Silvercorp Metals (SVM) Q3 2026 earnings summary

Executive summary

• Achieved record Q3 revenue of $126.1 million, up 51% year-over-year, driven by higher silver prices and strong operational performance.

• Cash flow from operating activities reached $133 million, up 196% year-over-year.

• Adjusted net income was $47.9 million ($0.22/share), up 118% year-over-year, excluding a $60 million non-cash derivative liability charge.

• Produced 1.9 million ounces of silver, 2,096 ounces of gold, and 2.0 million ounces of silver equivalent.

Financial highlights

• Net income reported at -$15.8 million due to a significant non-cash charge; adjusted net income was $47.9 million.

• Adjusted EBITDA was $66.7 million, up 66% year-over-year.

• Free cash flow rose 336% to $90 million.

• Cash and short-term investments totaled $463 million, up over $80 million from September 30.

• Realized silver price was $49.0/oz, up 80% year-over-year.

Outlook and guidance

• Throughput at Ying is tracking above guidance, but lower grades may result in production at the lower end of guidance.

• Extra ore stockpiled for processing during Chinese New Year expected to support Q4 results.

• Kuanping Mine expected to start initial ore production in June 2026.

• GC Mine to process about 50,000 tonnes of ore in Q4 Fiscal 2026.