Santacruz Silver Mining (SCZ) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenue reached $127.5 million, up 81% year-over-year, with gross profit of $42.9 million, up 54% year-over-year, and net income of $28.5 million, up 201% year-over-year.

• Adjusted EBITDA rose 55% year-over-year to $42.6 million, reflecting strong operational performance and higher silver prices.

• Cash and highly-liquid marketable securities doubled year-over-year to $64.9 million, supporting financial flexibility.

• Enhanced reporting now distinguishes mining operations from ore processing, providing clearer insight into margins and cost structures.

Financial highlights

• Working capital increased 47% year-over-year to $75.9 million.

• Average realized price per silver ounce sold surged 128% year-over-year to $63.30; AISC per silver ounce sold rose 76% to $31.60.

• Realized mining margin per silver ounce sold jumped 221% year-over-year to $31.70.

• Average realized price per zinc tonne sold increased 12% year-over-year to $3,116, while AISC per zinc tonne sold rose 32% to $2,729.

• Realized mining margin per zinc tonne sold fell 46% year-over-year to $387.

Outlook and guidance

• Bolivar mine recovery from the May 2025 water inflow event is progressing, with full recovery targeted for Q4 2026.

• Focus remains on operational stability, cost control, and plant performance across Bolivia, with San Lucas supporting plant utilization and margin.

• In Mexico, emphasis is on improving metallurgical recoveries and concentrate quality at Zimapan, with ongoing capital investment expected to drive further improvements in 2026.