Filing Flows › McEwen (MUX) › Q3 2025
McEwen (MUX) Q3 2025 earnings results (third quarter 2025)
10-Q filed Nov 5, 2025
McEwen (MUX) reported revenue of $50.5M for the third quarter 2025 (Q3 2025), -3% from a year earlier and +8% from the quarter before. Operating margin was -16.7%, net loss $462K (0.9% of revenue).
McEwen, Q3 2025: revenue $50.5M (-3% year over year), operating margin -16.7%, net loss $462K, operating cash flow $5.2M. The chart follows the revenue to costs, profit and cash.
| Q3 2025 | Amount | Q/Q | Y/Y |
|---|---|---|---|
| Revenue | $50.5M | +8% | -3% |
| Operating profit | −$8.4M | — | — |
| Net earnings | −$462K | -115% | — |
| Operating cash flow | $5.2M | +991% | -78% |
What changed
Revenue was $50.5M in Q3 2025, down 3% year over year and up 8% from the previous quarter. USA was the largest line at 58% of revenue. USA lost $3.8M year over year (down 12%), 223% of the total change.
Gross margin was 15.5%, down 11.0 points from a year earlier. Operating costs exceeded revenue by $8.4M, an operating margin of -16.7%. Operating expenses grew 17% against a revenue fall of 3%. The fastest-growing cost line was General & admin (+184%). The quarter ended with a net loss of $462K, after a profit of $3.0M the previous quarter. Non-operating items added $6.7M, -387% of pre-tax earnings, so the bottom line overstates operating performance.
Operating cash flow was $5.2M (down 78% year over year). Non-cash charges added back $7.6M of depreciation and amortization. Working capital and other items used $2.0M. Capital expenditures of $10.8M exceeded it, leaving free cash flow of −$5.6M.
Questions
What was McEwen's revenue in the third quarter 2025?
McEwen (MUX) reported revenue of $50.5M for the third quarter 2025 (Q3 2025), -3% from a year earlier and +8% from the quarter before.
Was McEwen profitable in the third quarter 2025?
Operating loss was $8.4M (-16.7% of revenue) and net loss $462K.
Source: McEwen 10-Q on SEC EDGAR.