Silvercorp Metals (SVM) Q2 2026 earnings summary

Executive summary

• Q2 revenue reached $83.3 million, up 23% year-over-year, driven by higher silver and gold prices and increased gold production.

• Adjusted net income was $22.6 million ($0.10/share), up from $17.7 million ($0.09/share) last year, excluding a significant non-cash derivative charge.

• Cash flow from operations was $39.2 million, a 69% increase from last year.

• Q2 production included 1.66M oz silver, 2,085 oz gold, 14.23M lbs lead, and 5.64M lbs zinc.

• Net income was -$11.5 million due to a $53 million non-cash derivative liability charge, partially offset by a $22 million investment gain.

Financial highlights

• Adjusted EBITDA was $38.3 million ($0.18/share), up 31% year-over-year.

• Free cash flow for the quarter was $11.4 million; closing cash position stood at $382.3 million.

• Investments in associates and other companies had a market value of $180.2 million as of September 30.

• Working capital was $311.9 million as of September 30, 2025.

• Adjusted net income: $22.6 million ($0.10/share), up 27% year-over-year.

Outlook and guidance

• Ying Mining District ore production expected to increase 30% sequentially in Q3, with a planned ore output of 346,000 tons.

• GC Mine ore production projected to rise 9% sequentially in Q3.

• Construction at El Domo ramping up, with updates on progress and metallurgical testing expected before year-end.

• Preliminary economic assessment for the Condor Project to be completed in Q3.

• Catch-up mode at Ying after temporary setbacks; ability to meet annual guidance depends on Q3 and Q4 performance.