Impact: Neutral to Slightly Negative
Silver X reported financial results for Q4/22 and fiscal year 2022. The company generated revenues of $3.9M in Q4 (+216% QoQ) and $13.9M for 2022 (+237% YoY), reflecting the production ramp-up at its Nueva Recuperada operation, while earnings per share (EPS) was reported at ($0.04) for Q4, and below our estimates of $0.00. Overall, the results are a bit weaker than we had anticipated, although we note that this is largely due to impacts from temporary events. Revenues were lower than the prior quarter and lower than we had estimated, largely due to the timing of concentrate shipments and sales. Operating costs were also higher at $4.2M (from $3.5M in Q3/22), although this is an improvement from the year-ago period ($4.8M in Q4/21). With operations normalizing in early 2023, we anticipate stronger results throughout the year.