SSR Mining Inc. (SSRM): Business Model Canvas [Dec-2025 Updated]

You're looking to really drill down into how SSR Mining Inc. is making its money in late 2025, and honestly, the picture is a classic tug-of-war. On one hand, you've got the Americas assets-Marigold, CC&V, and Seabee-driving production toward that 410,000 to 480,000 gold equivalent ounce guidance, which is solid. But, that strength is being tested by the significant care & maintenance and remediation costs tied up in Turkey, pushing the consolidated All-in Sustaining Cost (AISC) guidance to a hefty $2,090 to $2,150 per ounce. This canvas lays out exactly how SSR Mining Inc. balances that strong operational base, the $409.3 million cash position, and the big bet on the Hod Maden project to keep the value proposition of a diversified, mid-tier producer alive. Dive in below to see the full nine blocks of their strategy.

SSR Mining Inc. (SSRM) - Canvas Business Model: Key Partnerships

You're looking at the critical external relationships that power SSR Mining Inc. (SSRM) operations as of late 2025. These aren't just vendors; they are strategic anchors for asset acquisition, permitting, and future growth.

Newmont Corporation (seller of CC&V mine)

The acquisition of the Cripple Creek & Victor (CC&V) gold mine from Newmont Corporation finalized on February 28, 2025. This partnership, though transactional, is key to SSR Mining Inc.'s US production profile.

The total consideration structure involved:

• $100 million in upfront cash payment due upon closing.
• Up to $175 million in deferred contingent cash consideration, split into two tranches: $87.5 million upon approval of an amended permit for the Cresson mine life extension, and another $87.5 million contingent on regulatory relief for the Carlton Tunnel.

SSR Mining Inc. and Newmont Corporation also structured a cost-sharing agreement for mine closure responsibilities. SSR Mining Inc. will fund 10% of any aggregate closure costs that exceed $500 million, with Newmont Corporation covering the remaining 90% of the incremental amount. The CC&V asset is expected to contribute 170,000oz of gold per year, positioning SSR Mining Inc. as the third-largest gold producer in the US. For the period of February 28, 2025, to September 30, 2025, CC&V generated approximately $115 million in mine site after-tax free cash flow to SSR Mining Inc.

Turkish government authorities for Çöpler restart permitting

Cooperation with Turkish government authorities is paramount for the restart of the Çöpler mine following the February 13, 2024 incident. SSR Mining Inc. continues to work closely with them to advance the required operating permits. The company remains committed to restarting operations, with initial processing anticipated to begin within 20 days of receiving permits, focusing on stockpiled ore.

Financial commitments related to the incident and the restart pathway include:

• Estimated total cost for Çöpler remediation and containment work from April 1, 2024, onwards is between $250 million and $300 million. A revision in Q2 2025 increased this estimate by $12.9 million above the initial range.
• In Q1 2025, remediation and reclamation spend totaled $5.0 million.
• Care and maintenance costs at Çöpler in Q1 2025 were $35.8 million, which included $20.6 million in cash care and maintenance costs included in consolidated All-In Sustaining Costs (AISC). In Q2 2025, $37 million in care and maintenance costs were recorded.
• The expected initial operating rate upon restart is based on the 2014 EIA, targeting approximately 6,000 tonnes per day.

Joint venture partners for the Hod Maden project

SSR Mining Inc. is advancing the Hod Maden gold-copper development project in Türkiye as the sole operator, working toward its maximum 40% ownership stake. The project is a major component of 2025 growth capital expenditure guidance.

The ownership structure and financial obligations are detailed below:

SSR Mining Inc. planned $60 to $100 million in project development capital for Hod Maden in 2025 on a 100% basis.

Major equipment and mining technology suppliers

While specific supplier contracts aren't detailed, the commitment to growth through development projects like Hod Maden dictates significant capital outlay. SSR Mining Inc.'s 2025 growth capital expenditures are planned to total between $100 million and $140 million, largely driven by Hod Maden advancement activities. This capital supports the procurement of major equipment and technology necessary for initial site establishment and tunnel development.

Bullion banks and metal refiners for off-take agreements

SSR Mining Inc. relies on established relationships with bullion banks and metal refiners to manage the sale and refinement of its produced precious metals. Specific financial terms, such as committed volumes or pricing structures within these off-take agreements for 2025, are not publicly detailed in the latest available guidance documents. The company's liquidity position as of September 30, 2025, stood at $909.3 million, inclusive of the undrawn revolving credit facility, which supports ongoing operational needs including refining costs.

Finance: draft 13-week cash view by Friday.

SSR Mining Inc. (SSRM) - Canvas Business Model: Key Activities

You're looking at the core engine room of SSR Mining Inc. (SSRM) operations as of late 2025. The Key Activities section of the Business Model Canvas for SSR Mining Inc. centers on maximizing output from its operating mines while aggressively funding high-potential growth projects, all while managing the significant liabilities from the Çöpler incident.

Gold and silver production from four operating mines

SSR Mining Inc. focuses its current production efforts on four key assets across the Americas: Marigold, Cripple Creek & Victor (CC&V), Seabee, and Puna. The Çöpler mine in Türkiye remains suspended, so 2025 production guidance excludes any contribution from that site.

The full-year 2025 consolidated guidance projects production between 410,000 to 480,000 gold equivalent ounces (GEOs) from these four operating mines. For context, the second quarter of 2025 saw production hit 120,191 GEOs, with year-to-date production through Q2 reaching 223,987 GEOs.

Here's the quick math on the expected 2025 production breakdown by asset:

The CC&V mine, acquired on February 28, 2025, contributed 44,062 ounces of gold in Q2 2025 alone. Also, Puna's activity is weighted toward the first half of the year; it produced 2.5 million ounces of silver in the first quarter of 2025.

Exploration and resource development to extend mine life

A key activity is ensuring the longevity of the operating assets through targeted exploration and resource development. SSR Mining Inc. has allocated specific capital for this growth exploration.

The planned expenditure for growth exploration and resource development in 2025 totals $50 million. This work is focused on several brownfield growth projects:

• Advancing the Buffalo Valley deposit at Marigold.
• Progressing Cortaderas exploration and engineering at Puna.
• Drilling and development at the Porky target at Seabee.

For Puna specifically, the company is advancing opportunities to extend mine life, including pit laybacks at the Chinchillas pit, which is projected to extend that mine life by an initial 3-year period through to 2028.

Advancing the Hod Maden project toward a construction decision

Advancing the Hod Maden gold-copper project in Türkiye is a major capital-intensive activity for SSR Mining Inc.'s future growth. The company is progressing technical work and initial development activities to reach a construction decision.

For 2025, attributable growth capital expenditures for Hod Maden are planned between $60 to $100 million on a 100% basis. The company spent $42.1 million at the project in 2024. Through the first three quarters of 2025, spending reached $44.4 million, with $17.1 million spent in the third quarter alone, driven by engineering and initial site establishment efforts like road and tunnel development.

The company expects to provide an updated life of mine plan and a construction decision for Hod Maden in the coming months (as of November 2025).

Environmental remediation and care & maintenance at Çöpler

Managing the aftermath of the February 13, 2024, incident at the Çöpler mine is a critical, non-producing activity. The company continues to work with Turkish authorities to advance the restart process, but no timeline is currently predictable.

The estimated total reclamation and remediation cost has been revised upward. The new estimate reflects an increase of $12.9 million above the prior range, bringing the total estimated cost to $312.9 million. Through the second quarter of 2025, approximately $139 million had been spent on remediation efforts.

While suspended, the mine incurs significant care and maintenance expenses. In Q2 2025, the company recorded $36.7 million in care and maintenance costs. For Q1 2025, these costs totaled $35.8 million, which included $20.6 million in cash care and maintenance costs that are included in the consolidated AISC metrics.

The expected cash care and maintenance costs at Çöpler are estimated to be approximately $20 - $25 million per quarter until the mine restarts.

Strategic capital allocation and portfolio optimization

SSR Mining Inc.'s capital allocation strategy balances funding its growth pipeline with maintaining a strong balance sheet and supporting existing operations. Total planned growth capital expenditures for 2025 are between $100 to $140 million, heavily weighted toward Hod Maden.

Sustaining capital is also allocated across the portfolio:

• Sustaining capital at Marigold is planned at $32 million for 2025.
• Sustaining capital at Puna is planned at $15 million for 2025.
• CC&V received an additional $25 million in growth capital for 2025, focused on leach pad development.

The company's financial position supports these activities; total liquidity exceeded $900 million as of the second quarter of 2025, and the company generated $98.4 million in free cash flow in Q2 2025.

SSR Mining Inc. (SSRM) - Canvas Business Model: Key Resources

The Key Resources for SSR Mining Inc. as of late 2025 are centered on its operational assets, financial strength, and development pipeline.

The company maintains a portfolio of four operating mines across distinct geographic locations:

• Marigold mine in Nevada, USA.
• CC&V (Cripple Creek & Victor) mine in Colorado, USA, acquired in February 2025.
• Seabee Gold Operation in Saskatchewan, Canada.
• Puna mine in Argentina.

Financially, SSR Mining Inc. held $409.3 million in cash and cash equivalents as of September 30, 2025. Total liquidity stood at $909.3 million, which included an undrawn revolving credit facility of $400 million and a $100 million accordion feature.

The operational output from these assets in the third quarter of 2025 provides a concrete measure of the current resource base utilization:

Consolidated production for the third quarter of 2025 totaled 102,673 gold equivalent ounces.

SSR Mining Inc. possesses significant gold and silver Mineral Reserves and Resources, with the CC&V mine alone having hosted 2.4 million ounces of gold as of December 31, 2024, based on Newmont's statement before depletion. The estimation parameters for Mineral Resources use specific commodity prices, which are a key input for valuing these resources:

• Gold: $1,400 per ounce
• Silver: $20.00 per ounce
• Zinc: $1.30 per pound

The Hod Maden high-grade gold-copper development project in Türkiye represents a major future resource asset. SSR Mining Inc. spent $17.1 million at Hod Maden during the third quarter of 2025, bringing the year-to-date spend to $44.4 million. The company remains on track for a full-year development capital spend of $60 to $100 million at the project on a 100% basis. The current forecast for first production at Hod Maden is 2028.

The company relies on an experienced technical and operational workforce to manage these assets across its operational jurisdictions, which include the United States, Canada, Argentina, and Türkiye.

SSR Mining Inc. (SSRM) - Canvas Business Model: Value Propositions

You're looking at the core reasons why investors find SSR Mining Inc. (SSRM) compelling right now, focusing only on the hard numbers as of late 2025.

Diversified production base across four stable jurisdictions

SSR Mining Inc. maintains operations spread across four distinct jurisdictions, which helps balance regional risks. These locations are the USA, Türkiye, Canada, and Argentina.

Strong free cash flow generation from the Americas assets

The Americas assets are showing immediate cash generation strength, especially following the recent acquisition. The Cripple Creek & Victor (CC&V) mine generated approximately $85 million in asset-level free cash flow in the four months since its acquisition, covering the initial $100 million upfront payment in after-tax free cash flow. For the third quarter of 2025, consolidated free cash flow before working capital adjustments was $72.5 million, though reported free cash flow was negative $2.4 million, impacted by inventory and development prepayments.

Exposure to gold, silver, and copper price upside

The asset base provides direct leverage to metal price movements. For instance, at the CC&V mine, the after-tax Net Present Value (NPV) is estimated at $824 million using an average gold price of $3,240 per ounce over the mine's life. This NPV would nearly double to about $1.5 billion if the average gold price were $4,000 per ounce. Gold prices have gained 31.7% so far in 2025.

Growth pipeline with Hod Maden and CC&V mine life extension

The future growth is underpinned by development work and reserve additions. At CC&V, a new technical study extends the mineral reserve estimate to about 2.8 million ounces of gold, allowing for about 12 more years of mining and stacking, followed by approximately 14 years of residual leaching. For the Hod Maden project in Türkiye, SSR Mining planned $60 to $100 million in project development capital for 2025 on a 100% basis, with year-to-date investment through Q3 2025 reaching $44.4 million. The Hod Maden Feasibility Study projects total production of 2,027,000 ounces of gold and 255,000,000 pounds of copper over a 13-year life of mine.

Mid-tier producer scale with expected 410,000 to 480,000 gold equivalent ounces in 2025

SSR Mining Inc. is positioned as a mid-tier producer based on its 2025 consolidated guidance. The expected production range is 410,000 to 480,000 gold equivalent ounces. The company expects to be in the lower half of this range for full-year 2025 production. The consolidated All-In Sustaining Cost (AISC) guidance is $2,090 to $2,150 per payable ounce, or $1,890 to $1,950 per payable ounce when excluding Care & Maintenance costs at Çöpler.

Here's the quick math on the expected production mix for 2025:

The combined expected gold production from Marigold, Seabee, and CC&V for 2025 is 320,000 to 380,000 ounces.

You can see the operational focus through the capital allocation:

• Growth exploration and resource development expenditures expected to total $50 million in 2025.
• Growth capital expenditures expected to total $100 to $140 million, driven largely by Hod Maden.
• Sustaining capital expenditures planned to total $15 million in 2025.

Finance: draft 13-week cash view by Friday.

SSR Mining Inc. (SSRM) - Canvas Business Model: Customer Relationships

You're looking at how SSR Mining Inc. manages its relationships across its key stakeholders-from the buyers of its metal to the shareholders funding its operations and the communities hosting its mines. It's a mix of hard-nosed commodity trading and essential social license maintenance.

Dedicated key account management for major metal buyers

The relationship here is fundamentally rooted in the physical delivery of product, which is highly dependent on consistent production and quality. While specific key account managers aren't named, the transactional nature implies dedicated commercial teams manage the off-take agreements for the metal produced across the portfolio.

For the third quarter of 2025, SSR Mining Inc. sold 105,000 gold equivalent ounces. The average realized gold price for that quarter was above $3,500 per ounce. This volume is part of the full-year 2025 production guidance range of 410,000 to 480,000 gold equivalent ounces from its Marigold, CC&V, Seabee, and Puna operations.

Highly transactional, commodity-based sales

Sales are driven by market prices for gold and silver, making the relationship highly transactional and price-sensitive. You see this reflected in the quarterly financial reporting, which focuses heavily on ounces sold and realized prices.

Here's a look at the operational output that feeds these sales relationships through the third quarter of 2025:

The company's liquidity position supports these transactions; as of September 30, 2025, SSR Mining Inc. held $409.3 million in cash and cash equivalents, with total liquidity at $909.3 million.

Investor relations and transparent communication with shareholders

The relationship with shareholders is managed through regular, detailed disclosures, aiming for transparency despite the inherent risks in the sector, such as the ongoing situation at Çöpler. The company held its third quarter 2025 conference call on November 4, 2025.

Key financial performance indicators shared with investors for Q3 2025 include:

• Net income attributable to shareholders: $65.4 million.
• Adjusted net income attributable to shareholders: $68.4 million.
• Earnings per diluted share: $0.31.
• Free cash flow before working capital adjustments: $72.5 million.

Executive commentary, such as the statement that SSR Mining Inc. still represents a compelling value proposition moving forward, directly shapes investor perception.

Community engagement and social license to operate (SLO) maintenance

Maintaining the Social License to Operate (SLO) is critical, especially given the remediation and containment work required at the Çöpler mine. This involves direct investment and prioritizing local economic activity.

For 2025, SSR Mining Inc. has planned significant capital deployment outside of standard operations:

• Project development capital planned for the Hod Maden project on a 100% basis: $60 to $100 million.
• Estimated reclamation and remediation spend at Çöpler for 2025: between $50 to $90 million, depending on final approvals.

Looking at historical local economic impact, the 2023 data showed that at the Marigold operation, 92% of the $319 million procurement spend went to local suppliers. The company continues to work closely with Turkish authorities regarding the restart of the Çöpler mine.

SSR Mining Inc. (SSRM) - Canvas Business Model: Channels

Direct sales to international precious metal refiners and smelters and bullion sales through trading desks represent the primary mechanisms for delivering produced metal value to the market for SSR Mining Inc.

For the nine months ended September 30, 2025, SSR Mining Inc. produced 326,940 gold equivalent ounces year-to-date. The third quarter of 2025 saw the sale of 105,000 gold equivalent ounces at an average realized price above $3,500 per ounce. The company's total revenue for the quarter ending September 30, 2025, was $385.84 million, contributing to a trailing twelve-month revenue of $1.43B.

The company's operational output is channeled through these sales routes, which are critical for realizing the value from its assets across the United States, Türkiye, Canada, and Argentina.

Direct equity listing on Nasdaq and TSX for capital access is maintained via the ticker symbol SSRM. This dual listing provides access to North American capital markets for funding operations and strategic initiatives, such as the Cripple Creek & Victor Gold Mine acquisition. The 2025 Technical Report Summary for the Cripple Creek & Victor Gold Mine indicated an after-tax Net Present Value at 5% discount rate (NPV5%) of $824 million at consensus gold prices averaging $3,240 per ounce over the life of mine.

• Listing Exchanges: Nasdaq and TSX.
• Ticker Symbol: SSRM.
• Capital Access Channel: Equity listings for raising funds.
• Q3 2025 Net Income Attributable to Shareholders: $65.4 million.

SSR Mining Inc. (SSRM) - Canvas Business Model: Customer Segments

You're looking at the groups SSR Mining Inc. sells its production to, which is a critical part of understanding where the $1.43 billion in trailing twelve-month revenue (as of September 30, 2025) actually flows.

The customer segments are defined by the type of metal sold and the ultimate market for that metal. Since SSR Mining Inc. focuses on gold and silver as primary products, with copper, lead, and zinc as by-products, the primary off-takers are heavily weighted toward the precious metals supply chain.

Here are the distinct groups SSR Mining Inc. serves:

• Global precious metal refiners and smelters
• Bullion banks and financial institutions
• Industrial buyers requiring silver and copper
• Institutional and retail investors (shareholders)

The nature of the business means that the vast majority of the metal produced-gold from Marigold, CC&V, and Seabee, and silver from Puna-is sold to Global precious metal refiners and smelters. These entities take the doré bars or concentrates and process them into the final, marketable metal products.

The Industrial buyers requiring silver and copper segment is served by the output from the Puna mine in Argentina, which produces silver, lead, and zinc concentrates. While gold and silver are the main revenue drivers, the base metals are sold into industrial markets, though the company notes copper and zinc are treated as by-products in cost calculations.

The Bullion banks and financial institutions are indirectly served, as they are the ultimate buyers of the refined gold and silver that the refiners sell. Furthermore, the company's operations are geographically spread across four core high-quality jurisdictions, including the United States (Marigold, CC&V), Canada (Seabee), and Argentina (Puna), which influences the logistics and regulatory environment for these sales.

The Institutional and retail investors (shareholders) segment is a crucial customer for the company's equity. You can see the scale of this segment clearly:

Major institutional holders are key players in this segment, showing where significant capital is placed. As of late 2025 filings, top holders included entities like Van Eck Associates Corp, BlackRock, Inc., and The Vanguard Group Inc. These institutions hold substantial blocks of the 203 million shares, demonstrating their stake in SSR Mining Inc.'s ongoing success and operational output.

To be defintely clear, the company's asset base, which feeds these customers, is diversified across:

• Marigold (Nevada, USA)
• Cripple Creek & Victor (CC&V) (Colorado, USA)
• Seabee (Saskatchewan, Canada)
• Puna (Argentina)

The CC&V acquisition in early 2025 significantly bolstered the U.S. production platform, which directly impacts the volume of gold available for sale to the primary refiner segment.

SSR Mining Inc. (SSRM) - Canvas Business Model: Cost Structure

You're looking at the hard numbers driving SSR Mining Inc.'s operational costs for 2025, which is a mix of ongoing production expenses and significant, non-recurring charges from the Çöpler incident.

The official All-in Sustaining Cost (AISC) guidance for the consolidated operations (excluding Çöpler C&M) for the full year 2025 sits between $2,090 to $2,150 per payable ounce. This guidance covers production from Marigold, CC&V, Seabee, and Puna, and it reflects the impact of the CC&V acquisition closing on February 28, 2025. If you strip out the Çöpler care and maintenance expenses, the expected consolidated AISC for 2025 is lower, projected at $1,890 to $1,950 per payable ounce. The year-to-date AISC through the third quarter of 2025 was $2,131 per payable ounce, or $1,905 per payable ounce when excluding Çöpler costs.

The Çöpler mine continues to be a major cost center due to the 2024 incident. SSR Mining Inc. now estimates total reclamation and remediation costs related to the incident at $312.9 million, which is an increase of $12.9 million over the prior estimated range. Through the second quarter of 2025, the company had spent approximately $139 million on these remediation efforts. Furthermore, while the mine remains on care and maintenance, quarterly care and maintenance costs are estimated at $35 to $40 million until the mine restarts. The cash portion of these care and maintenance costs, which impacts consolidated AISC, was $20.6 million in the first quarter of 2025 alone.

Capital expenditures for Hod Maden are a key component of 2025 spending, classified as growth capital. SSR Mining Inc. has planned attributable growth capital expenditures for the project to total between $60 and $100 million for the full year 2025. By the end of the third quarter of 2025, $44.4 million had been spent year-to-date at Hod Maden, with $17.1 million spent in the third quarter specifically on engineering and initial site establishment.

Mining and processing operating expenses are reflected in the Cost of Sales guidance, which is set between $1,375 to $1,435 per payable ounce for 2025. The actual performance shows variability across the year, driven by the mix of operating assets, including the newly acquired CC&V.

Royalties and production taxes are directly tied to metal prices. Reflecting the impact of higher-than-expected gold prices and the company's strong share price performance on share-based compensation, SSR Mining Inc. is trending towards the upper end of its consolidated cost guidance ranges for 2025.

Here's a look at the cost structure metrics we have for 2025:

You can see the operational costs for the acquired CC&V asset were significantly lower in the initial period, reporting an AISC of $1,339 per payable ounce for the period from March 1 to September 30, 2025.

The key cost drivers outside of direct production are:

• Çöpler Remediation: Total estimated liability of $312.9 million.
• Çöpler Care & Maintenance: Running approximately $35 to $40 million per quarter.
• Hod Maden Development: Capital spend tracking towards the $60 to $100 million range for 2025.
• Royalties: Pressuring costs due to higher-than-expected gold prices.

For the Marigold operation specifically, the 2025 AISC guidance was $1,800 to $1,840 per payable ounce, while Q3 2025 AISC came in at $1,840 per payable ounce.

SSR Mining Inc. (SSRM) - Canvas Business Model: Revenue Streams

The revenue streams for SSR Mining Inc. are fundamentally tied to the sale of mined commodities, primarily precious metals, with a growing future component from a key copper-gold development project. You see the immediate cash generation coming from established operations like Marigold, Seabee, CC&V, and Puna.

Sale of Gold (primary revenue source)

Gold sales form the backbone of SSR Mining Inc.'s current revenue. The successful integration of the Cripple Creek & Victor (CC&V) mine, acquired in February 2025, significantly boosted this stream. For the second quarter of 2025, group gold production reached 90,966 ounces, representing a 114% increase year-over-year. The average realized gold price in that quarter was $3,336/oz. The CC&V asset specifically contributed 44,062 ounces of gold during Q2 2025, operating at a low cost of sales of $1,116 per ounce.

The company's overall output is measured in gold equivalent ounces (GEOs), which is the consolidated metric for all metals sold. For the nine months ended September 30, 2025, SSR Mining Inc. produced 326,940 gold equivalent ounces year-to-date.

Sale of Silver (secondary revenue source, mainly from Puna)

Silver sales, primarily derived from the Puna mine in Argentina, represent the secondary commodity revenue stream. In the second quarter of 2025, silver output was 2.85 million ounces, a slight increase of 4% from the prior year period. The Puna operation reported a cost of sales of $15.03 per ounce and an All-In Sustaining Cost (AISC) of $12.57 per ounce for that quarter.

The relative contribution of these streams can be seen by noting that approximately 70% of revenues come from gold assets, while Puna contributes the remaining 30% with silver.

Here's a look at the operational metrics driving these sales for Q2 2025:

Future Revenue Streams and Non-Operating Income

The pipeline for future revenue is centered on the Hod Maden project in Türkiye, which is being advanced as a significant copper-gold asset. Capital expenditures for this project in Q2 2025 were $16.2 million, bringing the year-to-date spend to $29.0 million. SSR Mining Inc. has planned $60 to $100 million in attributable growth capital for Hod Maden for the full year 2025.

Additionally, non-recurring or non-production-based income contributes to the top line, as seen with the insurance recovery related to the Çöpler Incident. SSR Mining Inc. received $44.4 million in business interruption insurance proceeds during the second quarter of 2025.

The overall expectation for the year reflects the strength of the operating assets and the CC&V acquisition:

• Full-year 2025 production guidance is 410,000 to 480,000 gold equivalent ounces.
• The consensus Revenue Estimate from Wall Street analysts for the fiscal period ending December 2025 is $1.55B.
• Another analyst forecast suggests the average 1-year revenue forecast is around $1.6B.
• Q2 2025 revenue itself was $405.5 million, a 119% year-over-year surge.
• Revenue for the first half of 2025 reached $722.1 million.