Impact Silver Corp reported record 2025 revenue of $48.5 million but remained loss‑making with a net loss of about $10.3 million and basic loss per share of CAD 0.04. Results were driven by Zacualpan, offset by a Plomosas impairment, while the stock’s after‑hours movement was not disclosed.
About Impact Silver Corp
Impact Silver Corp (TSXV: IPT, OTCQB: ISVLF) is a Mexico‑focused silver producer‑explorer operating two main projects: the Royal Mines of Zacualpan silver‑gold district in central Mexico and the Plomosas zinc‑lead‑silver project in northern Mexico. The company owns 100% of more than 200 km² at Zacualpan, where four underground silver mines and one open‑pit mine feed the 500 tpd Guadalupe processing plant, complemented by the 200 tpd Capire pilot plant and open‑pit silver mine under review for potential restart.
Over roughly 20 years, Impact Silver has produced about 14 million ounces of silver and generated more than $322 million in cumulative revenue, with no long‑term debt on the balance sheet. As of December 31, 2025, the company held $23.7 million in cash, $4.0 million in guaranteed investment certificates, and working capital of $31.7 million. It is headquartered in Vancouver, British Columbia, Canada. Recent results position Impact as a growing intermediate silver producer leveraged to higher silver prices and grade improvements at Zacualpan.
Top Financial Highlights
- Record 2025 revenue of $48.5 million, up 52% from $31.9 million in FY 2024.
- Gross profit of $10.4 million for FY 2025 versus a $2.2 million loss in FY 2024.
- Q4 2025 gross profit of $6.6 million, up sharply from $1.1 million in Q4 2024.
- Net loss of approximately $10.3 million for 2025 versus a $9.8 million loss in 2024, largely due to non‑cash charges.
- Non‑cash impairment of $8.8 million recognized at the Plomosas Zinc Mine in Q4 2025.
- Share‑based compensation expense of $1.2 million contributed to reported loss.
- Basic and diluted loss per share of CAD 0.04, unchanged from the prior year.
- Cash of $23.7 million plus $4.0 million in GICs and working capital of $31.7 million, with no long‑term debt.
- Zacualpan Q4 2025 revenue of $15.1 million, a 129% increase over Q4 2024, on stronger prices and grades.
- Revenue per tonne sold up 60% in 2025 and 107% in Q4 2025 to $391.28 versus $189.34 in Q4 2024.
- Silver production of 635,778 ounces in 2025, up from 595,264 ounces in 2024; Q4 2025 silver output 190,253 ounces, up 17% year on year.
- Silver sales of 636,267 ounces in 2025 versus 592,844 ounces in 2024; Q4 2025 sales 190,733 ounces, up 25%.
- Temporary suspension of underground mining at Plomosas following weak economics, with 9,171 tonnes produced in Q4 2025 at 8.3% Zn, 4.7% Pb, and 34.0 g/t Ag.
- 20% YTD throughput increase at Plomosas to 46,875 tonnes versus 2024, with management pursuing third‑party toll milling to generate cash flows.
- No explicit numeric 2026 guidance provided, but management expects improved grades, increased production and continued exploration success 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. |
What Leadership Is Saying?
“2025 proved to be a milestone year for the Company. Strengthening metal prices combined with years of sustained exploration activity began to pay dividends at our Zacualpan silver‑lead‑zinc mining complex, where improving grades and disciplined cost management drove record revenue and profitability. Underpinned by a strong, cash‑rich balance sheet with no long‑term debt, our continued investment in exploration positions the Company well to capitalize on favourable macroeconomic tailwinds while maintaining an efficient production platform.” – Frederick W Davidson, President & CEO
“At the same time, we made the difficult but necessary decision to suspend operations at the Plomosas complex. Substantial work has been put in place to reduce its drag on the Company’s overall financial performance, and we have identified several promising alternatives that we expect will meaningfully benefit the operation and financial performance of the Company in 2026.” – Frederick W Davidson, President & CEO, commenting on the financial impact and margin outlook tied to Plomosas
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. |
How the Market Reacted?
Fundamentally, the tone of the report is cautiously positive: operations at Zacualpan delivered record revenue, improved grades, and a strong gross profit swing, which is constructive for sentiment. At the same time, the sizeable non‑cash impairment at Plomosas and the temporary suspension of underground mining there highlight operational risk and weigh on reported net earnings. Overall, the narrative is more bullish than bearish, with management emphasizing strong liquidity, no long‑term debt, and a plan to use 2026 to convert operational and exploration progress into better financial outcomes.
