Filing Flows › McEwen (MUX) › Q2 2025
McEwen (MUX) Q2 2025 earnings results (second quarter 2025)
10-Q filed Aug 6, 2025
McEwen (MUX) reported revenue of $46.7M for the second quarter 2025 (Q2 2025), -2% from a year earlier and +31% from the quarter before. Operating margin was -7.2%, net earnings $3.0M (6.5% of revenue).
McEwen, Q2 2025: revenue $46.7M (-2% year over year), operating margin -7.2%, net earnings $3.0M, operating cash flow $478K. The chart follows the revenue to costs, profit and cash.
| Q2 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $46.7M | +31% | -2% |
| Operating profit | −$3.4M | — | — |
| Net earnings | $3.0M | — | — |
| Operating cash flow | $478K | — | -87% |
What changed
Revenue was $46.7M in Q2 2025, down 2% year over year and up 31% from the previous quarter. USA was the largest line at 59% of revenue. USA lost $2.2M year over year (down 7%), 279% of the total change.
Gross margin was 26.3%, up 3.6 points from a year earlier. Operating costs exceeded revenue by $3.4M, an operating margin of -7.2%. Operating expenses fell 37% while revenue fell 2%. The fastest-growing cost line was General & admin (+13%). Net earnings were $3.0M. The effective tax rate was -57.6%. Non-operating items added $5.3M, 275% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $478K (down 87% year over year), 16% of net earnings. Non-cash charges added back $6.9M of depreciation and amortization. Working capital and other items used $9.4M. Capital expenditures of $9.6M exceeded it, leaving free cash flow of −$9.2M.
Questions
What was McEwen's revenue in the second quarter 2025?
McEwen (MUX) reported revenue of $46.7M for the second quarter 2025 (Q2 2025), -2% from a year earlier and +31% from the quarter before.
Was McEwen profitable in the second quarter 2025?
Operating loss was $3.4M (-7.2% of revenue) and net earnings $3.0M.
Source: McEwen 10-Q on SEC EDGAR.