Endeavour Silver (NYSE:EXK) achieved record financial and operational scale in 2025, reporting annual revenue of $467.5 million.
The Vancouver-based miner saw its total production jump 48% year-over-year to 11.2 million silver equivalent (AgEq) ounces, a surge fueled by the successful commencement of commercial production at the flagship Terronera mine on October 1.
The company’s fourth-quarter revenue reached $172.6 million, reflecting the first full quarter of contributions from Terronera and the integration of the Kolpa acquisition, which closed in May.
For the full year, production totals included 6.49 million ounces of silver and 37,164 ounces of gold.
Despite the top-line growth, Endeavour reported a full-year net loss of $119.1 million.
Management attributed the bottom-line pressure to non-cash derivative revaluations, higher financing costs associated with its capital structure, and one-time expenses related to the commissioning and ramp-up of new operations.
The company significantly bolstered its liquidity position in the final weeks of the year, closing a $350 million convertible notes offering in December.
This financing, combined with a year-end cash balance of $215.4 million, provides the company with a substantial buffer as it moves toward a full year of optimized production at Terronera in 2026.