Silvercorp Metals Inc. Earnings Recaps
Q4 2026
May 31, 2026
Silvercorp’s shares rose modestly by 2.0% following Q4 and full year fiscal 2026 results that showed strong revenue and cash flow gains, though the market’s limited reaction suggests investors may be cautious on the outlook or incremental growth prospects.
Key takeaways
- Q4 revenue nearly doubled year-over-year to $147 million, driven primarily by a 183% increase in realized silver prices averaging just above $78/oz.
- Adjusted Q4 net income rose to $59.3 million ($0.27/share) versus $14.7 million ($0.07/share) last year; reported net income was negatively impacted by a $60 million noncash derivative liability charge.
- Fiscal 2026 revenue grew 47% to $438 million; adjusted net income more than doubled to $151 million ($0.69/share), with cash flow from operations increasing 124% to nearly $311 million.
- Production volumes were mixed: gold rose 16%, while silver, lead, and zinc fell 2%, 3%, and 7%, respectively, reflecting higher dilution and increased shrinkage mining.
- Cost control showed gains, with Q4 production cost per tonne down 8% at the Ying mine; however, all-in sustaining costs increased 11% quarter-over-quarter due to higher taxes and sustaining capital.
Q3 2026
Feb 10, 2026
Silvercorp reported exceptional Q3 fiscal 2026 results, with revenue soaring 51% year-over-year to $126 million, bolstered by a significant rise in silver prices and robust cash flow growth.
Key takeaways
- Operating cash flow reached a record $133 million, up 196% from last year, highlighting improved operational efficiency.
- Adjusted net income rose 118% to $47.9 million, demonstrating effective cost management despite a temporary $60 million noncash charge.
- Total cash position strengthened to $463 million, an increase of over $80 million since the previous quarter, providing financial flexibility for strategic investments.
- Silver production improved to 1.9 million ounces, with costs declining further, averaging $76 per tonne at the Ying mine.
- The company finalized a $162 million acquisition of gold projects in Kyrgyzstan, with $92 million already paid, indicating a strategic expansion into gold mining.