IMPACT Silver Announces First Quarter 2021 Results 57% Increase in Revenue Year over Year to $5.4 Million
May 25, 2021 9:00 AM ETNewsfileIMPACT Silver Corp. (ISVLF)
Newsfile Corp
Vancouver, British Columbia--(Newsfile Corp. - May 25, 2021) - IMPACT Silver Corp. (ISVLF) (TSXV: IPT) ("IMPACT" or the "Company") announces its financial and operating results for the first quarter ended March 30, 2021.
The Company reported $5.4 million in revenue for the first quarter of 2021, a 57% improvement year over year from Q1 2020's revenue of $3.4 million. Cash provided by operating activities improved to $1.3 million from $0.7 million in Q1 2020. Adjusted EBITDA (earnings before interest, taxes, depreciation, amortization, & share-based payments) increased 220% from $0.5 million in Q1 2020 to $1.6 million.
Mine operating earnings before amortization and depletion in Q1 2021 improved to $1.9 million from $0.3 million in 2020. Operating activities in Q1 2021 generated cash flows of $1.3 million compared to $0.7 million in 2020. The net loss for quarter was $0.3 million compared to Q1 2020 of $0.1 million, after a $0.9 million non-cash accounting provision for share-based payments to employees and consultants of IMPACT.
Fred Davidson, President & CEO of IMPACT, stated, "In Q1 2021, we witnessed a rush to silver from retail investors due to online message board rallies and zero commission platforms. The resulting silver squeeze took silver to recent highs which has benefited our bottom-line and also brought in attention to a sector that has been under-allocated by retail investors since 2011.
"While we cannot plan our business around online fueled rallies and short-term blips, IMPACT continues to be one of the purest silver miners with a 90%+ revenue leverage to silver prices. It is our plan in 2021 that with ongoing production efficiency improvements and exploration plans, we will continue to shape IMPACT into the premier silver exploration and production play for investors. Now that cash flow is positive and metal prices relatively stabilized, we aim to explore and unlock further value from our land package in 2021."
Q1 2021 Financial Overview
Revenue for Q1 2021 was $5.4 million, an increase of 57% from 2020 of $3.4 million.
Adjusted EBITDA was $1.6 million for quarter, another large increase over $0.5 million for comparable period in 2020.
Mine operating earnings before amortization and depletion for Q1 2021 were $1.9 million, improving from $0.3 million in 2020.
Net loss for the quarter was $0.3 million after a $0.9 million non-cash provision for share-based payments, compared to Q1 2020 net loss of $0.1 million.
Net working capital for the Company at March 31, 2021 was $21.9 compared to of $3.4 million in 2020, a stark improvement year over year.
The Company has no long-term debt.
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