Shares of Fortuna Silver Mines (NYSE: FSM) tumbled 6.93% in pre-market trading on Thursday following the release of the company's second-quarter 2025 earnings report. The precious metals miner posted results that fell short of analyst expectations, disappointing investors.

Fortuna reported adjusted earnings per share of $0.14 for Q2, significantly below the consensus estimate of $0.21 from five analysts. While this represented an increase from $0.11 per share in the same quarter last year, it wasn't enough to meet market projections. Revenue also missed the mark, coming in at $230.42 million, down 11.4% year-over-year and below the expected $246 million.

Despite some positive aspects of the report, including record EBITDA margins of 55% driven by higher realized gold prices, investors appeared to focus on the earnings miss. The company maintained its annual production guidance of 160,000 to 180,000 gold ounces for 2026, but near-term challenges seem to be weighing on investor sentiment. Fortuna's report also noted higher All-In Sustaining Costs (AISC) of $1,932 per ounce of gold in Q2, primarily due to the timing of capital expenditures and peak mine waste stripping at its Séguéla mine.