08:11 AM EDT, 03/18/2024 (MT Newswires) -- Sierra Metals Inc. ( SMTSF ) reported Monday a net loss of US$13.7 million in the fourth quarter of 2023, trimming the year-ago loss of US$26.5 million.

Revenue increased to US$60.6 million from US$38.3 million and adjusted EBITDA totaled US$12.2 million from last year's adjusted EBITDA loss of US$675,000.

Copper equivalent production climbed to 21.1 million pounds from 11.9 million pounds.

For full-year 2023, Sierra narrowed its net loss to US$19.3 million from US$87.5 million in 2022. Revenue jumped to US$229.5 million from US$165.2 million and adjusted EBITDA swelled to US$50.3 million from US$9.6 million.

Sierra produced 76.7 million pounds of copper equivalent in 2023, surging from 56.1 million pounds in 2022.

"2023 was a tremendous turnaround year for Sierra Metals ( SMTSF ). The team's efforts to identify and execute initiatives to increase efficiencies, reduce costs, and enhance safety practices have allowed the Company to deliver upon our operating and corporate objectives for the year," CEO Ernesto Balarezo said.

For 2024, Sierra expects to consolidate the optimization efforts and establish its growth platform.