Cerrado Gold reported Q4 2025 revenue of $47.7 million with adjusted EBITDA of $22.3 million and a net loss from continuing operations of $5.3 million. Annual revenue reached $147.1 million with adjusted EBITDA of $46.2 million.
About Cerrado Gold
Cerrado Gold Inc. (TSXV: CERT, OTCQX: CRDOF, FRA: BAI0) is a Toronto based precious and base metals company focused on gold production and project development in the Americas. The company owns the Minera Don Nicolas and Las Calandrias operations in Santa Cruz, Argentina, and the Mont Sorcier iron project in Quebec, Canada. It is also advancing the Lagoa Salgada VMS project in Portugal, although that project faces environmental approval uncertainty.
Cerrado generated 2025 production of 50,238 gold equivalent ounces with all in sustaining costs of $1,746 per ounce, in line with guidance. The company exited 2025 with cash and cash equivalents of $22.1 million and an additional reported cash balance of about $22.9 million in the corporate highlights table. As of March 2026, Cerrado’s market capitalization is about $131 million, placing it in the micro cap category.
Top Financial Highlights
- Q4 2025 total revenue of $47.7 million, up from $24.4 million in Q4 2024.
- Full year 2025 total revenue of $147.1 million versus $116.2 million in 2024.
- Q4 2025 income from mining operations of $12.3 million compared with a $5.8 million loss in Q4 2024.
- Full year income from mining operations of $31.8 million, up from $10.0 million in 2024.
- Q4 2025 net loss from continuing operations of $5.3 million versus a $0.1 million loss in Q4 2024.
- Full year net loss from continuing operations of $20.4 million compared with net income of $0.5 million in 2024.
- Q4 2025 adjusted EBITDA of $22.3 million, up sharply from $4.5 million in Q4 2024.
- Full year adjusted EBITDA of $46.2 million, versus $24.4 million for 2024.
- Q4 operating cash flow before working capital movements of $22.9 million, with full year at $34.3 million.
- Q4 operating cash flow of $32.9 million, bringing full year operating cash flow to $56.2 million.
- Cash and cash equivalents of $22.9 million at December 31, 2025, compared with $26.0 million a year earlier.
- Q4 2025 production of 13,806 gold equivalent ounces and full year production of 50,238 GEO.
- Q4 total cash costs of $1,359 per gold ounce sold and AISC at Minera Don Nicolas of $1,391 per ounce, down from $1,953 in Q4 2024.
- Full year 2025 AISC of $1,746 per ounce versus $1,651 in 2024.
- 2026 production guidance of 50,000 to 60,000 GEO, weighted to the second half of the year.
Beat or Miss?
| Metric | Reported Q4 2025 | Difference/Analysis |
| Revenue | $47.7 million | Strong year over year growth from $24.4 million. |
| Net income (continuing) | -$5.3 million | Loss reflects non operating items and remeasurements. |
| Adjusted EBITDA | $22.3 million | Significant improvement versus $4.5 million in Q4 2024. |
| EPS | N/A | Not explicitly disclosed in the release. |
| Operating cash flow | $32.9 million | Up sharply from $1.5 million in Q4 2024. |
What Leadership Is Saying?
“The results from this quarter and the full year demonstrate our ability to maintain production with stable operating costs as we transition from the heap leach driven production to the current production sourced from both the underground, stockpiles, and heap leach.”
“We continue to generate significant cash flows supporting our optimization and exploration efforts at MDN, completion of the bankable feasibility study at Mont Sorcier, and development of the Lagoa Salgada Project, all while improving Cerrado’s financial strength.”
Historical Performance
Q4 2025 vs Q4 2024
| Category | Q4 2025 | Q4 2024 | Change (%) |
| Revenue | $47.7 million | $24.4 million | About 95% increase. |
| Net income (continuing) | -$5.3 million | -$0.1 million | Loss widened materially. |
| Mine operating expenses | $35.3 million | $30.2 million | Around 17% increase. |
Full Year 2025 vs 2024
| Category | 2025 | 2024 | Change (%) |
| Revenue | $147.1 million | $116.2 million | Roughly 27% higher. |
| Net income (continuing) | -$20.4 million | $0.5 million | Swing to a loss. |
| Mine operating expenses | $115.3 million | $106.2 million | About 9% increase. |
Historical Performance of Peers
Public filings in the same niche do not provide directly comparable Q4 2025 data for close peers in this specific release set, so the following is framed as a qualitative reference rather than a precise table. Companies with similar scale in the junior gold and metals segment generally reported modest revenue growth with volatile net income driven by metal prices and non cash charges.
Cerrado’s high percentage revenue growth and rising operating cash flow place it toward the stronger end of this micro cap peer set, even as net income remains negative on a continuing operations basis.
| Category | Cerrado FY 2025 | Typical junior peer FY 2025* | Change (%) vs peer trend |
| Revenue | $147.1 million | Often in the tens of millions | Above average scale. |
| Net income | -$20.4 million | Often near breakeven or small loss | Similar volatility. |
| OpEx | $115.3 million | Not disclosed consistently | Hard to benchmark precisely. |
How the Market Reacted?
As of late March 2026, the stock trades around $0.97 on the OTC market and roughly $1.67 on the TSXV, giving a market capitalization near $131 million. The share price has gained about 186 percent over the past year, which suggests that investors have rewarded improved production, stronger adjusted EBITDA, and higher operating cash flow, despite continued net losses from continuing operations.
Overall sentiment implied by the financial trends and management commentary leans constructive, with 2026 guidance targeting stable to higher production and full exposure to current gold prices
