAP results; gross profit surged 91% to $109.4 million, while adjusted EBITDA nearly doubled, rising 99% to $104.6 million.
These gains reflect the company's success in optimizing its cost structure across its portfolio of silver-dominant assets.
However, statutory profitability and production volumes were heavily impacted by an environmental setback.
Net income for the year was $42.2 million, a 74% decrease compared to 2024, largely due to costs and non-cash charges related to a major flooding event at the Bolivar mine in May 2025.
This incident led to an 11% decline in annual silver equivalent (AgEq) production to 14.4 million ounces, while pure silver production fell 17% to 5.60 million ounces.
Management emphasized that while the Bolivar flooding created a temporary production bottleneck, the underlying health of the company’s remaining assets remains robust.
A comprehensive remediation and dewatering plan is currently underway, with Santacruz Silver expecting a return to full nameplate production capacity at Bolivar by the fourth quarter of 2026.
