Revenue Analysis:

Total and Operating Revenue: SSRM’s total revenue has demonstrated fluctuations across the four quarters in 2023. From Q1 with $314.6 million, the revenue grew in Q2 to $301.0 million, then to $385.39 million in Q3, and peaked at $425.89 million by Q4.

Gross Profit and Margins: Gross profit also followed a rising trend, from $68.22 million in Q1 to $140.07 million in Q4. The gross profit margin improved considerably over the year, indicating enhanced efficiency in managing the cost of revenue.

Cost Management:

Cost of Revenue: Cost of revenue escalated from $246.39 million in Q1 to $285.82 million in Q4, consistent with the increase in revenue levels.

Operating Expense: Operating expenses showed variances, peaking at $34.60 million in Q3 before slightly decreasing to $28.17 million in Q4.

Total Expenses: Total expenses likewise rose across the year, reaching a high of $313.99 million in Q4 from an initial $277.63 million in Q1, aligned with overall revenue and operational expansion.

Profitability Analysis:

EBITDA: EBITDA moved from $83.95 million in Q1 to a negative $266.32 million in Q4, indicating considerable impacts from non-operating income and expenses, including significant unusual items.

Operating Income: Operating income trends were volatile, from $36.98 million in Q1 to $111.90 million in Q4, reflecting strategic operational adjustments and revenue growth.

Pretax Income: Pretax income ranged from $31.79 million in Q1 to a negative $335.13 million in Q4, heavily influenced by unusual expense items.

Net Income: Net income showed a sharp decrease from $29.80 million in Q1 to -$217.84 million in Q4, largely driven by non-operational maneuvers and tax adjustments.

Cash Flow Indicators:

Reconciled Depreciation: Reconciled depreciation steadily increased throughout the year, indicating ongoing investment in assets.

Interest Expense: Interest expenses varied slightly but remained a minimal burden relative to overall financial operations.

Taxation:

Tax Rate: The tax rate varied across quarters, with notable impacts from the application of different tax strategies and adjustments for unusual items.

Tax Provision: Tax provisions swung from gains to liabilities reflecting the volatile earnings and unusual costs.

Tax Effect of Unusual Items: Significant tax effects were noted in Q4 with a huge reduction, indicating substantial non-recurring charges or adjustments.

Shareholder Metrics:

Diluted and Basic EPS: Both diluted and basic EPS saw a general decline towards the end of the year, with a heavy drop in Q4, linked directly to the net income losses.

Average Shares: There was minimal fluctuation in the number of average diluted and basic shares, suggesting stable shareholder confidence during the period.

Net Income Available to Common Stockholders: Parallel to the net income trends, available earnings for shareholders significantly reduced, especially in Q4 due to extensive non-core losses.

Conclusion:

SSRM’s financial year of 2023 was a year of highs and lows. While the company was able to increase revenue and manage operational costs effectively, considerable non-operational expenses and unusual items significantly skewed profitability negatively. It would be recommendable for SSRM to streamline its non-operating expenditures and manage unusual costs to better reflect its underlying operational strengths in future reports.