Fortuna Silver Mines Inc
TSX:FVI
Income Statement
Earnings Waterfall
Fortuna Silver Mines Inc
Income Statement
Fortuna Silver Mines Inc
| Dec-2009 | Mar-2010 | Jun-2010 | Sep-2010 | Dec-2010 | Mar-2011 | Jun-2011 | Sep-2011 | Dec-2011 | Mar-2012 | Jun-2012 | Sep-2012 | Dec-2012 | Mar-2013 | Jun-2013 | Sep-2013 | Dec-2013 | Mar-2014 | Jun-2014 | Sep-2014 | Dec-2014 | Mar-2015 | Jun-2015 | Sep-2015 | Dec-2015 | Mar-2016 | Jun-2016 | Sep-2016 | Dec-2016 | Mar-2017 | Jun-2017 | Sep-2017 | Dec-2017 | Mar-2018 | Jun-2018 | Sep-2018 | Dec-2018 | Mar-2019 | Jun-2019 | Sep-2019 | Dec-2019 | Mar-2020 | Jun-2020 | Sep-2020 | Dec-2020 | Mar-2021 | Jun-2021 | Sep-2021 | Dec-2021 | Mar-2022 | Jun-2022 | Sep-2022 | Dec-2022 | Mar-2023 | Jun-2023 | Sep-2023 | Dec-2023 | Mar-2024 | Jun-2024 | Sep-2024 | Dec-2024 | Mar-2025 | Jun-2025 | Sep-2025 | Dec-2025 | ||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Expense |
0
|
0
|
0
|
1
|
0
|
1
|
1
|
1
|
0
|
1
|
1
|
1
|
0
|
1
|
1
|
1
|
0
|
1
|
1
|
1
|
0
|
0
|
1
|
1
|
1
|
2
|
2
|
2
|
2
|
2
|
2
|
2
|
2
|
2
|
2
|
0
|
1
|
1
|
1
|
1
|
1
|
1
|
1
|
1
|
2
|
3
|
5
|
8
|
10
|
9
|
8
|
5
|
11
|
3
|
3
|
4
|
22
|
9
|
14
|
20
|
24
|
24
|
24
|
24
|
0
|
|
| Revenue |
51
N/A
|
60
+17%
|
61
+3%
|
67
+8%
|
74
+11%
|
79
+6%
|
89
+13%
|
103
+16%
|
110
+7%
|
129
+17%
|
143
+11%
|
154
+8%
|
161
+4%
|
161
+0%
|
153
-5%
|
139
-9%
|
137
-1%
|
142
+3%
|
156
+10%
|
173
+10%
|
174
+1%
|
168
-3%
|
163
-3%
|
156
-5%
|
155
-1%
|
158
+2%
|
163
+4%
|
189
+16%
|
210
+11%
|
232
+11%
|
252
+8%
|
251
0%
|
268
+7%
|
274
+2%
|
284
+4%
|
279
-2%
|
263
-6%
|
252
-4%
|
246
-2%
|
248
+1%
|
257
+4%
|
246
-4%
|
222
-10%
|
244
+10%
|
279
+14%
|
349
+25%
|
425
+22%
|
504
+19%
|
600
+19%
|
664
+11%
|
712
+7%
|
716
+1%
|
681
-5%
|
675
-1%
|
665
-1%
|
742
+11%
|
842
+14%
|
892
+6%
|
993
+11%
|
1 025
+3%
|
677
-34%
|
1 127
+66%
|
1 098
-3%
|
1 074
-2%
|
947
-12%
|
|
| Gross Profit | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Cost of Revenue |
(18)
|
(22)
|
(25)
|
(30)
|
(35)
|
(36)
|
(38)
|
(41)
|
(49)
|
(60)
|
(72)
|
(84)
|
(90)
|
(95)
|
(97)
|
(94)
|
(96)
|
(100)
|
(104)
|
(112)
|
(114)
|
(113)
|
(113)
|
(112)
|
(111)
|
(111)
|
(111)
|
(119)
|
(130)
|
(140)
|
(153)
|
(156)
|
(159)
|
(160)
|
(161)
|
(165)
|
(167)
|
(165)
|
(168)
|
(169)
|
(171)
|
(174)
|
(160)
|
(156)
|
(169)
|
(195)
|
(237)
|
(309)
|
(387)
|
(440)
|
(499)
|
(526)
|
(526)
|
(542)
|
(537)
|
(574)
|
(636)
|
(656)
|
(710)
|
(720)
|
(439)
|
(738)
|
(683)
|
(630)
|
(497)
|
|
| Gross Profit |
34
N/A
|
38
+14%
|
37
-4%
|
37
+0%
|
39
+6%
|
43
+9%
|
51
+18%
|
62
+22%
|
61
-1%
|
69
+13%
|
71
+3%
|
71
-1%
|
71
N/A
|
66
-6%
|
56
-16%
|
45
-20%
|
42
-6%
|
42
+1%
|
52
+23%
|
61
+17%
|
60
0%
|
56
-8%
|
50
-11%
|
43
-13%
|
44
+0%
|
47
+7%
|
52
+12%
|
70
+35%
|
81
+15%
|
92
+14%
|
99
+7%
|
95
-4%
|
110
+15%
|
114
+4%
|
123
+8%
|
114
-7%
|
97
-16%
|
87
-10%
|
78
-10%
|
79
+0%
|
86
+9%
|
72
-16%
|
63
-13%
|
88
+41%
|
110
+25%
|
154
+40%
|
189
+22%
|
196
+4%
|
213
+9%
|
225
+6%
|
213
-5%
|
190
-11%
|
156
-18%
|
133
-15%
|
128
-3%
|
168
+31%
|
206
+23%
|
236
+14%
|
284
+20%
|
305
+7%
|
238
-22%
|
390
+63%
|
415
+6%
|
444
+7%
|
451
+1%
|
|
| Operating Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Operating Expenses |
(18)
|
(17)
|
(13)
|
(13)
|
(12)
|
(13)
|
(19)
|
(20)
|
(22)
|
(22)
|
(21)
|
(23)
|
(21)
|
(23)
|
(24)
|
(22)
|
(20)
|
(22)
|
(25)
|
(24)
|
(25)
|
(23)
|
(20)
|
(19)
|
(19)
|
(48)
|
(55)
|
(60)
|
(32)
|
(28)
|
(23)
|
(22)
|
(27)
|
(30)
|
(32)
|
(31)
|
(28)
|
(29)
|
(27)
|
(30)
|
(32)
|
(30)
|
(33)
|
(33)
|
(36)
|
(41)
|
(41)
|
(56)
|
(61)
|
(70)
|
(76)
|
(65)
|
(63)
|
(60)
|
(66)
|
(67)
|
(83)
|
(200)
|
(200)
|
(202)
|
(69)
|
(111)
|
(94)
|
(100)
|
(98)
|
|
| Selling, General & Administrative |
(12)
|
(12)
|
(10)
|
(11)
|
(11)
|
(13)
|
(18)
|
(19)
|
(20)
|
(20)
|
(20)
|
(21)
|
(20)
|
(22)
|
(23)
|
(21)
|
(19)
|
(22)
|
(25)
|
(24)
|
(25)
|
(22)
|
(19)
|
(18)
|
(18)
|
(23)
|
(30)
|
(34)
|
(31)
|
(27)
|
(21)
|
(18)
|
(26)
|
(27)
|
(29)
|
(29)
|
(27)
|
(26)
|
(25)
|
(27)
|
(30)
|
(27)
|
(30)
|
(32)
|
(36)
|
(40)
|
(39)
|
(41)
|
(55)
|
(64)
|
(69)
|
(71)
|
(61)
|
(59)
|
(59)
|
(61)
|
(64)
|
(67)
|
(75)
|
(77)
|
(68)
|
(83)
|
(82)
|
(93)
|
(98)
|
|
| Research & Development |
0
|
(0)
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(2)
|
(2)
|
(2)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(0)
|
(0)
|
(0)
|
0
|
0
|
0
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(0)
|
(2)
|
(2)
|
(2)
|
(2)
|
(1)
|
(1)
|
(1)
|
(2)
|
(2)
|
(3)
|
(2)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(2)
|
(1)
|
(1)
|
(1)
|
(1)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Depreciation & Amortization |
(6)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
(1)
|
0
|
0
|
0
|
(1)
|
0
|
0
|
0
|
(1)
|
0
|
0
|
0
|
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Other Operating Expenses |
0
|
(5)
|
(3)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(0)
|
0
|
(25)
|
(25)
|
(25)
|
0
|
0
|
(1)
|
(2)
|
1
|
(2)
|
(2)
|
(1)
|
(1)
|
(2)
|
(1)
|
(1)
|
(0)
|
(0)
|
0
|
0
|
0
|
0
|
(1)
|
(14)
|
(5)
|
(5)
|
(5)
|
8
|
(0)
|
0
|
(6)
|
(6)
|
(19)
|
(132)
|
(125)
|
(126)
|
(1)
|
(27)
|
(12)
|
(8)
|
0
|
|
| Operating Income |
16
N/A
|
22
+41%
|
24
+11%
|
24
-1%
|
28
+16%
|
29
+6%
|
32
+9%
|
42
+32%
|
39
-6%
|
47
+19%
|
50
+7%
|
48
-4%
|
49
+2%
|
44
-12%
|
32
-27%
|
23
-29%
|
22
-5%
|
20
-8%
|
27
+35%
|
37
+39%
|
35
-5%
|
33
-7%
|
30
-9%
|
24
-18%
|
25
+3%
|
(2)
N/A
|
(3)
-81%
|
11
N/A
|
49
+362%
|
64
+31%
|
76
+18%
|
74
-3%
|
83
+13%
|
84
+1%
|
91
+8%
|
83
-8%
|
69
-18%
|
58
-15%
|
52
-11%
|
49
-6%
|
54
+10%
|
42
-21%
|
30
-29%
|
55
+83%
|
74
+35%
|
113
+53%
|
148
+30%
|
140
-5%
|
152
+9%
|
155
+2%
|
137
-11%
|
125
-9%
|
93
-25%
|
73
-22%
|
62
-14%
|
101
+62%
|
124
+23%
|
36
-71%
|
83
+130%
|
102
+23%
|
169
+65%
|
279
+65%
|
320
+15%
|
344
+7%
|
353
+3%
|
|
| Pre-Tax Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Interest Income Expense |
(8)
|
(6)
|
(1)
|
(1)
|
1
|
(3)
|
(4)
|
0
|
1
|
2
|
0
|
(1)
|
0
|
0
|
0
|
(0)
|
1
|
(1)
|
(1)
|
(1)
|
0
|
(0)
|
(1)
|
(3)
|
(3)
|
(4)
|
(4)
|
(2)
|
(0)
|
(6)
|
(6)
|
(9)
|
(7)
|
(4)
|
(1)
|
4
|
2
|
(3)
|
(5)
|
(15)
|
(3)
|
2
|
1
|
5
|
(10)
|
(11)
|
(16)
|
(14)
|
(17)
|
(25)
|
(20)
|
(25)
|
(18)
|
(16)
|
(20)
|
(27)
|
(18)
|
(22)
|
(22)
|
(7)
|
(19)
|
(15)
|
(10)
|
(20)
|
(13)
|
|
| Non-Reccuring Items |
(1)
|
(0)
|
(0)
|
(0)
|
(1)
|
(0)
|
(0)
|
(0)
|
(2)
|
(2)
|
(6)
|
(6)
|
(4)
|
(4)
|
(15)
|
(16)
|
(31)
|
(31)
|
(16)
|
(15)
|
(1)
|
0
|
0
|
0
|
(25)
|
0
|
0
|
0
|
(1)
|
0
|
0
|
0
|
30
|
31
|
31
|
31
|
(2)
|
(0)
|
(0)
|
(2)
|
(6)
|
(6)
|
(8)
|
(8)
|
(4)
|
(4)
|
(6)
|
(18)
|
(24)
|
(26)
|
(26)
|
(17)
|
(198)
|
(195)
|
(192)
|
(188)
|
(113)
|
0
|
0
|
0
|
(5)
|
0
|
(17)
|
53
|
63
|
|
| Gain/Loss on Disposition of Assets |
(0)
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
|
| Total Other Income |
0
|
0
|
0
|
0
|
(1)
|
0
|
0
|
0
|
(1)
|
0
|
0
|
0
|
(1)
|
0
|
0
|
0
|
(1)
|
0
|
0
|
0
|
(1)
|
0
|
0
|
(0)
|
(1)
|
0
|
(0)
|
(0)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
0
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(1)
|
(2)
|
(2)
|
(3)
|
(4)
|
(3)
|
(2)
|
0
|
(3)
|
0
|
0
|
0
|
(3)
|
(1)
|
(3)
|
(4)
|
(3)
|
(5)
|
(5)
|
(4)
|
(3)
|
|
| Pre-Tax Income |
6
N/A
|
16
+152%
|
23
+43%
|
23
N/A
|
28
+21%
|
27
-3%
|
28
+4%
|
42
+51%
|
38
-9%
|
47
+22%
|
44
-5%
|
42
-6%
|
45
+9%
|
40
-12%
|
17
-58%
|
7
-61%
|
(10)
N/A
|
(12)
-19%
|
10
N/A
|
21
+106%
|
33
+57%
|
32
-3%
|
29
-10%
|
22
-26%
|
(3)
N/A
|
(6)
-78%
|
(7)
-19%
|
8
N/A
|
47
+461%
|
58
+22%
|
69
+20%
|
64
-7%
|
105
+64%
|
110
+4%
|
120
+9%
|
117
-2%
|
67
-43%
|
55
-19%
|
45
-17%
|
31
-32%
|
44
+42%
|
37
-16%
|
22
-42%
|
51
+136%
|
59
+15%
|
96
+63%
|
124
+29%
|
105
-15%
|
107
+2%
|
101
-6%
|
88
-13%
|
81
-8%
|
(125)
N/A
|
(139)
-11%
|
(150)
-8%
|
(114)
+24%
|
(11)
+90%
|
13
N/A
|
59
+366%
|
91
+54%
|
142
+55%
|
259
+83%
|
289
+12%
|
373
+29%
|
400
+7%
|
|
| Net Income | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Tax Provision |
(6)
|
(9)
|
(10)
|
(10)
|
(12)
|
(12)
|
(13)
|
(16)
|
(19)
|
(21)
|
(21)
|
(20)
|
(14)
|
(13)
|
(4)
|
(2)
|
(9)
|
(9)
|
(18)
|
(20)
|
(17)
|
(17)
|
(17)
|
(15)
|
(7)
|
(6)
|
(7)
|
(14)
|
(29)
|
(31)
|
(32)
|
(27)
|
(39)
|
(43)
|
(51)
|
(51)
|
(33)
|
(32)
|
(24)
|
(24)
|
(20)
|
(20)
|
(21)
|
(29)
|
(37)
|
(44)
|
(49)
|
(43)
|
(48)
|
(41)
|
(43)
|
(40)
|
(11)
|
(12)
|
1
|
(0)
|
(33)
|
(39)
|
(46)
|
(54)
|
(51)
|
(78)
|
(104)
|
(114)
|
(111)
|
|
| Income from Continuing Operations |
0
|
7
|
13
|
13
|
16
|
15
|
15
|
26
|
20
|
26
|
24
|
21
|
32
|
27
|
13
|
4
|
(19)
|
(21)
|
(7)
|
1
|
16
|
15
|
12
|
7
|
(11)
|
(12)
|
(14)
|
(6)
|
18
|
27
|
37
|
37
|
66
|
67
|
69
|
66
|
34
|
23
|
22
|
7
|
24
|
17
|
1
|
22
|
22
|
52
|
74
|
61
|
59
|
60
|
45
|
41
|
(136)
|
(151)
|
(149)
|
(114)
|
(44)
|
(26)
|
13
|
37
|
90
|
181
|
185
|
259
|
289
|
|
| Income to Minority Interest |
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
0
|
(1)
|
(2)
|
(2)
|
(2)
|
(1)
|
8
|
8
|
7
|
3
|
(7)
|
(9)
|
(11)
|
(12)
|
(13)
|
(17)
|
(21)
|
(21)
|
(24)
|
|
| Net Income (Common) |
1
N/A
|
7
+1 117%
|
13
+75%
|
13
-2%
|
16
+27%
|
15
-6%
|
15
-3%
|
26
+77%
|
20
-24%
|
26
+32%
|
24
-9%
|
21
-10%
|
32
+49%
|
27
-14%
|
13
-54%
|
4
-66%
|
(19)
N/A
|
(21)
-9%
|
(7)
+65%
|
1
N/A
|
16
+2 129%
|
15
-6%
|
12
-18%
|
7
-43%
|
(11)
N/A
|
(12)
-12%
|
(14)
-13%
|
(6)
+56%
|
18
N/A
|
27
+49%
|
37
+39%
|
37
+0%
|
66
+79%
|
67
+1%
|
69
+3%
|
66
-5%
|
34
-48%
|
23
-34%
|
22
-4%
|
7
-68%
|
24
+240%
|
17
-28%
|
1
-94%
|
22
+1 891%
|
22
-1%
|
52
+143%
|
74
+42%
|
61
-18%
|
58
-5%
|
58
-1%
|
44
-24%
|
40
-8%
|
(128)
N/A
|
(143)
-12%
|
(143)
+1%
|
(111)
+22%
|
(51)
+54%
|
(35)
+30%
|
2
N/A
|
25
+1 136%
|
129
+413%
|
161
+25%
|
158
-2%
|
231
+46%
|
287
+25%
|
|
| EPS (Diluted) |
0.01
N/A
|
0.06
+500%
|
0.11
+83%
|
0.11
N/A
|
0.14
+27%
|
0.13
-7%
|
0.12
-8%
|
0.21
+75%
|
0.16
-24%
|
0.21
+31%
|
0.19
-10%
|
0.17
-11%
|
0.25
+47%
|
0.21
-16%
|
0.1
-52%
|
0.04
-60%
|
-0.15
N/A
|
-0.15
N/A
|
-0.05
+67%
|
0.01
N/A
|
0.12
+1 100%
|
0.11
-8%
|
0.09
-18%
|
0.05
-44%
|
-0.08
N/A
|
-0.09
-12%
|
-0.1
-11%
|
-0.05
+50%
|
0.13
N/A
|
0.18
+38%
|
0.25
+39%
|
0.24
-4%
|
0.42
+75%
|
0.42
N/A
|
0.43
+2%
|
0.41
-5%
|
0.21
-49%
|
0.13
-38%
|
0.12
-8%
|
0.03
-75%
|
0.14
+367%
|
0.1
-29%
|
0.01
-90%
|
0.13
+1 200%
|
0.12
-8%
|
0.28
+133%
|
0.4
+43%
|
0.21
-48%
|
0.23
+10%
|
0.19
-17%
|
0.14
-26%
|
0.13
-7%
|
-0.44
N/A
|
-0.49
-11%
|
-0.49
N/A
|
-0.39
+20%
|
-0.17
+56%
|
-0.11
+35%
|
0.01
N/A
|
0.07
+600%
|
0.41
+486%
|
0.53
+29%
|
0.53
N/A
|
0.68
+28%
|
0.85
+25%
|
|