Loading...
01/11 09:55
Loading...
Access earnings results, analyst expectations, report, slides, earnings call, and transcript.
The earnings call reveals mixed signals: a dividend cut, which is typically negative, is offset by a share buyback announcement, a positive move. Margins are resilient at Kounrad, but Sasa faces challenges. The Q&A highlights management's cautious approach to dual listing and mine life extension, providing limited specifics. The company's market cap indicates a moderate reaction, leading to a neutral sentiment.
Copper Production 6,218 tonnes produced from Kounrad operation in Kazakhstan. No year-over-year change mentioned.
Zinc Production 8,692 tonnes produced from Sasa mine in Macedonia. No year-over-year change mentioned.
Lead Production 12,613 tonnes produced from Sasa mine in Macedonia. No year-over-year change mentioned.
Revenue $99.5 million, 2% lower year-over-year due to lower sales volumes across all metals, partially offset by lower treatment charges.
EBITDA $39.9 million, margin of 40%. No year-over-year change mentioned.
Cash Balance $47.7 million in the bank, boosted by returns from the New World Resources transaction.
Copper Price 3% increase year-over-year in the average copper price received.
Zinc Price 1% increase year-over-year in the average zinc price received.
Lead Price 7% decrease year-over-year in the average lead price received.
Treatment Charges Reduction of around 40% year-over-year, translating to a $3 million reduction in treatment charges for the first half.
Cost of Sales Increased by 14% or $7 million year-over-year, driven by higher revenue royalty fees in North Macedonia, increased wages, currency effects, additional depreciation, and higher costs for silver streaming commitments.
Admin Costs Increased by 24% year-over-year, primarily due to $2.3 million in business development costs related to the New World Resources acquisition attempt and $1.1 million in exploration costs.
Profit After Tax Adversely affected by noncash share-based payments, a $1.8 million swing on foreign exchange, and a higher effective tax rate due to consistent taxable profit in Kazakhstan.
Kounrad C1 Cost Base Decreased by $0.6 million year-over-year due to Kazakh tenge devaluation and lower variable input costs. Margin remained at 72%, same as last year.
Sasa Run-of-Mine Costs Increased from $60/tonne to $65/tonne year-over-year (8% increase) due to weaker dollar, increased salaries, and higher costs for new tailings disposal methods.
Sasa C1 Cost Base Increased by 3% year-over-year from $31 million to $32 million, positively impacted by lower treatment charges.
Capital Expenditure $7.4 million spent, with $6.3 million on sustaining CapEx at both operations. Higher than usual at Kounrad due to anode and cathode replacements and material relocation.
Free Cash Flow Adjusted free cash flow of $16.2 million. No year-over-year change mentioned.
Copper Production: Produced 6,218 tonnes of copper from Kounrad operation in Kazakhstan.
Zinc and Lead Production: Produced 8,692 tonnes of zinc and 12,613 tonnes of lead from Sasa mine in Macedonia.
Solar Plant Contribution: Solar plant at Kounrad supplied 17% of power requirements, achieving a record of 22% in May.
Commodity Prices: 3% increase in average copper price, 1% increase in zinc price, and 7% decrease in lead price compared to H1 2024.
Treatment Charges: Reduction in treatment charges by 40%, saving approximately $3 million.
Safety: Achieved 0 lost time injuries at both Kounrad and Sasa operations.
Cost Management: Kounrad's C1 cost base decreased by $0.6 million due to Kazakh tenge devaluation and lower input costs.
Sasa Operational Challenges: Run-of-mine costs increased by 8% due to higher salaries, new tailings disposal methods, and increased electricity costs.
Strategic Review at Sasa: Initiated a full strategic review to address ore body variability and improve mining methods.
Exploration Activities: Active exploration in Kazakhstan and Scotland, with decisions on drilling and investments expected in 2026.
Capital Allocation: Announced a $10 million share buyback and a 4.5p dividend, maintaining consistent shareholder returns.
Market Volatility: The company experienced significant volatility in commodity markets, influenced by external factors such as trade wars. This could impact revenue stability and predictability.
Foreign Exchange Risks: The Kazakh tenge weakened, benefiting cost reporting in USD, but the Macedonian denar strengthened against the USD, increasing costs for the Sasa operation.
Increased Costs: Cost of sales rose by 14%, driven by higher wages, increased concession fees in North Macedonia, additional depreciation, and higher costs for silver streaming commitments.
Operational Challenges at Sasa: The Sasa mine faced challenges with lower grades of zinc and lead due to new mining methods and variable geology at depth, leading to reduced production guidance.
Strategic Execution Risks: The company incurred significant costs related to the failed New World Resources acquisition, including $2.3 million in business development expenses.
Higher Capital Expenditure: The company expects to spend $18-21 million in CapEx for the year, with ongoing projects such as raise boring and underground development potentially straining cash flow.
Energy Costs: Electricity costs increased at the Sasa operation, adding to the overall cost burden.
Regulatory and Concession Fee Increases: The revenue royalty in North Macedonia doubled from 2% to 4%, significantly increasing operational costs.
Ore Body Variability at Sasa: Unexpected variability in ore body geometry and grade at depth in the Sasa mine has necessitated a full strategic review and additional drilling, adding to operational uncertainty.
Dilution from New Mining Methods: New mining methods at Sasa caused dilution, impacting production efficiency and requiring further optimization.
Copper Production Guidance: Kounrad is on track to meet its full-year guidance of 13,000 to 14,000 tonnes of copper production for 2025.
Zinc and Lead Production Guidance: Sasa is on track to achieve its revised guidance for zinc and lead production, despite challenges with mining methods and variable geology.
Capital Expenditure Guidance: The company reiterates its CapEx forecast for 2025, expecting to spend $18 million to $21 million, including ongoing projects such as the raise boring program, landform extension, and additional underground equipment and development.
Sasa Operational Improvements: A full strategic review is underway at Sasa to address challenges with ore body variability and mining methods. Recommendations are being implemented to improve productivity and production in the second half of 2025.
Exploration and Growth Plans: Exploration activities are ongoing in Kazakhstan and Scotland, with decisions on drilling and further investments expected by the end of 2025 and into 2026. The company is also seeking material growth opportunities and remains flexible with a strong cash position to finance future growth.
Sustainability Targets: Sasa aims to achieve 70% tailings placement through Dry Stack Tailings and cemented paste by 2026, with progress already underway.
Dividend Announcement: A dividend of 4.5p has been announced for the first half of 2025.
Dividend Consistency: The dividend is consistent and comparable to the first half of 2024.
Dividend Policy: The company aims to revert to its policy of distributing 30% to 50% of free cash flow as dividends over time.
Share Buyback Program: A $10 million share buyback program has been announced and will commence immediately.
Total Shareholder Returns: The total shareholder returns since IPO have exceeded $400 million.
Capital Allocation Strategy: The company remains committed to capital returns to shareholders while seeking future growth opportunities.
Coursera's earnings call reflects a positive sentiment with strong financial performance, increased revenue guidance, and strategic partnerships, including the OpenAI integration. While the Q&A highlighted some challenges, such as declining Enterprise NRR and muted corporate spending, the overall outlook remains optimistic due to growth in the Consumer segment, AI-driven initiatives, and international expansion. The company's strategic investments and raised guidance suggest a positive impact on the stock price, especially given the small-cap nature of the company, which typically reacts more strongly to such developments.
The earnings call reveals mixed signals: a dividend cut, which is typically negative, is offset by a share buyback announcement, a positive move. Margins are resilient at Kounrad, but Sasa faces challenges. The Q&A highlights management's cautious approach to dual listing and mine life extension, providing limited specifics. The company's market cap indicates a moderate reaction, leading to a neutral sentiment.
The earnings call summary highlights several positive aspects: strong financial performance, impressive product development, and strategic focus on AI and content expansion. The Q&A section reveals some uncertainties, particularly around corporate spending and NRR in the Enterprise segment, but also emphasizes growth in consumer margins and learner engagement. The guidance is slightly weak, but the company is well-positioned in AI-driven markets. Considering the company's small-cap status, these factors suggest a positive stock price movement in the short term.
The earnings call showed strong financial performance with revenue and EPS exceeding expectations. The focus on AI integration, content expansion, and new partnerships is promising. Despite competitive pressures and regulatory concerns, the guidance remains optimistic with single-digit growth expected. The lack of share repurchase announcement is a minor negative, but overall, the positive financial results and growth initiatives suggest a positive stock price movement, especially given the small-cap nature of the company.
All transcripts are sourced directly from the official live webcast or the company’s official investor relations website. We use the exact words spoken during the call with no paraphrasing of the core discussion.
Full verbatim transcripts are typically published within 4–12 hours after the call ends. Same-day availability is guaranteed for all S&P 500 and most mid-cap companies.
No material content is ever changed or summarized in the “Full Transcript” section. We only correct obvious spoken typos (e.g., “um”, “ah”, repeated 10 times”, or clear misspoken ticker symbols) and add speaker names/titles for readability. Every substantive sentence remains 100% as spoken.
When audio quality is poor or multiple speakers talk over each other, we mark the section instead of guessing. This ensures complete accuracy rather than introducing potential errors.
They are generated by a specialized financial-language model trained exclusively on 15+ years of earnings transcripts. The model extracts financial figures, guidance, and tone with 97%+ accuracy and is regularly validated against human analysts. The full raw transcript always remains available for verification.
