ENDEAVOUR SILVER CORP

Loss-making silver miner whose explosive top-line growth is acquisition-driven (Kolpa) and masks negative returns.

Strengths

• Revenue (+115%, 87th pct) and net-income (88th pct) growth surge from the Kolpa acquisition
• Low leverage (D/E 0.02) and ~8.5 quarters of cash runway provide near-term cushion

Risks

• Negative net margin (-25%), ROE (-20.6%) and ROA (-9.6%); FCF deeply negative (-$102M, 9th pct)
• Kolpa integration excluded from ICFR scope; gross margin only 17th pct

Notable findings

• Net lossNet loss (net margin -25.5%)
• Cash burnNegative free cash flow (-101.8M)
• Material weaknessBased on its assessment, management has concluded that, as of December 31, 2025, the Company's internal control over financial reporting was effective and no material weaknesses in the Company's inter
• Customer concentration~19% of revenue from one customer/distributor — A's internal control over financial reporting associated with 19% of total assets, 28% of net assets, 24% of total revenues, and (12%) of net income (loss) included in the consolidated financial state
• Strong balance sheetStrong balance sheet — $215M cash & investments, ~8 quarters of runway