Impact Silver Corp reported a record financial year in 2025, supported by strong operational performance at its core Zacualpan asset. Total revenue reached USD 48.5 million, reflecting solid growth compared to the previous year. However, the company remained loss making, with a net loss of about USD 10.3 million and a basic loss per share of CAD 0.04. The overall performance was influenced by improved grades and higher realized prices, while non cash adjustments impacted final profitability.
The results highlight a clear operational recovery trend, particularly at Zacualpan, which continued to strengthen output and revenue generation. At the same time, the Plomosas project weighed on financial outcomes due to an impairment charge and temporary suspension of underground mining activities. Despite these challenges, the company maintained a strong liquidity position and remained debt free, which supports ongoing exploration and operational flexibility.
Company Overview
Impact Silver Corp is a silver producer and explorer focused on Mexico, operating two main projects. The Royal Mines of Zacualpan silver gold district in central Mexico remains the primary revenue driver, while the Plomosas zinc lead silver project in northern Mexico is undergoing strategic reassessment. The company holds full ownership of a large land package at Zacualpan, where multiple underground mines and processing facilities support continuous production.
Over nearly two decades, the company has produced around 14 million ounces of silver and generated cumulative revenue exceeding USD 322 million. As of the end of 2025, it reported cash holdings of USD 23.7 million along with USD 4.0 million in investment certificates and working capital of USD 31.7 million. This financial strength, combined with no long term debt, provides a stable base for future growth initiatives.
Financial Performance Highlights
- FY 2025 revenue reached a record $48.5 million, increasing 52% from $31.9 million in FY 2024.
- Gross profit improved to $10.4 million in FY 2025, compared to a $2.2 million loss in the prior year, reflecting stronger operational performance.
- Q4 2025 gross profit was $6.6 million, rising significantly from $1.1 million in Q4 2024.
- Net loss for 2025 was approximately $10.3 million, slightly higher than the $9.8 million loss in 2024, primarily due to non-cash charges.
- A non-cash impairment of $8.8 million was recognized at the Plomosas Zinc Mine in Q4 2025.
- Share-based compensation expense of $1.2 million also contributed to the reported loss.
- Basic and diluted loss per share remained unchanged at CAD 0.04.
- Liquidity remained strong, with cash of $23.7 million, an additional $4.0 million in GICs, and working capital of $31.7 million, with no long-term debt.
- Zacualpan operations generated Q4 2025 revenue of $15.1 million, increasing 129% year over year, supported by improved pricing and grades.
- Revenue per tonne sold increased 60% in 2025 and 107% in Q4 2025, reaching $391.28 compared to $189.34 in Q4 2024.
- Silver production totaled 635,778 ounces in 2025, up from 595,264 ounces in 2024, while Q4 output reached 190,253 ounces, increasing 17% year over year.
- Silver sales were 636,267 ounces in 2025 compared to 592,844 ounces in 2024, with Q4 sales at 190,733 ounces, rising 25%.
- Underground mining at Plomosas was temporarily suspended due to weaker economics, with 9,171 tonnes produced in Q4 2025 at 8.3% zinc, 4.7% lead, and 34.0 g/t silver.
- Throughput at Plomosas increased 20% year to date to 46,875 tonnes, with ongoing efforts to generate cash flows through third-party toll milling.
- No specific 2026 guidance was provided, though management expects improved grades, higher production levels, and continued exploration progress to support performance.
Beat or Miss?
| Metric | Reported FY 2025 | Difference / Analysis |
| Revenue | $48.5 million | N/A – described as record revenue, up 52% year on year. |
| Net income (loss) | $(10.3) million | N/A – slightly larger loss than 2024 due mainly to $8.8 million impairment. |
| EPS (basic, diluted) | CAD (0.04) | N/A – unchanged from prior year; no EPS consensus disclosed. |
| Gross profit | $10.4 million | Major swing from $2.2 million loss in 2024, driven by Zacualpan performance. |
| Cash and GICs | $27.7 million total | Strong liquidity with no long‑term debt, supporting ongoing exploration. |
| Plomosas impairment | $8.8 million | Reflects reassessment of mine economics; leads to temporary suspension. |
Management Perspective
Management described 2025 as a milestone year, highlighting improved grades, stronger pricing, and disciplined cost management at Zacualpan as key drivers of performance. These factors supported record revenue and a return to gross profitability.
At the same time, leadership acknowledged the need to suspend operations at Plomosas to reduce financial pressure. The company is actively exploring restructuring options and alternative processing methods, with expectations that these initiatives will improve performance in 2026.
Historical Performance
| Category | FY 2025 (Q[Current]) | FY 2024 (Q[Previous Year]) | Change (%) |
| Revenue | $48.5 million | $31.9 million | +52% revenue growth |
| Net income (loss) | $(10.3) million | $(9.8) million | Loss widened about 5% |
| Gross profit | $10.4 million | $(2.2) million | Turnaround from loss to profit |
Competitor Context
| Category | Impact Silver FY 2025 | Impact Silver FY 2024 | Change (%) / Peer Context |
| Revenue growth | +52% year on year | N/A | Outpaced sector revenue growth of about 19.8% for some peers. |
| Net margin | Negative (approx ‑21%) | Negative (slightly better) | Sector net margins were positive (~‑2.7% cited historically). |
| Earnings trend | Loss per share CAD (0.04) | Loss per share CAD (0.04) | Sector earnings have generally been expanding. |
Overall Assessment
The overall financial profile reflects strong operational progress alongside ongoing profitability challenges. Record revenue, improved production, and higher gross profit demonstrate positive momentum. However, net losses, impairment charges, and operational constraints at Plomosas continue to impact overall results.
The outlook remains cautiously positive, supported by a strong liquidity position of USD 27.7 million, no debt obligations, and continued focus on exploration and grade improvement. Future performance will depend on sustained operational efficiency and successful optimization of underperforming assets.
Sources
- https://technotrenz.com/news/impact-silver-corp-full-year-2025-earnings/
- https://impactsilver.com/investors/news/impact-silver-announces-full-year-2025-results-with-record-revenue-and-strong-cash-position/
- https://www.marketscreener.com/news/impact-silver-corp-reports-earnings-results-for-the-full-year-ended-december-31-2025-ce7e50dddd81f52d
- https://simplywall.st/stocks/ca/materials/tsxv-ipt/impact-silver-shares/past