Detailed financial statements for Sunshine Silver Mining & Refining Company (SSMR): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year: ten fiscal years free and up to 20 with Premium.
Sunshine Silver Mining & Refining Co. is a development and exploration company, which focuses primarily on silver production. The company was founded in 2010 and is headquartered in Kellogg, ID.
Analysis Summary
Balance sheet quality for SSMR: current ratio of 6.1, net cash position of $30.3M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2025 |
|---|
| Revenue | $501,293 |
| Cost of Revenue | $1.2M |
| Gross Profit | -$691,437 |
| Research & Development | 0 |
| Selling, General & Admin | $14.1M |
| Operating Expenses | $14.5M |
| Operating Income | -$15.1M |
| EBITDA | -$31.0M |
| Interest Expense | $2.9M |
| Pre-tax Income | -$34.7M |
| Income Tax | 0 |
| Net Income | -$34.7M |
| EPS | $-0.25 |
| EPS (Diluted) | $-0.25 |
| Shares Outstanding (Diluted) | $140.7M |
Income Statement (Quarterly)
| Year | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | 0 | 0 |
| Gross Profit | -$365,433 | -$377,623 |
| Operating Income | -$13.4M | -$7.2M |
| EBITDA | -$12.9M | -$6.9M |
| Net Income | -$13.3M | -$16.7M |
| EPS | $-0.09 | $-0.12 |
| EPS (Diluted) | $-0.09 | $-0.12 |
Balance Sheet (10y)
| Year | 2025 |
|---|
| Cash & Equivalents | $31.0M |
| Short-term Investments | 0 |
| Receivables | 0 |
| Inventory | $377,269 |
| Total Current Assets | $33.5M |
| Property, Plant & Equipment | $34.3M |
| Goodwill | 0 |
| Intangible Assets | $750,000 |
| Total Assets | $68.8M |
| Accounts Payable | $2.6M |
| Short-term Debt | $683,135 |
| Total Current Liabilities | $5.5M |
| Long-term Debt | 0 |
| Total Liabilities | $7.3M |
| Retained Earnings | -$204.6M |
| Total Equity | $61.6M |
| Total Debt | $683,135 |
| Net Debt | -$30.3M |
| Working Capital | $28.1M |
Balance Sheet (Quarterly)
| Year | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $18.6M | $288.7M |
| Total Assets | $60.0M | $336.3M |
| Total Liabilities | $9.9M | $13.7M |
| Total Equity | $50.1M | $322.6M |
| Total Debt | $459,216 | $231,526 |
Cash Flow (10y)
| Year | 2025 |
|---|
| Net Income | -$34.7M |
| Depreciation & Amortization | $848,552 |
| Stock-based Compensation | $3.6M |
| Change in Working Capital | $4.8M |
| Operating Cash Flow | -$24.4M |
| Capital Expenditure | -$10.5M |
| Acquisitions | 0 |
| Stock Repurchased | 0 |
| Dividends Paid | 0 |
| Free Cash Flow | -$34.9M |
Cash Flow (Quarterly)
| Year | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$10.6M | -$12.2M |
| Capital Expenditure | -$1.5M | -$7.9M |
| Free Cash Flow | -$12.2M | -$20.1M |
| Dividends Paid | 0 | 0 |
| Stock-based Compensation | $1.8M | 0 |
Growth & Margins (10y)
| Year | 2025 |
|---|
| Gross Margin | -137.9% |
| Operating Margin | -3,021.8% |
| EBITDA Margin | -6,182.3% |
| Net Margin | -6,930.7% |
| FCF Margin | -6,956.9% |
| Effective Tax Rate | -0.0% |
Per-Share Data (10y)
| Year | 2025 |
|---|
| FCF Per Share | $-0.25 |
| Dividends Per Share | $0.00 |
| Shares Outstanding (Basic) | $140.7M |
What to look at in Basic Materials
Miners, chemicals, steel. 100% commodity-driven. Analysing them with pure P/E is a mistake — look at cost position and dividend sustainability.
- FCF yield — In commodities FCF is gold — EPS is very misleading
- Gross margin — 5y consistent gross margin = moat signal
- Net debt / EBITDA (trough) — Use EBITDA from the worst year of the cycle, not the current one
- Dividend coverage — Dividend covered by FCF in an average year, not at peak
- Capex / D&A — >1x = maintain/grow reserves. <0.7x = decapitalising
- Altman Z-Score — Bankruptcy model (NYU 1968) — combines liquidity, leverage and profitability. Key in cyclicals
- P/B across cycles — Commodities: 0.8-1.2x at troughs, 2x+ at peaks. <2x still reasonable zone
Key Ratios (10y)
| Year | 2025 |
|---|
| P/E | -68.60 |
| P/B | 39.20 |
| P/S | 4,814.47 |
| Gross Margin | -137.9% |
| Operating Margin | -3,021.8% |
| Net Margin | -6,930.7% |