First Majestic Silver Q1: Revenue Up 95%, Free Cash Flow $223.5M

First Majestic Silver Q1: Revenue Up 95% to $476.7 Million

First Majestic Silver Corp. (AG) reported first-quarter revenue of $476.7 million, a 95% jump from the prior year. The gain came on higher realized silver and gold prices. Net earnings reached $128.1 million, or $0.26 per share, while adjusted net earnings hit $151.7 million, or $0.31 per share. The company operates mineral properties in North America with a focus on silver and gold production.

Cash Flow and EBITDA Climb on Higher Throughput

Free cash flow landed at $223.5 million after the company paid $95.5 million in taxes. Operating cash flow before working capital and taxes rose to $310.6 million, up 182% year over year. EBITDA came in at $306.8 million. The cash flow strength reflected both higher metal prices and a 12% increase in throughput, which helped offset lower cut-off grades. Mine operating earnings jumped to $266.6 million.

The company declared a quarterly dividend of $0.0171 per share, nearly four times higher than the prior year. Key cash flow metrics for the quarter:

• Free cash flow: $223.5 million
• Operating cash flow (pre-working capital and taxes): $310.6 million
• EBITDA: $306.8 million

Costs Expected to Drop in Second Half

Management indicated that costs are expected to decline in the second half of the year. The guidance suggests margin expansion if silver prices hold near current levels. First Majestic Silver Corp. carries an Unscored Alpha Score, placing it outside the ranked universe in the Basic Materials sector. The stock page is available at /stocks/ag.

The Q1 results land as silver prices have rallied sharply. For context on the broader move, see Silver Equities Surge as Spot Prices Break $82 Per Ounce. The company's performance is tied directly to the metal's trajectory, making cost control and throughput gains the key levers for sustaining cash flow.

The next decision point for investors is whether cost reductions materialize as promised in H2 and whether the silver rally can extend. If realized prices hold and unit costs fall, free cash flow could support further dividend increases or debt reduction. A drop in silver below key support levels would pressure margins and test the company's ability to maintain the current payout.