Equinox Gold (TSX: EQX) delivered quarterly revenue of $819.0 million in Q3 2025, up 91% year over year from $428.4 million, driven by realized price and output jumps. The company sold 239,311 ounces at an average realized price of $3,397 per ounce, up 38% year over year.
Income from mine operations increased to $280.1 million, up 176% year over year, pushing mine-operations margin to 34.2% from 23.7% a year ago.
Net income was $85.6 million, or $0.11 per share, versus $0.3 million in Q3 2024. On adjusted basis, the figure rose to $147.4 million, up 264% year over year, or $0.19 per share.
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Adjusted EBITDA climbed to $420.0 million, up 190% year over year and 111% quarter over quarter.
Operating cash flow before changes in working capital was $322.1 million, up 148% year over year, while mine-site free cash flow before working capital was $304.3 million, up 593%.
Cash and equivalents ended the quarter at $348.5 million, up 108% from a year ago. Subsequent to quarter end, the company added $88 million in cash from the sale of non-core Nevada assets for total consideration of $115 million.
Quarterly production rose 36% year over year to 236,382 ounces. Output by site was 56,029 ounces from Greenstone, 71,119 ounces from Nicaragua, 67,629 ounces from Brazil, 27,642 ounces from Mesquite, 10,797 ounces from Pan, 2,557 ounces from Castle Mountain and 609 ounces from Valentine.
Cash costs fell to $1,434 per ounce, down 17% year over year, while ASIC were $1,833 per ounce, down 8% year over year. The company reported an AISC contribution margin of $1,565 per ounce, up from $475 per ounce a year ago.
Management reiterated that it is on track to deliver the mid-point of 2025 consolidated production guidance after the Nevada divestment and before any contribution from Valentine in Q4. The company targets Valentine nameplate capacity by Q2 2026.
Equinox Gold last traded at $14.94 on the TSX.
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