Silvercorp Metals (SVM) Q1 2026 earnings summary

Executive summary

• Q1 fiscal 2026 revenue reached $81.3 million, up 13% year-over-year, driven by higher silver and gold production and prices, with record operating cash flow of $48.3 million, up 21% from last year.

• Net income was $18.1 million ($0.08/share), down from $21.9 million ($0.12/share) in Q1 fiscal 2025, impacted by a $4.8-$5 million non-cash derivative charge and share dilution.

• Adjusted net income was $21.0 million ($0.10/share), up 2% year-over-year, with per-share figures diluted by new shares issued for the Adventus Mining acquisition.

• Free cash flow totaled $22.5 million after $24.2-$25.6 million in investments, ending the quarter with $377.1 million in cash, up $8.1 million from March.

• Paid $2.7 million in dividends and secured a $175 million stream financing commitment for the El Domo project.

Financial highlights

• Silver sales volume rose 5-7% and gold sales surged 79-95%, with respective price increases of 12% and 45% year-over-year.

• Silver contributed 66% of revenue, lead 18%, and gold 7%.

• Q1 production: 1.8M oz silver (+6-7%), 2,000+ oz gold (+79%), 16M lb lead (+1-4%), 5M lb zinc (-19% to -25%).

• Production costs averaged $83/ton, down 8% year-over-year due to higher ore volumes.

• EBITDA attributable to equity holders was $33.8 million ($0.15/share), down 9% year-over-year; adjusted EBITDA was $35.0 million ($0.16/share), up 6%.

Key financial ratios and metrics

• Consolidated cash cost per oz silver (net of by-product credits) was $1.11, up from -$1.67 last year, due to higher production costs and royalties.

• All-in sustaining cost per oz silver was $13.49, up 37% year-over-year, driven by increased G&A and other costs.

• Working capital remained stable at $309.0 million.

• Average selling price: silver $29.54/oz (+12%), gold $2,876/oz (+45%) year-over-year.

• Basic weighted average shares outstanding increased 23% due to Adventus Mining acquisition.